Dick's Sporting Goods

DKS · NYSE · Consumer Discretionary · Financials, fiscal 2016 to 2025

DKS · Last close · October 26, 2026

$144.48

Dick's Sporting Goods' revenue rose 28.1% to $17.2 billion in fiscal 2025. Its operating margin was 6.4%, down from 11.0% a year earlier. Free cash flow was $400 million, down 21.4%. It paid out $761 million in dividends and buybacks, 190% of free cash flow. The diluted share count rose 2.7%.

DICK'S Sporting Goods, Inc. Latest fiscal year ended January 31, 2026 10-K filed March 27, 2026 · 0001089063-26-000007 Updated October 9, 2026

Revenue

$17.2B

28.1%

Operating margin

6.4%

4.6 pts

Net income

$849M

27.1%

Free cash flow

$400M

21.4%

Return on equity

19.4%

20.6 pts

Market cap

$13.0B

Oct 26 close

P/E

15.7x

On $9.21 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Dick's tags its senior notes and its convertible notes separately, with no total for the years it had both, and some years' debt only under other labels, so debt and debt-based ratios are left blank.

What Dick's Sporting Goods does

Dick's Sporting Goods is a sports retailer. It sells sports equipment, apparel, footwear and accessories through stores and online. Its banners include Dick's Sporting Goods, Golf Galaxy, Public Lands and Going Going Gone!, plus larger "experience" stores such as House of Sport. It also owns GameChanger, a subscription app for live streaming, scheduling and scorekeeping in youth sports.

In fiscal 2025 it bought Foot Locker, which sells sneakers and athletic apparel under the Foot Locker, Kids Foot Locker, Champs Sports, WSS and atmos names in North America, Europe, Asia and Australia. The company now reports two segments, Dick's and Foot Locker. Foot Locker also earns royalties from licensed stores run by other operators. Dick's says its own vertical brands, which it owns or licenses and sells only in its stores and online, were its second largest vendor, at $1.8 billion, or about 13% of net sales in the Dick's business.

It buys from about 1,500 vendors. Nike is the largest, at about 31% of purchases across both businesses, and the company has no long-term purchase contracts with vendors. Its ScoreCard loyalty program has about 30 million members and accounts for over 75% of Dick's total sales. The company says it competes with other sporting goods and retail businesses, including online-only sellers. The Foot Locker deal closed on September 8, 2025.

Its biggest risks, as it describes them

Weak consumer spending in a downturn, and intense competition from other sporting goods and retail businesses.
Not gaining the expected benefits from the Foot Locker deal, or struggling to combine the two businesses.
Its reliance on a few key suppliers and on products made outside the United States.
Strategic plans, including new store formats and real estate moves, that may not deliver the results it expects.
Debt and the terms of its debt agreements that could limit its flexibility.

From Dick's Sporting Goods's annual report on Form 10-K, filed March 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 16.3% a year and net income 12.8% a year, as buybacks cut the share count by 24%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Dick's Sporting Goods yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Dick's Sporting Goods says to expect

Fiscal 2026: pre-tax chargesWe currently expect total pre-tax charges up to $750 million, including $200 million in fiscal 2026, with the remaining charges to be incurred over the medium term.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed August 25, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Dick's Sporting Goods' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Dick's Sporting Goods' net cash, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at January 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Dick's Sporting Goods's own revenue growth, as above. Cautious: growth of 6% then 4% a year, 2% after year 10, a 10% discount rate. Base: growth of 11.5% then 7% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 17.5% then 10% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $144.48
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Dick's Sporting Goods' earnings per share of $9.21 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 15.7×, the middle of Dick's Sporting Goods' own P/E today, its peers' median and its sector's median (Dick's Sporting Goods' own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to August 1, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Signet Jewelers, Academy Sports + Outdoors, Five Below, Sally Beauty.

Earnings growth in the years ahead (% a year) Starts at Dick's Sporting Goods' revenue growth over the last 3 years, 11.7% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $144.48
Value at this multiple, against the last close: —
Dick's Sporting Goods' P/E at the last close: 15.7×

Company	Last close	Earnings per share	P/E today
Five BelowFIVE	$230.00	$11.16	20.6×
Dick's Sporting GoodsDKS	$144.48	$9.21	15.7×
Signet JewelersSIG	$115.00	$8.62	13.3×
Academy Sports + OutdoorsASO	$59.61	$5.99	10.0×
Sally BeautySBH	$17.43	$1.92	9.1×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	2,643	1,924	1,801	1,690	1,353
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	35.2x	15.4x	22.1x	27.8x	17.1x
Current ratio	1.9x	1.9x	1.8x	1.8x	1.5x
Quick ratio	1.0x	0.8x	0.7x	0.7x	0.5x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 7 insiders bought $5.6 million of Dick's Sporting Goods shares on the open market, and 3 insiders sold $47.1 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 30, 2026	Matthew BarnesPresident - Foot Locker Intl	Bought	3,665	$136.39	$499,869	Form 4
Sep 23, 2026	Larry Fitzgerald Jr.Director	Bought	1,860	$131.67	$244,906	Form 4
Sep 22, 2026	Navdeep GuptaEVP, Chief Financial Officer	Bought	7,707	$129.75	$999,983	Form 4
Sep 1, 2026	William J ColomboDirector	Bought	913	$133.19	$121,602	Form 4
Aug 27, 2026	Mark J BarrenecheaDirector	Bought	17,000	$130.72	$2.2 million	Form 4
Aug 27, 2026	William J ColomboDirector	Bought	1,100	$129.00	$141,900	Form 4
Aug 26, 2026	William J ColomboDirector	Bought	5,000	$128.72	$643,600	Form 4
Aug 26, 2026	Robert W. EddyDirector	Bought	4,000	$128.70	$514,800	Form 4
Aug 26, 2026	Sandeep MathraniDirector	Bought	1,550	$128.89	$199,779	Form 4
May 28, 2026	Lauren R HobartPresident & CEO, Director	Sold	20,083	$228.12	$4.6 million	Form 4
Apr 17, 2026	Julie Lodge-JarrettEVP, Chf People & Purpose Ofcr	Sold	4,140	$223.56	$925,531	Form 4
Mar 31, 2026	Edward W StackExecutive Chairman, Director, 10% owner	Sold	210,478	$197.69	$41.6 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Pass	Pass	Fail
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Fail	Pass
F-score	—	—	—
Accruals ratio	−5.2%	−1.5%	−4.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Dick's Sporting Goods side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Dick's Sporting Goods	FY25	28.1%	6.4%	2.3%	—	—	—
Signet Jewelers	FY26	1.6%	5.8%	7.7%	24.9%	−1.6x	8	Compare
Academy Sports + Outdoors	FY25	2.0%	8.5%	3.7%	17.6%	0.2x	7	Compare
Five Below	FY25	22.9%	9.6%	8.6%	26.9%	−1.4x	7	Compare
Sally Beauty	FY25	−0.4%	8.9%	4.7%	16.1%	1.7x	8	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	7,922	8,590	8,437	8,751	9,584	12,293	12,368	12,984	13,443	17,215
Revenue growth	8.9%	8.4%	−1.8%	3.7%	9.5%	28.3%	0.6%	5.0%	3.5%	28.1%
Gross profit	2,366	2,489	2,438	2,555	3,051	4,712	4,285	4,534	4,826	5,667
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	450	478	445	376	742	2,034	1,463	1,282	1,474	1,096
Net income	287	323	320	298	530	1,520	1,043	1,046	1,165	849
Diluted EPS (US$)	2.56	3.01	3.24	3.34	5.72	13.87	10.78	12.18	14.05	9.97
Diluted shares (millions)	112	108	99	89	93	110	99	86	83	85
Cash flow
Cash from operations	769	746	713	405	1,553	1,617	922	1,527	1,312	1,537
Capital expenditure	422	474	198	218	224	308	364	587	803	1,137
Free cash flow	347	272	515	187	1,329	1,309	558	940	509	400
Dividends paid	68	73	89	98	107	603	163	351	362	414
Share buybacks	146	285	323	402	0	1,145	458	649	263	347
Acquisitions	119	9	0	0	0	0	0	0	0	257
Stock-based compensation	34	36	42	44	50	53	51	57	71	124
Balance sheet at fiscal year end
Cash and short-term investments	165	101	114	69	1,658	2,643	1,924	1,801	1,690	1,353
Debt incl. finance leases	—	—	—	—	—	—	—	—	—	—
Total assets	4,058	4,204	4,187	6,629	7,753	9,042	8,992	9,312	10,459	17,412
Total liabilities	2,129	2,262	2,283	4,897	5,413	6,940	6,468	6,694	7,260	11,871
Shareholders' equity	1,930	1,942	1,904	1,732	2,340	2,102	2,525	2,617	3,198	5,540
Margins and ratios
Gross margin	29.9%	29.0%	28.9%	29.2%	31.8%	38.3%	34.6%	34.9%	35.9%	32.9%
Operating margin	5.7%	5.6%	5.3%	4.3%	7.7%	16.6%	11.8%	9.9%	11.0%	6.4%
Net margin	3.6%	3.8%	3.8%	3.4%	5.5%	12.4%	8.4%	8.1%	8.7%	4.9%
Free cash flow margin	4.4%	3.2%	6.1%	2.1%	13.9%	10.6%	4.5%	7.2%	3.8%	2.3%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	15.5%	16.7%	16.6%	16.4%	26.1%	68.5%	45.1%	40.7%	40.1%	19.4%
Return on assets	7.5%	7.8%	7.6%	5.5%	7.4%	18.1%	11.6%	11.4%	11.8%	6.1%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Dick's Sporting Goods' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Dick's Sporting Goods.