– Guides to Growth in Sales and Profitability in 2026 –
Delivered 4.5% full year 2025 comparable sales growth for the DICK'S Business, driven by growth in average ticket and transactions
Delivered full year 2025 earnings per diluted share of $9.97 and non-GAAP earnings per diluted share of $13.20; Delivered full year 2025 non-GAAP earnings per diluted share for the DICK'S Business of $14.58 (B) compared to GAAP and non-GAAP earnings per diluted share of $14.05 during the prior year
Opened 16 House of Sport locations and 15 DICK'S Field House locations during 2025; Plans to open approximately 14 additional House of Sport locations and approximately 22 additional DICK'S Field House locations in 2026
Provides 2026 outlook and expects full year comparable sales growth to be in the range of 2.0% to 4.0% for the DICK'S Business and full year proforma comparable sales growth (A) to be in the range of 1.0% to 3.0% for the Foot Locker Business
Expects full year 2026 consolidated operating income to be in the range of $1.71 to 1.83 billion; Expects full year 2026 consolidated non-GAAP operating income to be in the range of $1.68 to 1.81 billion
Expects full year 2026 consolidated earnings per diluted share to be in the range of $13.70 to 14.70; Expects full year 2026 non-GAAP consolidated earnings per diluted share to be in the range of $13.50 to 14.50
Board of Directors authorizes a 3% increase in annualized dividend to $5.00 per share
"2025 was another strong year for the DICK'S Business, with growth in comps and EPS exceeding our expectations. We've now owned the Foot Locker Business for about six months and our excitement and our conviction in the long‑term opportunity continue to grow. We're very encouraged by what we're seeing with our Fast Break initiative, the evolution of our 11-store Foot Locker pilot, which we plan to rapidly scale in 2026. In addition, our "clean out of the garage" efforts have set up Foot Locker to play offense and deliver the inflection point we expect beginning with back-to-school. We remain very confident that DICK'S and Foot Locker are stronger together, and I want to thank our more than 100,000 teammates across the globe for their commitment and execution every day."
Ed Stack, Executive Chairman
"We're very proud of our company's Q4 results. In the DICK'S Business, our strong execution powered a great holiday season and another strong quarter with comp growth over 3% and double-digit non-GAAP EPS growth. It was a terrific year overall with comps of 4.5%, gross margin expansion, and non-GAAP operating margin of over 11%. DICK'S and Foot Locker are perfectly positioned at the intersection of sport and culture which is becoming an even stronger part of everyday life. For 2026, we expect to drive continued comp growth, strategic expansion of our square footage, and strong profitability for the DICK'S Business. We also look forward to returning the Foot Locker Business to both top-line and bottom-line growth in 2026. We have deep conviction in the tremendous opportunity ahead for our entire company."
Lauren Hobart, President and Chief Executive Officer
PITTSBURGH, March 12, 2026 /PRNewswire/ -- DICK'S Sporting Goods, Inc. (NYSE:DKS), a leading global sports retailer, today reported sales and earnings results for the fourth quarter and full year ended January 31, 2026.
(A)
Results described by management for the "DICK'S Business" represent the existing DICK'S Sporting Goods operations, which includes 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. Foot Locker will not be included in quarterly comparable sales until the fourth quarter of fiscal 2026 and full year comparable sales in fiscal 2027.
(B)
Non-GAAP earnings per diluted share results exclude Foot Locker investment gains and acquisition-related costs, and an asset impairment charge. Earnings per diluted share results for the DICK'S Business exclude the dilutive effect of the 9.6 million shares issued as part of the Foot Locker acquisition. 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."
Fourth Quarter Operating Results
(in millions, except percentage and per share data)
13 Weeks Ended
Change (10)
January 31,
2026
February 1,
2025
Consolidated GAAP
Net sales
$
6,226
$
3,894
$
2,332
59.9 %
Operating income (% of net sales) (1)
3.0 %
9.9 %
(698) bps
Effective tax rate
28.7 %
24.5 %
422 bps
Net income
$
128
$
300
$
(172)
(57) %
Weighted average diluted shares outstanding
91
83
8
10 %
Earnings per diluted share
$
1.41
$
3.62
$
(2.21)
(61) %
Consolidated Non-GAAP (2)
Operating income (% of net sales) (1)
7.0 %
10.1 %
(305) bps
Effective tax rate
26.8 %
24.5 %
227 bps
Net income
$
314
$
300
$
14
5 %
Weighted average diluted shares outstanding
91
83
8
10 %
Earnings per diluted share
$
3.45
$
3.62
$
(0.17)
(5) %
Non-GAAP DICK'S Business (2)
Comparable sales (3)
3.1 %
6.6 %
Operating income (% of net sales) (1)
11.0 %
10.1 %
88 bps
Effective tax rate
25.0 %
24.5 %
54 bps
Net income
$
329
$
300
$
29
10 %
Weighted average diluted shares outstanding (4)
81
83
(2)
(2) %
Earnings per diluted share (4)
$
4.05
$
3.62
$
0.43
12 %
Year-to-Date Operating Results
(in millions, except percentage and per share data)
52 Weeks Ended
Change (10)
January 31,
2026
February 1,
2025
Consolidated GAAP
Net sales
$
17,215
$
13,443
$
3,772
28.1 %
Operating income (% of net sales) (1)
6.4 %
11.0 %
(460) bps
Effective tax rate
25.6 %
23.3 %
235 bps
Net income
$
849
$
1,165
$
(316)
(27) %
Weighted average diluted shares outstanding
85
83
2
3 %
Earnings per diluted share
$
9.97
$
14.05
$
(4.08)
(29) %
Consolidated Non-GAAP (2)
Operating income (% of net sales) (1)
8.8 %
11.1 %
(233) bps
Effective tax rate
25.2 %
23.3 %
192 bps
Net income
$
1,124
$
1,165
$
(41)
(4) %
Weighted average diluted shares outstanding
85
83
2
3 %
Earnings per diluted share
$
13.20
$
14.05
$
(0.85)
(6) %
Non-GAAP DICK'S Business (2)
Comparable sales (3)
4.5 %
5.2 %
Operating income (% of net sales) (1)
11.1 %
11.1 %
(2) bps
Effective tax rate
24.1 %
23.3 %
85 bps
Net income
$
1,184
$
1,165
$
19
2 %
Weighted average diluted shares outstanding (4)
81
83
(2)
(2) %
Earnings per diluted share (4)
$
14.58
$
14.05
$
0.53
4 %
Balance Sheet
(in millions)
As of
January 31,
2026
As of
February 1,
2025
$
Change (10)
%
Change (10)
Cash and cash equivalents
$
1,353
$
1,690
$
(337)
(20) %
Inventories, net (5)
$
4,908
$
3,350
$
1,558
47 %
Long-term debt and financing lease obligations (6)
$
1,905
$
1,484
$
421
28 %
Capital Allocation
(in millions)
52 Weeks Ended
$
Change (10)
%
Change (10)
January 31,
2026
February 1,
2025
Share repurchases (7)
$
342
$
268
$
74
28 %
Dividends paid (8)
$
414
$
362
$
52
14 %
Gross capital expenditures
$
1,137
$
803
$
335
42 %
Net capital expenditures (2) (9)
$
976
$
726
$
249
34 %
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 calculation 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 January 31, 2026 includes $3.4 billion for the DICK'S Business and $1.5 billion for the Foot Locker Business. Inventory increased 1% for the DICK'S Business as compared to February 1, 2025.
(6)
Current year balance includes $384.5 million of carrying value for senior notes due 2029 and $35.6 million for the long-term portion of financing lease obligations acquired in connection with the Foot Locker acquisition. The Company had no outstanding borrowings under its revolving credit facility in 2025 and 2024.
(7)
During the 52 weeks ended January 31, 2026, the Company repurchased 1.6 million shares of its common stock under its previously announced share repurchase program at an average price of $216.01 per share, for a total cost of $342.1 million, and has $3.2 billion remaining under existing share repurchase authorizations as of January 31, 2026. 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)
Net capital expenditures for the year ended January 31, 2026 totaled $892.0 million for the DICK'S Business and $83.5 million for the Foot Locker Business.
(10)
Column may not recalculate due to rounding.
Quarterly Dividend
On March 11, 2026, the Company's Board of Directors authorized and declared a quarterly dividend in the amount of $1.25 per share on the Company's common stock and Class B common stock. The dividend is payable in cash on April 10, 2026 to stockholders of record at the close of business on March 27, 2026. This dividend represents an increase of 3% over the Company's previous quarterly per share amount and is equivalent to an annualized dividend of $5.00 per share.
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 proforma comparable sales as noted in the supplemental financial information tables below.
As previously announced, the Company has initiated a review of unproductive assets which includes optimizing 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 merger and integration costs and deferred financing amortization on a bridge facility, are expected to result in pre-tax charges of $500 to 750 million, of which $235.5 million and $390.0 million was recorded during the 13 and 52 weeks ended January 31, 2026, respectively.
Full Year 2026 Outlook
The Company's Full Year Outlook for 2026 is presented below.
Consolidated Outlook
Metric
Consolidated Full Year 2026 Outlook
Net sales
$22.1 billion to 22.4 billion
Operating income
$1.71 billion to 1.83 billion
$1.68 billion to 1.81 billion on a non-GAAP basis (1)
Earnings per diluted share
$13.70 to 14.70
Based on approximately 91 million diluted shares outstanding, which includes the dilutive impact of the 9.6 million shares issued in connection with the Foot Locker acquisition
Based on an effective tax rate of approximately 25.5%
$13.50 to 14.50 on a non-GAAP basis (1)
Capital expenditures
Approximately $1.7 billion on a gross basis
Approximately $1.5 billion on a net basis
(1)
Refer to 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."
Segment Outlook
The Company is providing the following segment outlook for the DICK'S and Foot Locker Businesses to provide visibility into segment-level performance that is included in the consolidated outlook above. The information below does not include corporate and other expenses, which for fiscal 2026, include Foot Locker acquisition-related costs and litigation and other settlements.
Metric
Full Year 2026 Outlook
DICK'S Business
Foot Locker Business
Net sales
$14.5 billion to 14.7 billion
$7.6 billion to 7.7 billion
Comparable sales (1)
Positive 2.0% to positive 4.0%
Positive 1.0% to positive 3.0% (1)
Segment profit (2)
$1.58 billion to 1.66 billion
$100 million to 150 million
Segment profit (2)
(% of net sales)
11.0% to 11.2%
1.3% to 1.9%
(1)
Comparable sales outlook for the Foot Locker Business is on a proforma basis, as Foot Locker will be included in the quarterly comparable store calculation 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.
(2)
Segment profit represents operating income for a respective segment. Corporate and other expenses, which represent costs not specifically related to the recurring operations of our segments, are not included in these results as they are not used by the Company to evaluate segment performance.
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
52 Weeks Ended
January 31,
2026
February 1,
2025
January 31,
2026
February 1,
2025
Net sales
DICK'S Sporting Goods
$ 4,050,789
$ 3,893,649
$ 14,108,943
$ 13,442,849
Foot Locker
2,175,265
—
3,106,177
—
Total net sales
$ 6,226,054
$ 3,893,649
$ 17,215,120
$ 13,442,849
Gross profit
DICK'S Sporting Goods
$ 1,443,369
$ 1,361,258
$ 5,126,299
$ 4,825,696
Foot Locker
544,601
—
758,889
—
Corporate and other expenses (1)
(217,926)
—
(217,926)
—
Total gross profit
$ 1,770,044
$ 1,361,258
$ 5,667,262
$ 4,825,696
Segment profit (loss)
DICK'S Sporting Goods
$ 444,511
$ 393,007
$ 1,568,443
$ 1,497,569
Foot Locker
(5,893)
—
(52,220)
—
Reconciliation to income before income taxes
Corporate and other expenses (2)
254,109
6,015
420,314
23,637
Interest expense
17,667
12,683
64,263
52,987
Other income
(13,185)
(22,963)
