DICK’S Sporting Goods delivered a strong Q4 with consolidated revenue of $6.23 billion, up 59.9% year-over-year, beating analyst estimates of $6.08 billion. Non-GAAP adjusted EPS came in at $3.45, topping the consensus of $2.94 by 17.4%. GAAP net income declined 57% to $128.3 million due to Foot Locker acquisition-related charges. Shares gapped up roughly 5% in pre-market trading following the results.
About DICK’S Sporting Goods
DICK’S Sporting Goods, Inc. (NYSE: DKS) is the largest sporting goods retailer in the United States, with a market capitalization of approximately $17.59 billion as of the earnings announcement date. Founded in 1948 by Richard “Dick” Stack as a fishing tackle shop in Binghamton, New York, the company is now headquartered in Pittsburgh (Coraopolis), Pennsylvania.
DICK’S has evolved into a leading omni-channel retailer operating across multiple banners, including DICK’S Sporting Goods, Golf Galaxy, Public Lands, Going Going Gone!, and the experiential retail concepts DICK’S House of Sport and Golf Galaxy Performance Center. Following its $2.5 billion acquisition of Foot Locker in September 2025, DICK’S now also operates Foot Locker, Kids Foot Locker, Champs Sports, WSS, and atmos banners globally.
As of its most recent fiscal year end (January 31, 2026), the company operates 3,195 store locations across both the DICK’S and Foot Locker businesses. The stock currently trades at a trailing P/E ratio of approximately 16.0 to 17.4, with an annualized dividend yield of roughly 2.4%. Lauren Hobart serves as President and CEO, Ed Stack as Executive Chairman, and Navdeep Gupta as Chief Financial Officer. DICK’S also owns GameChanger, a popular youth sports mobile platform for live streaming, scheduling, and scorekeeping.
Top Financial Highlights
- Consolidated Q4 net sales reached $6.23 billion, a 59.9% increase year-over-year, beating analyst estimates of $6.08 billion by 2.5%
- DICK’S Business Q4 net sales totaled $4.05 billion, up from $3.89 billion in the prior year period
- Foot Locker Business Q4 net sales contributed $2.18 billion in its first full quarter under DICK’S ownership
- Non-GAAP adjusted EPS was $3.45, beating analyst consensus of $2.94 by 17.4%
- DICK’S Business non-GAAP EPS was $4.05, up 11.9% from $3.62 in the prior year quarter
- GAAP net income declined 57% to $128.3 million ($1.41 per diluted share) from $300.0 million ($3.62 per share) a year earlier, primarily due to $235.5 million in pre-tax Foot Locker acquisition-related costs
- DICK’S Business comparable sales increased 3.1%, on top of a 6.6% comp in Q4 of the prior year
- Non-GAAP gross margin was 31.93% of net sales, down 303 basis points year-over-year due to the Foot Locker mix impact; DICK’S Business gross margin expanded 67 basis points
- Cash and cash equivalents stood at $1.35 billion with no revolving credit borrowings
- Operating cash flow for the full fiscal year was $1.54 billion, up from $1.31 billion the prior year
- Free Cash Flow Margin improved to 11.3%, up from 10.1% in the same quarter a year ago
- Full-year 2025 consolidated net sales reached $17.22 billion, up 28.1% year-over-year
- Full-year 2025 DICK’S Business non-GAAP EPS was $14.58, exceeding the prior year’s $14.05
- FY2026 Guidance: Net sales of $22.1 billion to $22.4 billion, above analyst estimates of $21.98 billion
- FY2026 Guidance: Non-GAAP EPS of $13.50 to $14.50, below the $14.67 analyst consensus
Beat or Miss?
| Metric | Reported | Analyst Estimate | Difference |
| Q4 Revenue | $6.23 billion | $6.08 billion | +2.5% beat |
| Q4 Non-GAAP EPS | $3.45 | $2.94 | +17.4% beat |
| Q4 Adjusted EBITDA | $465.3 million | $466.4 million | In line |
| Q4 GAAP EPS | $1.41 | N/A | -61% YoY decline |
| FY2026 Revenue Guidance (midpoint) | $22.25 billion | $21.98 billion | +2.2% above consensus |
| FY2026 Non-GAAP EPS Guidance (midpoint) | $14.00 | $14.67 | -5.6% below consensus |
DICK’S delivered a clear beat on Q4 top-line and adjusted earnings. Revenue and adjusted EPS both came in well above Wall Street expectations. The revenue guidance for fiscal 2026 also topped estimates, signaling management’s confidence in continued growth from both the DICK’S and Foot Locker businesses.
However, the full-year 2026 EPS guidance fell short of analyst expectations, reflecting the ongoing costs associated with integrating Foot Locker, including projected pre-tax charges of $500 million to $750 million in total, of which $390 million was already recorded in fiscal 2025.
What Leadership Is Saying?
“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.” – 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.” – Lauren Hobart, President and Chief Executive Officer
CFO Navdeep Gupta echoed management’s optimism, noting that consolidated non-GAAP operating income for Q4 was $438.6 million or 7.04% of net sales, with the DICK’S Business contributing operating income of $444.5 million at a 10.97% margin.
Gupta highlighted that DICK’S Business SG&A leveraged 22 basis points, while gross margin expansion accelerated sequentially with a 67 basis point improvement driven by higher merchandise margins. For fiscal 2026, Gupta guided net capital expenditures of approximately $1.5 billion and a consolidated effective tax rate of roughly 25.5%.
Historical Performance
DICK’S Sporting Goods Q4 FY2025 vs. Q4 FY2024
| Category | Q4 FY2025 (13 Weeks Ended Jan 31, 2026) | Q4 FY2024 (13 Weeks Ended Feb 1, 2025) | Change (%) |
| Consolidated Net Sales | $6.23 billion | $3.89 billion | 59.90% |
| DICK’S Business Net Sales | $4.05 billion | $3.89 billion | +4.0% |
| GAAP Net Income | $128.3 million | $300.0 million | -57.30% |
| GAAP EPS (Diluted) | $1.41 | $3.62 | -61.0% |
| Non-GAAP EPS (Consolidated) | $3.45 | $3.62 | -4.7% |
| DICK’S Business Non-GAAP EPS | $4.05 | $3.62 | 11.90% |
| GAAP Operating Margin | 3.00% | 9.90% | -698 bps |
| Non-GAAP Operating Margin | 7.00% | 10.10% | -305 bps |
| DICK’S Business Comp Sales | 3.10% | 6.60% | Deceleration |
| SG&A Expenses | $1.56 billion | $964 million | 60.50% |
The consolidated year-over-year growth of 59.9% in revenue primarily reflects the addition of Foot Locker, which contributed $2.18 billion in Q4 net sales. On a standalone basis, the DICK’S Business grew 4.0% in net sales and 3.1% on a comparable basis, building on a strong prior-year comp of 6.6%, which creates a two-year stacked comp of nearly 10%. GAAP profitability declined sharply due to $235.5 million in Q4 Foot Locker acquisition-related costs, including $217.9 million in inventory write-downs and $17.6 million in merger and integration costs.
Full-Year FY2025 vs. FY2024
| Category | FY2025 (52 Weeks Ended Jan 31, 2026) | FY2024 (52 Weeks Ended Feb 1, 2025) | Change (%) |
| Consolidated Net Sales | $17.22 billion | $13.44 billion | 28.10% |
| GAAP Net Income | $849.2 million | $1.165 billion | -27.1% |
| GAAP EPS (Diluted) | $9.97 | $14.05 | -29.0% |
| Non-GAAP EPS (Consolidated) | $13.20 | $14.05 | -6.1% |
| DICK’S Business Non-GAAP EPS | $14.58 | $14.05 | 3.80% |
| Operating Cash Flow | $1.54 billion | $1.31 billion | 17.20% |
Competitor Comparison
Sporting Goods Retail Landscape
| Category | DICK’S Sporting Goods (DKS) Q4 FY2025 | Academy Sports (ASO) Q4 FY2025 | Foot Locker (FL) Q4 FY2024 (Pre-Acquisition) |
| Quarterly Revenue | $6.23 billion (consolidated) | $1.68 billion | $2.24 billion |
| Revenue YoY Change | +59.9% (consolidated); +4.0% (DICK’S only) | -6.6% | -5.8% |
| Adjusted EPS | $3.45 (consolidated); $4.05 (DICK’S only) | $1.96 | $0.86 |
| Comparable Sales Growth | +3.1% (DICK’S Business) | -3.0% (shifted basis) | +2.6% |
| Market Capitalization | ~$17.59 billion | ~$3.74 billion | N/A (Acquired by DICK’S) |
DICK’S stands out as the clear leader in the sporting goods retail space. While Academy Sports posted a 6.6% revenue decline and a negative comparable sales print in its most recent comparable quarter, DICK’S continued to gain market share with positive comps and strong top-line growth.
Foot Locker’s final quarter as an independent company showed a 5.8% revenue decline, though comparable sales were growing at 2.6%. Nike, a key brand partner for both DICK’S and Foot Locker, reported a 9% revenue decline to $11.27 billion in its most recent quarter (Q3 FY2025, ending February 2025), highlighting broader challenges in the athletic footwear and apparel market that DICK’S has navigated better than most.
How the Market Reacted?
DICK’S Sporting Goods shares responded positively to the Q4 earnings beat. The stock had closed at $195.53 on the day before the announcement and gapped up to open at $204.56, representing an initial gain of roughly 4.6% to 5% in pre-market and early trading. This reaction reflected investor relief at the strong top-line beat and better-than-expected adjusted earnings, particularly given the uncertainty surrounding the Foot Locker integration.
The stock moved into a range around $199 to $205 during the session. Sentiment was broadly positive, though some analysts flagged that the FY2026 adjusted EPS guidance midpoint of $14.00 fell 5.6% below the consensus estimate of $14.67, which tempered enthusiasm.
The Foot Locker integration remains the key variable investors are watching, with management projecting total restructuring charges of $500 to $750 million and an expected profitability inflection for the Foot Locker business starting with the back-to-school season in 2026.
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