– Raises FY 2025 Guidance(B) for Comp Sales Growth and EPS for the DICK'S Business(C),
– Completed Acquisition of Foot Locker to Become a Global Leader in the Sports Retail Industry,
Delivered earnings per diluted share of $0.86 and non-GAAP earnings per diluted share of $2.07; Delivered non-GAAP earnings per diluted share for the DICK'S Business of $2.78 compared to GAAP and non-GAAP earnings per diluted share of $2.75 during the prior year quarter
Opened 13 new House of Sport locations and 6 new DICK'S Field House locations during the third quarter
Raises full year 2025 guidance for comparable sales growth for the DICK'S Business to a range of 3.5% to 4.0%, up from 2.0% to 3.5% previously
Raises full year 2025 earnings per diluted share guidance for the DICK'S Business to a range of $14.25 to 14.55, up from $13.90 to 14.50 previously
Completed acquisition of Foot Locker to become a global leader in the sports retail industry, assembled a world-class management team and initiated a review of unproductive assets, which along with merger and integration costs, is expected to result in future pre-tax charges of $500 to 750 million
"We delivered another strong quarter with DICK'S Business comps of 5.7%, and we continue to operate from a position of strength. We are incredibly excited about our acquisition of Foot Locker, which marks a bold and transformative step that expands our reach and creates a global platform at the intersection of sport and culture. At Foot Locker, we've assembled a world-class management team and are taking decisive actions to "clean out the garage" by clearing unproductive inventory, closing underperforming stores and laying the foundation for a fresh start in 2026. These steps, combined with our operational expertise, strong vendor relationships and the passion of our new team members including the Stripers and Blue Shirts, will position the Foot Locker Business for profitable growth. Together, we are building a stronger and more dynamic company for the long term."
Ed Stack, Executive Chairman
"The effectiveness of our long-term strategies and the best-in-class execution by our team are driving outstanding results for our DICK'S Business. In the third quarter, the DICK'S Business comps grew 5.7% driven by increases in both average ticket and transactions, and we were pleased to deliver gross margin expansion. Reflecting these strong results and our continued confidence, we are again raising our full-year 2025 outlook for the DICK'S Business. Finally, we welcome our Foot Locker team members to the DICK'S family, and we are excited about the journey underway to return the Foot Locker Business to its rightful place in our industry."
Lauren Hobart, President and Chief Executive Officer
PITTSBURGH, Nov. 25, 2025 /PRNewswire/ -- - DICK'S Sporting Goods, Inc. (NYSE:DKS), a leading global sports retailer, today reported sales and earnings results for the third quarter ended November 1, 2025.
(A)
Results described by management for the "DICK'S Business" represent the existing DICK'S Sporting Goods operations, encompassing the DICK'S Sporting Goods, Golf Galaxy, Going Going Gone! and Public Lands banners, as well as GameChanger. The results for the "Foot Locker Business" refer to our newly acquired operations, including the Foot Locker, Kids Foot Locker, Champs Sports, WSS and atmos banners. Please see the section of this release titled "Non-GAAP Financial Measures" for more information.
(B)
DICK'S Business outlook does not include results for the Foot Locker Business as well as investment gains and merger and integration costs related to the Foot Locker acquisition. Please see the section of this release titled "2025 Outlook" for more information.
(C)
Earnings per diluted share results for the DICK'S Business excludes the dilutive effect of the 9.6 million shares issued as part of the Foot Locker acquisition.
Third Quarter Operating Results
(in millions, except percentage and per share data)
13 Weeks Ended
Change (9)
November 1,
2025
November 2,
2024
Consolidated GAAP
Net sales
$
4,168
$
3,057
$
1,111
36.3 %
Income from operations (% of net sales) (1)
2.2 %
9.4 %
(712) bps
Effective tax rate
28.0 %
23.3 %
465 bps
Net income
$
75
$
228
$
(153)
(67) %
Weighted average diluted shares outstanding
87
83
4
5 %
Earnings per diluted share
$
0.86
$
2.75
$
(1.89)
(69) %
Consolidated Non-GAAP (2)
Income from operations (% of net sales) (1)
5.8 %
9.5 %
(366) bps
Effective tax rate
24.7 %
23.3 %
140 bps
Net income
$
181
$
228
$
(47)
(21) %
Weighted average diluted shares outstanding
87
83
4
5 %
Earnings per diluted share
$
2.07
$
2.75
$
(0.68)
(25) %
Non-GAAP DICK'S Business (2)
Comparable sales (3)
5.7 %
4.3 %
Income from operations (% of net sales) (1)
8.9 %
9.5 %
(56) bps
Effective tax rate
21.6 %
23.3 %
(170) bps
Net income
$
226
$
228
$
(2)
(1) %
Weighted average diluted shares outstanding (4)
81
83
(2)
(2) %
Earnings per diluted share (4)
$
2.78
$
2.75
$
0.03
1 %
Year-to-Date Operating Results
(in millions, except percentage and per share data)
39 Weeks Ended
Change (9)
November 1,
2025
November 2,
2024
Consolidated GAAP
Net sales
$
10,989
$
9,549
$
1,440
15.1 %
Income from operations (% of net sales) (1)
8.3 %
11.4 %
(309) bps
Effective tax rate
25.1 %
22.9 %
220 bps
Net income
$
721
$
865
$
(144)
(17) %
Weighted average diluted shares outstanding
83
83
—
— %
Earnings per diluted share
$
8.66
$
10.43
$
(1.77)
(17) %
Consolidated Non-GAAP (2)
Income from operations (% of net sales) (1)
9.8 %
11.6 %
(176) bps
Effective tax rate
24.6 %
22.9 %
170 bps
Net income
$
810
$
865
$
(55)
(6) %
Weighted average diluted shares outstanding
83
83
—
— %
Earnings per diluted share
$
9.74
$
10.43
$
(0.69)
(7) %
Non-GAAP DICK'S Business (2)
Comparable sales (3)
5.0 %
4.7 %
Income from operations (% of net sales) (1)
11.2 %
11.6 %
(39) bps
Effective tax rate
23.8 %
22.9 %
90 bps
Net income
$
855
$
865
$
(10)
(1) %
Weighted average diluted shares outstanding (4)
81
83
(2)
(2) %
Earnings per diluted share (4)
$
10.52
$
10.43
$
0.09
1 %
Balance Sheet
(in millions)
As of
November 1,
2025
As of
November 2,
2024
$
Change (9)
%
Change (9)
Cash and cash equivalents
$
821
$
1,459
$
(637)
(44) %
Inventories, net (5)
$
5,641
$
3,726
$
1,915
51 %
Long-term debt and financing lease obligations (6)
$
1,905
$
1,484
$
421
28 %
Capital Allocation
(in millions)
39 Weeks Ended
$
Change (9)
%
Change (9)
November 1,
2025
November 2,
2024
Share repurchases (7)
$
299
$
170
$
128
75 %
Dividends paid (8)
$
306
$
273
$
32
12 %
Gross capital expenditures
$
793
$
566
$
228
40 %
Net capital expenditures (2)
$
674
$
511
$
163
32 %
Notes
(1)
Also referred to by management as operating margin.
(2)
For additional information, see the section of this release titled "Non-GAAP Financial Measures" and GAAP to non-GAAP reconciliations included in tables later in this release under the heading "GAAP to Non-GAAP Reconciliations." In the fiscal 2024 period, there were no non-GAAP adjustments to reported net income or earnings per diluted share.
(3)
Foot Locker will be included in the quarterly comparable store base beginning in the fourth quarter of fiscal 2026, which is when these stores will commence their 14th full month of operations following the date of acquisition. Additionally, beginning in fiscal 2025, we revised our method for calculating comparable sales to include Warehouse Sale stores beginning in the stores' 14th full month of operations, similar to our other store locations. Prior year information has been revised to reflect this change for comparability purposes. See additional details as furnished in Exhibit 99.2 of the Company's Current Report on Form 8-K, filed with the SEC on March 11, 2025.
(4)
Weighted average diluted shares outstanding and earnings per diluted share for the DICK'S Business excludes the dilutive effect of the 9.6 million shares issued as part of the Foot Locker acquisition.
(5)
Inventories, net as of November 1, 2025 includes $3.8 billion for the DICK'S Business and $1.8 billion for the Foot Locker Business. Inventory increased 2% for the DICK'S Business as compared to November 2, 2024.
(6)
In connection with the Foot Locker acquisition, amount as of November 1, 2025 includes $383.5 million of carrying value for senior notes due 2029 and $36.5 million for the long-term portion of financing lease obligations. The Company had no outstanding borrowings under its revolving credit facility in 2025 and 2024.
(7)
During the 39 weeks ended November 1, 2025, the Company repurchased 1.4 million shares of its common stock under its previously announced share repurchase program at an average price of $218.65 per share, for a total cost of $298.7 million, and has $3.2 billion remaining under existing share repurchase authorizations as of November 1, 2025. The Company also paid $5 million during fiscal 2025 for shares repurchased during fiscal 2024.
(8)
The Company declared and paid quarterly dividends of $1.2125 per share in fiscal 2025 and $1.10 per share in fiscal 2024.
(9)
Column may not recalculate due to rounding.
Quarterly Dividend
On November 24, 2025, the Company's Board of Directors authorized and declared a quarterly dividend in the amount of $1.2125 per share on the Company's common stock and Class B common stock. The dividend is payable in cash on December 26, 2025 to stockholders of record at the close of business on December 12, 2025.
Acquisition of Foot Locker
On September 8, 2025, the Company acquired all of the issued and outstanding shares of Foot Locker, Inc. ("Foot Locker"), a leading footwear and apparel retailer, pursuant to the definitive merger agreement executed on May 15, 2025. Total consideration exchanged for the acquisition was $2.5 billion, which primarily consisted of $2.1 billion in share consideration for the issuance of 9.6 million shares of DICK'S Sporting Goods common stock, $223.0 million in cash consideration and $111.6 million from the Company's pre-existing equity ownership in Foot Locker. The Company's current period results reflect Foot Locker's operations subsequent to the acquisition close date, other than pro forma comparable sales as noted in the supplemental financial information tables below.
The Company has initiated a review of unproductive assets which includes clearing out unproductive inventory, closing underperforming stores, and right sizing assets that don't align with our go-forward vision for the Foot Locker Business. These actions along with additional merger and integration costs, are expected to result in future pre-tax charges of $500 to 750 million.
2025 Outlook
The Company is providing an updated outlook specific to our DICK'S Business to ensure comparability of results across previous quarters in fiscal 2025, which management believes provides ongoing visibility into the DICK'S Business for the balance of the fiscal year. Outlook sections below include expectations for the DICK'S Business, commentary on the fourth quarter outlook for the Foot Locker Business, and certain measures applicable to the consolidated Company's expectations for the fourth quarter of fiscal 2025. DICK'S Business outlook does not include results for the Foot Locker Business as well as investment gains and merger and integration costs related to the Foot Locker acquisition. Foot Locker Business commentary and outlook does not include results for the DICK'S Business. Please see the section of this document titled "Non-GAAP Financial Measures" for more information.
DICK'S Business: Full Year 2025 Outlook
Metric
DICK'S Business: Full Year 2025 Outlook
Earnings per diluted share (1)
• $14.25 to 14.55
○ Based on approximately 81 million diluted shares outstanding
○ Based on an effective tax rate of approximately 24%
○ Includes the expected impact from all tariffs currently in effect
Net sales
• $13.95 billion to 14.0 billion
Comparable sales
• Positive 3.5% to positive 4.0%
Capital expenditures
• Approximately $1.2 billion on a gross basis
• Approximately $1.0 billion on a net basis
(1)
Weighted average diluted shares outstanding and earnings per diluted share for the DICK'S Business excludes the dilutive effect of the 9.6 million shares issued as part of the Foot Locker acquisition.
Foot Locker Business: Q4 2025 Commentary & Outlook
The Company is taking strategic actions to address unproductive assets, including the optimization of inventory and the closure of underperforming stores. The Company believes these actions will lay the groundwork for the success of the Foot Locker Business starting in 2026. As a result of the actions to optimize the inventory, the Company believes that Q4 2025 gross margin for the Foot Locker Business will be down between 1,000 to 1,500 basis points as compared to Foot Locker's reported results in the same period last year with pro-forma comp sales being down mid- to high-single digits. Excluding the one-time costs associated with the Company's actions to address unproductive assets, including the optimization of inventory and the closure of underperforming stores, the Company expects Q4 2025 operating profit for Foot Locker to be slightly negative.
Consolidated Q4 2025 Outlook
Metric
Consolidated Q4 2025 Outlook
Effective tax rate
• Approximately 29%
Weighted average diluted shares outstanding
• Approximately 91 million
○ Includes the dilutive impact of the 9.6 million shares issued in connection with the Foot Locker acquisition
DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION - UNAUDITED
(In thousands)
Information below includes operating results for the periods presented for the DICK'S and Foot Locker Businesses. The operating results for Foot Locker are included from the acquisition date of September 8, 2025.
13 Weeks Ended
39 Weeks Ended
November 1,
2025
November 2,
2024
November 1,
2025
November 2,
2024
Net sales
DICK'S Sporting Goods
$ 3,236,860
$ 3,057,181
$ 10,058,153
$ 9,549,200
Foot Locker
930,913
—
930,913
—
Total net sales
$ 4,167,773
$ 3,057,181
$ 10,989,066
$ 9,549,200
Gross profit
DICK'S Sporting Goods
$ 1,166,573
$ 1,093,444
$ 3,682,930
$ 3,464,438
Foot Locker
214,287
—
214,287
—
Total gross profit
$ 1,380,860
$ 1,093,444
$ 3,897,217
$ 3,464,438
Business profit
DICK'S Sporting Goods
$ 288,571
$ 289,520
$ 1,123,932
$ 1,104,562
Foot Locker
(46,328)
—
(46,328)
—
Total business profit
242,243
289,520
1,077,604
1,104,562
Corporate and other expenses (1)
149,146
3,476
166,205
17,622
Total income from operations (2)
93,097
286,044
911,399
1,086,940
Interest expense
18,339
12,947
46,596
40,304
Other income
(29,649)
(23,976)
(97,142)
(75,124)
Income before income taxes
$ 104,407
$ 297,073
$ 961,945
$ 1,121,760
Proforma
Comparable Sales
13 Weeks Ended
39 Weeks Ended
November 1,
2025
November 2,
2024
November 1,
2025
November 2,
2024
DICK'S Sporting Goods
5.7 %
4.3 %
5.0 %
4.7 %
Proforma Foot Locker (3) (4)
(4.7) %
2.3 %
(3.2) %
1.0 %
Proforma consolidated comparable sales (3)
1.7 %
3.5 %
2.0 %
3.3 %
(1)
Corporate and other expenses include merger and integration costs and non-cash changes in the fair value of employee deferred compensation plan investments held in rabbi trusts.
(2)
Also referred to by management as "operating income."
(3)
The proforma comparable sales are calculated as if Foot Locker had been acquired at the beginning of the periods presented. The sales have been adjusted to conform to the Company's reporting calendar and method of reporting comparable sales. Comparable sales for our international stores are calculated on a constant currency basis, which translates the current year's results using the prior year periods' exchange rates.
(4)
Includes Foot Locker International proforma comparable sales decreases of 10.2% and 9.9% for the 13 and 39 weeks ended November 1, 2025 and increases of 3.3% and 2.5% for the 13 and 39 weeks ended November 2, 2024, which represents operations of the Foot Locker Business in Europe and Asia Pacific.
Store Count and Square Footage
As of November 1, 2025, the Company operated 3,230 store locations across the DICK'S and Foot Locker Businesses. The following tables summarize store activity for fiscal 2025:
Beginning
Stores
New
Stores
Closed
Stores
Relocated /
Converted (8)
Ending
Stores
Gross
Square Footage (9) (10)
(in millions)
Beginning
Ending
DICK'S
DICK'S (1)
677
—
(3)
(25)
649
36.3
34.6
DICK'S Field House (1)
27
2
—
12
41
1.6
2.3
DICK'S House of Sport
19
3
—
13
35
2.2
3.8
