ODP announced its third‑quarter 2025 results on Wednesday, November 5, 2025. Consolidated sales for the quarter were $1.625 billion, a 9% decline year‑over‑year, while GAAP earnings per share were $0.72 and adjusted EPS rose to $1.14 compared with $0.71 in the same period last year.
Operating income fell to $34 million from $102 million YoY, but adjusted EBITDA remained flat at $62 million. Net income from continuing operations was $23 million, and adjusted free cash flow increased to $89 million from $68 million, reflecting stronger cash generation amid a shrinking revenue base.
The results illustrate the company’s continued revenue contraction driven by retail store closures, yet the adjusted earnings beat and improved free‑cash‑flow suggest that the underlying B2B operations are gaining traction. The adjusted EPS gain indicates that cost controls and higher‑margin B2B sales are offsetting some of the retail decline.
ODP remains in the process of a merger with an affiliate of Atlas Holdings, but the earnings announcement provides a clear snapshot of the company’s financial health as it executes its “Optimize for Growth” restructuring plan and shifts toward a B2B‑centric model.
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