The ODP Corporation provides business services and supplies, products, and digital workplace technology solutions for small, medium, and enterprise businesses. The company operates in two divisions, Business Solutions and Retail. The Business Solutions division offers office supply products and services, cleaning and breakroom supplies, technology services, copy and print services, and office furniture products and services through sales forces, catalogs, and telesales, as well as through Internet Websites in the United States, Puerto Rico, the U.S. Virgin Islands, and Canada. The Retail division operates a chain of retail stores, which offer office supplies; technology products and solutions; business machines and related supplies; print, cleaning, breakroom, and facilities products; and furniture, as well as printing, copying, mailing, and shipping services. As of December 31, 2021, this division operated 1,038 retail stores in the United States, Puerto Rico, and the U.S. Virgin Islands. The company offers its products under various brands, including Office Depot, OfficeMax, and Grand&Toy, as well as others. The ODP Corporation was incorporated in 1986 and is headquartered in Boca Raton, Florida.
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Here are 1-2 analogies for ODP:
- Staples for both everyday office needs and large business procurement.
- A blend of Staples retail and a focused Amazon Business for office and facility supplies.
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- Office Products: Offers a wide assortment of traditional office supplies, paper, ink, and toner.
- Technology Products & Services: Provides computers, printers, electronics, and related tech support and installation services.
- Office Furniture & Workspace Solutions: Sells desks, chairs, storage, and offers space planning assistance for businesses and individuals.
- Cleaning, Breakroom & Facility Supplies: Supplies janitorial products, safety equipment, and food service essentials for workplaces.
- B2B Procurement & Supply Chain Services: Provides comprehensive business-to-business sourcing, purchasing platforms (like Varis), and supply chain management for organizations.
- Print & Marketing Services: Offers professional printing, copying, binding, and marketing collateral creation.
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Major Customers of ODP Corporation (ODP)
ODP Corporation, through its various divisions including ODP Business Solutions, CompuCom, and Veyer, primarily sells to other companies and institutions. The ODP Business Solutions and CompuCom segments collectively generate more revenue than the retail-focused Office Depot segment, indicating a primary B2B (business-to-business) focus.
While ODP serves a broad range of businesses and institutions, specific names of major customers are not publicly disclosed by the company in its financial filings or investor communications. Companies like ODP typically serve a large number of clients across various sectors rather than relying on a few dominant ones, which means no single customer typically accounts for a significant enough portion of revenue to warrant disclosure.
However, ODP's B2B operations target the following categories of customers:
- Enterprise-level Customers: Large corporations and multinational companies across various industries.
- Small and Medium-sized Businesses (SMBs): A vast segment of the business market, encompassing a wide array of industries.
- Government Entities: Federal, state, and local government agencies.
- Higher Education Institutions: Universities, colleges, and other educational bodies.
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- HP Inc. (HPQ)
- Microsoft (MSFT)
- Dell Technologies Inc. (DELL)
- 3M Company (MMM)
- Newell Brands Inc. (NWL)
- ACCO Brands Corporation (ACCO)
- Canon Inc. (CAJ)
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Gerry P. Smith, Chief Executive Officer
Gerry P. Smith was named Chief Executive Officer and a member of the Board of Directors in February 2017. He previously served as Executive Vice President and Chief Operating Officer of Lenovo Group Limited, where he held various senior executive roles, including President of the Americas and Senior Vice President of Global Supply Chain. Before joining Lenovo in 2006, Smith held executive positions at Dell Inc. During his tenure at ODP, he oversaw the acquisition and subsequent sale of CompuCom and the sale of the OfficeMax business in New Zealand to Platinum Equity. He is also a Director of Arrow Electronics Inc.
Max Hood, Senior Vice President, Co-Chief Financial Officer
Max Hood was appointed Senior Vice President and Co-Chief Financial Officer in December 2024. He has been with ODP for over six years, previously serving as Senior Vice President, Chief Accounting Officer and Controller. Prior to joining ODP, he held various leadership roles at GE Group from 2010 to 2018, including Global Operations Controller for its Energy Connections division. Hood began his career at Deloitte & Touche LLP.
Adam Haggard, Senior Vice President, Co-Chief Financial Officer
Adam Haggard was appointed Senior Vice President and Co-Chief Financial Officer in December 2024. He has been with ODP for more than 20 years, holding various roles within the Accounting and Finance departments. His previous positions include Senior Vice President of Financial Planning and Analysis (FP&A), Vice President of FP&A and Real Estate Development, Vice President of FP&A, and Senior Director of Retail Real Estate and Supply Chain. Haggard started his career at a mid-sized auditing firm.
David Centrella, Executive Vice President of The ODP Corporation and President of ODP Business Solutions
David Centrella was named Executive Vice President of The ODP Corporation and President of ODP Business Solutions in May 2022. He joined the company in 1998 and brings over 30 years of experience in Finance, Merchandising, Sales, and Sales Operations. In his current role, Centrella is responsible for core B2B sales and operations across all customer segments and vertical markets.
John W. Gannfors, Executive Vice President of The ODP Corporation and President of Veyer
John W. Gannfors was named Executive Vice President of The ODP Corporation and President of Veyer in September 2022. Veyer is a provider of supply chain, sourcing, and purchasing services. Previously, Gannfors served as Executive Vice President, Chief Merchandising and Supply Chain Officer, and Executive Vice President Transformation, Strategic Sourcing and Supply Chain at ODP. He is responsible for all aspects of Veyer's operations, including domestic and international supply chain, transportation, logistics, global sourcing, and purchasing.
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The following are clear emerging threats to ODP:
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The accelerated and technologically advanced expansion of large e-commerce platforms (e.g., Amazon Business) into comprehensive B2B procurement solutions. These platforms leverage extensive digital capabilities, artificial intelligence, vast product catalogs, and sophisticated global logistics to disintermediate traditional distributors like ODP, offering a more efficient, cost-effective, and integrated purchasing experience for businesses of all sizes. This directly challenges ODP's strategic pivot towards becoming a B2B solutions provider and its own Varis platform.
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The structural and persistent decline in demand for traditional office supplies and physical office footprints, driven by the enduring entrenchment of hybrid/remote work models and accelerated digital transformation within businesses. This fundamental shift in work culture significantly reduces the need for bulk office consumables, traditional office furniture, and on-site support services, thereby shrinking ODP's core addressable market and potentially rendering a significant portion of its physical retail and distribution infrastructure less relevant over the long term.
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The ODP Corporation (ODP) operates across several key business segments, offering a diverse range of products and services primarily through its ODP Business Solutions, Office Depot, and Veyer divisions. The addressable markets for these offerings vary by product category and geographic region.
Here's an overview of the addressable markets for ODP's main products and services:
* Office Supplies:
* **U.S. Market:** The U.S. office supplies market was estimated at USD 17.92 billion in 2024 and is projected to reach USD 20.01 billion by 2033, growing at a compound annual growth rate (CAGR) of 1.2% from 2025 to 2033. Another estimate places the U.S. market at USD 36.39 billion in 2024, with an expected growth to USD 42.95 billion by 2030 at a CAGR of 2.8%.
* **Global Market:** The global office supplies market was valued at USD 176.5 billion in 2024 and is expected to reach USD 217.3 billion by 2034, demonstrating a CAGR of 2.1%. Another source indicates a global market valuation of USD 134.90 billion in 2024, projected to grow to USD 173.28 billion by 2035 at a CAGR of 2.30%.
* B2B Procurement Solutions and Procurement Software:
* **U.S. Procurement Software Market:** This market is predicted to be valued at USD 3,336.8 million in 2025 and is expected to grow to USD 8,466.3 million by 2034, with a CAGR of 10.9% from 2025 to 2034.
* **Global Procurement Software Market:** The global procurement software market reached USD 9.82 billion in 2025 and is forecast to attain USD 15.75 billion by 2030, advancing at a 9.92% CAGR.
* **Global Procurement as a Service (PaaS) Market:** The global PaaS market size was estimated at USD 6.89 billion in 2024 and is projected to reach USD 22.10 billion by 2033, growing at a CAGR of 14.4% from 2025 to 2033. North America accounted for the largest revenue share of 44.6% in the global PaaS market in 2024, with the U.S. market specifically expected to grow at a CAGR of 14.5% from 2025 to 2033.
* Managed Services (including IT and Office Management Services):
* **Global Managed Services Market:** This market is projected to reach $354.8 billion by 2026, with a CAGR of 12.5%. This market size can be considered addressable for ODP's technology solutions and office management services offered through ODP Business Solutions.
* Technology Products, Office Furniture, and Cleaning and Breakroom Supplies:
* Separate addressable market sizes specifically for technology products (excluding software/services), office furniture, or cleaning and breakroom supplies offered by ODP in the U.S. or globally were not identified. Therefore, this information is null.
* Supply Chain, Distribution, and Logistics Services (Veyer):
* Specific addressable market sizes for ODP's Veyer division's external supply chain, distribution, and logistics services were not identified. Therefore, this information is null.
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The ODP Corporation (ODP) is focusing on several key initiatives to drive future revenue growth over the next 2-3 years, primarily through its "Optimize for Growth" restructuring plan and a strategic pivot towards business-to-business (B2B) segments.
The expected drivers of future revenue growth include:
- Acceleration of B2B Market Segment Growth: ODP's "Optimize for Growth" restructuring plan aims to reduce fixed-cost infrastructure while leveraging core strengths to accelerate growth in B2B market segments. This involves a strategic realignment of the company's organizational structure, product offerings, and go-to-market strategies to target high-growth opportunities in the B2B marketplace.
- Expansion into New Enterprise Verticals and Adjacency Categories: A significant part of the B2B strategy involves expanding into new enterprise sectors such as hospitality and healthcare, as well as adjacent categories like cleaning and breakroom supplies, furniture, technology, and copy and print. The company has reported progress in onboarding hundreds of new hotel properties and increasing sales in these adjacency categories within its ODP Business Solutions division.
- Growth of Third-Party Logistics (3PL) Services via Veyer: The Veyer division is a key component for revenue growth, focusing on expanding its third-party customer base for supply chain and procurement solutions. Veyer has demonstrated substantial year-over-year increases in sales generated from third-party customers, contributing to its external revenue and EBITDA.
- Targeted Sales Initiatives and New Customer Acquisition in ODP Business Solutions: Despite challenges such as macroeconomic headwinds and softer enterprise spending, ODP Business Solutions is implementing targeted sales initiatives and focusing on onboarding new customers. These efforts are expected to drive top-line improvements and bolster revenue in the coming years.
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Share Repurchases
- In February 2024, a new stock repurchase program of up to $1 billion was approved, replacing a previous $1 billion program, and is available through March 31, 2027.
- The company repurchased $300 million of common stock in 2024.
- As of December 28, 2024, $725 million remained available under the current stock repurchase program.
Share Issuance
- The ODP Corporation's shares underwent a 1-for-10 reverse stock split on July 1, 2020.
- As of December 30, 2023, there were 66,700,292 issued shares and 36,959,377 outstanding shares.
- As of February 19, 2025, there were 29,817,246 outstanding shares of common stock.
Inbound Investments
- On September 22, 2025, The ODP Corporation announced a definitive agreement to be acquired by an affiliate of Atlas Holdings for $28 per share in cash, valuing the company at approximately $1 billion.
Outbound Investments
- ODP Business Solutions has entered into a strategic partnership with a major hotel management organization to become a preferred provider for Operating Supplies & Equipment (OS&E) in the hospitality segment.
- This hospitality partnership is valued at up to $1.5 billion over a 10-year period.
- The company's business strategy includes making acquisitions and investments that complement existing operations.
Capital Expenditures
- Capital expenditures were $25 million in both the fourth quarter of 2024 and 2023.
- In the first three quarters of 2025, capital expenditures were $21 million (Q1), $12 million (Q2), and $12 million (Q3).
- Capital expenditures are primarily focused on investments in digital transformation, the distribution network, eCommerce capabilities, and B2B growth opportunities, particularly in supply chain operations.
