DICK’S Sporting Goods (DKS) Q3 2025 Financial Results Summary
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DICK’S Sporting Goods, Inc. (DKS) Q3 2025 Financial Results Summary
PITTSBURGH, November 25, 2025 – DICK’S Sporting Goods, Inc. (NYSE: DKS), a leading global sports retailer, has reported its financial results for the third quarter ended November 1, 2025. Below is a detailed summary of the financial performance and highlights from the quarter.
Key Financial Highlights
- Net Sales:
- Q3 2025: $4.17 billion
- Q3 2024: $3.06 billion
-
Change: +36.3%
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Net Income:
- Q3 2025: $75 million
- Q3 2024: $228 million
-
Change: -67%
-
Earnings Per Share (EPS):
-
Diluted EPS:
- Q3 2025: $0.86
- Q3 2024: $2.75
- Change: -69%
-
Non-GAAP Earnings Per Diluted Share:
- Q3 2025: $2.07
- Q3 2024: $2.75
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Change: -25%
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Comparable Sales Growth (DICK’S Business):
- Q3 2025: 5.7%
- Q3 2024: 4.3%
- Change: +32.6%
Operating Results Overview
- Income from Operations (GAAP):
- Q3 2025: $93.1 million (2.2% of net sales)
- Q3 2024: $286 million (9.4% of net sales)
-
Change: -67.5%
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Income from Operations (Non-GAAP):
- Q3 2025: $242.2 million (5.8% of net sales)
- Q3 2024: $289.5 million (9.5% of net sales)
-
Change: -16.3%
-
Gross Margins:
- Q3 2025: 33.1%
- Q3 2024: 35.8%
- Change: -2.7 percentage points
Strategic Developments
- Dividends & Share Repurchases:
- Declared a quarterly dividend of $1.2125 per share, payable on December 26, 2025.
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Share repurchases amounted to $299 million, a 75% increase compared to $170 million in the prior year.
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Store Expansion:
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Opened 13 new House of Sport locations and 6 new DICK’S Field House locations in Q3.
-
Acquisition of Foot Locker:
- Completed acquisition on September 8, 2025.
- Expected pre-tax charges of $500 million to $750 million associated with merger and integration costs.
Year-to-Date Results
- Net Sales (39 weeks ended November 1, 2025):
- 2025: $10.99 billion
- 2024: $9.55 billion
-
Change: +15.1%
-
Net Income:
- 2025: $721 million
- 2024: $865 million
-
Change: -17%
-
Earnings Per Share (EPS):
-
Diluted EPS:
- 2025: $8.66
- 2024: $10.43
- Change: -17%
-
Comparable Sales Growth Year-to-Date:
- 2025: 5.0%
- 2024: 4.7%
Balance Sheet Highlights
- Cash and Cash Equivalents:
- November 1, 2025: $821 million
- November 2, 2024: $1.46 billion
-
Change: -44%
-
Inventories:
- November 1, 2025: $5.64 billion
- November 2, 2024: $3.73 billion
-
Change: +51%
-
Long-term Debt:
- November 1, 2025: $1.91 billion
- November 2, 2024: $1.48 billion
- Change: +28%
Future Guidance
- Full year 2025 guidance has been raised:
- Comparable sales growth: Increased to 3.5% to 4.0% from 2.0% to 3.5%.
- Earnings per share: Increased to $14.25 to $14.55 from $13.90 to $14.50.
In summary, DICK’S Sporting Goods delivered strong sales growth driven by positive comparable store sales growth despite facing challenges impacting net income and gross margins. The company’s strategic expansion and recent acquisition of Foot Locker are expected to support future growth trajectories.
Here are the extracted tables from the press release, formatted in Markdown:
CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED
(In thousands, except per share data)
| 13 Weeks Ended | 39 Weeks Ended | |||
|---|---|---|---|---|
| November 1, 2025 | % of Sales(1) | November 2, 2024 | % of Sales(1) | |
| Net sales | $ 4,167,773 | 100.00% | $ 10,989,066 | 100.00% |
| Cost of goods sold, including occupancy and distribution costs | $ 2,786,913 | 66.87% | $ 7,091,849 | 64.54% |
| GROSS PROFIT | $ 1,380,860 | 33.13% | $ 3,897,217 | 35.46% |
| Selling, general and administrative expenses | $ 1,118,600 | 26.84% | $ 2,782,864 | 25.32% |
| Merger and integration costs | $ 138,549 | 3.32% | $ 146,577 | 1.33% |
| Pre-opening expenses | $ 30,614 | 0.73% | $ 56,377 | 0.51% |
| INCOME FROM OPERATIONS | $ 93,097 | 2.23% | $ 911,399 | 8.29% |
| Interest expense | $ 18,339 | 0.44% | $ 46,596 | 0.42% |
| Other (income) expense | $ -29,649 | -0.71% | $ -97,142 | -0.88% |
| INCOME BEFORE INCOME TAXES | $ 104,407 | 2.51% | $ 961,945 | 8.75% |
| Provision for income taxes | $ 29,195 | 0.70% | $ 241,043 | 2.19% |
| NET INCOME | $ 75,212 | 1.80% | $ 720,902 | 6.56% |
| EARNINGS PER COMMON SHARE: | ||||
| Basic | $ 0.88 | $ 8.88 | ||
| Diluted | $ 0.86 | $ 8.66 | ||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||
| Basic | 85,070 | 81,186 | ||
| Diluted | 87,115 | 83,211 | ||
| (1)Column does not add due to rounding |
CONSOLIDATED BALANCE SHEETS – UNAUDITED
(In thousands)
| ASSETS | November 1, 2025 | November 2, 2024 | February 1, 2025 |
|---|---|---|---|
| CURRENT ASSETS: | |||
| Cash and cash equivalents | $ 821,331 | $ 1,458,655 | $ 1,689,940 |
| Accounts receivable, net | $ 474,848 | $ 217,863 | $ 214,250 |
| Income taxes receivable | $ 62,578 | $ 7,806 | $ 4,920 |
| Inventories, net | $ 5,640,833 | $ 3,725,912 | $ 3,349,830 |
| Prepaid expenses and other current assets | $ 351,807 | $ 125,723 | $ 158,767 |
| Total current assets | $ 7,351,397 | $ 5,535,959 | $ 5,417,707 |
| Property and equipment, net | $ 3,336,701 | $ 1,958,017 | $ 2,069,914 |
| Operating lease assets | $ 4,658,820 | $ 2,382,697 | $ 2,367,317 |
| Intangible assets, net | $ 796,715 | $ 56,472 | $ 58,598 |
| Goodwill | $ 699,352 | $ 245,857 | $ 245,857 |
| Deferred income taxes | $ 72,203 | $ 42,031 | $ 52,684 |
| Other assets | $ 511,900 | $ 230,778 | $ 246,617 |
| TOTAL ASSETS | $ 17,427,088 | $ 10,451,811 | $ 10,458,694 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||
| CURRENT LIABILITIES: | |||
| Accounts payable | $ 2,134,710 | $ 1,699,957 | $ 1,497,743 |
| Accrued expenses | $ 1,082,852 | $ 665,678 | $ 653,324 |
| Operating lease liabilities | $ 995,456 | $ 517,968 | $ 503,236 |
| Income taxes payable | $ 11,039 | $ 11,241 | $ 30,718 |
| Deferred revenue and other liabilities | $ 452,856 | $ 322,888 | $ 395,041 |
| Total current liabilities | $ 4,676,913 | $ 3,217,732 | $ 3,080,062 |
| LONG-TERM LIABILITIES: | |||
| Revolving credit borrowings | $ — | $ — | $ — |
| Long-term debt and financing lease obligations | $ 1,904,976 | $ 1,483,975 | $ 1,484,217 |
| Long-term operating lease liabilities | $ 4,798,817 | $ 2,487,303 | $ 2,500,307 |
| Deferred income taxes | $ 245,304 | $ — | $ — |
| Other long-term liabilities | $ 280,673 | $ 199,416 | $ 195,844 |
| Total long-term liabilities | $ 7,229,770 | $ 4,170,694 | $ 4,180,368 |
| STOCKHOLDERS’ EQUITY: | |||
| Common stock | $ 655 | $ 569 | $ 567 |
| Class B common stock | $ 236 | $ 236 | $ 236 |
| Additional paid-in capital | $ 3,704,365 | $ 1,470,946 | $ 1,495,329 |
| Retained earnings | $ 6,809,355 | $ 6,183,406 | $ 6,392,513 |
| Accumulated other comprehensive loss | $ -6,577 | $ -519 | $ -755 |
| Treasury stock, at cost | $ -4,987,629 | $ -4,591,253 | $ -4,689,626 |
| Total stockholders’ equity | $ 5,520,405 | $ 3,063,385 | $ 3,198,264 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 17,427,088 | $ 10,451,811 | $ 10,458,694 |