The ODP Corporation (ODP): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise on The ODP Corporation (ODP) and see exactly how they're funding this massive pivot away from just selling pens in stores toward becoming a serious B2B logistics player, especially with $730 million in liquidity available as of late September 2025. Honestly, mapping out their new reality-where the ODP Business Solutions division pulls in $3.5 billion in trailing revenue while their Veyer logistics arm is growing sales by 64% year-over-year-shows a company in deep transition, balancing significant restructuring costs against major adjacency category expansion. This Business Model Canvas lays bare the key partnerships, like the one with OMNIA Partners, and the core activities driving this shift, so you can see the precise mechanics behind their 'Optimize for Growth' plan before you make any decisions; check out the full breakdown below to see where the real value is being built.

The ODP Corporation (ODP) - Canvas Business Model: Key Partnerships

You're looking at how The ODP Corporation solidifies its B2B distribution and adjacency growth through external alliances. It's not just about selling widgets; it's about embedding into major purchasing ecosystems.

The ODP Corporation maintains several crucial partnerships that feed its ODP Business Solutions division, particularly in expanding its reach beyond traditional office supplies into higher-growth areas like hospitality.

The strategic agreement with OMNIA Partners, the largest group purchasing organization (GPO) in the United States, is a cornerstone relationship. This alliance, facilitated through the ODP Business Solutions division, has been in place for more than 25 years for the office products program, which represents over $285 million in office products volume. The partnership was recently enhanced to focus on hospitality products and services, tapping into a growing market segment valued at $16 billion.

Another significant GPO relationship is with CoreTrust. This partnership positions ODP Business Solutions as a supplier to CoreTrust's 3,500+ business member purchasing collective. CoreTrust manages over $7 billion in annual aggregated spend, and its members typically achieve an average savings of 20% on indirect spend.

The move into the hospitality sector is heavily supported by major distribution agreements. The ODP Corporation secured a strategic partnership with one of the world's largest hotel management organizations, becoming a preferred provider for Operating Supplies & Equipment (OS&E) distribution. This agreement is set to support the recurring in-room hotel supply needs of its over 15,000 members, positioning The ODP Corporation to enter the $16,000,000,000 hospitality segment. In Q2 2025, management noted onboarding about 1,000 new hotel properties under a major hospitality partnership, with expectations for 1 or 2 more major hotel management companies to sign on before the end of 2025.

To support this hospitality push, The ODP Corporation has established key supplier relationships with companies like Sobel Westex and Hunter Amenities to ensure access to a diverse range of premium products for these distribution channels.

Regarding the divested Varis B2B procurement platform, The ODP Corporation finalized its sale to an affiliate of Arising Ventures in late 2024, retaining a 19.9% minority equity stake. The terms include The ODP Corporation funding up to $4 million of Varis expenses through December 31, 2025, after which The ODP Corporation has no further capital obligations.

Here's a quick look at the scale of these key alliances:

The ODP Corporation's Q2 2025 total revenue was $1.6 billion, and the company expected to generate over $115 million in adjusted free cash flow for the full year 2025. As of June 28, 2025, total available liquidity stood at $658 million.

The ODP Business Solutions division is focusing on expanding its supplier base in key adjacent categories:

• Securing agreements with hospitality suppliers like Sobel Westex.
• Securing agreements with hospitality suppliers like Hunter Amenities.
• Offering interiors/furniture, technology, breakroom supplies, and print/promotion services through the CoreTrust contract.

The ODP Corporation paid down approximately $35 million in debt so far in 2025.

The ODP Corporation (ODP) - Canvas Business Model: Key Activities

You're looking at the core actions The ODP Corporation (ODP) is taking to shift its business, especially given the pending acquisition by Atlas Holdings expected by the end of 2025. Honestly, these activities show a company actively managing legacy assets while aggressively building out its B2B future.

Executing the multi-year Optimize for Growth restructuring plan

This plan is central to ODP's current operations, focusing on shedding fixed-cost infrastructure to fuel B2B expansion. Over the multi-year life of the plan, the company expects to incur total costs in the range of $185 million to $230 million. The anticipated payoff is significant: approximately $380 million in EBITDA improvement and over $1.3 billion in total value creation.

In the third quarter of 2025 alone, the execution involved closing 12 retail stores, 15 satellite locations, and one distribution facility. The financial impact in Q3 2025 included recognizing $13 million in restructuring income, largely due to a $17 million gain from disposing of an owned distribution facility. The actual cash spent on restructuring in that quarter was $10 million. To be fair, the restructuring pain started earlier; Q1 2025 saw $48 million in restructuring costs incurred.

Key activities here involve:

• Reducing fixed-cost infrastructure.
• Accelerating growth in B2B market segments.
• Recognizing gains from asset disposals.
• Managing store closures to align with the pivot.

Managing a nationwide supply chain and distribution network (Veyer)

Veyer is ODP's logistics engine, supporting both internal divisions and, increasingly, external clients. In the third quarter of 2025, Veyer generated reported sales of $1.1 billion. The division's operating income for Q3 2025 reached $12 million.

The focus is clearly on growing the third-party business, which is a key diversification move. Here's the quick math on that external traction:

Veyer's physical assets are substantial; as of Q3 2025, it manages 7 million square feet of infrastructure across its network. This network provides next-day delivery capabilities to 98.5% of the U.S. population. If onboarding takes 14+ days, churn risk rises, but Veyer's speed is a core asset.

Accelerating B2B growth in adjacent categories like hospitality and healthcare

The ODP Business Solutions Division, which serves small, medium, and enterprise companies, had trailing-twelve-month revenue of $3.4 billion as of Q3 2025. Sales for that quarter were $862 million, a 6% decrease year-over-year, reflecting macroeconomic softness.

The growth story here is in adjacencies. Total adjacency category sales-which include cleaning and breakroom, furniture, technology, and copy and print-made up 45% of the ODP Business Solutions sales in Q3 2025. The hospitality vertical is showing strong results, onboarding over 600 new hotel properties as customers in Q3 2025. This expansion is driving accelerated sales in Operating, Supplies & Equipment (OS&E) categories within hospitality.

These activities include:

• Driving sales in OS&E for hospitality.
• Expanding presence in healthcare and other adjacent sectors.
• Focusing on onboarding large enterprise contracts.

Operating the Office Depot and OfficeMax omnichannel retail footprint

The retail side is being actively managed down, which is a direct consequence of the restructuring plan. In Q3 2025, the company operated 822 retail locations, down from 869 at the end of 2024. The Office Depot Division reported sales of $749 million in Q3 2025, a 13% drop year-over-year, partly due to having 63 fewer stores in service than the prior year.

Still, the remaining footprint is showing operational discipline. Operating income for the division was $31 million in Q3 2025. Crucially, as a percentage of sales, operating income was 4%, which is an increase of 140 basis points from the same period last year. This margin improvement came even as comparable store sales declined by 7%, as targeted promotions helped boost average order volumes. That's a concrete example of focusing on profitable transactions over sheer traffic.

Procurement and global sourcing for internal divisions and third-party logistics (3PL) customers

This activity is embedded within the Veyer Division, which handles procurement and global sourcing, including a presence in Asia. Veyer's core competencies explicitly include global sourcing and purchasing, which directly supports the internal needs of ODP Business Solutions and Office Depot, alongside its growing third-party logistics customers. The scale of this sourcing operation is designed to provide cost advantages across the entire platform, even as the company navigates potential trade policy uncertainties. Finance: draft 13-week cash view by Friday.

The ODP Corporation (ODP) - Canvas Business Model: Key Resources

You're looking at the core assets The ODP Corporation (ODP) relies on to execute its strategy as of late 2025. These aren't just line items on a balance sheet; they are the engines driving the business, especially the pivot toward B2B solutions.

Supply Chain and Distribution Network (Veyer)

The Veyer Division is central, acting as the supply chain, distribution, procurement, and global sourcing operation. This network is built for speed and reach. As reported through the third quarter of 2025, Veyer's assets include 7 million square feet of infrastructure across its distribution centers, cross-docks, and other facilities throughout the United States. This physical footprint supports next-day delivery capabilities to 98.5% of the U.S. population. For the third quarter of 2025, Veyer generated reported sales of $1.1 billion, supporting both internal divisions and third-party customers.

The growth in external business is notable:

• Sales generated from third-party customers in Q3 2025 increased by 64% year-over-year.
• EBITDA generated from third-party customers in Q3 2025 was $7 million.

Retail Store Footprint

While the strategy has clearly shifted away from retail dominance, the physical store presence remains a key resource for consumer access and small business touchpoints. This network is actively being optimized. As of the close of the third quarter ended September 27, 2025, The ODP Corporation operated 822 retail locations, following the closure of 12 retail stores during that quarter. This number reflects a continued reduction from previous periods, which management attributes to macroeconomic factors causing lower retail and online consumer traffic.

Strong B2B Customer Base

The ODP Business Solutions Division is the primary vehicle for serving the enterprise segment. This division is positioned as a leading B2B distribution solutions provider. As of the third quarter of 2025, the annual trailing-twelve-month revenue for the ODP Business Solutions Division stood at $3.4 billion. A significant portion of this revenue comes from adjacency categories, which management sees as a growth area. For instance, in Q3 2025, adjacency category sales-covering cleaning and breakroom, furniture, technology, and copy and print-represented 45% of the division's total sales.

Financial Strength and Liquidity

Having readily available capital is a critical resource, especially during strategic transitions like the pending merger announced in September 2025. As of September 27, 2025, The ODP Corporation reported total available liquidity of $730 million. This figure is composed of $182 million in cash and cash equivalents, supplemented by $548 million of available credit under the Fourth Amended Credit Agreement. Total debt at that date was relatively low at $148 million.

Cash flow generation supports this position. Operating Cash Flow from continuing operations for Q3 2025 increased to $90 million, up from $81 million in Q3 2024. Adjusted Free Cash Flow for the quarter was $89 million.

Digital Capabilities and Investment Focus

The company's digital infrastructure supports its omnichannel sales approach and B2B growth initiatives. Capital expenditures reflect this priority. In the third quarter of 2025, capital expenditures totaled $12 million, down from $22 million in the prior year period. Management explicitly stated that these investments are prioritized towards B2B growth opportunities supporting its supply chain operations, distribution network, and digital capabilities. The Varis Division, a tech-enabled B2B indirect procurement marketplace, also contributes to this digital asset base.

Here's a quick look at some of the key quantitative resources as of late Q3 2025:

These tangible and intangible assets-the network, the cash, the enterprise contracts, and the technology platform-form the foundation you're analyzing. Finance: draft 13-week cash view by Friday.

The ODP Corporation (ODP) - Canvas Business Model: Value Propositions

You're looking at how The ODP Corporation delivers value across its distinct customer segments as of late 2025. It's about balancing the legacy retail footprint with aggressive B2B and logistics expansion. Honestly, the numbers show where the focus is shifting.

B2B Enterprises: Integrated, reliable distribution of core and adjacency products (e.g., OS&E)

For your larger enterprise clients, The ODP Corporation positions its ODP Business Solutions division as the integrated source for everything from traditional supplies to specialized items. This value proposition hinges on scale and category depth. As of the third quarter of 2025, this division, which serves small, medium, and enterprise-level companies, had an annual trailing-twelve-month revenue of $3.4 billion. The core value here is the breadth of offering; adjacency categories-which include cleaning and breakroom, furniture, technology, and copy and print-made up 45% of total ODP Business Solutions sales in Q3 2025. That's a significant shift away from just paper and pens. The push into new verticals is clear, too; in Q3 2025, they onboarded over 600 new hotel properties as customers under their hospitality agreement, driving accelerated sales growth in Operating, Supplies & Equipment (OS&E) categories. Sales for the ODP Business Solutions division in Q3 2025 were $862 million, a 6% decrease year-over-year, though revenue trends showed moderation despite macroeconomic headwinds.

Consumers/SMBs: Immediate access to products and print/tech services via retail and eCommerce

For the consumer and small to medium-sized business (SMB) customer, the value is immediate availability and service integration. You can walk in and get what you need, or use their digital channels. The Office Depot Division, which handles this segment, reported sales of $862 million in the third quarter of 2025. You should note that comparable store sales declined 7% in Q3 2025, which, while still a decline, was an improvement over the 10% decrease seen in the prior year period. The physical footprint is shrinking, with 63 retail stores closed in Q3 2025, leaving a leaner network. Still, they are emphasizing speed; the President of Office Depot and OfficeMax highlighted a 20-minute in-store pickup promise. For the digital side, officedepot.com generated revenues of $97 million in November 2025.

Third-Party Logistics (3PL): Leveraging Veyer's world-class supply chain for external customers

This is where The ODP Corporation is actively trying to monetize its operational backbone, Veyer. The value proposition here is offering their sophisticated supply chain and procurement expertise to companies outside their core business. Veyer supported internal customers and third-party customers, generating total reported sales of $1.1 billion in Q3 2025. The real growth story is in the external side: sales generated from third-party customers jumped 64% year-over-year in Q3 2025, hitting $23 million, with EBITDA from this segment reaching $7 million. To give you context on the acceleration, in Q1 2025, Veyer third-party revenue had already increased by 89% year-over-year. If onboarding takes 14+ days, churn risk rises, but the 64% growth suggests strong initial traction for this service.

Cost Efficiency: Group purchasing power and spend management for large organizations

The value of scale isn't just for selling; it's for buying and managing spend, which translates to better profitability, especially when top-line sales are pressured. The focus on operational discipline is evident in the cash generation figures. Adjusted Free Cash Flow came in at $89 million for Q3 2025, up from $68 million in the prior year period. This efficiency helped drive a strong earnings result: Adjusted EPS for Q3 2025 was $1.14, significantly beating the consensus estimate of approximately $0.80. The Office Depot retail side also showed improved margin performance, with operating income rising to $31 million, representing 4% of sales, a 140 basis points improvement year-over-year.

Workplace Solutions: A single source for office, cleaning, breakroom, and technology needs

This proposition is the bundling of non-traditional office goods with core supplies, primarily delivered through the ODP Business Solutions channel. The hard data point here is the mix of sales within that B2B segment. As mentioned, adjacency category sales-covering cleaning, breakroom, furniture, technology, and copy and print-represented 45% of total ODP Business Solutions sales in Q3 2025. This indicates that nearly half of the B2B revenue stream is derived from these bundled, non-core office products, which is the tangible evidence of the single-source value proposition in action.

Here's a quick look at the segment financial snapshot for Q3 2025:

Finance: draft 13-week cash view by Friday.

The ODP Corporation (ODP) - Canvas Business Model: Customer Relationships

You're looking at how The ODP Corporation manages its interactions across its diverse customer base, which is clearly split between its B2B focus and its consumer/small business retail side. The strategy is definitely shifting capital and focus toward the business solutions side, which is where the big, sticky relationships live.

Dedicated sales professionals and account management for enterprise B2B customers.

This is the core of the ODP Business Solutions Division, which serves small, medium, and enterprise-level companies. While the overall B2B sales were $\$859$ million in the second quarter of 2025, showing a $6\%$ year-over-year decrease, the focus is on securing large, multi-year commitments. For instance, the company highlighted progress on initiating service for one of the largest contracts in its history, potentially generating up to $\$1.5$ billion in revenue over a 10-year period, which requires intensive, dedicated account management.

Self-service and transactional relationships through eCommerce and retail stores.

This segment is primarily managed through the Office Depot Division. Relationships here are more transactional, driven by foot traffic and online convenience. In the third quarter of 2025, this division reported sales of $\$716$ million, a $10\%$ year-over-year decline, partly due to macroeconomic factors affecting consumer spending and fewer physical touchpoints. The company was operating with 63 fewer retail locations in the third quarter of 2025 compared to the previous year, pushing more volume toward the self-service online channel, though overall traffic was lower.

Contract-based relationships with large group purchasing organizations (GPOs).

While specific GPO revenue figures aren't always broken out, the push into new, large-scale contract verticals demonstrates this relationship style. The ODP Corporation is aggressively pursuing these high-volume, contract-driven partnerships. A concrete example of this is the acceleration in the hospitality sector; in the second quarter of 2025 alone, the company onboarded approximately one thousand new hotel properties as customers through an existing hospitality agreement. This signals a reliance on large, negotiated contracts rather than purely transactional sales.

High-touch, consultative approach for complex workspace design and technology solutions.

The consultative approach is embedded in the higher-margin, non-traditional product offerings within the ODP Business Solutions Division, often referred to as adjacency categories. These require more expertise to sell and implement. In the third quarter of 2025, these adjacency category sales-which include furniture, technology, and copy and print solutions-represented 45% of the total ODP Business Solutions' sales, showing an increase over the prior year period. Furthermore, the Veyer logistics segment, which supports these B2B sales, generated $\$23$ million in sales from third-party customers in Q3 2025, a 64% increase year-over-year, indicating growing reliance on specialized service relationships.

Here's a quick look at how the main customer-facing divisions performed in the most recent reported quarter:

The strategic shift is clear in capital deployment, too. For the full year 2024, The ODP Corporation returned $\$300$ million to shareholders via share repurchases, but management has stated that looking ahead to 2025, they plan to prioritize capital allocation towards B2B growth opportunities over share repurchases. This defintely reinforces the importance of nurturing those enterprise relationships.

• Total reported sales for the trailing twelve months ending Q3 2025 were $\$6.53$ Billion USD.
• Adjacency categories comprised 45% of ODP Business Solutions sales in Q3 2025.
• The company incurred $\$12$ million in restructuring expenses in Q2 2025, related to store closures.
• Adjusted EBITDA for Q3 2025 was $\$62$ million.
• Capital expenditures in Q3 2025 were $\$12$ million, prioritized for B2B supply chain support.

The ODP Corporation (ODP) - Canvas Business Model: Channels

You're looking at how The ODP Corporation moves its value to customers as of late 2025. It's a mix of physical presence shrinking and digital/contractual reach expanding, all underpinned by a logistics network that's also being optimized.

The Office Depot and OfficeMax retail store network is clearly being deemphasized as part of the 'Optimize for Growth' plan. In the third quarter of 2025, the company closed another 12 retail stores, continuing the footprint reduction. This closure pace meant the company ended Q3 2025 with 822 locations, down from 885 in the same period last year. The Office Depot Division reported sales of $749 million in Q3 2025, a 13% drop year-over-year, which the company tied to having 63 fewer retail locations in service and reduced consumer traffic. On a comparable store basis, sales still slipped by 7% in that quarter.

The shift is heavily toward eCommerce platforms for both B2B and consumer sales, though the overall consolidated revenue for Q3 2025 was $1.6 billion, marking a 9% decrease year-over-year. The B2B side, the ODP Business Solutions Division, saw its sales decline by 6% in Q3 2025. Still, the company is making headway in new digital-enabled segments; for instance, they onboarded over 600 new hotel properties under a key hospitality agreement in Q3 2025.

The dedicated B2B contract sales force targets enterprise accounts, which is where The ODP Corporation sees its future growth. While Q3 2025 sales for the ODP Business Solutions Division were down, the focus remains on securing large contracts. For example, the division had an annual trailing-twelve-month revenue of $3.5 billion as of Q1 2025. Adjacency categories-like cleaning, furniture, and technology-made up 45% of total ODP Business Solutions sales in Q3 2025.

Veyer's logistics and distribution centers are the backbone for fulfillment across all channels, including the growing third-party business. The company closed one distribution facility in Q3 2025 as part of the restructuring plan. Despite this consolidation, Veyer's sales generated from third-party customers jumped by 64% year-over-year in Q3 2025. Here's a look at Veyer's reported sales volume:

The overall channel strategy is clearly prioritizing the B2B contract sales force and Veyer's distribution capabilities over the traditional retail footprint. The company maintained $730 million in total available liquidity at the end of Q3 2025.

You can see the channel performance breakdown for the most recent reported quarter:

• Office Depot Division Reported Sales (Q3 2025): $749 million
• ODP Business Solutions Division Reported Sales (Q3 2025): $862 million (a 6% decline)
• Total Consolidated Reported Sales (Q3 2025): $1.6 billion
• Retail Stores Closed (Q3 2025): 12

Finance: draft 13-week cash view by Friday.

The ODP Corporation (ODP) - Canvas Business Model: Customer Segments

You're looking at how The ODP Corporation segments its buyers as of late 2025, right as the Atlas Holdings acquisition process is moving toward closing by the end of the year. It's a model clearly weighted toward B2B, but with significant growth plays in adjacent sectors and third-party logistics.

ODP Business Solutions: Small, medium, and enterprise-level companies

This division is the core B2B engine, serving businesses of all sizes. For the third quarter of 2025, reported sales for the ODP Business Solutions Division were $862 million, representing a 6% decrease year-over-year, though this was an improvement in revenue trends. As of the third quarter of 2025, this segment carried an annual trailing-twelve-month revenue of $3.4 billion. The focus here isn't just on traditional supplies; adjacency categories-like cleaning and breakroom, furniture, technology, and copy and print-made up 45% of the total ODP Business Solutions' sales in Q3 2025. In the second quarter of 2025, this division brought in $859 million in sales and generated $18 million in operating income.

Here's a quick look at the segment revenue snapshot based on the latest reported quarter:

Consumer/Small Business: Retail customers and home office users

This is the Office Depot Division, which serves retail consumers and small businesses through its physical and online presence. The segment faced headwinds, with the overall company revenue decline in Q3 2025 being attributed in part to this division. The consumer sales decline was mainly driven by 63 fewer stores in operation compared to the prior year, alongside reduced retail and online traffic. The company suspended growth investments in this area to focus on the B2B segments.

New Verticals: Hospitality, healthcare, and adjacent sectors

The ODP Corporation is actively pushing into non-traditional B2B spaces. You see this clearly in the hospitality sector, where they formed a strategic partnership to become a preferred provider for OS&E (Operating, Supplies & Equipment). This positions The ODP Corporation to support the recurring in-room hotel supply needs of its partners' over 15,000 members. In the third quarter of 2025 alone, the company reported onboarding over 600 new hotel properties under this hospitality agreement. The hospitality industry size itself is noted as a $16 billion market.

Third-Party Logistics (3PL) Clients: External companies utilizing Veyer's supply chain

Veyer, The ODP Corporation's supply chain arm, is a major customer segment in its own right. Veyer provided support for internal customers (ODP Business Solutions and Office Depot) and third-party customers, generating total reported sales of $1.1 billion in Q3 2025. The external growth is the key story here: sales generated from third-party customers increased by 64% year-over-year in Q3 2025, reaching $23 million. The EBITDA generated from these third-party clients was $7 million for that quarter. Veyer operates with over 8 million sq ft of space across more than 40 locations in North America.

Group Purchasing Organization (GPO) Members: Large organizations accessing negotiated contracts

While The ODP Corporation isn't a GPO itself, its hospitality partnership directly serves GPO-like structures. The agreement with the large hotel management organization provides supply chain and procurement solutions to its over 15,000 members. To give you context on the broader environment they are tapping into, the US Group Purchasing Organizations industry revenue is estimated to reach $7.3 billion in 2025.

Finance: draft the Q4 2025 segment forecast by next Tuesday.

The ODP Corporation (ODP) - Canvas Business Model: Cost Structure

You're looking at the expenses The ODP Corporation is managing as it pivots hard into B2B and third-party logistics, which means certain legacy costs are still very present. Honestly, the cost structure is heavily influenced by this ongoing transformation.

Restructuring Costs are a major line item tied to the "Optimize for Growth" plan. The total expected cost over the multi-year life of this plan remains in the range of $185 million to $230 million. This is the cost of shedding the old model to fund the new one.

The actual charges recognized quarter-by-quarter show the execution of this plan:

Also, you see the impact of shrinking the physical footprint through asset impairments. These are non-cash charges but reflect the write-down of assets tied to the retail model. For instance, in Q3 2025, there was a $5 million non-cash asset impairment for operating lease right-of-use (ROU) assets associated with retail store locations. This follows $28 million in similar retail ROU asset impairments in Q1 2025.

Logistics and Distribution Expenses (Veyer) represent a dual cost/investment area. Veyer supports both internal divisions and third-party customers. Its infrastructure is significant, covering 8 million square feet across its network. While Veyer is a growth area, it has faced margin pressure; for example, its Q4 2024 results showed a $2 million operating loss as it reallocated resources to third-party clients. Still, third-party sales growth was strong in Q3 2025, increasing by 64% year-over-year.

Capital Expenditures (CapEx) are being tightly controlled and directed. The focus is clearly on B2B enablement, supply chain, and digital capabilities, not retail expansion. You can see the reduction in spend:

• Q3 2025 CapEx: $12 million
• Q2 2025 CapEx: $12 million
• Q3 2024 CapEx comparison: $22 million

The prioritization is clear: CapEx in Q3 2025 was directed toward B2B growth opportunities supporting the distribution network and digital capabilities.

Finally, the core expense of running the business is the Costs of Goods Sold (COGS), which covers product procurement and inventory management across the remaining product lines. The actual dollar amount for COGS for the latest reported periods is not detailed in the provided summaries, but it is the largest component of the cost of revenue for a retailer and distributor.

Finance: draft 13-week cash view by Friday.

The ODP Corporation (ODP) - Canvas Business Model: Revenue Streams

You're looking at how The ODP Corporation actually brings in money, which is key for understanding its valuation, especially with the pending acquisition by Atlas Holdings expected to close by the end of 2025. The revenue streams are clearly segmented across its main operating divisions and its growing logistics arm.

Total reported sales for The ODP Corporation in the third quarter of 2025 were $1,625 million.

The Veyer third-party logistics revenue is showing serious growth. For instance, in the second quarter of 2025, sales generated from third-party customers increased by 90% year-over-year, reaching $19 million.

For the third quarter of 2025, the sales generated from third-party customers for Veyer increased by 64% compared to the same period last year, hitting that $23 million mark.

The ODP Business Solutions Division drives significant revenue through adjacency categories, which are essential add-ons to core office supplies. These categories represented a notable portion of that division's top line in Q3 2025.

• Total adjacency category sales were 45% of total ODP Business Solutions' sales in Q3 2025.
• Adjacency categories include cleaning supplies.
• Adjacency categories include breakroom supplies.
• Adjacency categories include furniture.
• Adjacency categories include technology.
• Adjacency categories include copy and print services.

The copy, print, and technology services are offered across both the retail and B2B channels, feeding into those adjacency category sales figures. For example, in the first quarter of 2025, adjacency category sales represented 44% of total ODP Business Solutions' sales.

Finance: draft 13-week cash view by Friday.