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DICK'S Sporting Goods Inc

DICK'S Sporting Goods Reports Second Quarter Results; Raises 2025 Outlook (A)

– Delivers Record Second Quarter Sales and 5.0% Comparable Sales Growth –

– Raises Full Year 2025 Guidance for Comparable Sales Growth to a Range of 2.0% to 3.5% –

  • Delivered earnings per diluted share of $4.71 and non-GAAP earnings per diluted share of $4.38, compared to GAAP and non-GAAP earnings per diluted share of $4.37 during the prior year quarter
  • Opened one new House of Sport location and four new DICK'S Field House locations during the second quarter; Opened three new House of Sport locations and eight new DICK'S Field House locations year-to-date
  • Raises full year 2025 guidance for comparable sales growth to a range of 2.0% to 3.5%, up from 1.0% to 3.0% previously (A)
  • Raises full year 2025 earnings per diluted share guidance to a range of $13.90 to 14.50, up from $13.80 to 14.40 previously (A)

"With Q2 comps at 5%, our momentum continues to build – a clear reflection of the strength of our long-term strategies and investments. We remain very enthusiastic about the strategic benefits from the Foot Locker acquisition. As previously shared, Foot Locker shareholders approved the transaction. We have also received all required regulatory approvals, and we anticipate that the deal will close on September 8th."


 

Ed Stack, Executive Chairman


 

"We are very pleased with our strong Q2 results. Our performance shows how well our long-term strategies are working, the strength and resilience of our operating model and the impact of our team's consistent execution. Our Q2 comps increased 5.0%, with growth in average ticket and transactions, and we drove second quarter gross margin expansion. We are raising our full year 2025 outlook to reflect our strong Q2 results and the ongoing confidence we have in our business, grounded in our team's execution of our strategic pillars."


   

Lauren Hobart, President and Chief Executive Officer


PITTSBURGH , Aug. 28, 2025 /PRNewswire/ -- DICK'S Sporting Goods, Inc. (NYSE: DKS), a leading U.S. based full-line omni-channel sporting goods retailer, today reported sales and earnings results for the second quarter ended August 2, 2025.

(A)  

Outlook does not include acquisition-related costs, investment gains or results from the planned acquisition of Foot Locker. Please see the section of this document titled "Full Year 2025 Outlook" for more information.

 

 

Second Quarter Operating Results

(dollars in millions, except per share data)

13 Weeks Ended

Change (7)

August 2, 2025

August 3, 2024

Net sales

$

3,647

$

3,474

$

173

5.0 %

Comparable sales (1)


5.0 %


4.5 %



Income before income taxes (% of net sales) (2)


14.0 %


13.9 %


9 bps

Non-GAAP income before income taxes (% of net sales) (2) (3)


13.0 %


13.9 %


(93) bps

Net income

$

381

$

362

$

19

5 %

Non-GAAP net income (3)

$

355

$

362

$

(7)

(2) %

Earnings per diluted share

$

4.71

$

4.37

$

0.34

8 %

Non-GAAP earnings per diluted share (3)

$

4.38

$

4.37

$

0.01

— %



 

Year-to-Date Operating Results

(dollars in millions, except per share data)

26 Weeks Ended

Change (7)

August 2, 2025

August 3, 2024

Net sales

$

6,821

$

6,492

$

329

5.1 %

Comparable sales (1)


4.7 %


4.9 %



Income before income taxes (% of net sales) (2)


12.6 %


12.7 %


(13) bps

Non-GAAP income before income taxes (% of net sales) (2) (3)


12.2 %


12.7 %


(47) bps

Effective tax rate


24.7 %


22.7 %


201 bps

Net income

$

646

$

638

$

8

1 %

Non-GAAP net income (3)

$

629

$

638

$

(8)

(1) %

Earnings per diluted share

$

7.95

$

7.67

$

0.28

4 %

Non-GAAP earnings per diluted share (3)

$

7.75

$

7.67

$

0.08

1 %



Balance Sheet

(in millions)

As of

August 2, 2025

As of

August 3, 2024

$

Change (7)

%

Change (7)

Cash and cash equivalents

$

1,231

$

1,692

$

(461)

(27) %

Inventories, net

$

3,404

$

3,178

$

226

7 %

Total debt (4)

$

1,485

$

1,484

$

1

— %



Capital Allocation

(in millions)

26 Weeks Ended

$

Change (7)

%

Change (7)

August 2, 2025

August 3, 2024

Share repurchases (5)

$

299

$

164

$

135

83 %

Dividends paid (6)

$

196

$

183

$

13

7 %

Gross capital expenditures

$

526

$

372

$

154

41 %

Net capital expenditures (3)

$

455

$

326

$

130

40 %

Notes

(1) 

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.

(2)  

Also referred to by management as earnings before income taxes ("EBT").

(3)  

For additional information, see GAAP to non-GAAP reconciliations included in tables later in the release under the heading "GAAP to Non-GAAP Reconciliations." In the fiscal 2024 period, there were no non-GAAP adjustments to reported EBT margin, net income or earnings per diluted share.

(4) 

The Company had no outstanding borrowings under its revolving credit facility in 2025 and 2024.

(5)  

During the 26 weeks ended August 2, 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. The Company has $212.9 million remaining under this authorization as of August 2, 2025. The Company also paid $5 million during fiscal 2025 for shares repurchased during fiscal 2024.

(6) 

The Company declared and paid quarterly dividends of $1.2125 per share in fiscal 2025 and $1.10 per share in fiscal 2024.

(7)  

Column may not recalculate due to rounding.

Quarterly Dividend

On August 27, 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 September 26, 2025 to stockholders of record at the close of business on September 12, 2025.

Agreement to Acquire Foot Locker  

On May 15, 2025, the Company announced that it entered into a definitive merger agreement to acquire Foot Locker, Inc., a leading footwear and apparel retailer. Under the terms of the merger agreement, Foot Locker shareholders will elect to receive either (i) $24.00 in cash or (ii) 0.1168 shares of DICK'S Sporting Goods common stock for each share of Foot Locker common stock, for a total equity value of approximately $2.4 billion and an enterprise value of approximately $2.5 billion. As previously announced, Foot Locker shareholders have approved the merger and all regulatory approvals have been received. The Company anticipates the acquisition to close on September 8, 2025, subject to the satisfaction or waiver of remaining customary closing conditions. To the degree Foot Locker shareholders do not elect to receive their consideration entirely in shares of the Company's common stock, the Company intends to finance the acquisition through a combination of cash-on-hand, revolving borrowings and other new debt.

Full Year 2025 Outlook  (1)

The Company's Full Year Outlook for 2025 presented below does not include acquisition-related costs, investment gains or results from the planned acquisition of Foot Locker:

Metric

2025 Outlook

Earnings per diluted share

●        $13.90 to 14.50

○        Based on approximately 81 million diluted shares outstanding

○        Based on an effective tax rate of approximately 25%

○        Includes the expected impact from all tariffs currently in effect

Net sales

●       $13.75 billion to 13.95 billion

Comparable sales

●       Positive 2.0% to positive 3.5%

Capital expenditures

●        Approximately $1.2 billion on a gross basis

●        Approximately $1.0 billion on a net basis

 

(1)  Please see the section of this document titled "Non-GAAP Financial Measures" for more information.

Store Count and Square Footage

The following table summarizes store activity for fiscal 2025:

Beginning

Stores

New

Stores

Closed

Stores

Relocated /

Converted (5)

Ending

Stores

(in millions)

Square Footage (6) (7)

Beginning

Ending

DICK'S Sporting Goods (1)

DICK'S (2)

677

—

(3)

(9)

665

36.3

35.6

DICK'S Field House (2)

27

2

—

6

35

1.6

2.0

DICK'S House of Sport

19

—

—

3

22

2.2

2.6

Total DICK'S Sporting Goods

723

2

(3)

—

722

40.1

40.2


Other Specialty Concepts(1)

Golf Galaxy (3)

109

3

—

—

112

2.4

2.5

Going Going Gone! (4)

50

6

(4)

—

52

2.2

2.4

Other

3

—

—

—

3

0.1

0.1

Total Other Specialty Concepts

162

9

(4)

—

167

4.8

5.0

Total (4)

885

11

(7)

—

889

44.8

45.1



(1) 

In some markets, we operate DICK'S Sporting Goods stores adjacent to our specialty concept stores on the same property with a pass-through for our athletes. We refer to this format as a "combo store" and include combo store openings within both the DICK'S Sporting Goods and specialty concept store reconciliations, as applicable. As of August 2, 2025, the Company operated 15 combo stores.

(2)

Beginning store count and square footage were updated to reflect one DICK'S Field House location that opened in fiscal 2024, which was previously reflected as a DICK'S store.

(3)

As of August 2, 2025, includes 30 Golf Galaxy Performance Centers, with six new openings during fiscal 2025, three of which were conversions of prior Golf Galaxy store locations.

(4)

Beginning store count and square footage were updated to reflect Warehouse Sale locations as described in the Company's Current Report on Form 8-K, filed with the SEC on March 11, 2025. As of February 2, 2025, beginning amounts now include 29 Warehouse Sale locations and 1.3 million of related square footage.

(5) 

Reflects stores converted between concept or prototype through store relocations or remodels as part of the Company's strategy to reposition its store portfolio. Including stores that converted between concepts, the Company relocated or remodeled six stores during the current year period.

(6) 

Includes square footage as of August 2, 2025 related to five Public Lands store closures as we plan to convert three into DICK'S House of Sport and two into DICK'S Field House stores during fiscal 2025 and early 2026.

(7) 

Columns may not recalculate due to rounding.

Non-GAAP Financial Measures 

In addition to reporting the Company's financial results for the second quarter in accordance with generally accepted accounting principles ("GAAP"), the Company reports certain financial results for the quarter that differ from what is reported under GAAP. These non-GAAP financial measures include non-GAAP gross margin, non-GAAP operating margin (also referred to as non-GAAP EBIT margin), non-GAAP EBT margin, non-GAAP net income, non-GAAP earnings per diluted share and net capital expenditures, which management believes provides investors with useful supplemental information to evaluate the Company's ongoing operations and to compare with past and future periods. Furthermore, management believes that adjustments related to its deferred compensation plans enables investors to better understand its selling, general and administrative expense trends by excluding non-cash changes in our deferred compensation plan investment fair values from market fluctuations that are offset within other income. Management also uses these non-GAAP measures internally for forecasting, budgeting, and measuring its operating performance. These measures should be viewed as supplementing, and not as an alternative or substitute for, the Company's financial results prepared in accordance with GAAP. The methods used by the Company to calculate its non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures presented herein may not be comparable to similar measures provided by other companies. A reconciliation of the Company's non-GAAP measures to the most directly comparable GAAP financial measures are provided below and on the Company's website at investors.DICKS.com.

Information reconciling certain forward-looking GAAP measures to non-GAAP measures related to full year 2025 outlook and guidance, including earnings per diluted share, net sales, comparable sales and capital expenditures, in each case presented herein on a non-GAAP basis due to the exclusion of acquisition-related costs, investment gains or results from the planned acquisition of Foot Locker, is not available without unreasonable effort due to high variability, complexity and uncertainty involved in forecasting and quantifying certain amounts with respect to and resulting from the planned acquisition that are necessary for such reconciliations. For those reasons, we are unable to address the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on our future GAAP financial results.

Forward-Looking Statements Involving Known and Unknown Risks and Uncertainties

This release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified as those that may predict, forecast, indicate or imply future results or performance and by forward-looking words such as "believe", "anticipate", "expect", "estimate", "predict", "intend", "plan", "project", "goal", "will", "will be", "will continue", "will result", "could", "may", "might" or any variations of such words or other words with similar meanings. Any statements about DICK'S Sporting Goods, Inc.'s ("DICK'S Sporting Goods"), Foot Locker, Inc.'s ("Foot Locker") or the combined company's plans, objectives, expectations, strategies, beliefs, or future performance or events constitute forward-looking statements. These statements are subject to known and unknown risks, uncertainties, assumptions, estimates, and other important factors that change over time, many of which may be beyond DICK'S Sporting Goods', Foot Locker's and the combined company's control. DICK'S Sporting Goods', Foot Locker's and the combined company's future performance and actual results may differ materially from those expressed or implied in such forward-looking statements. Forward-looking statements should not be relied upon as a prediction of actual results. Forward-looking statements include statements regarding, among other things, the Company's future performance, including 2025 guidance, continued comp growth, and improved gross margin; the benefits of the combination of DICK'S Sporting Goods and Foot Locker (the "Transaction"), including future financial and operating results and the combined company's plans, objectives, expectations, intentions, growth strategies and culture and other statements that are not historical facts.

Factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements include, but are not limited to, current macroeconomic conditions, including prolonged inflationary pressures, potential changes to international trade relations, geopolitical conflicts and adverse changes in consumer disposable income; supply chain constraints, delays and disruptions; fluctuations in product costs and availability due to tariffs, currency exchange rate fluctuations, fuel price uncertainty and labor shortages; changes in consumer demand for products in certain categories and consumer lifestyle changes; intense competition in the sporting goods industry; the overall success of DICK'S Sporting Goods', Foot Locker's and the combined company's strategic plans and initiatives; DICK'S Sporting Goods', Foot Locker's and the combined company's vertical brand strategy and plans; DICK'S Sporting Goods', Foot Locker's and the combined company's ability to optimize their respective distribution and fulfillment networks to efficiently deliver merchandise to their stores and the possibility of disruptions; DICK'S Sporting Goods', Foot Locker's and the combined company's dependence on suppliers, distributors, and manufacturers to provide sufficient quantities of quality products in a timely fashion; the potential impacts of unauthorized use or disclosure of sensitive or confidential customer, employee, vendor or other information; the risk of problems with DICK'S Sporting Goods', Foot Locker's and the combined company's information systems, including e-commerce platforms, and any associated disruptions to operations; DICK'S Sporting Goods', Foot Locker's and the combined company's ability to attract and retain customers, executive officers and employees; our investments in GameChanger, our sports technology platform, DICK'S Media Network, and other technology to enhance our store fulfillment, in-store pickup and other foundational capabilities; potential reputational harm; our athlete experiences and associated costs, innovation, liability and competition associated with our specialty stores and vertical brands; increasing labor costs; the effects of the performance of professional sports teams within DICK'S Sporting Goods', Foot Locker's and the combined company's core regions of operations; DICK'S Sporting Goods', Foot Locker's and the combined company's ability to control expenses and manage inventory shrink; the seasonality of certain categories of DICK'S Sporting Goods', Foot Locker's and the combined company's operations and weather-related risks; changes in applicable tax laws, regulations, treaties, interpretations and other guidance; product safety and labeling concerns; the projected range of capital expenditures of DICK'S Sporting Goods, Foot Locker and the combined company, including costs associated with new store development, relocations and remodels and investments in technology; plans to return capital to stockholders through dividends and share repurchases, if any; DICK'S Sporting Goods', Foot Locker's and the combined company's ability to meet market expectations; the influence of DICK'S Sporting Goods' Class B common stockholders and associated possible scrutiny and public pressure; compliance and litigation risks, including sufficient insurance with respect thereto; changing rules, regulations and expectations related to environmental, social and governance matters; DICK'S Sporting Goods', Foot Locker's and the combined company's ability to protect their respective intellectual property rights or respond to claims of infringement by third parties; the availability of adequate capital; obligations and other provisions related to DICK'S Sporting Goods', Foot Locker's and the combined company's indebtedness; DICK'S Sporting Goods', Foot Locker's and the combined company's future results of operations and financial condition; the occurrence of any event, change or other circumstance that could give rise to the right of one or both of the parties to terminate the Transaction; the outcome of any legal proceedings that may be instituted against DICK'S Sporting Goods or Foot Locker, including with respect to the Transaction; the possibility that the Transaction does not close when expected or at all conditions to closing are not received or satisfied on a timely basis or at all; the risk that the benefits from the Transaction, including anticipated cost synergies, may not be fully realized or may take longer to realize than expected; the ability to promptly and effectively integrate the businesses of DICK'S Sporting Goods and Foot Locker following the closing of the Transaction; the dilution caused by the issuance of shares of DICK'S Sporting Goods common stock in the Transaction; the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the terms of the debt financing incurred in connection with the Transaction; reputational risk and potential adverse reactions of DICK'S Sporting Goods' or Foot Locker's customers, employees or other business partners; and the diversion of DICK'S Sporting Goods' and Foot Locker's management's attention and time from ongoing business operations and opportunities due to the Transaction. These factors are not necessarily all of the factors that could cause DICK'S Sporting Goods', Foot Locker's or the combined company's actual results, performance or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other factors, including unknown or unpredictable factors, also could harm DICK'S Sporting Goods', Foot Locker's or the combined company's results.

For additional information on these and other factors that could affect DICK'S Sporting Goods' or Foot Locker's actual results, see the risk factors set forth in DICK'S Sporting Goods' and Foot Locker's filings with the Securities and Exchange Commission (the "SEC"), including DICK'S Sporting Goods' most recent Annual Report on Form 10-K, filed with the SEC on March 27, 2025, and its other filings with the SEC, Foot Locker's most recent Annual Report on Form 10-K, filed with the SEC on March 27, 2025, and its other filings with the SEC, as well as the risks described in DICK'S Sporting Goods' registration statement on Form S-4 and definitive proxy statement/prospectus relating to the Transaction. DICK'S Sporting Goods and Foot Locker disclaim and do not undertake any obligation to update or revise any forward-looking statement in this communication, except as required by applicable law or regulation. Forward-looking statements included in this communication are made as of the date of this communication.

Conference Call Info  

The Company will host a conference call today at 10:00 a.m. Eastern Time to discuss the second quarter results. Investors will have the opportunity to listen to the earnings conference call over the internet through the Company's website located at investors.DICKS.com. To listen to the live call, please go to the website at least fifteen minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live webcast, it will be archived on the Company's website for approximately twelve months.

About DICK'S Sporting Goods, Inc.

DICK'S Sporting Goods (NYSE: DKS) creates confidence and excitement by inspiring, supporting and personally equipping all athletes to achieve their dreams. Founded in 1948 and headquartered in Pittsburgh, the leading omni-channel retailer serves athletes and outdoor enthusiasts in more than 850 DICK'S Sporting Goods, Golf Galaxy, Public Lands and Going Going Gone! stores, online, and through the DICK'S mobile app. DICK'S also owns and operates DICK'S House of Sport and Golf Galaxy Performance Center, as well as GameChanger, a youth sports mobile platform for live streaming, scheduling, communications and scorekeeping.

Driven by its belief that sports have the power to change lives, DICK'S has been a longtime champion for youth sports and, together with its Foundation, has donated millions of dollars to support under-resourced teams and athletes through the Sports Matter program and other community-based initiatives. Additional information about DICK'S business, corporate giving and employment opportunities can be found on dicks.com, investors.dicks.com, sportsmatter.org, dickssportinggoods.jobs and on Instagram, TikTok, Facebook and X.

Contacts:

Investor Relations:
Nate Gilch, Senior Director of Investor Relations
DICK'S Sporting Goods, Inc.
investors@dcsg.com
(724) 273-3400

Media Relations:
(724) 273-5552 or press@dcsg.com

Category: Earnings

 

DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED

(In thousands, except per share data)




13 Weeks Ended



August 2,

2025


% of

Sales


August 3,

2024


% of

Sales (1)










Net sales


$            3,646,616


100.00 %


$            3,473,635


100.00 %

Cost of goods sold, including occupancy and
     distribution costs


2,295,344


62.94


2,197,935


63.27










GROSS PROFIT


1,351,272


37.06


1,275,700


36.73










Selling, general and administrative expenses


878,737


24.10


796,673


22.93

Merger and integration costs


8,028


0.22


—


—

Pre-opening expenses


12,322


0.34


8,931


0.26










INCOME FROM OPERATIONS


452,185


12.40


470,096


13.53










Interest expense


16,118


0.44


13,521


0.39

Other (income) expense


(73,749)


(2.02)


(25,756)


(0.74)










INCOME BEFORE INCOME TAXES


509,816


13.98


482,331


13.89










Provision for income taxes


128,414


3.52


120,101


3.46










NET INCOME


$                381,402


10.46 %


$               362,230


10.43 %










EARNINGS PER COMMON SHARE:









Basic


$                      4.82




$                     4.50



Diluted


$                      4.71




$                     4.37












WEIGHTED AVERAGE COMMON SHARES
   OUTSTANDING:









Basic


79,147




80,432



Diluted


81,041




82,814












(1) Column does not add due to rounding

 

DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED

(In thousands, except per share data)

 



26 Weeks Ended



August 2,

2025


% of

Sales (1)


August 3,

2024


% of

Sales (1)










Net sales


$           6,821,293


100.00 %


$           6,492,019


100.00 %

Cost of goods sold, including occupancy and
   distribution costs


4,304,935


63.11


4,121,025


63.48










GROSS PROFIT


2,516,358


36.89


2,370,994


36.52










Selling, general and administrative expenses


1,664,265


24.40


1,540,071


23.72

Merger and integration costs


8,028


0.12


—


—

Pre-opening expenses


25,763


0.38


30,027


0.46










INCOME FROM OPERATIONS


818,302


12.00


800,896


12.34










Interest expense


28,256


0.41


27,357


0.42

Other (income) expense


(67,493)


(0.99)


(51,148)


(0.79)










INCOME BEFORE INCOME TAXES


857,539


12.57


824,687


12.70










Provision for income taxes


211,849


3.11


187,162


2.88










NET INCOME


$              645,690


9.47 %


$              637,525


9.82 %










EARNINGS PER COMMON SHARE:









Basic


$                    8.15




$                    7.92



Diluted


$                    7.95




$                    7.67












WEIGHTED AVERAGE COMMON SHARES
   OUTSTANDING:









Basic


79,244




80,507



Diluted


81,259




83,080












(1) Column does not add due to rounding

 

DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - UNAUDITED

(In thousands)

 



August 2,

2025


August 3,

2024


February 1,

2025

ASSETS







CURRENT ASSETS:







Cash and cash equivalents


$              1,231,022


$             1,691,899


$            1,689,940

Accounts receivable, net


223,879


168,495


214,250

Income taxes receivable


29,792


11,410


4,920

Inventories, net


3,403,914


3,178,024


3,349,830

Prepaid expenses and other current assets


165,440


130,707


158,767

Total current assets


5,054,047


5,180,535


5,417,707








Property and equipment, net


2,431,782


1,862,206


2,069,914

Operating lease assets


2,424,625


2,346,020


2,367,317

Intangible assets, net


58,598


56,520


58,598

Goodwill


245,857


245,857


245,857

Deferred income taxes


3,387


31,928


52,684

Other assets


472,475


212,893


246,617

TOTAL ASSETS


$           10,690,771


$            9,935,959


$          10,458,694








LIABILITIES AND STOCKHOLDERS' EQUITY







CURRENT LIABILITIES:







Accounts payable


$             1,401,800


$             1,426,650


$             1,497,743

Accrued expenses


666,451


604,372


653,324

Operating lease liabilities


504,975


489,511


503,236

Income taxes payable


34,391


58,454


30,718

Deferred revenue and other liabilities


371,900


342,019


395,041

Total current liabilities


2,979,517


2,921,006


3,080,062

LONG-TERM LIABILITIES:







Revolving credit borrowings


—


—


—

 Senior notes


1,484,707


1,483,734


1,484,217

Long-term operating lease liabilities


2,619,090


2,423,264


2,500,307

Deferred income taxes


40,535


—


—

Other long-term liabilities


211,836


183,070


195,844

Total long-term liabilities


4,356,168


4,090,068


4,180,368

COMMITMENTS AND CONTINGENCIES







STOCKHOLDERS' EQUITY:







Common stock


556


568


567

Class B common stock


236


236


236

Additional paid-in capital


1,502,184


1,463,498


1,495,329

Retained earnings


6,843,448


6,045,601


6,392,513

Accumulated other comprehensive loss


(426)


(465)


(755)

Treasury stock, at cost


(4,990,912)


(4,584,553)


(4,689,626)

Total stockholders' equity


3,355,086


2,924,885


3,198,264

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


$           10,690,771


$            9,935,959


$          10,458,694








 

DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

(In thousands)

 



26 Weeks Ended



August 2,

2025


August 3,

2024

CASH FLOWS FROM OPERATING ACTIVITIES:





Net income


$           645,690


$            637,525

Adjustments to reconcile net income to net cash provided by operating
activities:





Depreciation and amortization


203,522


189,219

Amortization of deferred financing fees and debt discount


5,774


1,162

Deferred income taxes


89,832


5,918

Stock-based compensation


37,948


32,812

Other, net


(32,591)


2,443

Changes in assets and liabilities:





Accounts receivable


(11,670)


(34,396)

Inventories


(54,084)


(329,227)

Prepaid expenses and other assets


(17,185)


(10,464)

Accounts payable


(88,601)


141,555

Accrued expenses


(22,748)


5,450

Income taxes payable / receivable


(21,199)


(3,356)

Construction allowances provided by landlords


70,583


46,556

Deferred revenue and other liabilities


(20,016)


(22,501)

Operating lease assets and liabilities


(49,614)


(36,548)

Net cash provided by operating activities


735,641


626,148

CASH FLOWS FROM INVESTING ACTIVITIES:





Capital expenditures


(526,076)


(372,105)

Proceeds from sale of other assets


—


8,775

Other investing activities


(122,794)


(3,548)

Net cash used in investing activities


(648,870)


(366,878)

CASH FLOWS FROM FINANCING ACTIVITIES:





Payment of bridge facility financing fees


(7,863)


—

Proceeds from exercise of stock options


969


12,950

Minimum tax withholding requirements


(32,059)


(31,111)

Cash paid for treasury stock


(303,671)


(163,567)

Cash dividends paid to stockholders


(196,052)


(183,094)

Decrease in bank overdraft


(7,342)


(3,633)

Net cash used in financing activities


(546,018)


(368,455)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS


329


(136)

NET DECREASE IN CASH AND CASH EQUIVALENTS


(458,918)


(109,321)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD


1,689,940


1,801,220

CASH AND CASH EQUIVALENTS, END OF PERIOD


$          1,231,022


$         1,691,899

 

DICK'S SPORTING GOODS, INC.

GAAP to NON-GAAP RECONCILIATIONS - UNAUDITED

 

Non-GAAP Net Income and Earnings Per Share Reconciliations

(dollars in thousands, except per share amounts)

 


13 Weeks Ended August 2, 2025











Selling, general

and

administrative

expenses

Merger and

integration

costs

Income from

operations (4)

Interest

expense

Other

(income)

expense

Income

before

income

taxes

Net

income (5)

Earnings

per

diluted

share

GAAP Basis

$            878,737

$        8,028

$      452,185

$   16,118

$  (73,749)

$  509,816

$ 381,402

$           4.71

% of Net Sales

24.10 %

0.22 %

12.40 %

0.44 %

(2.02) %

13.98 %

10.46 %


Investment gains (1)

—

—

—

—

49,745

(49,745)

(36,812)


Foot Locker
 acquisition-related
 costs (2)

—

(8,028)

8,028

(4,508)

—

12,536

10,337


Deferred
 compensation plan
 adjustments (3)

(14,739)

—

14,739

—

14,739

—

—


Non-GAAP Basis

$           863,998

$             —

$     474,952

$   11,610

$  (9,265)

$  472,607

$  354,927

$           4.38

% of Net Sales

23.69 %

— %

13.02 %

0.32 %

(0.25) %

12.96 %

9.73 %


 

(1)  Includes non-cash gains from non-operating investment in Foot Locker equity securities.

(2)  Represents legal and regulatory fees, other professional services and deferred financing amortization on a bridge facility related to
      the pending Foot Locker acquisition.

(3)  Includes non-cash changes in fair value of employee deferred compensation plan investments held in rabbi trusts.

(4)  Also referred to by management as earnings before interest, other expense or income and income taxes ("EBIT").

(5)  Except for $4.1 million of non-deductible merger and integration costs, the provision for income taxes for non-GAAP adjustments was
      calculated at 26%, which approximates the Company's blended tax rate.



26 Weeks Ended August 2, 2025











Selling, general

and

administrative

expenses

Merger and

integration

costs

Income from

operations (4)

Interest

expense

Other

(income)

expense

Income

before

income

taxes

Net

income (5)

Earnings

per

diluted

share

GAAP Basis

$         1,664,265

$        8,028

$       818,302

$  28,256

$  (67,493)

$  857,539

$  645,690

$          7.95

% of Net Sales

24.40 %

0.12 %

12.00 %

0.41 %

(0.99) %

12.57 %

9.47 %


Investment gains (1)

—


—

—

35,865

(35,865)

(26,539)


Foot Locker
 acquisition-related
 costs (2)

—

(8,028)

8,028

(4,508)

—

12,536

10,337


Deferred 
 compensation plan
 adjustments (3)

(9,031)

—

9,031

—

9,031

—

—


Non-GAAP Basis

$         1,655,234

$             —

$       835,361

$  23,748

$  (22,597)

$  834,210

$  629,488

$          7.75

% of Net Sales

24.27 %

— %

12.25 %

0.35 %

(0.33) %

12.23 %

9.23 %


 

(1)  Includes non-cash gains from non-operating investment in Foot Locker equity securities.

(2)  Represents legal and regulatory fees, other professional services and deferred financing amortization on a bridge facility related to
      the pending Foot Locker acquisition.

(3)  Includes non-cash changes in fair value of employee deferred compensation plan investments held in rabbi trusts.

(4)  Also referred to by management as earnings before interest, other expense or income and income taxes ("EBIT").

(5)  Except for $4.1 million of non-deductible merger and integration costs, the provision for income taxes for non-GAAP adjustments was
     calculated at 26%, which approximates the Company's blended tax rate.

 

13 Weeks Ended August 3, 2024









Selling, general

and

administrative

expenses

Income from

operations (2)

Other

(income)

expense

Income

before

income

taxes

Net income

Earnings

per diluted

share

GAAP Basis

$             796,673

$      470,096

$    (25,756)

$   482,331

$ 362,230

$             4.37

% of Net Sales

22.93 %

13.53 %

(0.74) %

13.89 %

10.43 %


Deferred compensation
  plan adjustments (1)

(10,399)

10,399

10,399

—

—


Non-GAAP Basis

$             786,274

$       480,495

$    (15,357)

$   482,331

$ 362,230

$             4.37

% of Net Sales

22.64 %

13.83 %

(0.44) %

13.89 %

10.43 %


 

(1)  Included non-cash changes in fair value of employee deferred compensation plan investments held in rabbi trusts.

(2)  Also referred to by management as earnings before interest, other expense or income and income taxes ("EBIT").



26 Weeks Ended August 3, 2024









Selling, general

and

administrative

expenses

Income from

operations (2)

Other

(income)

expense

Income

before

income

taxes

Net income

Earnings

per diluted

share

GAAP Basis

$          1,540,071

$      800,896

$    (51,148)

$   824,687

$  637,525

$             7.67

% of Net Sales

23.72 %

12.34 %

(0.79) %

12.70 %

9.82 %


Deferred compensation
  plan adjustments (1)

(14,146)

14,146

14,146

—

—


Non-GAAP Basis

$          1,525,925

$       815,042

$   (37,002)

$   824,687

$  637,525

$             7.67

% of Net Sales

23.50 %

12.55 %

(0.57) %

12.70 %

9.82 %


 

(1)  Included non-cash changes in fair value of employee deferred compensation plan investments held in rabbi trusts.

(2)  Also referred to by management as earnings before interest, other expense or income and income taxes ("EBIT").

 

Gross Capital Expenditures to Net Capital Expenditures Reconciliation

(in thousands) 

 

The following table represents a reconciliation of the Company's gross capital expenditures to its capital expenditures, net
of construction allowances.

 



26 Weeks Ended



August 2,

2025


August 3,

2024

Gross capital expenditures


$               (526,076)


$                (372,105)

Construction allowances provided by landlords


70,583


46,556

Net capital expenditures


$               (455,493)


$                (325,549)

 

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SOURCE DICK'S Sporting Goods, Inc.