Dick’s Sporting Goods ended fiscal 2025 with a sharp step-up in revenue as Foot Locker’s results were folded into the group, while earnings moved lower amid integration-related costs and other post-deal effects. For the year ended 31 January 2026, the retailer reported consolidated net sales of $17.22bn, up 28.1% year on year. Net income, however, declined to $849m from $1.17bn in the prior year, a shift the company linked to the financial impact of the Dicks Foot Locker acquisition.
On a GAAP basis, diluted earnings per share fell to $9.97 from $14.05 in fiscal 2024. Using the company’s adjusted view, non-GAAP diluted EPS came in at $13.2, slightly below the prior-year $14.05, according to Dick’s.
Within Dick’s core business—separate from the acquired Foot Locker operations—the picture was firmer. Non-GAAP earnings per diluted share improved to $14.58 versus $14.05 a year earlier, while comparable sales for the segment increased 4.5%, supported by growth in both transactions and average ticket. The retailer said it continued to invest behind the model, posting gross capital expenditures of $1.14bn during the year as it upgraded store formats and digital capabilities.
Q4: Sales surge, profit pressured on a reported basis
In the fourth quarter, consolidated net sales climbed to $6.23bn from $3.89bn a year earlier, reflecting the expanded group following the Dicks Foot Locker acquisition. Yet reported profitability softened: net income fell to $128m from $300m, and GAAP diluted EPS dropped to $1.41 from $3.62.
On a non-GAAP basis, the quarter looked more stable. Adjusted net income edged up to $314m from $300m in the year-ago period, though non-GAAP diluted EPS slipped to $3.45 from $3.62, which the company attributed to a higher share count following the Foot Locker transaction. In the Dick’s segment, Q4 comparable sales rose 3.1%, and non-GAAP earnings per diluted share increased to $4.05 from $3.62.
Store strategy: experiential formats keep expanding
Dick’s continued to lean into larger, experience-led concepts during 2025. The company opened 16 House of Sport locations and added 15 Field House stores over the year.
By 31 January 2026, the combined Dick’s and Foot Locker group operated 3,195 stores globally. The Dick’s business finished the year with 888 stores, while the Foot Locker segment accounted for 2,561 locations.
For 2026, Dick’s plans to open approximately 14 additional House of Sport stores and 22 Dick’s Field House locations, continuing its push to deepen customer engagement through in-store experiences.
“We’ve now owned the Foot Locker business for about six months and our excitement and conviction in the long-term opportunity continue to grow,” said Ed Stack, executive chairman of Dick’s Sporting Goods.
2026 outlook: higher sales base, profit targets set by segment
For fiscal 2026, Dick’s expects consolidated net sales of $22.1bn to $22.4bn. Operating income is forecast at $1.71bn to $1.83bn, or $1.68bn to $1.81bn on a non-GAAP basis.
The retailer guided to GAAP diluted EPS of $13.7 to $14.7, with non-GAAP earnings per diluted share expected between $13.5 and $14.5.
Within the Dick’s segment, the company anticipates comparable sales growth of 2% to 4%. Foot Locker is expected to post proforma comparable sales growth of 1% to 3%. Segment profit is projected at $1.58bn to $1.66bn for Dick’s, while Foot Locker is expected to contribute $100m to $150m.
Lauren Hobart, president and CEO of Dick’s, said: “We’re very proud of our company’s Q4 results. Our strong execution powered a great holiday season and another strong quarter with comp growth over 3 per cent and double-digit non-GAAP EPS growth. For 2026, we expect continued comparable sales growth, strategic expansion of our store footprint and strong profitability for the Dick’s business,” said Lauren Hobart, president and chief executive officer of Dick’s.