| Summary of Sales and Operating Income by Each of the Segments, Reconciled to Consolidated Sales and Income (Loss) from Continuing Operations Before Income Taxes |
The following tables present sales and operating income by each of the segments, reconciled to consolidated sales and income (loss) from continuing operations before income taxes. The tables also include significant expenses of the segments:
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(In millions) |
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ODP Business Solutions Division |
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Office Depot Division |
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Veyer Division |
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Total |
|
Second Quarter of 2025 |
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Sales (external) |
|
$ |
858 |
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|
$ |
709 |
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|
$ |
19 |
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|
$ |
1,586 |
|
Sales (internal) |
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|
1 |
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|
|
7 |
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|
|
1,049 |
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|
|
1,057 |
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Total sales |
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$ |
859 |
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|
$ |
716 |
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|
$ |
1,068 |
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|
$ |
2,643 |
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Reconciliation of revenue |
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Elimination of intersegment revenues |
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(1,057 |
) |
Total consolidated revenues |
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$ |
1,586 |
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Less: |
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Cost of goods (and occupancy costs) |
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|
745 |
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|
544 |
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|
1,044 |
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Selling, general and administrative expenses |
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|
96 |
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|
160 |
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|
14 |
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|
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Division operating income |
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$ |
18 |
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$ |
12 |
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$ |
10 |
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|
$ |
40 |
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Reconciliation of segment profit (loss) |
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Less unallocated amounts: |
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Selling, general and administrative expenses |
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|
15 |
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Asset impairments |
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3 |
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Merger and restructuring expenses, net |
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13 |
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Other expense |
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7 |
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Income from continuing operations before income taxes |
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$ |
2 |
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(In millions) |
|
ODP Business Solutions Division |
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Office Depot Division |
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|
Veyer Division |
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Total |
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First Half of 2025 |
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Sales (external) |
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$ |
1,708 |
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|
$ |
1,541 |
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|
$ |
37 |
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$ |
3,286 |
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Sales (internal) |
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|
3 |
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|
13 |
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|
2,184 |
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|
|
2,200 |
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Total sales |
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$ |
1,711 |
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|
$ |
1,554 |
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|
$ |
2,221 |
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|
$ |
5,486 |
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|
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Reconciliation of revenue |
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|
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|
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|
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Elimination of intersegment revenues |
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(2,200 |
) |
Total consolidated revenues |
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$ |
3,286 |
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Less: |
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Cost of goods (and occupancy costs) |
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|
1,479 |
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|
1,164 |
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|
2,172 |
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|
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Selling, general and administrative expenses |
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|
192 |
|
|
|
334 |
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|
30 |
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|
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Division operating income |
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$ |
40 |
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|
$ |
56 |
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$ |
19 |
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$ |
115 |
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Reconciliation of segment profit (loss) |
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Less unallocated amounts: |
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Selling, general and administrative expenses |
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|
36 |
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Asset impairments |
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|
41 |
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Merger and restructuring expenses, net |
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|
61 |
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Other expense |
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|
14 |
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Loss from continuing operations before income taxes |
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$ |
(37 |
) |
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(In millions) |
|
ODP Business Solutions Division |
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|
Office Depot Division |
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|
Veyer Division |
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Total |
|
Second Quarter of 2024 |
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Sales (external) |
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$ |
915 |
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|
$ |
792 |
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|
$ |
10 |
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$ |
1,717 |
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Sales (internal) |
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|
2 |
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|
7 |
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|
1,167 |
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|
1,176 |
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Total sales |
|
$ |
917 |
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|
$ |
799 |
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|
$ |
1,177 |
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|
$ |
2,893 |
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Reconciliation of revenue |
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Elimination of intersegment revenues |
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(1,176 |
) |
Total consolidated revenues |
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$ |
1,717 |
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Less: |
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Cost of goods (and occupancy costs) |
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|
790 |
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|
607 |
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|
1,154 |
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Selling, general and administrative expenses |
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|
98 |
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|
175 |
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|
18 |
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Division operating income |
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$ |
29 |
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|
$ |
17 |
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$ |
5 |
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$ |
51 |
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Reconciliation of segment profit (loss) |
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Less unallocated amounts: |
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Selling, general and administrative expenses |
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|
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|
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|
18 |
|
Asset impairments |
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|
8 |
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Merger and restructuring expenses, net |
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|
25 |
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Other expense |
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4 |
|
Loss from continuing operations before income taxes |
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$ |
(4 |
) |
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(In millions) |
|
ODP Business Solutions Division |
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|
Office Depot Division |
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|
Veyer Division |
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Total |
|
First Half of 2024 |
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Sales (external) |
|
$ |
1,838 |
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|
$ |
1,729 |
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$ |
19 |
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$ |
3,586 |
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Sales (internal) |
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|
5 |
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|
15 |
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|
2,401 |
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|
|
2,421 |
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Total sales |
|
$ |
1,843 |
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|
$ |
1,744 |
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|
$ |
2,420 |
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|
$ |
6,007 |
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Reconciliation of revenue |
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|
|
|
|
|
|
|
|
|
|
|
Elimination of intersegment revenues |
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|
|
|
|
|
|
|
|
|
|
(2,421 |
) |
Total consolidated revenues |
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|
|
|
|
|
|
|
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|
$ |
3,586 |
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|
|
|
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|
|
|
|
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|
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Less: |
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|
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|
|
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|
Cost of goods (and occupancy costs) |
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|
1,581 |
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|
|
1,308 |
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|
|
2,368 |
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|
|
|
Selling, general and administrative expenses |
|
|
203 |
|
|
|
368 |
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|
|
38 |
|
|
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Division operating income |
|
$ |
59 |
|
|
$ |
68 |
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|
$ |
14 |
|
|
$ |
141 |
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|
|
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|
Reconciliation of segment profit (loss) |
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|
|
|
|
|
|
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|
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Less unallocated amounts: |
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|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
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|
|
|
|
|
|
|
|
|
|
41 |
|
Asset impairments |
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|
|
|
|
|
|
|
|
|
|
14 |
|
Merger and restructuring expenses, net |
|
|
|
|
|
|
|
|
|
|
|
45 |
|
Other expense |
|
|
|
|
|
|
|
|
|
|
|
6 |
|
Income from continuing operations before income taxes |
|
|
|
|
|
|
|
|
|
|
$ |
35 |
|
The following table provides information about assets by each of the segments, reconciled to consolidated totals:
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(In millions) |
|
Balance as of June 28, 2025 |
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|
Balance as of December 28, 2024 |
|
ODP Business Solutions Division |
|
$ |
723 |
|
|
$ |
686 |
|
Office Depot Division |
|
|
1,128 |
|
|
|
1,197 |
|
Veyer Division |
|
|
1,005 |
|
|
|
1,101 |
|
Corporate |
|
|
545 |
|
|
|
545 |
|
Total |
|
$ |
3,401 |
|
|
$ |
3,529 |
|
The following table provides information about depreciation and amortization by each of the segments, reconciled to consolidated totals:
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|
Second Quarter |
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|
First Half |
|
(In millions) |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
ODP Business Solutions Division |
|
$ |
5 |
|
|
$ |
4 |
|
|
$ |
10 |
|
|
$ |
9 |
|
Office Depot Division |
|
|
9 |
|
|
|
10 |
|
|
|
19 |
|
|
|
21 |
|
Veyer Division |
|
|
9 |
|
|
|
9 |
|
|
|
18 |
|
|
|
17 |
|
Corporate |
|
|
6 |
|
|
|
1 |
|
|
|
9 |
|
|
|
2 |
|
Total |
|
$ |
29 |
|
|
$ |
24 |
|
|
$ |
56 |
|
|
$ |
49 |
|
|