DICK’S Sporting Goods (DKS) Q3 2026 earnings summary

Executive summary

• Completed the acquisition of Foot Locker in September 2025, creating a leading global sports retailer with a $300B addressable market and 6.5% market share.

• DICK'S Business delivered strong Q3 results with 5.7% comp sales growth and record FY24 net sales of $13.44B, up 3.5% year-over-year.

• Foot Locker underperformed as expected, with Q3 pro forma comp sales down 4.7% and a $46.3M operating loss, but aggressive turnaround actions and integration are underway.

• Strategic focus includes omni-channel growth, digital investments, and expansion of House of Sport and Field House concepts, with 13 new House of Sport and 6 new Field House locations opened in Q3.

• Updated full-year outlook reflects increased confidence, with raised guidance for comp sales and EPS, and the acquisition expected to be accretive to EPS in FY26, excluding one-time costs.

Financial highlights

• Q3 consolidated net sales rose 36.3% to $4.17B, including $931M from Foot Locker and 5.7% comp growth at DICK'S; FY24 DICK'S net sales were $13.44B (+3.5% YoY).

• Q3 DICK'S Business non-GAAP EPS was $2.78, up from $2.75 last year; consolidated non-GAAP EPS was $2.07; GAAP net income was $75M ($0.86 per share).

• Consolidated gross profit was $1.38B (33.1% of sales), down 264 bps YoY due to Foot Locker's lower margins; DICK'S Business non-GAAP gross margin was 35.90%.

• Q3 consolidated operating margin (GAAP) was 2.2%, down from 9.4% YoY; DICK'S Business non-GAAP operating margin was 8.9%.

• Foot Locker contributed a $46.3M operating loss and $930.9M in sales in Q3.

Outlook and guidance

• Raised full-year 2025 DICK'S Business comp sales growth guidance to 3.5%-4.0% and EPS to $14.25-$14.55; net sales expected between $13.95B-$14.0B.

• DICK'S Business expects gross margin expansion, partially offset by SG&A deleverage; Foot Locker Q4 gross margin expected to decline 1,000–1,500 bps, with comp sales down mid to high single digits.

• Acquisition expected to be accretive to EPS in FY26, excluding one-time costs; estimated pre-tax charges of $500–$750M for Foot Locker integration and asset optimization.