0001193125-25-266241 | 10-Q | XBRL Viewer

Debt - Additional Information (Detail) - USD ($)		9 Months Ended
Debt - Additional Information (Detail) - USD ($)	May 09, 2024	Sep. 27, 2025	Feb. 29, 2024
Debt Instrument [Line Items]
Stock repurchase program, authorized amount			$ 1,000,000,000
Maximum
Debt Instrument [Line Items]
Stock repurchase program, authorized amount			$ 1,000,000,000
Fourth Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Maturity date of debt	May 09, 2029
Drawings under credit agreement		$ 585,000,000
Repayments under credit agreement		713,000,000
Borrowing under credit facility		548,000,000
Fourth Amended and Restated Credit Agreement \| Asset-based Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility	$ 800,000,000
Revolving loans outstanding		33,000,000
Fourth Amended and Restated Credit Agreement \| Standby Letter of Credit
Debt Instrument [Line Items]
Borrowing under credit facility		$ 40,000,000

DEBT	9 Months Ended
Sep. 27, 2025
Debt Disclosure [Abstract]
DEBT	NOTE 7. DEBT On May 9, 2024, the Company entered into the Fourth Amended and Restated Credit Agreement (the “Fourth Amended Credit Agreement”), which provides for an $800 million asset-based revolving credit facility (the “Revolving Loan Facility”). The Revolving Loan Facility matures on May 9, 2029. The Fourth Amended Credit Agreement replaced the Company’s then existing amended and restated credit agreement, the Third Amended and Restated Credit Agreement (the “Third Amended Credit Agreement”), that was due to mature in April 2025. As provided by the Fourth Amended Credit Agreement, available amounts that can be borrowed at any given time are based on percentages of certain outstanding accounts receivable, credit card receivables, inventory, and the cash value of company-owned life insurance policies. Year-to-date 2025, the Company elected to draw down $585 million under the Fourth Amended Credit Agreement for working capital management. Of the amount outstanding, $713 million was repaid year-to-date 2025, resulting in $33 million of revolving loans outstanding under the Revolving Loan Facility at September 27, 2025. At September 27, 2025, the Company had $40 million of outstanding standby letters of credit and $548 million of available credit under the Fourth Amended Credit Agreement. The Company was in compliance with all applicable covenants at September 27, 2025.

DEBT

9 Months Ended

Sep. 27, 2025

Debt Disclosure [Abstract]

DEBT

NOTE 7. DEBT

On May 9, 2024, the Company entered into the Fourth Amended and Restated Credit Agreement (the “Fourth Amended Credit Agreement”), which provides for an $800 million asset-based revolving credit facility (the “Revolving Loan Facility”). The Revolving Loan Facility matures on May 9, 2029. The Fourth Amended Credit Agreement replaced the Company’s then existing amended and restated credit agreement, the Third Amended and Restated Credit Agreement (the “Third Amended Credit Agreement”), that was due to mature in April 2025.

As provided by the Fourth Amended Credit Agreement, available amounts that can be borrowed at any given time are based on percentages of certain outstanding accounts receivable, credit card receivables, inventory, and the cash value of company-owned life insurance policies. Year-to-date 2025, the Company elected to draw down $585 million under the Fourth Amended Credit Agreement for working capital management. Of the amount outstanding, $713 million was repaid year-to-date 2025, resulting in $33 million of revolving loans outstanding under the Revolving Loan Facility at September 27, 2025. At September 27, 2025, the Company had $40 million of outstanding standby letters of credit and $548 million of available credit under the Fourth Amended Credit Agreement. The Company was in compliance with all applicable covenants at September 27, 2025.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2025	Sep. 28, 2024	Sep. 27, 2025	Sep. 28, 2024
Income Statement [Abstract]
Sales	$ 1,625	$ 1,780	$ 4,911	$ 5,367
Cost of goods and occupancy costs	1,294	1,416	3,910	4,252
Gross profit	331	364	1,001	1,115
Selling, general and administrative expenses	293	323	884	974
Asset impairments	8	7	49	21
Merger and restructuring (income) expenses, net	(4)	2	57	47
Legal matter monetization		(70)		(70)
Operating income	34	102	11	143
Other income (expense):
Interest income	3	2	8	7
Interest expense	(6)	(6)	(19)	(16)
Other income (expense), net		(3)	(6)	(4)
Income (loss) from continuing operations before income taxes	31	95	(6)	130
Income tax expense (benefit)	8	27		35
Net income (loss) from continuing operations	23	68	(6)	95
Discontinued operations, net of tax	0	(10)	0	(95)
Net income (loss)	$ 23	$ 58	$ (6)	$ 0
Basic earnings (loss) per share
Continuing operations	$ 0.75	$ 2.06	$ (0.21)	$ 2.72
Discontinued operations	0	(0.31)	0	(2.71)
Net basic earnings (loss) per share	0.75	1.75	(0.21)	0.01
Diluted earnings (loss) per share
Continuing operations	0.72	2.04	(0.21)	2.65
Discontinued operations	0	(0.31)	0	(2.64)
Net diluted earnings (loss) per share	$ 0.72	$ 1.73	$ (0.21)	$ 0.01

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2025	Sep. 28, 2024	Sep. 27, 2025	Sep. 28, 2024	Dec. 28, 2024
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Asset impairment charges	$ 8	$ 7	$ 49	$ 21
Land
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Asset held for sale	6		6		$ 6
Retail Stores
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Impairment of operating lease ROU assets	$ 5	$ 7	35	$ 19
Retail Stores \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Percentage used for analysis	7.00%
Supply Chain Facilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Impairment of operating lease ROU assets	$ 2		5
Software
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Asset impairment charges			5
Fixed Assets
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Asset impairment charges	$ 1		$ 4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2025	Sep. 28, 2024	Sep. 27, 2025	Sep. 28, 2024
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 23	$ 58	$ (6)	$ 0
Other comprehensive income (loss), net of tax, where applicable:
Foreign currency translation adjustments	(5)	7	9	4
Pension valuation adjustments	3	(4)	(3)	$ (4)
Total other comprehensive income (loss), net of tax, where applicable	(2)	3	$ 6
Comprehensive income (loss)	$ 21	$ 61

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

EMPLOYEE BENEFIT PLANS (Tables)

9 Months Ended

Sep. 27, 2025

Retirement Benefits [Abstract]

Components of Net Periodic Pension Cost (Benefit)

The components of net periodic pension cost (benefit) for the Company’s North America pension plans are as follows:


	Third Quarter						Year-to-Date
(In millions)	2025			2024			2025			2024
Interest cost	$	7		$	8		$	21		$	22
Expected return on plan assets		(6	)		(8	)		(19	)		(22	)
Amortization of net gains		—			—			—			(1	)
Net periodic pension cost (benefit)	$	1		$	—		$	2		$	(1	)

The components of net periodic pension cost for the Company’s pension plan in the UK are as follows:


	Third Quarter						Year-to-Date
(In millions)	2025			2024			2025			2024
Interest cost	$	2		$	1		$	6		$	5
Expected return on plan assets		(2	)		(1	)		(5	)		(4	)
Amortization of loss		1			1			2			2
Net periodic pension cost	$	1		$	1		$	3		$	3

Severance and Facility Closure Costs (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2025	Sep. 28, 2024	Sep. 27, 2025	Sep. 28, 2024
Restructuring Cost and Reserve [Line Items]
Beginning Balance			$ 9
Charges (credits) Incurred			55
Cash Payments			(26)
Ending Balance	$ 38		38
Optimize for Growth Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Charges (credits) Incurred			48
Cash Payments	(6)		(20)
Project Core
Restructuring Cost and Reserve [Line Items]
Charges (credits) Incurred		$ 2		$ 44
Cash Payments	(1)	$ (9)	(5)	$ (41)
Maximize B2B Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Cash Payments			(1)
Non-Facility Termination Benefits \| Optimize for Growth Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Charges (credits) Incurred			13
Cash Payments			(4)
Ending Balance	9		9
Non-Facility Termination Benefits \| Project Core
Restructuring Cost and Reserve [Line Items]
Beginning Balance			7
Charges (credits) Incurred			(2)
Cash Payments			(2)
Ending Balance	3		3
Lease and contract obligations, accruals for facility closures including termination benefits and other costs \| Optimize for Growth Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Charges (credits) Incurred			41
Cash Payments			(16)
Ending Balance	25		25
Lease and contract obligations, accruals for facility closures including termination benefits and other costs \| Atlas Holdings Acquisition
Restructuring Cost and Reserve [Line Items]
Charges (credits) Incurred			(3)
Cash Payments			(3)
Lease and contract obligations, accruals for facility closures including termination benefits and other costs \| Maximize B2B Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Beginning Balance			2
Cash Payments			(1)
Ending Balance	$ 1		$ 1

Major Component of Discontinued Operations, Net of Tax (Detail) - Discontinued Operations, Held-for-Sale - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 28, 2024	Sep. 28, 2024
Major components of discontinued operations before income taxes:
Sales	$ 2	$ 5
Gross profit	2	5
Selling, general and administrative expenses	8	34
Merger and restructuring expenses, net		8
Operating loss	(6)	(37)
Other expense:
Loss from major components of discontinued operations before income taxes	(6)	(37)
Loss on disposal of discontinued operations	(4)	(81)
Loss from discontinued operations before income taxes	(10)	(118)
Income tax expense (benefit)		(23)
Discontinued operations, net of tax	$ (10)	$ (95)

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2025	Sep. 28, 2024	Sep. 27, 2025	Sep. 28, 2024
Income Taxes [Line Items]
Effective income tax rate reconciliation, at federal statutory income tax rate, percent			21.00%
Effective tax rate	26.00%	28.00%	0.00%	27.00%
Unrecognized tax benefits, material tax positions			$ 1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 27, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The ODP Corporation (including its consolidated subsidiaries, “ODP” or the “Company”) is a leading provider of products, services and technology solutions through an integrated business-to-business (“B2B”) distribution platform and omni-channel presence, which includes supply chain and distribution operations, dedicated sales professionals, online presence, and a network of Office Depot and OfficeMax retail stores. Through its operating companies ODP Business Solutions, LLC; Office Depot, LLC; and Veyer, LLC, The ODP Corporation empowers every business, professional, and consumer to achieve more every day.

The Company has three reportable segments (or “Divisions”): ODP Business Solutions Division, Office Depot Division, and Veyer Division. Refer to Note 4 for additional information.

The Company’s Varis Division was sold through a single disposal group on October 18, 2024. Accordingly, that business is presented as discontinued operations. The Company retained a minority interest of 19.9% after the sale. Refer to Note 12 for additional information.

The Condensed Consolidated Financial Statements as of September 27, 2025, and for the 13-week and 39-week periods ended September 27, 2025 (also referred to as the “third quarter of 2025” and “year-to-date 2025,” respectively), and September 28, 2024 (also referred to as the “third quarter of 2024” and “year-to-date 2024,” respectively) are unaudited. However, in management’s opinion, these Condensed Consolidated Financial Statements reflect all adjustments of a normal recurring nature necessary to provide a fair presentation of the Company’s financial position, results of operations, and cash flows for the periods presented.

The Company has prepared the Condensed Consolidated Financial Statements included herein pursuant to the rules and regulations of the SEC. Some information and note disclosures, which would normally be included in comprehensive annual financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), have been condensed or omitted pursuant to those SEC rules and regulations. The preparation of these Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. For a better understanding of the Company and its Condensed Consolidated Financial Statements, the Company recommends reading these Condensed Consolidated Financial Statements in conjunction with the audited financial statements, which are included in the Company’s 2024 Form 10-K. These interim results are not necessarily indicative of the results that should be expected for the full year.

CASH MANAGEMENT

The cash management process generally utilizes zero balance accounts which provide for the settlement of the related disbursement and cash concentration accounts on a daily basis. Amounts not yet presented for payment to zero balance disbursement accounts of $5 million and $16 million at September 27, 2025 and December 28, 2024, respectively, are presented in Trade accounts payable and Accrued expenses and other current liabilities.

At September 27, 2025 and December 28, 2024, cash and cash equivalents held outside the United States amounted to $62 million and $55 million, respectively.

The Company has certain ongoing pension obligations related to its frozen defined benefit pension plan in the United Kingdom (“UK”). Restricted cash consists primarily of cash in bank committed to fund UK pension obligations based on the agreements that govern the UK pension plan. Restricted cash is valued at cost, which approximates fair value. Restricted cash was $5 million at September 27, 2025 and December 28, 2024, and is presented in Other assets.

REVENUE AND CONTRACT BALANCES

The Company generates substantially all of its revenue from contracts with customers for the sale of products and services. Refer to Note 4 for information on revenue by reportable segment and major category. Contract balances primarily consist of receivables, assets related to deferred contract acquisition costs, liabilities related to payments received in advance of performance under the contract, and liabilities related to unredeemed gift cards and loyalty programs. The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers:


	September 27,		December 28,
(In millions)	2025		2024
Trade receivables, net	$	353	$	335
Short-term contract assets		4		4
Long-term contract assets		7		4
Short-term contract liabilities		22		26

The Company recognized revenues of $13 million and $12 million year-to-date 2025 and 2024, respectively, which are included in the short-term contract liability balance at the beginning of each respective period.

VENDOR FINANCING PROGRAMS

The Company maintains financing agreements with third-party financial institutions through which its vendors, at their sole discretion, may elect to sell their receivables due from the Company to third-party financial institutions at terms negotiated amongst them. The Company’s obligations for applicable vendor invoices, including amounts due and scheduled payment terms, are not changed, and payments related to these obligations are remitted to third-party financial institutions instead of vendors. The Company does not pledge any assets or provide any guarantees to any third party in connection with these financing arrangements. These arrangements have no cost to the Company and do not impact its profitability or working capital. The outstanding amounts due to the third-party financial institutions related to vendors participating in these financing arrangements was $31 million at September 27, 2025 and $24 million at December 28, 2024 and are included within Accounts payable.

LEGAL MATTER MONETIZATION

In the third quarter of 2024, the Company recognized $70 million of income in its Condensed Consolidated Statement of Operations related to legal matter monetization where the Company was engaged in legal proceedings as a plaintiff. The related proceeds were received in the fourth quarter of 2024.

NEW ACCOUNTING STANDARDS

Standards that are not yet adopted:

Income Taxes: In December 2023, the FASB issued an accounting standard update that enhances the transparency and decision usefulness of income tax disclosures by adding effects from state and local taxes, foreign tax, changes in tax laws or rates in current period, cross-border tax laws, tax credits, valuation allowances, nontaxable and nondeductible items, and unrecognized tax benefits. This update will also require separate disclosure for any reconciling items. This accounting update is effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025, with early adoption permitted. The Company is evaluating the impact of this new standard and believes the adoption will result in additional disclosures, but will not have any other impact on its Consolidated Financial Statements.

Income Statement: In November 2024, the FASB issued an accounting standard update that modified the disclosure requirements for all public entities related to disaggregation of income statement expenses. The update will require more detailed information to be disclosed about the types of expenses in commonly presented expense captions such as cost of sales and selling, general and administrative expenses. This accounting update is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact of this new standard and believes the adoption will have a material impact on its Consolidated Financial Statements.

Merger Agreement - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 27, 2025	Sep. 27, 2025	Sep. 22, 2025	Dec. 28, 2024
Business Combination [Line Items]
Common stock, par value	$ 0.01	$ 0.01		$ 0.01
Atlas Holdings
Business Combination [Line Items]
Business acquisition, share price			$ 28
Common stock, par value			$ 0.01
Expenses related to acquisition	$ 8	$ 8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 27, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 10. FAIR VALUE MEASUREMENTS

The Company measures fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. In developing its fair value estimates, the Company uses the following hierarchy:


Level 1:		Quoted prices in active markets for identical assets or liabilities.
Level 2:		Observable market-based inputs or unobservable inputs that are corroborated by market data.
Level 3:		Significant unobservable inputs that are not corroborated by market data. Generally, these fair value measures are model-based valuation techniques such as discounted cash flows or option pricing models using the Company’s own estimates and assumptions or those expected to be used by market participants.

RECURRING FAIR VALUE MEASUREMENTS

In accordance with GAAP, certain assets and liabilities are required to be recorded at fair value on a recurring basis. The Company’s assets and liabilities that are adjusted to fair value on a recurring basis are money market funds that qualify as cash equivalents, and derivative financial instruments, which may be entered into to mitigate risks associated with changes in foreign currency exchange rates, fuel and other commodity prices and interest rates. The Company did not have derivative financial instruments during the third quarter and year-to-date 2025.

NONRECURRING FAIR VALUE MEASUREMENTS

In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company records certain assets and liabilities at fair value on a nonrecurring basis as required by GAAP. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges. In the third quarter of 2025, the Company recognized asset impairment charges of $8 million. Of these asset impairment charges, $5 million related to the impairment of operating lease right-of-use (“ROU”) assets associated with the Company’s retail store locations, $2 million related to the impairment of operating lease ROU assets associated with the Company’s supply chain facilities, and $1 million related to the impairment of fixed assets. Year-to-date 2025, the Company recognized asset impairment charges of $49 million, which included impairments resulting from the approval of the Optimize for Growth restructuring plan, as well as actions taken thus far on this plan. Of these asset impairment charges, $35 million related to the impairment of operating lease ROU assets associated with the Company’s retail store locations, $5 million related to the impairment of operating lease ROU assets associated with the Company’s supply chain facilities, $5 million related to impairment of software, and the remaining $4 million related to the impairment of fixed assets. In the third quarter and year-to-date 2024, the Company recognized asset impairment charges of $7 million and $21 million, respectively. Of these asset impairment charges, $7 million and $19 million in the third quarter and year-to-date 2024, respectively, related to the impairment of operating lease ROU assets associated with the Company’s retail store locations, with the remainder relating to impairment of fixed assets. All impairment charges discussed in the sections below are presented in Asset impairments in the Condensed Consolidated Statements of Operations.

The Company regularly reviews retail store assets for impairment indicators at the individual store level, as this represents the lowest level of identifiable cash flows. When indicators of impairment are present, a recoverability analysis is performed which considers the estimated undiscounted cash flows over the retail store’s remaining life and uses input from retail operations and accounting and finance personnel. These inputs include management’s best estimates of retail store-level sales, gross margins, direct expenses, exercise of future lease renewal options when reasonably certain to be exercised, and resulting cash flows that can naturally include judgments about how current initiatives will impact future performance. The assumptions used within the recoverability analysis for the retail stores were updated to consider current quarter retail store operational results and formal plans for future retail store closures as part of the Company’s Optimize for Growth restructuring plan, including the probability of closure at the retail store level. While it is generally understood that closures will approximate the store’s lease termination date, it is possible that changes in store performance or other conditions could result in future changes in assumptions utilized. These assumptions reflected declining sales over the forecast period and gross margin and operating cost assumptions that are consistent with recent actual results and consider plans for future initiatives.

If the undiscounted cash flows of a retail store cannot support the carrying amount of its assets, the assets are impaired, if necessary, and written down to estimated fair value. The fair value of retail store assets is determined using a discounted cash flow analysis which uses Level 2 unobservable inputs that are corroborated by market data such as independent real estate valuation opinions. Specifically, the analysis uses assumptions of potential rental rates for each retail store location which are based on market data for comparable locations. These estimated cash flows used in the third quarter of 2025 impairment calculation were discounted at a weighted average discount rate of 7%.

The Company will continue to evaluate initiatives to improve performance and lower operating costs. There are uncertainties regarding the impact of supply chain and macroeconomic conditions on the future results of operations, including the forecast period used in the recoverability analysis. To the extent that forward-looking sales and operating assumptions are not achieved and are subsequently reduced, additional impairment charges may result. However, at the end of the third quarter of 2025, the impairment recognized reflects the Company’s best estimate of future performance.

In addition to its retail store assets, the Company also regularly evaluates whether there are impairment indicators associated with its other long-lived assets. As described above, the Company incurred a $5 million impairment charge on a software asset related to its retail business year-to-date 2025. The Company did not identify impairment indicators for any other long-lived assets as of September 27, 2025, and as a result, there were no additional associated impairment charges.

The Company’s assets held for sale as of both September 27, 2025 and December 28, 2024 consisted of a $6 million land asset.

OTHER FAIR VALUE DISCLOSURES

The fair values of cash and cash equivalents, receivables, trade accounts payable and accrued expenses and other current liabilities approximate their carrying values because of their short-term nature.

The following table presents information about financial instruments at the balance sheet dates indicated.


	September 27,				December 28,
	2025				2024
	Carrying		Fair		Carrying		Fair
(In millions)	Amount		Value		Amount		Value
Financial assets:
Company-owned life insurance	$	119	$	119	$	132	$	132
Financial liabilities:
Long-term debt:
Revolving Loan Facility loans under the Fourth Amended Credit Agreement, due 2029		33		33		160		160
Revenue bonds, due in varying amounts periodically through 2029		75		76		75		76
American & Foreign Power Company, Inc. 5% debentures, due 2030		16		14		16		16

The following methods and assumptions were used to estimate the fair value of each class of financial instruments:

•

Company-owned life insurance: In connection with the 2013 OfficeMax merger, the Company acquired company-owned life insurance policies on certain former employees. The fair value of the company-owned life insurance policies is derived using determinable net cash surrender value, which is the cash surrender value less any outstanding loans (Level 2 measure). Death benefits received on company-owned life insurance policies, which are tax-free at payout, typically exceed their cash surrender values.

•

Long-term debt: Long-term debt, for which there were no transactions on the measurement date, was valued based on quoted market prices near the measurement date when available or by discounting the future cash flows of each instrument using

rates based on the most recently observable trade or using rates currently offered to the Company for similar debt instruments of comparable maturities (Level 2 measure). The carrying amount of the Revolving Loan Facility loan under the Fourth Amended Credit Agreement approximates fair value because the interest rates vary with market interest rates. Refer to Note 7 for additional information about the Fourth Amended Credit Agreement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 27, 2025

Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 8. STOCKHOLDERS’ EQUITY

Accumulated other comprehensive income (loss) activity, net of tax, where applicable, is provided in the following table:


	Foreign			Change in
	Currency			Deferred
	Translation			Pension and
(In millions)	Adjustments			Other			Total
Balance at December 28, 2024	$	(38	)	$	(86	)	$	(124	)
Other comprehensive income (loss) activity		9			(3	)		6
Balance at September 27, 2025	$	(29	)	$	(89	)	$	(118	)

TREASURY STOCK

In February 2024, the Company’s Board of Directors approved a stock repurchase program of up to $1 billion, available through March 31, 2027, which replaced the then existing $1 billion stock repurchase program. The Company did not repurchase any shares of its common stock in the third quarter and year-to-date 2025. The Company paid $3 million for excise taxes year-to-date 2025, related to share repurchases made in prior periods. As of September 27, 2025, $725 million remains available for stock repurchases under the current stock repurchase program.

The current authorization may be suspended or discontinued at any time. The exact number and timing of stock repurchases will depend on market conditions and other factors, and will be funded through available cash balances. Considering the ongoing macroeconomic environment and the Company’s current strategic initiatives, the Company expects to continue to substantially moderate the pace of stock repurchases in the near-term.

At September 27, 2025, there were 38 million shares of common stock held in treasury. The Company’s Fourth Amended Credit Agreement permits restricted payments, such as common stock repurchases, but may be limited if the Company does not meet the required minimum liquidity or fixed charge coverage ratio requirements. Refer to Note 7 for additional information about the Company’s compliance with covenants.

DIVIDENDS ON COMMON STOCK

The Company did not declare any cash dividends in the third quarter and year-to-date 2025. The Company does not anticipate declaring cash dividends in the foreseeable future. The Company’s Fourth Amended Credit Agreement permits restricted payments, such as dividends, but may be limited if the Company does not meet the required minimum liquidity or fixed charge coverage ratio requirements. Refer to Note 7 for additional information about the Company’s compliance with covenants.

- Definition

The entire disclosure for equity.

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+ Details

Contingencies - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 27, 2025 USD ($)
Minimum
Commitments and Contingencies Disclosure [Line Items]
Losses for environmental liabilities	$ 15
Maximum
Commitments and Contingencies Disclosure [Line Items]
Losses for environmental liabilities	$ 25

Employee Benefit Plans - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 27, 2025 USD ($)
North America
Defined Benefit Plan Disclosure [Line Items]
Pension and other postretirement contributions, current period	$ 1
Pension and other postretirement contributions, remainder of fiscal year	$ 1
United Kingdom
Defined Benefit Plan Disclosure [Line Items]
Pension plan coverage percentage	100.00%

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Reconciliation of Revenue from Segments to Consolidated (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2025	Sep. 28, 2024	Sep. 27, 2025	Sep. 28, 2024
Segment Reporting Information [Line Items]
Sales	$ 1,625	$ 1,780	$ 4,911	$ 5,367
Division operating income	57	60	171	201
Selling, general and administrative expenses	19	19	54	60
Asset impairments	8	7	49	21
Merger and restructuring (income) expenses, net	(4)	2	57	47
Legal matter monetization		(70)		(70)
Other expense	3	7	17	13
Income (loss) from continuing operations before income taxes	31	95	(6)	130
Operating Segments
Segment Reporting Information [Line Items]
Sales	2,684	2,981	8,170	8,989
Operating Segments \| External
Segment Reporting Information [Line Items]
Sales	1,625	1,780	4,911	5,367
Operating Segments \| Internal
Segment Reporting Information [Line Items]
Sales	1,059	1,201	3,259	3,622
Eliminations
Segment Reporting Information [Line Items]
Sales	(1,059)	(1,201)	(3,259)	(3,622)
ODP Business Solutions Division
Segment Reporting Information [Line Items]
Cost of goods and occupancy costs	753	791	2,232	2,372
Selling, general and administrative expenses	95	97	288	301
Division operating income	14	28	53	87
ODP Business Solutions Division \| Operating Segments
Segment Reporting Information [Line Items]
Sales	862	916	2,573	2,760
ODP Business Solutions Division \| Operating Segments \| External
Segment Reporting Information [Line Items]
Sales	860	914	2,568	2,753
ODP Business Solutions Division \| Operating Segments \| Internal
Segment Reporting Information [Line Items]
Sales	2	2	5	7
Office Depot Division
Segment Reporting Information [Line Items]
Cost of goods and occupancy costs	555	648	1,719	1,956
Selling, general and administrative expenses	163	190	497	557
Division operating income	31	23	87	91
Office Depot Division \| Operating Segments
Segment Reporting Information [Line Items]
Sales	749	861	2,303	2,604
Office Depot Division \| Operating Segments \| External
Segment Reporting Information [Line Items]
Sales	742	852	2,283	2,580
Office Depot Division \| Operating Segments \| Internal
Segment Reporting Information [Line Items]
Sales	7	9	20	24
Veyer Division
Segment Reporting Information [Line Items]
Cost of goods and occupancy costs	1,045	1,178	3,218	3,546
Selling, general and administrative expenses	16	17	45	56
Division operating income	12	9	31	23
Veyer Division \| Operating Segments
Segment Reporting Information [Line Items]
Sales	1,073	1,204	3,294	3,625
Veyer Division \| Operating Segments \| External
Segment Reporting Information [Line Items]
Sales	23	14	60	34
Veyer Division \| Operating Segments \| Internal
Segment Reporting Information [Line Items]
Sales	$ 1,050	$ 1,190	$ 3,234	$ 3,591

Calculation of Earnings and Loss Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended					9 Months Ended
	Sep. 27, 2025	Mar. 29, 2025	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Sep. 27, 2025	Sep. 28, 2024
Basic earnings (loss) per share
Net income (loss) from continuing operations	$ 23		$ 68			$ (6)	$ 95
Loss from discontinued operations, net of tax	0		(10)			0	(95)
Net income (loss)	$ 23	$ (29)	$ 58	$ (73)	$ 15	$ (6)	$ 0
Weighted-average shares outstanding	30		33			30	35
Continuing operations	$ 0.75		$ 2.06			$ (0.21)	$ 2.72
Discontinued operations	0		(0.31)			0	(2.71)
Net basic earnings (loss) per share	$ 0.75		$ 1.75			$ (0.21)	$ 0.01
Diluted earnings (loss) per share
Net income (loss) from continuing operations	$ 23		$ 68			$ (6)	$ 95
Loss from discontinued operations, net of tax	0		(10)			0	(95)
Net income (loss)	$ 23	$ (29)	$ 58	$ (73)	$ 15	$ (6)	$ 0
Weighted-average shares outstanding	30		33			30	35
Stock options and restricted stock	1		0			0	1
Diluted weighted-average shares outstanding	31		33			30	36
Continuing operations	$ 0.72		$ 2.04			$ (0.21)	$ 2.65
Discontinued operations	0		(0.31)			0	(2.64)
Net diluted earnings (loss) per share	$ 0.72		$ 1.73			$ (0.21)	$ 0.01

Segment Information - Additional Information (Detail) - 9 months ended Sep. 27, 2025	Total	Location	RegionalOfficeSupply	Division	Segment
Segment Reporting [Abstract]
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment reporting, CODM, profit (loss) measure, how used, description	The CODM uses sales and operating income (which includes certain shared service cost allocations directly attributable to each of the segments) for each reportable segment. The CODM uses this information in the annual forecasting process, as well as on a periodic basis when evaluating actual segment performance against forecast, and making decisions about allocating operating and capital resources. The decisions to allocate resources include the Company’s pricing strategy, acquisitions, divestitures, investments in technology and other capital assets, and workforce levels, among others.
Number of reportable segments				3	3
Number of office depot and officemax retail locations \| Location		822
Number of regional office supply \| RegionalOfficeSupply			20

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 28, 2024 USD ($)	Sep. 27, 2025 USD ($) Division	Sep. 27, 2025 USD ($) Segment	Sep. 27, 2025 USD ($)	Sep. 28, 2024 USD ($)	Dec. 28, 2024 USD ($)	Oct. 18, 2024
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments		3	3
Accounts payable and accrued expenses and other current liabilities not yet presented for payment		$ 5	$ 5	$ 5		$ 16
Cash and cash equivalents		182	182	182		166
Restricted cash		5	5	5		5
Legal matter monetization	$ 70				$ 70
Revenue recognition included in short-term contract liabilities				13	$ 12
Accounts payable related to financing arrangements		31	31	31		24
Arising Ventures \| Varis Division
Summary Of Significant Accounting Policies [Line Items]
Percentage of minority interest							19.90%
Non-US
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents		$ 62	$ 62	$ 62		$ 55

Schedule of Fair Value of Assets and Liabilities (Detail) - USD ($) $ in Millions	Sep. 27, 2025	Dec. 28, 2024
Carrying Amount
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company-owned life insurance	$ 119	$ 132
Carrying Amount \| Long-Term Debt \| Revolving Loan Facility loans under the Fourth Amended Credit Agreement, due 2029
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, fair value	33	160
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company-owned life insurance	119	132
Fair Value \| Long-Term Debt \| Revolving Loan Facility loans under the Fourth Amended Credit Agreement, due 2029
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, fair value	33	160
Revenue bonds, due in varying amounts periodically through 2029 \| Carrying Amount \| Long-Term Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, fair value	75	75
Revenue bonds, due in varying amounts periodically through 2029 \| Fair Value \| Long-Term Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, fair value	76	76
American & Foreign Power Company, Inc. 5% debentures, due 2030 \| Carrying Amount \| Long-Term Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, fair value	16	16
American & Foreign Power Company, Inc. 5% debentures, due 2030 \| Fair Value \| Long-Term Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 14	$ 16

- Definition

Fair value portion of the amount that could be realized under a life insurance contract or contracts owned by the entity, commonly known as corporate-owned life insurance (COLI) or bank-owned life insurance (BOLI).

+ References + Details

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 27, 2025	Sep. 28, 2024
Cash flows from operating activities:
Net income (loss)	$ (6)	$ 0
Loss from discontinued operations, net of tax	0	(95)
Net income (loss) from continuing operations	(6)	95
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	79	73
Amortization of debt discount and issuance costs	1	1
Charges for losses on receivables and inventories	15	17
Asset impairments	49	21
Gain on disposition of assets, net	(17)	(1)
Compensation expense for share-based payments	19	23
Deferred income taxes and deferred tax asset valuation allowances	(7)	13
Changes in working capital and other operating activities	30	(117)
Net cash provided by operating activities of continuing operations	163	125
Net cash used in operating activities of discontinued operations		(23)
Net cash provided by operating activities	163	102
Cash flows from investing activities:
Capital expenditures	(45)	(72)
Businesses acquired, net of cash acquired		(11)
Proceeds from disposition of assets	24	1
Settlement of company-owned life insurance policies	19	4
Net cash used in investing activities of continuing operations	(2)	(78)
Net cash used in investing activities of discontinued operations	(2)	(7)
Net cash used in investing activities	(4)	(85)
Cash flows from financing activities:
Payments on credit facilities and debt retirement	(713)	(450)
Borrowings under credit facilities	585	520
Net payments on other long and short-term borrowings	(9)	(8)
Share purchases for taxes, net of proceeds from employee share-based transactions	(2)	(15)
Repurchase of common stock for treasury	(3)	(254)
Other financing activities	(2)	(7)
Net cash used in financing activities of continuing operations	(144)	(214)
Net cash used in financing activities	(144)	(214)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1	(1)
Net increase (decrease) in cash, cash equivalents and restricted cash	16	(198)
Cash, cash equivalents and restricted cash at beginning of period	171	395
Cash, cash equivalents and restricted cash at end of period	187	197
Supplemental information on non-cash investing and financing activities
Right-of-use assets obtained in exchange for new operating lease liabilities	63	202
Right-of-use assets obtained in exchange for new finance lease liabilities	6	9
Interest paid	18	13
Cash taxes paid, net	$ 15	$ 14

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended					9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 27, 2025	Mar. 29, 2025	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Sep. 27, 2025	Sep. 28, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 23	$ (29)	$ 58	$ (73)	$ 15	$ (6)	$ 0

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 27, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities

The following table presents information about financial instruments at the balance sheet dates indicated.


	September 27,				December 28,
	2025				2024
	Carrying		Fair		Carrying		Fair
(In millions)	Amount		Value		Amount		Value
Financial assets:
Company-owned life insurance	$	119	$	119	$	132	$	132
Financial liabilities:
Long-term debt:
Revolving Loan Facility loans under the Fourth Amended Credit Agreement, due 2029		33		33		160		160
Revenue bonds, due in varying amounts periodically through 2029		75		76		75		76
American & Foreign Power Company, Inc. 5% debentures, due 2030		16		14		16		16

Summary of Major Components of Merger and Restructuring (Income) Expenses, Net (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2025	Sep. 28, 2024	Sep. 27, 2025	Sep. 28, 2024
Merger and transaction related expenses
Transaction and integration	$ 8	$ (1)	$ 8	$ (1)
Total Merger and transaction related expenses	8	(1)	8	(1)
Restructuring expenses
Non-facility termination benefits	0	(1)	12	25
Professional fees	1	0	5	14
Facility closure and termination benefits, contract termination, and other expenses, net	(13)	4	32	9
Total Restructuring expenses, net	(12)	3	49	48
Total Merger and restructuring (income) expenses, net	$ (4)	$ 2	$ 57	$ 47

DISCONTINUED OPERATIONS

9 Months Ended

Sep. 27, 2025

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

NOTE 12. DISCONTINUED OPERATIONS

The Varis Division disposal group met the accounting criteria to be classified as held for sale as of April 2024 and was sold on October 18, 2024 to an affiliate of Arising Ventures, a third party. The Company retained a minority interest of 19.9% after the sale. The disposition represented a strategic shift that had a major impact on the Company’s operations and financial statements. Under the terms of the related stock purchase agreement, the Company was to fund up to $4 million of expenses that may be incurred by Varis following the transaction date until December 31, 2025, and has no further obligations to contribute capital to Varis. Year-to-date 2025, the Company made $2 million of cash payments related to this obligation, which was in addition to $2 million funded in 2024, and there is no funding obligation remaining. The terms of the sale did not result in a materially different impact than previously estimated on the Company’s financial statements. The Company deconsolidated its Varis Division effective October 18, 2024 by removing the associated assets and liabilities held for sale on its balance sheet. The Company will account for its retained minority interest of 19.9% in Varis as an equity method investment going forward.

Restructuring expenses incurred by the Varis Division, which were previously presented as Corporate expenses, are included in the measurement and presentation of discontinued operations for all periods presented.

The following table represents a reconciliation of the major components of discontinued operations, net of tax, as presented in the Condensed Consolidated Statement of Operations. The Company did not have any financial results related to discontinued operations on its Condensed Consolidated Statement of Operations in the third quarter and year-to-date 2025.


	Third Quarter			Year-to-Date
(In millions)	2024			2024
Major components of discontinued operations before income taxes:
Sales	$	2		$	5
Cost of goods and occupancy costs		—			—
Gross profit		2			5
Selling, general and administrative expenses		8			34
Merger and restructuring expenses, net		—			8
Operating loss		(6	)		(37	)
Other expense:
Loss from major components of discontinued operations before income taxes		(6	)		(37	)
Loss on disposal of discontinued operations		(4	)		(81	)
Loss from discontinued operations before income taxes		(10	)		(118	)
Income tax expense (benefit)		—			(23	)
Discontinued operations, net of tax	$	(10	)	$	(95	)

The Company had previously sold its CompuCom Division on December 31, 2021, through a transaction that was structured and accounted for as an equity sale. The Company did not have any financial results related to discontinued operations of the CompuCom Division on its Condensed Consolidated Statements of Operations for the periods presented. As of September 27, 2025, the Company has a promissory note from the purchaser of the CompuCom Division, with a principal balance of $59 million and paid-in-kind interest of $14 million, due in full on June 30, 2027. In addition, the Company has a $9 million receivable related to an earn-out provision included in the securities purchase agreement. The promissory note and the earn-out are non-current receivables as of September 27, 2025.

EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 27, 2025

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

NOTE 6. EARNINGS (LOSS) PER SHARE

The following table represents the calculation of earnings and loss per common share – basic and diluted:


	Third Quarter					Year-to-Date
(In millions, except per share amounts)	2025		2024			2025			2024
Basic Earnings (Loss) Per Share
Numerator:
Net income (loss) from continuing operations	$	23	$	68		$	(6	)	$	95
Loss from discontinued operations, net of tax		—		(10	)		—			(95	)
Net income (loss)	$	23	$	58		$	(6	)	$	—
Denominator:
Weighted-average shares outstanding		30		33			30			35
Basic earnings (loss) per share
Continuing operations	$	0.75	$	2.06		$	(0.21	)	$	2.72
Discontinued operations		—		(0.31	)		—			(2.71	)
Net basic earnings (loss) per share	$	0.75	$	1.75		$	(0.21	)	$	0.01
Diluted Earnings (Loss) Per Share
Numerator:
Net income (loss) from continuing operations	$	23	$	68		$	(6	)	$	95
Loss from discontinued operations, net of tax		—		(10	)		—			(95	)
Net income (loss)	$	23	$	58		$	(6	)	$	—
Denominator:
Weighted-average shares outstanding		30		33			30			35
Effect of dilutive securities:
Stock options and restricted stock		1		—			—			1
Diluted weighted-average shares outstanding		31		33			30			36
Diluted earnings (loss) per share
Continuing operations	$	0.72	$	2.04		$	(0.21	)	$	2.65
Discontinued operations		—		(0.31	)		—			(2.64	)
Net diluted earnings (loss) per share	$	0.72	$	1.73		$	(0.21	)	$	0.01

Awards of stock options and nonvested shares representing additional shares of outstanding common stock were less than 1 million and 1 million in the third quarter and year-to-date 2025, respectively, and 1 million and less than 1 million in the third quarter and year-to-date 2024, respectively, but they are not included in the computation of diluted weighted-average shares outstanding because their effect would have been antidilutive.

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 27, 2025

Segment Reporting [Abstract]

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:


(In millions)	ODP Business Solutions Division		Office Depot Division		Veyer Division		Total
Third Quarter of 2025
Sales (external)	$	860	$	742	$	23	$	1,625
Sales (internal)		2		7		1,050		1,059
Total sales	$	862	$	749	$	1,073	$	2,684

Reconciliation of revenue
Elimination of intersegment revenues								(1,059	)
Total consolidated revenues							$	1,625

Less:
Cost of goods and occupancy costs		753		555		1,045
Selling, general and administrative expenses		95		163		16
Division operating income	$	14	$	31	$	12	$	57

Reconciliation of segment profit (loss)
Less unallocated amounts:
Selling, general and administrative expenses								19
Asset impairments								8
Merger and restructuring income, net								(4	)
Other expense								3
Income from continuing operations before income taxes							$	31


(In millions)	ODP Business Solutions Division		Office Depot Division		Veyer Division		Total
Year-to-Date 2025
Sales (external)	$	2,568	$	2,283	$	60	$	4,911
Sales (internal)		5		20		3,234		3,259
Total sales	$	2,573	$	2,303	$	3,294	$	8,170

Reconciliation of revenue
Elimination of intersegment revenues								(3,259	)
Total consolidated revenues							$	4,911

Less:
Cost of goods and occupancy costs		2,232		1,719		3,218
Selling, general and administrative expenses		288		497		45
Division operating income	$	53	$	87	$	31	$	171

Reconciliation of segment profit (loss)
Less unallocated amounts:
Selling, general and administrative expenses								54
Asset impairments								49
Merger and restructuring expenses, net								57
Other expense								17
Loss from continuing operations before income taxes							$	(6	)


(In millions)	ODP Business Solutions Division		Office Depot Division		Veyer Division		Total
Third Quarter of 2024
Sales (external)	$	914	$	852	$	14	$	1,780
Sales (internal)		2		9		1,190		1,201
Total sales	$	916	$	861	$	1,204	$	2,981

Reconciliation of revenue
Elimination of intersegment revenues								(1,201	)
Total consolidated revenues							$	1,780

Less:
Cost of goods and occupancy costs		791		648		1,178
Selling, general and administrative expenses		97		190		17
Division operating income	$	28	$	23	$	9	$	60

Reconciliation of segment profit (loss)
Less unallocated amounts:
Selling, general and administrative expenses								19
Asset impairments								7
Merger and restructuring expenses, net								2
Legal matter monetization								(70	)
Other expense								7
Income from continuing operations before income taxes							$	95


(In millions)	ODP Business Solutions Division		Office Depot Division		Veyer Division		Total
Year-to-Date 2024
Sales (external)	$	2,753	$	2,580	$	34	$	5,367
Sales (internal)		7		24		3,591		3,622
Total sales	$	2,760	$	2,604	$	3,625	$	8,989

Reconciliation of revenue
Elimination of intersegment revenues								(3,622	)
Total consolidated revenues							$	5,367

Less:
Cost of goods and occupancy costs		2,372		1,956		3,546
Selling, general and administrative expenses		301		557		56
Division operating income	$	87	$	91	$	23	$	201

Reconciliation of segment profit (loss)
Less unallocated amounts:
Selling, general and administrative expenses								60
Asset impairments								21
Merger and restructuring expenses, net								47
Legal matter monetization								(70	)
Other expense								13
Income from continuing operations before income taxes							$	130

The following table provides information about assets by each of the segments, reconciled to consolidated totals:


(In millions)	Balance as of September 27, 2025		Balance as of December 28, 2024
ODP Business Solutions Division	$	725	$	686
Office Depot Division		1,086		1,197
Veyer Division		941		1,101
Corporate		527		545
Total	$	3,279	$	3,529

The following table provides information about depreciation and amortization by each of the segments, reconciled to consolidated totals:


	Third Quarter				Year-to-Date
(In millions)	2025		2024		2025		2024
ODP Business Solutions Division	$	5	$	5	$	15	$	14
Office Depot Division		9		10		28		31
Veyer Division		9		8		27		25
Corporate		1		1		9		3
Total	$	24	$	24	$	79	$	73

Summary of Disaggregated Revenue from Major Sales Categories

The following table provides information about disaggregated sales by major categories:


	Third Quarter				Year-to-Date
(In millions)	2025		2024		2025		2024
Major sales categories
Supplies	$	816	$	877	$	2,440	$	2,652
Technology		421		485		1,322		1,489
Furniture and other		237		263		701		752
Copy and print		151		155		448		474
Total	$	1,625	$	1,780	$	4,911	$	5,367

Schedule of Goodwill by Segment Reconciled to Consolidated Total

The following table provides information about the components of goodwill by each of the segments, reconciled to consolidated totals:


(In millions)	Balance as of December 28, 2024		Foreign Currency Rate Impact		Balance as of September 27, 2025
ODP Business Solutions Division	$	157	$	1	$	158
Office Depot Division		219		—		219
Veyer Division		35		—		35
Total	$	411	$	1	$	412

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Schedule of Goodwill by Segment Reconciled to Consolidated Total (Detail) $ in Millions	9 Months Ended
	Sep. 27, 2025 USD ($)
Goodwill [Line Items]
Balance as of December 28, 2024	$ 411
Balance as of September 27, 2025	412
Operating Segments
Goodwill [Line Items]
Balance as of December 28, 2024	411
Foreign currency rate impact	1
Balance as of September 27, 2025	412
ODP Business Solutions Division \| Operating Segments
Goodwill [Line Items]
Balance as of December 28, 2024	157
Foreign currency rate impact	1
Balance as of September 27, 2025	158
Office Depot Division \| Operating Segments
Goodwill [Line Items]
Balance as of December 28, 2024	219
Balance as of September 27, 2025	219
Veyer Division \| Operating Segments
Goodwill [Line Items]
Balance as of December 28, 2024	35
Balance as of September 27, 2025	$ 35

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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EARNINGS (LOSS) PER SHARE (Tables)

9 Months Ended

Sep. 27, 2025

Earnings Per Share [Abstract]

Calculation of Earnings and Loss Per Common Share

The following table represents the calculation of earnings and loss per common share – basic and diluted:


	Third Quarter					Year-to-Date
(In millions, except per share amounts)	2025		2024			2025			2024
Basic Earnings (Loss) Per Share
Numerator:
Net income (loss) from continuing operations	$	23	$	68		$	(6	)	$	95
Loss from discontinued operations, net of tax		—		(10	)		—			(95	)
Net income (loss)	$	23	$	58		$	(6	)	$	—
Denominator:
Weighted-average shares outstanding		30		33			30			35
Basic earnings (loss) per share
Continuing operations	$	0.75	$	2.06		$	(0.21	)	$	2.72
Discontinued operations		—		(0.31	)		—			(2.71	)
Net basic earnings (loss) per share	$	0.75	$	1.75		$	(0.21	)	$	0.01
Diluted Earnings (Loss) Per Share
Numerator:
Net income (loss) from continuing operations	$	23	$	68		$	(6	)	$	95
Loss from discontinued operations, net of tax		—		(10	)		—			(95	)
Net income (loss)	$	23	$	58		$	(6	)	$	—
Denominator:
Weighted-average shares outstanding		30		33			30			35
Effect of dilutive securities:
Stock options and restricted stock		1		—			—			1
Diluted weighted-average shares outstanding		31		33			30			36
Diluted earnings (loss) per share
Continuing operations	$	0.72	$	2.04		$	(0.21	)	$	2.65
Discontinued operations		—		(0.31	)		—			(2.64	)
Net diluted earnings (loss) per share	$	0.72	$	1.73		$	(0.21	)	$	0.01

Accumulated Other Comprehensive Income (Loss) Activity, Net of Tax (Detail) $ in Millions	9 Months Ended
	Sep. 27, 2025 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ 807
Balance	823
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(38)
Other comprehensive income (loss) activity	9
Balance	(29)
Change in Deferred Pension and Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(86)
Other comprehensive income (loss) activity	(3)
Balance	(89)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(124)
Other comprehensive income (loss) activity	6
Balance	$ (118)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount before tax, after reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 27, 2025

Discontinued Operations and Disposal Groups [Abstract]

Major Components of Discontinued Operations, Net of Tax Presented In Condensed Consolidated Statement of Operations


	Third Quarter			Year-to-Date
(In millions)	2024			2024
Major components of discontinued operations before income taxes:
Sales	$	2		$	5
Cost of goods and occupancy costs		—			—
Gross profit		2			5
Selling, general and administrative expenses		8			34
Merger and restructuring expenses, net		—			8
Operating loss		(6	)		(37	)
Other expense:
Loss from major components of discontinued operations before income taxes		(6	)		(37	)
Loss on disposal of discontinued operations		(4	)		(81	)
Loss from discontinued operations before income taxes		(10	)		(118	)
Income tax expense (benefit)		—			(23	)
Discontinued operations, net of tax	$	(10	)	$	(95	)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 27, 2025

Accounting Policies [Abstract]

Basis of Presentation

BASIS OF PRESENTATION

The Company has three reportable segments (or “Divisions”): ODP Business Solutions Division, Office Depot Division, and Veyer Division. Refer to Note 4 for additional information.

Cash Management

CASH MANAGEMENT

At September 27, 2025 and December 28, 2024, cash and cash equivalents held outside the United States amounted to $62 million and $55 million, respectively.

Revenue and Contract Balances

REVENUE AND CONTRACT BALANCES


	September 27,		December 28,
(In millions)	2025		2024
Trade receivables, net	$	353	$	335
Short-term contract assets		4		4
Long-term contract assets		7		4
Short-term contract liabilities		22		26

Vendor Financing Programs

VENDOR FINANCING PROGRAMS

Legal Matter Monetization

LEGAL MATTER MONETIZATION

New Accounting Standards

NEW ACCOUNTING STANDARDS

Standards that are not yet adopted:

Schedule of Fair Value of Assets and Liabilities (Parenthetical) (Detail) - Long-Term Debt	9 Months Ended	12 Months Ended
	Sep. 27, 2025	Dec. 28, 2024
Carrying Amount \| Revolving Loan Facility loans under the Fourth Amended Credit Agreement, due 2029
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, due date	2029	2029
Carrying Amount \| Revenue bonds, due in varying amounts periodically through 2029
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, due date	2029	2029
Carrying Amount \| American & Foreign Power Company, Inc. 5% debentures, due 2030
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, due date	2030	2030
Long-term debt, interest rate	5.00%	5.00%
Fair Value \| Revolving Loan Facility loans under the Fourth Amended Credit Agreement, due 2029
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, due date	2029	2029
Fair Value \| Revenue bonds, due in varying amounts periodically through 2029
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, due date	2029	2029
Fair Value \| American & Foreign Power Company, Inc. 5% debentures, due 2030
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, due date	2030	2030
Long-term debt, interest rate	5.00%	5.00%

MERGER AGREEMENT

9 Months Ended

Sep. 27, 2025

Business Combination [Abstract]

MERGER AGREEMENT

NOTE 2. MERGER AGREEMENT

On September 22, 2025, the Company entered into a definitive agreement (“Merger Agreement”) to be acquired by an affiliate of Atlas Holdings, which owns and operates a global family of manufacturing and distribution businesses. Under the terms of the Merger Agreement, each share of common stock, $0.01 par value, of the Company that is issued and outstanding at the date of the Merger Agreement (other than Cancelled Shares and Dissenting Shares, each as defined in the Merger Agreement) will be converted into the right to receive $28.00 per share in cash (the “Merger Consideration”) at closing. Each outstanding and unexercised option to purchase common stock will be cancelled for no consideration. Each outstanding (and, if applicable, unsettled) award of restricted stock units that is subject to time-based or performance-based vesting conditions will either vest or be converted into a cash award at the Merger Consideration amount at closing, in each case pursuant to the terms of the Merger Agreement. The Merger Agreement includes customary representations, warranties and conditions, including termination fees payable under certain conditions if the transaction fails to close. The transaction has been approved by the Company’s Board of Directors and the completion of the Merger is subject to customary closing conditions including, among others, the approval of the Company’s stockholders and certain regulatory approvals. The transaction is anticipated to close before the end of 2025. Refer to the Company’s Definitive Proxy Statement on Schedule 14A filed with the SEC on October 27, 2025, as may be amended from time to time, for additional information about the transaction. It cannot be guaranteed that the acquisition will be completed or that, if completed, it will be on the terms as set forth in the Merger Agreement. If completed, The ODP Corporation will become a privately held company, and shares of its common stock will no longer be listed on the NASDAQ stock market. The Company has incurred $8 million of expenses related to this acquisition in the third quarter and year-to-date 2025. Refer to Note 3 for further information on these costs.

- Definition

The entire disclosure for business combination.

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+ Details

MERGER AND RESTRUCTURING ACTIVITY (Tables)

9 Months Ended

Sep. 27, 2025

Merger Restructuring And Other Activity [Abstract]

Summary of Major Components of Merger and Restructuring (Income) Expenses, Net

The table below summarizes the major components of Merger and restructuring (income) expenses, net.


	Third Quarter						Year-to-Date
(In millions)	2025			2024			2025		2024
Merger and transaction related expenses
Transaction and integration	$	8		$	(1	)	$	8	$	(1	)
Total Merger and transaction related expenses		8			(1	)		8		(1	)
Restructuring expenses
Non-facility termination benefits		—			(1	)		12		25
Professional fees		1			—			5		14
Facility closure and termination benefits, contract termination, and other expenses, net		(13	)		4			32		9
Total Restructuring expenses, net		(12	)		3			49		48
Total Merger and restructuring (income) expenses, net	$	(4	)	$	2		$	57	$	47

Facility Closure and Severance Costs

The activity in the merger and restructuring accruals year-to-date 2025 is presented in the table below. Certain merger and restructuring charges are excluded from the table because they are paid as incurred or non-cash, such as accelerated depreciation and gains and losses on asset dispositions.


	Balance as of								Balance as of
	December 28,		Charges (credits)			Cash			September 27,
(In millions)	2024		Incurred			Payments			2025
Non-facility termination benefits:
Optimize for Growth	$	—	$	13		$	(4	)	$	9
Project Core		7		(2	)		(2	)		3
Lease and contract obligations, accruals for facility closures including termination benefits and other costs:
Atlas Holdings Acquisition		—		3			(3	)		—
Optimize for Growth		—		41			(16	)		25
Maximize B2B Restructuring Plan		2		—			(1	)		1
Total	$	9	$	55		$	(26	)	$	38

Summary of Information about Depreciation and Amortization by Each of the Segments, Reconciled to Consolidated Total (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2025	Sep. 28, 2024	Sep. 27, 2025	Sep. 28, 2024
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 24	$ 24	$ 79	$ 73
Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization	1	1	9	3
ODP Business Solutions Division \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	5	5	15	14
Office Depot Division \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	9	10	28	31
Veyer Division \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 9	$ 8	$ 27	$ 25

SEGMENT INFORMATION

9 Months Ended

Sep. 27, 2025

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 4. SEGMENT INFORMATION

The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. The CODM uses sales and operating income (which includes certain shared service cost allocations directly attributable to each of the segments) for each reportable segment. The CODM uses this information in the annual forecasting process, as well as on a periodic basis when evaluating actual segment performance against forecast, and making decisions about allocating operating and capital resources. The decisions to allocate resources include the Company’s pricing strategy, acquisitions, divestitures, investments in technology and other capital assets, and workforce levels, among others.

At September 27, 2025, the Company had three reportable segments:

ODP Business Solutions Division – The Company’s leading B2B distribution solutions provider serving small, medium, and enterprise level companies, including those in the public and education sectors. This segment operates in the United States, Puerto Rico, the U.S. Virgin Islands, and Canada. The ODP Business Solutions Division sells nationally branded, as well as the Company’s private branded, office supply and adjacency products and services to customers, who are served through a dedicated sales force, catalogs, telesales, and electronically through the Company’s Internet websites. Adjacency products and services include cleaning, janitorial and breakroom supplies, office furniture, technology products, and copy and print services. Starting in the first quarter of 2025, ODP Business Solutions Division expanded its hospitality supplies categories within its adjacency products. This segment also includes our Federation entities, which are over 20 regional office supply distribution businesses acquired by the Company as part of its transformation to expand its reach and distribution network into geographic areas that were previously underserved, and which continue to operate under their own brand names. The acquisition of these businesses has allowed for an effective and accretive means to expand our distribution reach, target new business customers, and grow our offerings beyond traditional office supplies.

Office Depot Division – The Company’s leading provider of retail consumer and small business products and services distributed through a fully integrated omni-channel platform of 822 Office Depot and OfficeMax retail locations in the United States, Puerto Rico and the U.S. Virgin Islands, and an eCommerce presence (www.officedepot.com). The Office Depot Division sells office supplies, technology products and solutions, business machines and related supplies, cleaning, breakroom and facilities products, personal protective equipment, and office furniture as well as offering business services including copying, printing, digital imaging, mailing, shipping, and technology support services. In addition, the print needs of retail and business customers are facilitated through the Company’s regional print production centers.

Veyer Division – The Company’s supply chain, distribution, procurement and global sourcing operation, which specializes in B2B and consumer business service delivery, with core competencies in distribution, fulfillment, transportation, global sourcing and purchasing. The Veyer Division’s customers include our Office Depot Division and ODP Business Solutions Division, as well as third-party customers. The Veyer Division also includes the Company’s global sourcing operations in Asia.

Division operating income represents segment profit and is determined based on the measure of performance reported internally to manage the business and for resource allocation. This measure charges to the respective Divisions those expenses considered directly or closely related to their operations and allocates support costs. Certain operating expenses and credits are not allocated to the Divisions, including asset impairments and merger and restructuring (income) expenses, net, as well as expenses and credits retained at the Corporate level, including certain management costs, legacy pension and environmental matters. Other companies may charge more or less of these items to their segments and results may not be comparable to similarly titled measures used by other companies.


(In millions)	ODP Business Solutions Division		Office Depot Division		Veyer Division		Total
Third Quarter of 2025
Sales (external)	$	860	$	742	$	23	$	1,625
Sales (internal)		2		7		1,050		1,059
Total sales	$	862	$	749	$	1,073	$	2,684

Reconciliation of revenue
Elimination of intersegment revenues								(1,059	)
Total consolidated revenues							$	1,625

Less:
Cost of goods and occupancy costs		753		555		1,045
Selling, general and administrative expenses		95		163		16
Division operating income	$	14	$	31	$	12	$	57

Reconciliation of segment profit (loss)
Less unallocated amounts:
Selling, general and administrative expenses								19
Asset impairments								8
Merger and restructuring income, net								(4	)
Other expense								3
Income from continuing operations before income taxes							$	31


(In millions)	ODP Business Solutions Division		Office Depot Division		Veyer Division		Total
Year-to-Date 2025
Sales (external)	$	2,568	$	2,283	$	60	$	4,911
Sales (internal)		5		20		3,234		3,259
Total sales	$	2,573	$	2,303	$	3,294	$	8,170

Reconciliation of revenue
Elimination of intersegment revenues								(3,259	)
Total consolidated revenues							$	4,911

Less:
Cost of goods and occupancy costs		2,232		1,719		3,218
Selling, general and administrative expenses		288		497		45
Division operating income	$	53	$	87	$	31	$	171

Reconciliation of segment profit (loss)
Less unallocated amounts:
Selling, general and administrative expenses								54
Asset impairments								49
Merger and restructuring expenses, net								57
Other expense								17
Loss from continuing operations before income taxes							$	(6	)


(In millions)	ODP Business Solutions Division		Office Depot Division		Veyer Division		Total
Third Quarter of 2024
Sales (external)	$	914	$	852	$	14	$	1,780
Sales (internal)		2		9		1,190		1,201
Total sales	$	916	$	861	$	1,204	$	2,981

Reconciliation of revenue
Elimination of intersegment revenues								(1,201	)
Total consolidated revenues							$	1,780

Less:
Cost of goods and occupancy costs		791		648		1,178
Selling, general and administrative expenses		97		190		17
Division operating income	$	28	$	23	$	9	$	60

Reconciliation of segment profit (loss)
Less unallocated amounts:
Selling, general and administrative expenses								19
Asset impairments								7
Merger and restructuring expenses, net								2
Legal matter monetization								(70	)
Other expense								7
Income from continuing operations before income taxes							$	95


(In millions)	ODP Business Solutions Division		Office Depot Division		Veyer Division		Total
Year-to-Date 2024
Sales (external)	$	2,753	$	2,580	$	34	$	5,367
Sales (internal)		7		24		3,591		3,622
Total sales	$	2,760	$	2,604	$	3,625	$	8,989

Reconciliation of revenue
Elimination of intersegment revenues								(3,622	)
Total consolidated revenues							$	5,367

Less:
Cost of goods and occupancy costs		2,372		1,956		3,546
Selling, general and administrative expenses		301		557		56
Division operating income	$	87	$	91	$	23	$	201

Reconciliation of segment profit (loss)
Less unallocated amounts:
Selling, general and administrative expenses								60
Asset impairments								21
Merger and restructuring expenses, net								47
Legal matter monetization								(70	)
Other expense								13
Income from continuing operations before income taxes							$	130

The following table provides information about disaggregated sales by major categories:


	Third Quarter				Year-to-Date
(In millions)	2025		2024		2025		2024
Major sales categories
Supplies	$	816	$	877	$	2,440	$	2,652
Technology		421		485		1,322		1,489
Furniture and other		237		263		701		752
Copy and print		151		155		448		474
Total	$	1,625	$	1,780	$	4,911	$	5,367

The following table provides information about assets by each of the segments, reconciled to consolidated totals:


(In millions)	Balance as of September 27, 2025		Balance as of December 28, 2024
ODP Business Solutions Division	$	725	$	686
Office Depot Division		1,086		1,197
Veyer Division		941		1,101
Corporate		527		545
Total	$	3,279	$	3,529

The following table provides information about depreciation and amortization by each of the segments, reconciled to consolidated totals:


	Third Quarter				Year-to-Date
(In millions)	2025		2024		2025		2024
ODP Business Solutions Division	$	5	$	5	$	15	$	14
Office Depot Division		9		10		28		31
Veyer Division		9		8		27		25
Corporate		1		1		9		3
Total	$	24	$	24	$	79	$	73

The following table provides information about the components of goodwill by each of the segments, reconciled to consolidated totals:


(In millions)	Balance as of December 28, 2024		Foreign Currency Rate Impact		Balance as of September 27, 2025
ODP Business Solutions Division	$	157	$	1	$	158
Office Depot Division		219		—		219
Veyer Division		35		—		35
Total	$	411	$	1	$	412

Goodwill and indefinite-lived intangible assets are tested for impairment annually as of the first day of fiscal December or more frequently when events or changes in circumstances indicate that impairment may have occurred. Each reportable segment also represents a reporting unit.

The approval of the Optimize for Growth restructuring plan in the first quarter of 2025 has had a significant impact on the Company’s current and projected future results of operations, most notably for its Office Depot reporting unit where the retail store footprint will be significantly reduced by the end of 2028. The Company determined that an indicator of potential impairment existed for the Office Depot reporting unit and performed an interim quantitative goodwill impairment test in the first quarter of 2025. The quantitative test used the income approach valuation methodology and concluded that the fair value of the Office Depot reporting unit exceeds its carrying amount. There were no events or changes in circumstances that indicate an impairment may have occurred for any of the reporting units during the third quarter of 2025. The Company will continue to evaluate the recoverability of goodwill at the reporting unit level. If the operating results of the Company’s reporting units deteriorate in the future, it may cause the fair value of one or more of the reporting units to fall below their carrying value, resulting in goodwill impairment charges.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Summary of Information about Assets by Each of the Segments, Reconciled to Consolidated Total (Detail) - USD ($) $ in Millions	Sep. 27, 2025	Dec. 28, 2024
Segment Reporting Information [Line Items]
Assets	$ 3,279	$ 3,529
Corporate
Segment Reporting Information [Line Items]
Assets	527	545
ODP Business Solutions Division \| Operating Segments
Segment Reporting Information [Line Items]
Assets	725	686
Office Depot Division \| Operating Segments
Segment Reporting Information [Line Items]
Assets	1,086	1,197
Veyer Division \| Operating Segments
Segment Reporting Information [Line Items]
Assets	$ 941	$ 1,101

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Components of Net Periodic Pension Cost (Benefit) (Detail) - Pension Benefits - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2025	Sep. 28, 2024	Sep. 27, 2025	Sep. 28, 2024
North America
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 7	$ 8	$ 21	$ 22
Expected return on plan assets	(6)	(8)	(19)	(22)
Amortization of (gains) loss				(1)
Net periodic pension cost (benefit)	1		2	(1)
United Kingdom
Defined Benefit Plan Disclosure [Line Items]
Interest cost	2	1	6	5
Expected return on plan assets	(2)	(1)	(5)	(4)
Amortization of (gains) loss	1	1	2	2
Net periodic pension cost (benefit)	$ 1	$ 1	$ 3	$ 3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Summary of Disaggregated Revenue from Major Sales Categories (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2025	Sep. 28, 2024	Sep. 27, 2025	Sep. 28, 2024
Segment Reporting Information [Line Items]
Sales	$ 1,625	$ 1,780	$ 4,911	$ 5,367
Products, Supplies
Segment Reporting Information [Line Items]
Sales	816	877	2,440	2,652
Products, Technology
Segment Reporting Information [Line Items]
Sales	421	485	1,322	1,489
Products, Furniture and Other
Segment Reporting Information [Line Items]
Sales	237	263	701	752
Services, Copy and Print
Segment Reporting Information [Line Items]
Sales	$ 151	$ 155	$ 448	$ 474

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Earnings (Loss) Per Share - Additional Information (Detail) - Nonvested Stock Options and Shares - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2025	Sep. 28, 2024	Sep. 27, 2025	Sep. 28, 2024
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares excluded from computation of diluted earnings per share		1	1
Maximum
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares excluded from computation of diluted earnings per share	1			1

Discontinued Operations - Additional Information (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 27, 2025	Dec. 28, 2024	Oct. 18, 2024
CompuCom Division
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Earnout payment	$ 9,000,000
Promissory note receivable obtained from disposition of discontinued operations	59,000,000
Paid-in-kind interest	14,000,000
Varis Division
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Cash payments related to obligation	2,000,000	$ 2,000,000
Remaining funding obligation	0
Maximum capital funded	$ 4,000,000
Varis Division \| Arising Ventures
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Percentage of minority interest			19.90%

Stockholders' Equity - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended			9 Months Ended
	Feb. 29, 2024	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Sep. 27, 2025	Dec. 28, 2024
Shareholders Equity [Line Items]
Stock repurchase program, authorized amount	$ 1,000,000,000
Stock repurchase program, expiration date	Mar. 31, 2027
Stock repurchase program, shares purchased					0
Stock repurchase program, shares purchased at cost		$ 102,000,000	$ 104,000,000	$ 50,000,000
Excise tax paid					$ 3,000,000
Stock repurchase program, remaining authorized repurchase amount					$ 725,000,000
Treasury stock, shares					37,599,156	37,599,156
Treasury Stock, Common
Shareholders Equity [Line Items]
Stock repurchase program, shares purchased at cost		$ 102,000,000	$ 104,000,000	$ 50,000,000
Treasury stock, shares					38,000,000
Maximum
Shareholders Equity [Line Items]
Stock repurchase program, authorized amount	$ 1,000,000,000

CONTINGENCIES

9 Months Ended

Sep. 27, 2025

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES

NOTE 11. CONTINGENCIES

LEGAL MATTERS

The Company is involved in litigation arising in the normal course of business. While, from time to time, claims are asserted that make demands for a large sum of money (including, from time to time, actions which are asserted to be maintainable as class action suits), the Company does not believe that contingent liabilities related to these matters (including the matters discussed below), either individually or in the aggregate, will materially affect the Company’s financial position, results of operations, or cash flows.

In the ordinary course of business, sales to and transactions with government customers may be subject to lawsuits, investigations, audits and review by governmental authorities and regulatory agencies, with which the Company cooperates. Many of these lawsuits, investigations, audits and reviews are resolved without material impact to the Company. While claims in these matters may at times assert large demands, the Company does not believe that contingent liabilities related to these matters, either individually or in the aggregate, will materially affect its financial position, results of operations, or cash flows.

In addition to the foregoing, OfficeMax is named as a defendant in a number of lawsuits, claims, and proceedings arising out of the operation of certain paper and forest products assets prior to those assets being sold in 2004, for which OfficeMax agreed to retain responsibility. Also, as part of that sale, OfficeMax agreed to retain responsibility for all pending, threatened and future proceedings alleging asbestos-related injuries arising out of the operation of the paper and forest products assets prior to the closing of the sale. The Company does not believe any of these OfficeMax retained proceedings are material to the Company’s financial position, results of operations, or cash flows; however, the Company has made provision for losses with respect to the pending proceedings. Additionally, as of September 27, 2025, the Company has made provision for environmental liabilities with respect to certain sites where hazardous substances or other contaminants are or may be located. For all of the above-mentioned liabilities, the Company’s combined estimated range of reasonably possible losses was approximately $15 million to $25 million. The Company regularly monitors its estimated exposure to contingent liabilities. As additional information becomes known, these estimates may change.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 27, 2025	Dec. 28, 2024
Statement of Financial Position [Abstract]
Common stock, authorized	80,000,000	80,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, issued shares	67,717,012	67,414,115
Common stock, shares, outstanding	30,117,856	29,814,959
Treasury stock, shares	37,599,156	37,599,156

Summary of Receivables, Contract Assets and Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Millions	Sep. 27, 2025	Dec. 28, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Trade receivables, net	$ 353	$ 335
Short-term contract assets	4	4
Long-term contract assets	7	4
Short-term contract liabilities	$ 22	$ 26

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Treasury Stock
Balance at Dec. 30, 2023	$ 1,101	$ 1	$ 2,752	$ (114)	$ (312)	$ (1,226)
Balance, Shares at Dec. 30, 2023		66,700,292
Net Income (Loss)	15				15
Other comprehensive income (loss)	(3)			(3)
Exercise and release of incentive stock (including income tax benefits and withholding)	(6)		(6)
Exercise and release of incentive stock (including income tax benefits and withholding) (in shares)		258,397
Amortization of long-term incentive stock grants	11		11
Repurchase of common stock	(50)					(50)
Other	1		1
Balance at Mar. 30, 2024	1,069	$ 1	2,758	(117)	(297)	(1,276)
Balance, Shares at Mar. 30, 2024		66,958,689
Balance at Dec. 30, 2023	1,101	$ 1	2,752	(114)	(312)	(1,226)
Balance, Shares at Dec. 30, 2023		66,700,292
Net Income (Loss)	0
Balance at Sep. 28, 2024	856	$ 1	2,763	(114)	(312)	(1,482)
Balance, Shares at Sep. 28, 2024		67,408,175
Balance at Mar. 30, 2024	1,069	$ 1	2,758	(117)	(297)	(1,276)
Balance, Shares at Mar. 30, 2024		66,958,689
Net Income (Loss)	(73)				(73)
Exercise and release of incentive stock (including income tax benefits and withholding)	(9)		(9)
Exercise and release of incentive stock (including income tax benefits and withholding) (in shares)		423,391
Amortization of long-term incentive stock grants	11		11
Repurchase of common stock	(104)					(104)
Other	(1)		(1)
Balance at Jun. 29, 2024	893	$ 1	2,759	(117)	(370)	(1,380)
Balance, Shares at Jun. 29, 2024		67,382,080
Net Income (Loss)	58				58
Other comprehensive income (loss)	3			3
Exercise and release of incentive stock (including income tax benefits and withholding) (in shares)		26,095
Amortization of long-term incentive stock grants	4		4
Repurchase of common stock	(102)					(102)
Balance at Sep. 28, 2024	856	$ 1	2,763	(114)	(312)	(1,482)
Balance, Shares at Sep. 28, 2024		67,408,175
Balance at Dec. 28, 2024	807	$ 1	2,771	(124)	(315)	(1,526)
Balance, Shares at Dec. 28, 2024		67,414,115
Net Income (Loss)	(29)				(29)
Other comprehensive income (loss)	1			1
Exercise and release of incentive stock (including income tax benefits and withholding)	(2)		(2)
Exercise and release of incentive stock (including income tax benefits and withholding) (in shares)		259,169
Amortization of long-term incentive stock grants	7		7
Balance at Mar. 29, 2025	784	$ 1	2,776	(123)	(344)	(1,526)
Balance, Shares at Mar. 29, 2025		67,673,284
Balance at Dec. 28, 2024	807	$ 1	2,771	(124)	(315)	(1,526)
Balance, Shares at Dec. 28, 2024		67,414,115
Net Income (Loss)	(6)
Other comprehensive income (loss)	6
Balance at Sep. 27, 2025	823	$ 1	2,787	(118)	(321)	(1,526)
Balance, Shares at Sep. 27, 2025		67,717,012
Balance at Mar. 29, 2025	784	$ 1	2,776	(123)	(344)	(1,526)
Balance, Shares at Mar. 29, 2025		67,673,284
Other comprehensive income (loss)	7			7
Exercise and release of incentive stock (including income tax benefits and withholding) (in shares)		10,305
Amortization of long-term incentive stock grants	5		5
Balance at Jun. 28, 2025	796	$ 1	2,781	(116)	(344)	(1,526)
Balance, Shares at Jun. 28, 2025		67,683,589
Net Income (Loss)	23				23
Other comprehensive income (loss)	(2)			(2)
Exercise and release of incentive stock (including income tax benefits and withholding) (in shares)		33,423
Amortization of long-term incentive stock grants	7		7
Other	(1)		(1)
Balance at Sep. 27, 2025	$ 823	$ 1	$ 2,787	$ (118)	$ (321)	$ (1,526)
Balance, Shares at Sep. 27, 2025		67,717,012

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 27, 2025

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

NOTE 9. EMPLOYEE BENEFIT PLANS

Net periodic pension cost (benefit) for the North America and UK pension plans and other postretirement benefit plans (the “Plans”) are recorded at the Corporate level. In 2004 or earlier, the North America pension plans were closed to new entrants and the benefits of eligible participants were frozen. As a result, there is no service cost to reflect in Selling, general and administrative expenses and other components of net periodic pension cost (benefit) are reflected in Other expense, net, in the Condensed Consolidated Statements of Operations.

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS – NORTH AMERICA

The components of net periodic pension cost (benefit) for the Company’s North America pension plans are as follows:


	Third Quarter						Year-to-Date
(In millions)	2025			2024			2025			2024
Interest cost	$	7		$	8		$	21		$	22
Expected return on plan assets		(6	)		(8	)		(19	)		(22	)
Amortization of net gains		—			—			—			(1	)
Net periodic pension cost (benefit)	$	1		$	—		$	2		$	(1	)

The North America qualified pension plan is in a net asset position and included in Other assets in the Condensed Consolidated Balance Sheets at September 27, 2025 and December 28, 2024. The North America nonqualified pension plan is in a net liability position and included in Pension and postretirement obligations, net in the Condensed Consolidated Balance Sheets at September 27, 2025 and December 28, 2024. Year-to-date 2025, $1 million of cash contributions were made to the North America pension plans. The Company expects to make additional cash contributions of $1 million to the North America pension plans during the remainder of 2025.

PENSION PLAN – UNITED KINGDOM

The components of net periodic pension cost for the Company’s pension plan in the UK are as follows:


	Third Quarter						Year-to-Date
(In millions)	2025			2024			2025			2024
Interest cost	$	2		$	1		$	6		$	5
Expected return on plan assets		(2	)		(1	)		(5	)		(4	)
Amortization of loss		1			1			2			2
Net periodic pension cost	$	1		$	1		$	3		$	3

The Company has a frozen defined benefit pension plan in the UK. In July 2023, in accordance with applicable UK pension regulations, Trustees of the UK pension plan entered into an agreement with an insurer for the bulk annuity purchase of the plan, covering 100% of the plan’s members. This agreement, or buy-in, resulted in an exchange of plan assets for an annuity that covers the plan’s future projected benefit obligations. The Company anticipates the buyout of the plan and transfer of future benefit obligations of plan participants to be completed with existing plan funds in 2026. Accordingly, the Company does not expect the transaction to result in material cash inflows or outflows. At the completion of the buy-out, the Company will remove the assets and liabilities of the UK pension plan from its Condensed Consolidated Balance Sheet and a final non-cash plan settlement loss will be included in net periodic pension cost.

The UK pension plan is in a net liability position and included in Pension and postretirement obligations, net in the Condensed Consolidated Balance Sheets at September 27, 2025 and December 28, 2024. The Company is no longer required to make cash contributions to the UK pension plan after reaching an agreement with UK pension trustees in August 2024.

- Definition

The entire disclosure for retirement benefits.

+ References

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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 27, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Merger And Restructuring Activity - Additional Information (Detail)	3 Months Ended					9 Months Ended					48 Months Ended
	Sep. 27, 2025 USD ($) Location	Sep. 27, 2025 USD ($) Facility	Sep. 27, 2025 USD ($) Store	Sep. 27, 2025 USD ($)	Sep. 28, 2024 USD ($)	Sep. 27, 2025 USD ($) Location	Sep. 27, 2025 USD ($) Facility	Sep. 27, 2025 USD ($) Store	Sep. 27, 2025 USD ($)	Sep. 28, 2024 USD ($)	Dec. 30, 2028 USD ($)	Dec. 28, 2024 USD ($)
Merger Restructuring And Other Activity [Line Items]
Transaction and integration expenses				$ 8,000,000	$ 1,000,000				$ 8,000,000	$ 1,000,000
Transaction and integration income									1,000,000
Costs to implement restructuring plan									55,000,000
Facility closure and termination benefits, contract termination, and other expenses, net				(13,000,000)	4,000,000				32,000,000	9,000,000
Reversal of earnout payment accrual related to prior acquisition										2,000,000
Restructuring cash expenditure									26,000,000
Accrued expenses and other current liabilities	$ 833,000,000	$ 833,000,000	$ 833,000,000	833,000,000		$ 833,000,000	$ 833,000,000	$ 833,000,000	833,000,000			$ 835,000,000
Deferred income taxes and other long-term liabilities	$ 132,000,000	$ 132,000,000	$ 132,000,000	132,000,000		$ 132,000,000	$ 132,000,000	$ 132,000,000	132,000,000			$ 116,000,000
Optimize for Growth Restructuring Plan
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan									48,000,000
Facility closure and termination benefits, contract termination, and other expenses, net				(13,000,000)
Number of retail stores closed \| Store			12					44
Number of distribution facilities closed	15	1				16	4
Gain on disposal of owned distribution facility				17,000,000					17,000,000
Restructuring cash expenditure				6,000,000					20,000,000
Optimize for Growth Restructuring Plan \| Non-Facility Termination Benefits
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan									13,000,000
Restructuring cash expenditure									4,000,000
Optimize for Growth Restructuring Plan \| Facility Closure Costs
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan				4,000,000					46,000,000
Optimize for Growth Restructuring Plan \| Other Costs
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan									41,000,000
Restructuring cash expenditure									16,000,000
Optimize for Growth Restructuring Plan \| Third-Party Professional Fees
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan				1,000,000					5,000,000
Optimize for Growth Restructuring Plan \| Maximum \| Forecast
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan											$ 230,000,000
Optimize for Growth Restructuring Plan \| Maximum \| Non-Facility Termination Benefits \| Forecast
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan											35,000,000
Optimize for Growth Restructuring Plan \| Maximum \| Facility Closure Costs \| Forecast
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan											150,000,000
Optimize for Growth Restructuring Plan \| Maximum \| Other Costs \| Forecast
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan											45,000,000
Optimize for Growth Restructuring Plan \| Minimum \| Forecast
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan											185,000,000
Optimize for Growth Restructuring Plan \| Minimum \| Non-Facility Termination Benefits \| Forecast
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan											25,000,000
Optimize for Growth Restructuring Plan \| Minimum \| Facility Closure Costs \| Forecast
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan											125,000,000
Optimize for Growth Restructuring Plan \| Minimum \| Other Costs \| Forecast
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan											$ 35,000,000
Project Core
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan					2,000,000					44,000,000
Restructuring cash expenditure				1,000,000	9,000,000				5,000,000	41,000,000
Project Core \| Severance Costs
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan									2,000,000
Project Core \| Non-Facility Termination Benefits
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan									(2,000,000)
Restructuring cash expenditure									2,000,000
Project Core \| Facility Closure Costs
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan				1,000,000					3,000,000
Merger and Restructuring Accruals
Merger Restructuring And Other Activity [Line Items]
Accrued expenses and other current liabilities	$ 19,000,000	$ 19,000,000	$ 19,000,000	19,000,000		$ 19,000,000	$ 19,000,000	$ 19,000,000	19,000,000
Deferred income taxes and other long-term liabilities	$ 19,000,000	$ 19,000,000	$ 19,000,000	$ 19,000,000		$ 19,000,000	$ 19,000,000	$ 19,000,000	19,000,000
Maximize B2B Restructuring Plan
Merger Restructuring And Other Activity [Line Items]
Restructuring cash expenditure									1,000,000
Maximize B2B Restructuring Plan \| Other Costs
Merger Restructuring And Other Activity [Line Items]
Restructuring cash expenditure									1,000,000
Varis Division \| Project Core
Merger Restructuring And Other Activity [Line Items]
Restructuring cash expenditure					$ 8,000,000					8,000,000
Varis Division \| Project Core \| Severance Costs
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan										$ 8,000,000
Corporate Employees \| Optimize for Growth Restructuring Plan \| Severance Costs
Merger Restructuring And Other Activity [Line Items]
Costs to implement restructuring plan									$ 13,000,000

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 27, 2025	Dec. 28, 2024
Current assets:
Cash and cash equivalents	$ 182	$ 166
Receivables, net	474	466
Inventories	699	770
Prepaid expenses and other current assets	30	30
Current assets held for sale	6	6
Total current assets	1,391	1,438
Property and equipment, net	252	299
Operating lease right-of-use assets	803	954
Goodwill	412	411
Other intangible assets, net	45	48
Deferred income taxes	109	102
Other assets	267	277
Total assets	3,279	3,529
Current liabilities:
Trade accounts payable	685	697
Accrued expenses and other current liabilities	833	835
Income taxes payable	2	2
Short-term borrowings and current maturities of long-term debt	7	9
Total current liabilities	1,527	1,543
Deferred income taxes and other long-term liabilities	132	116
Pension and postretirement obligations, net	15	14
Long-term debt, net of current maturities	141	270
Operating lease liabilities, net of current portion	641	779
Total liabilities	2,456	2,722
Contingencies (Note 11)
Stockholders' equity:
Common stock - authorized 80,000,000 shares of $0.01 par value; issued shares - 67,717,012 at September 27, 2025, and 67,414,115 at December 28, 2024; outstanding shares - 30,117,856 at September 27, 2025, and 29,814,959 at December 28, 2024	1	1
Additional paid-in capital	2,787	2,771
Accumulated other comprehensive loss	(118)	(124)
Accumulated deficit	(321)	(315)
Treasury stock, at cost - 37,599,156 shares at September 27, 2025 and December 28, 2024	(1,526)	(1,526)
Total stockholders' equity	823	807
Total liabilities and stockholders’ equity	$ 3,279	$ 3,529

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 27, 2025

Accounting Policies [Abstract]

Summary of Receivables, Contract Assets and Contract Liabilities from Contracts with Customers

The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers:


	September 27,		December 28,
(In millions)	2025		2024
Trade receivables, net	$	353	$	335
Short-term contract assets		4		4
Long-term contract assets		7		4
Short-term contract liabilities		22		26

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 27, 2025	Oct. 29, 2025
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 27, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Trading Symbol	ODP
Entity Registrant Name	The ODP Corporation
Entity Central Index Key	0000800240
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-27
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		30,117,856
Entity Shell Company	false
Entity File Number	1-10948
Entity Tax Identification Number	85-1457062
Entity Address, Address Line One	6600 North Military Trail
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33496
City Area Code	561
Local Phone Number	438-4800
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NASDAQ

MERGER AND RESTRUCTURING ACTIVITY

9 Months Ended

Sep. 27, 2025

Merger Restructuring And Other Activity [Abstract]

MERGER AND RESTRUCTURING ACTIVITY

NOTE 3. MERGER AND RESTRUCTURING ACTIVITY

The Company has taken actions to optimize its asset base and drive operational efficiencies. These actions include closing underperforming retail stores and non-strategic distribution facilities, consolidating functional activities, eliminating redundant positions and disposing of non-strategic businesses and assets. The expenses and any income recognized directly associated with these actions are included in Merger and restructuring (income) expenses, net on a separate line in the Condensed Consolidated Statements of Operations in order to identify these activities apart from the expenses incurred to sell to and service customers. These expenses are not included in the determination of Division operating income. The table below summarizes the major components of Merger and restructuring (income) expenses, net.


	Third Quarter						Year-to-Date
(In millions)	2025			2024			2025		2024
Merger and transaction related expenses
Transaction and integration	$	8		$	(1	)	$	8	$	(1	)
Total Merger and transaction related expenses		8			(1	)		8		(1	)
Restructuring expenses
Non-facility termination benefits		—			(1	)		12		25
Professional fees		1			—			5		14
Facility closure and termination benefits, contract termination, and other expenses, net		(13	)		4			32		9
Total Restructuring expenses, net		(12	)		3			49		48
Total Merger and restructuring (income) expenses, net	$	(4	)	$	2		$	57	$	47

MERGER AND TRANSACTION RELATED EXPENSES

Transaction and integration expenses include legal, accounting, and other third-party expenses incurred in connection with acquisitions. In the third quarter and year-to-date 2025, the Company had transaction and integration expenses of $8 million, which consisted of third-party professional fees, including advisory and legal fees, related to the acquisition of the Company by an affiliate of Atlas Holdings. Additionally, the Company had transaction and integration income of $1 million related to the reversal of an earnout accrual from a prior acquisition, which was offset by legal fees year-to-date 2025. In the third quarter and year-to-date 2024, the Company recognized transaction and integration expenses of $1 million related to the acquisition of the small independent regional office supply distribution business in Canada, and reversed a $2 million earnout payment accrual related to a prior acquisition.

RESTRUCTURING EXPENSES

Optimize for Growth

In February 2025, the Company’s Board of Directors approved a restructuring plan to realign the Company’s organizational structure, product assortments, and capital resources to strategically position the Company to pursue higher growth opportunities in the business-to-business (“B2B”) market (“Optimize for Growth”). The plan aims to further expand the Company’s presence into new B2B market segments, including hospitality, healthcare and adjacent markets, as well as third-party logistics. In order to achieve these goals, the plan includes re-allocating capital towards investments in resources and infrastructure essential to drive growth in the expanded B2B market, while reducing fixed costs such as occupancy costs of store and distribution facilities. As part of this plan, the Company is suspending further growth investment in its consumer business, and expects to close retail stores and distribution facilities that currently serve these stores. These actions are expected to be completed through 2028, and will result in the Company having a significantly smaller retail footprint. The Company is evaluating the retail store and distribution facilities that will be closed, as well as the timing of such closures, however it is generally understood that closures will approximate the store’s lease termination date.

Total cash restructuring costs related to the Optimize for Growth restructuring plan are estimated to be in the range of $185 million to $230 million, of which $25 million to $35 million are estimated to be termination benefits, which mainly consists of severance related to corporate employees, $125 million to $150 million are facility closure costs which mainly relate to retail store and distribution facility closures including severance for employees at these locations, and $35 million to $45 million are other costs which include contract termination costs and costs to facilitate the program. These cash expenditures will be funded with cash flows from operations. Non-cash restructuring costs related to the Optimize for Growth restructuring plan are expected to include impairments, accelerated depreciation, and gains and losses on sale of retail store assets and distribution facilities.

The Company closed 12 and 44 retail stores in the third quarter and year-to-date 2025, respectively, under this plan. The Company also closed one distribution facility and 15 satellite locations in the third quarter of 2025, and four distribution facilities and 16 satellite locations in year-to date 2025. In the third quarter of 2025, the Company recognized $13 million of income associated with Optimize for Growth, which consisted of $17 million gain on disposal of an owned distribution facility, partially offset by $4 million of retail store and distribution facility closure costs including accelerated depreciation, and $1 million of third-party professional fees to facilitate the program. Year-to-date 2025, the Company incurred $48 million of restructuring costs associated with Optimize for Growth. Of these costs, $46 million represented retail store and distribution facility closure costs, which includes severance costs related to retail store and distribution facility employees included in the plan. The restructuring costs also included $13 million severance related to corporate employees and $5 million of third-party professional fees to facilitate the program. These costs were partially offset by $17 million gain on disposal of an owned distribution facility.

The Company made cash payments of $6 million and $20 million associated with expenditures for Optimize for Growth in the third quarter and year-to-date 2025, respectively.

Project Core

In March 2024, the Company’s Board of Directors approved a restructuring plan to redesign its company-wide low-cost business model approach and create further efficiencies in its business to lower costs (“Project Core”). Project Core will be completed in 2025, and the majority of the actions were taken by the end of 2024. In the third quarter and year-to-date 2025, the Company incurred $1 million and $3 million, respectively, of costs to facilitate the program, which was offset by $2 million in reversals of employee severance accruals due to changes in estimates year-to-date 2025.

In the third quarter and year-to-date 2024, the Company incurred $2 million and $44 million of restructuring costs, respectively, associated with Project Core. These costs related to severance, third-party professional fees, and other costs to facilitate the program, as presented in the table above. In addition, in year-to-date 2024, the Company incurred $8 million of severance expenses related to the Varis Division, which are presented in discontinued operations and excluded from the table above.

The Company made cash payments of $1 million and $5 million associated with expenditures for Project Core in the third quarter and year-to-date 2025, respectively. The Company made cash payments of $9 million and $41 million associated with expenditures for Project Core in the third quarter and year-to-date 2024, respectively. Of these cash payments, $8 million were related to the Varis Division.

Other

The Company made cash payments of $1 million year-to-date 2025 associated with expenditures for the Maximize B2B restructuring plan. The Maximize B2B restructuring plan was announced in May 2020 and completed in December 2024.

MERGER AND RESTRUCTURING ACCRUALS


	Balance as of								Balance as of
	December 28,		Charges (credits)			Cash			September 27,
(In millions)	2024		Incurred			Payments			2025
Non-facility termination benefits:
Optimize for Growth	$	—	$	13		$	(4	)	$	9
Project Core		7		(2	)		(2	)		3
Lease and contract obligations, accruals for facility closures including termination benefits and other costs:
Atlas Holdings Acquisition		—		3			(3	)		—
Optimize for Growth		—		41			(16	)		25
Maximize B2B Restructuring Plan		2		—			(1	)		1
Total	$	9	$	55		$	(26	)	$	38

Of these liabilities, $19 million are short-term and are included in Accrued expenses and other current liabilities, and $19 million are long-term and are included in Deferred income taxes and other long-term liabilities in the Condensed Consolidated Balance Sheets.

STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 27, 2025

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss) Activity, Net of Tax

Accumulated other comprehensive income (loss) activity, net of tax, where applicable, is provided in the following table:


	Foreign			Change in
	Currency			Deferred
	Translation			Pension and
(In millions)	Adjustments			Other			Total
Balance at December 28, 2024	$	(38	)	$	(86	)	$	(124	)
Other comprehensive income (loss) activity		9			(3	)		6
Balance at September 27, 2025	$	(29	)	$	(89	)	$	(118	)

INCOME TAXES

9 Months Ended

Sep. 27, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 5. INCOME TAXES

The Company’s effective tax rates were 26% and 0% for the third quarter and year-to-date 2025, respectively, and 28% and 27% for the third quarter and year-to-date 2024, respectively. For the third quarter of 2025 and 2024, the Company’s effective tax rate was driven by the result of ongoing business activities rather than adjustments for discrete items. Year-to-date 2025, the Company’s effective tax rate was driven by the recognition of a tax shortfall associated with stock-based compensation awards and payment of U.S. withholding tax on foreign interest, offset by the recognition of 2021 Research and Development tax credits. For year-to-date 2024, the Company’s effective tax rate was primarily impacted by the recognition of a tax benefit associated with stock-based compensation awards year-to-date and the settlement of an uncertain tax position for less than the reserve in the first quarter, partially offset by additional uncertain tax positions in the second quarter. These factors, along with the impact of state taxes and the mix of income and losses across U.S. and non-U.S. jurisdictions, caused the Company’s effective tax rates to differ from the statutory rate of 21%. Changes in pretax income projections and the mix of income across jurisdictions could impact the effective tax rates in future quarters.

The Company continues to have a U.S. valuation allowance for certain U.S. federal credits and state tax attributes, which relates to deferred tax assets that require certain types of income or for income to be earned in certain jurisdictions in order to be realized. The Company will continue to assess the realizability of its deferred tax assets in the U.S. and remaining foreign jurisdictions in future periods. Changes in pretax income projections could impact this evaluation in future periods.

The Company files a U.S. federal income tax return and other income tax returns in various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal and state and local income tax examinations for years prior to 2021 and 2014, respectively. The acquired OfficeMax U.S. consolidated group is no longer subject to U.S. federal income tax examination and, with few exceptions, is no longer subject to U.S. state and local income tax examinations for years prior to 2013. Generally, the Company is subject to routine examination for years 2013 and forward in its international tax jurisdictions.

It is anticipated that $1 million of tax positions will be resolved within the next 12 months. Additionally, the Company anticipates that it is reasonably possible that new issues will be raised or resolved by tax authorities that may require changes to the balance of unrecognized tax benefits; however, an estimate of such changes cannot be reasonably made at this time.

On July 4, 2025, the One Big Beautiful Bill (“OBBB”) Act, which includes a broad range of tax reform provisions, was signed into law in the U.S., and the Company continues to assess its impact. The Company currently does not expect the OBBB Act to have a material impact on its estimated annual effective tax rate in 2025.

- Definition

The entire disclosure for income tax.

+ References

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+ Details