DICK’S Sporting Goods (DKS) Q4 2025 earnings summary

Executive summary

• Achieved record full-year sales of $13.44 billion, with 5.2% comparable sales growth and Q4 comps up 6.4%, driven by growth in both average ticket and transactions.

• Non-GAAP EBT reached $1.52 billion (11.3% of net sales), and non-GAAP EPS was $14.05, up 10.5% year-over-year; net income increased 11% to $1.17 billion.

• Gained nearly 50 basis points of market share, now holding just under 9% of the $140 billion U.S. sports retail industry.

• Strategic focus on omnichannel experience, differentiated product assortment, real estate repositioning, and investments in digital, e-commerce, and technology.

• Opened 7 House of Sport and 15 Field House locations in 2024; plans for 16 more House of Sport and 18 Field House openings in 2025.

Financial highlights

• Full-year consolidated sales increased 3.5% to $13.44 billion; Q4 net sales were $3.89 billion, the largest sales quarter in company history.

• Full-year EBT margin was 11.3%; gross margin expanded to 35.9%, up from 34.9% in 2023.

• Full-year EPS was $14.05, up from $12.18 in 2023; Q4 EPS was $3.62.

• Operating income for the year was $1.47 billion (10.96% of sales), up from $1.28 billion (9.88%) in 2023.

• Ended the year with $1.7 billion in cash and no borrowings on a $1.6 billion credit facility.

Outlook and guidance

• 2025 consolidated sales expected between $13.6–$13.9 billion; comparable sales growth of 1–3%.

• EPS guidance for 2025 is $13.80–$14.40; gross margin expected to expand by 75 basis points year-over-year.

• EBIT and EBT margins projected at 11.1% at midpoint; pre-opening expenses of $65M–$75M.

• Capital expenditures for 2025 expected at ~$1.2 billion gross, ~$1.0 billion net, focused on store growth, relocations, and technology.

• SG&A deleverage expected, especially in the first half, offsetting gross margin gains.