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The ODP (ODP) investor relations material
The ODP Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 performance improved with strong cash generation, momentum in B2B and hospitality, and progress on long-term growth initiatives, despite lower sales from store closures and soft enterprise demand.
Strategy centers on leveraging supply chain strengths, expanding into hospitality, and maximizing value from retail, supported by the "Optimize for Growth" plan.
Hospitality segment expansion advanced, onboarding over 1,000 hotel properties and forming strategic partnerships, driving robust growth.
Cost discipline and operational efficiency improved through retail store and distribution facility closures, with $12–13M in restructuring charges in Q2.
Liquidity remains strong with $177M in cash and $481M in available credit at quarter-end.
Financial highlights
Q2 2025 revenue was $1.59–$1.6B, down 8% year-over-year, mainly due to store closures and lower demand.
GAAP operating income was $9M, down from $41M last year; adjusted operating income was $25M, down from $33M.
Adjusted EBITDA was $47M, down from $57M; adjusted net income was $15M ($0.51/share), down from $20M ($0.56/share).
Adjusted free cash flow was $13M, more than double the prior year.
Gross margin was 19.5–20% in Q2 2025, flat to prior year.
Outlook and guidance
Expects continued improvement in B2B and retail trends, with robust hospitality momentum in H2 2025.
Raised full-year adjusted free cash flow guidance to over $115M, citing strong performance and working capital management.
Outlook assumes stable macroeconomic and tariff environment; company prepared to mitigate potential impacts.
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