Revenue growth has stalled into negative territory at -0.4% YoY in 2026Q2, while gross margins exhibit significant quarterly volatility ranging from 33.9% to 44.6% over the past ten quarters, suggesting profitability is driven more by cost discipline and buybacks than top-line expansion.
Dillard's, Inc. (DDS) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Feb'25 | Feb'24 | Jan'23 | Jan'22 | Jan'21 | Feb'20 | Feb'19 | Feb'18 | Jan'17 | Jan'16 | Jan'15 | Feb'14 | Feb'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Feb'08 | Feb'07 | Jan'06 | Jan'05 | Jan'04 | Feb'03 | Feb'02 | Feb'01 | Jan'00 | Jan'99 | Jan'98 | Feb'97 |
|---|
| Sales/Revenue | 6.6B | 6.56B | 6.59B | 6.87B | 7B | 6.62B | 4.43B | 6.34B | 6.5B | 6.42B | 6.42B | 6.75B | 6.78B | 6.69B | 6.75B | 6.41B | 6.26B | 6.23B | 6.99B | 7.37B | 7.81B | 7.69B | 7.8B | 7.6B | 7.91B | 8.15B | 8.57B | 8.68B | 7.76B | 6.61B | 6.23B |
| Revenue Growth % | 0.21% | -0.41% | -4.13% | -1.74% | 5.61% | 49.42% | -30.11% | -2.46% | 1.26% | 0.07% | -4.98% | -0.38% | 1.32% | -0.89% | 5.4% | 2.35% | 0.51% | -10.9% | -5.19% | -5.62% | 1.5% | -1.41% | 2.71% | -3.94% | -2.99% | -4.81% | -1.27% | 11.77% | 17.44% | 6.14% | 5.23% |
| Cost of Goods Sold | 4.01B | 4.1B | 3.92B | 4.03B | 3.98B | 3.75B | 3.07B | 4.24B | 4.29B | 4.2B | 4.17B | 4.35B | 4.27B | 4.22B | 4.25B | 4.05B | 3.98B | 4.1B | 4.83B | 4.79B | 5.03B | 5.01B | 5.02B | 5.17B | 5.25B | 5.51B | 5.8B | 5.76B | 5.25B | 4.42B | 4.12B |
| COGS % of Revenue | - | 62.41% | 59.48% | 58.64% | 56.94% | 56.57% | 69.23% | 66.78% | 65.99% | 65.39% | 64.92% | 64.41% | 63.02% | 63.12% | 62.91% | 63.18% | 63.61% | 65.89% | 69.08% | 64.94% | 64.43% | 65.16% | 64.29% | 68.04% | 66.42% | 67.54% | 67.73% | 66.41% | 67.63% | 66.94% | 66.21% |
| Gross Profit | 2.59B | 2.47B | 2.67B | 2.84B | 3.01B | 2.88B | 1.36B | 2.11B | 2.21B | 2.22B | 2.25B | 2.4B | 2.51B | 2.47B | 2.5B | 2.36B | 2.28B | 2.12B | 2.16B | 2.58B | 2.78B | 2.68B | 2.79B | 2.43B | 2.66B | 2.65B | 2.76B | 2.91B | 2.51B | 2.19B | 2.1B |
| Gross Margin % | 39.19% | 37.59% | 40.52% | 41.36% | 43.06% | 43.43% | 30.77% | 33.22% | 34.01% | 34.61% | 35.08% | 35.59% | 36.98% | 36.88% | 37.09% | 36.82% | 36.39% | 34.11% | 30.92% | 35.06% | 35.57% | 34.84% | 35.71% | 31.96% | 33.58% | 32.46% | 32.27% | 33.59% | 32.37% | 33.06% | 33.79% |
| Gross Profit Growth % | - | -7.62% | -6.07% | -5.62% | 4.73% | 110.88% | -35.26% | -4.73% | -0.5% | -1.27% | -6.33% | -4.14% | 1.6% | -1.45% | 6.2% | 3.55% | 7.24% | -1.71% | -16.39% | -6.97% | 3.62% | -3.81% | 14.74% | -8.59% | 0.36% | -4.24% | -5.14% | 15.97% | 15% | 3.84% | 6.99% |
| Operating Expenses | 1.86B | 1.78B | 1.93B | 1.92B | 1.89B | 1.76B | 1.45B | 1.94B | 1.94B | 1.94B | 1.92B | 1.95B | 1.94B | 1.91B | 1.97B | 1.94B | 1.94B | 1.97B | 2.25B | 2.42B | 2.45B | 2.39B | 2.46B | 2.45B | 2.53B | 2.57B | 2.6B | 2.57B | 2.31B | 1.83B | 1.79B |
| OpEx % of Revenue | - | 27.1% | 29.29% | 27.91% | 26.96% | 26.55% | 32.64% | 30.58% | 29.89% | 30.28% | 29.86% | 28.82% | 28.64% | 28.61% | 29.12% | 30.24% | 30.97% | 31.56% | 32.25% | 32.89% | 31.4% | 31.07% | 31.46% | 32.28% | 32.03% | 31.58% | 30.34% | 29.6% | 29.78% | 27.7% | 28.73% |
| Selling, General & Admin | 1.79B | 1.76B | 1.75B | 1.74B | 1.7B | 1.56B | 1.23B | 1.72B | 1.72B | 1.71B | 1.67B | 1.7B | 1.69B | 1.66B | 1.71B | 1.68B | 1.68B | 1.7B | 1.99B | 2.13B | 2.15B | 2.09B | 2.15B | 2.16B | 2.23B | 2.26B | 2.3B | 2.28B | 2.07B | 1.63B | 1.59B |
| SG&A % of Revenue | - | 26.81% | 26.59% | 25.3% | 24.26% | 23.54% | 27.83% | 27.07% | 26.45% | 26.67% | 26.06% | 25.12% | 24.94% | 24.79% | 25.27% | 26.21% | 26.79% | 27.34% | 28.54% | 28.83% | 27.55% | 27.15% | 27.59% | 28.45% | 28.22% | 27.76% | 26.8% | 26.23% | 26.67% | 24.66% | 25.6% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 19.1M | 177.87M | 179.57M | 188.44M | 199.32M | 213.38M | 222.35M | 223.81M | 231.59M | 243.66M | 250.01M | 250.68M | 255.49M | 259.62M | 257.69M | 261.55M | 262.88M | 259.72M | 298.93M | 301.15M | 301.86M | 301.92M | 290.66M | 301.41M | 310.75M | 303.2M | 292.67M | 241.9M | 201.4M | 195.2M |
| Operating Income | 728M | 688.7M | 740.16M | 924.75M | 1.13B | 1.12B | -82.91M | 167.49M | 268.19M | 278.44M | 335.21M | 457.08M | 566M | 553.7M | 538.5M | 421.51M | 339.08M | 158.41M | -93.26M | 159.95M | 325.07M | 289.74M | 55.33M | -23.95M | 123.32M | 72.28M | 165.35M | 345.7M | 200.8M | 354.1M | 314.9M |
| Operating Margin % | 11.03% | 10.49% | 11.23% | 13.45% | 16.1% | 16.88% | -1.87% | 2.64% | 4.12% | 4.34% | 5.22% | 6.77% | 8.35% | 8.27% | 7.98% | 6.58% | 5.42% | 2.54% | -1.33% | 2.17% | 4.16% | 3.77% | 0.71% | -0.32% | 1.56% | 0.89% | 1.93% | 3.98% | 2.59% | 5.36% | 5.06% |
| Operating Income Growth % | - | -6.95% | -19.96% | -17.92% | 0.77% | 1448.56% | -149.5% | -37.55% | -3.68% | -16.94% | -26.66% | -19.24% | 2.22% | 2.82% | 27.75% | 24.31% | 114.06% | 269.85% | -158.31% | -50.8% | 12.19% | 423.71% | 331.02% | -119.42% | 70.61% | -56.29% | -52.17% | 72.16% | -43.29% | 12.45% | -6.61% |
| EBITDA | 864.8M | 868M | 919.68M | 1.11B | 1.32B | 1.32B | 133.4M | 391.8M | 494.04M | 512.12M | 581.13M | 709.23M | 818.34M | 810.94M | 800.07M | 680.98M | 602.48M | 423.17M | 192.92M | 460.81M | 628.33M | 594.12M | 360.86M | 273.25M | 428.87M | 385.99M | 471.45M | 641.57M | 442.7M | 555.5M | 510.1M |
| EBITDA Margin % | 13.1% | 13.23% | 13.96% | 16.09% | 18.82% | 19.92% | 3.01% | 6.18% | 7.6% | 7.97% | 9.05% | 10.5% | 12.07% | 12.12% | 11.85% | 10.63% | 9.63% | 6.8% | 2.76% | 6.25% | 8.05% | 7.72% | 4.62% | 3.6% | 5.42% | 4.73% | 5.5% | 7.39% | 5.7% | 8.4% | 8.19% |
| EBITDA Growth % | -2.95% | -5.62% | -16.84% | -16.01% | -0.22% | 889.17% | -65.95% | -20.69% | -3.53% | -11.88% | -18.06% | -13.33% | 0.91% | 1.36% | 17.49% | 13.03% | 42.37% | 119.35% | -58.13% | -26.66% | 5.76% | 64.64% | 32.06% | -36.28% | 11.11% | -18.13% | -26.52% | 44.92% | -20.31% | 8.9% | -3.85% |
| D&A (Non-Cash Add-back) | 133.6M | 179.3M | 179.52M | 181.18M | 190.03M | 201.44M | 216.31M | 224.31M | 225.85M | 233.68M | 245.92M | 252.15M | 252.33M | 257.24M | 261.57M | 259.47M | 263.39M | 264.76M | 286.18M | 300.86M | 303.26M | 304.38M | 305.54M | 297.2M | 305.55M | 313.71M | 306.1M | 295.87M | 241.9M | 201.4M | 195.2M |
| EBIT | 841.3M | 694.9M | 769.58M | 957.26M | 1.15B | 1.13B | -103.79M | 181.38M | 261.51M | 276.11M | 321.4M | 471.01M | 573.31M | 561.75M | 550.76M | 470.56M | 344.92M | 162.72M | -291.18M | 159.95M | 325.07M | 289.74M | 331.37M | -23.95M | 123.32M | 72.28M | 165.35M | 345.7M | 200.8M | 354.1M | 314.9M |
| Net Interest Income | 2M | 6.2M | 13.7M | 4.6M | -30.53M | -43.09M | -49.11M | -46.23M | -52.52M | -62.58M | -63.06M | -60.92M | -61.31M | -64.5M | -69.6M | -72.23M | -73.81M | -75.66M | -88.82M | -91.56M | -98.14M | -105.57M | 2.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.7M | 6.2M | 53.57M | 45.24M | 12.83M | 1.85M | 505K | 1.26M | 1.03M | 842K | 663K | 1.3M | 1.23M | 1.02M | 1.42M | 1.66M | 2.39M | 2.54M | 0 | 0 | 9.31M | 0 | 141.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.7M | 0 | 39.87M | 40.64M | 43.35M | 44.94M | 49.61M | 47.49M | 53.55M | 63.42M | 63.72M | 62.23M | 62.54M | 65.53M | 71.01M | 73.89M | 76.21M | 78.2M | 88.82M | 91.56M | 107.46M | 105.57M | 139.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 113.3M | 6.2M | -10.46M | -8.14M | -17.22M | -29.77M | -70.49M | -33.6M | -60.23M | -65.75M | -77.54M | -48.3M | -55.24M | -57.48M | -58.75M | -24.84M | -70.37M | -73.88M | -286.74M | -99.43M | -71.23M | 0 | 129.23M | 39.94M | 87.78M | 39.29M | -24.49M | -61.75M | 18.3M | 55.9M | 63.8M |
| Pretax Income | 841.3M | 694.9M | 729.7M | 916.62M | 1.11B | 1.09B | -153.4M | 133.89M | 207.96M | 212.69M | 257.68M | 408.78M | 510.77M | 496.22M | 479.75M | 396.67M | 268.72M | 84.53M | -380M | 60.52M | 253.84M | 135.78M | 184.55M | 15.99M | 211.1M | 111.57M | 140.86M | 283.95M | 219.1M | 410M | 378.7M |
| Pretax Margin % | 12.75% | 10.59% | 11.07% | 13.33% | 15.86% | 16.43% | -3.46% | 2.11% | 3.2% | 3.31% | 4.01% | 6.05% | 7.53% | 7.42% | 7.11% | 6.19% | 4.29% | 1.36% | -5.44% | 0.82% | 3.25% | 1.76% | 2.36% | 0.21% | 2.67% | 1.37% | 1.64% | 3.27% | 2.82% | 6.2% | 6.08% |
| Income Tax | 159.5M | 124.7M | 136.22M | 177.77M | 217.8M | 225.9M | -81.75M | 22.8M | 37.7M | -7.8M | 88.5M | 140.8M | 179.5M | 173.4M | 145.1M | -62.52M | 84.5M | 12.7M | -140.52M | 13.01M | 20.58M | 14.3M | 66.89M | 6.65M | 74.8M | 45.78M | 44.03M | 120.22M | 83.8M | 151.7M | 140.1M |
| Effective Tax Rate % | 18.96% | 17.95% | 18.67% | 19.39% | 19.63% | 20.76% | 53.29% | 17.03% | 18.13% | -3.67% | 34.35% | 34.44% | 35.14% | 34.94% | 30.24% | -15.76% | 31.45% | 15.03% | 36.98% | 21.5% | 8.11% | 10.53% | 36.24% | 41.58% | 35.43% | 41.04% | 31.26% | 42.34% | 38.25% | 37% | 36.99% |
| Net Income | 682.2M | 570.6M | 593.48M | 738.85M | 891.64M | 862.47M | -71.7M | 111.08M | 170.3M | 221.3M | 169.2M | 269.4M | 331.9M | 323.7M | 336M | 463.9M | 179.6M | 68.5M | -241.06M | 53.76M | 245.65M | 121.48M | 117.67M | 9.34M | -398.4M | 71.8M | -5.85M | 163.73M | 135.3M | 258.3M | 238.6M |
| Net Margin % | 10.34% | 8.69% | 9.01% | 10.75% | 12.74% | 13.02% | -1.62% | 1.75% | 2.62% | 3.45% | 2.64% | 3.99% | 4.9% | 4.84% | 4.98% | 7.24% | 2.87% | 1.1% | -3.45% | 0.73% | 3.15% | 1.58% | 1.51% | 0.12% | -5.04% | 0.88% | -0.07% | 1.89% | 1.74% | 3.91% | 3.83% |
| Net Income Growth % | 18.51% | -3.85% | -19.68% | -17.14% | 3.38% | 1302.89% | -164.55% | -34.77% | -23.05% | 30.79% | -37.19% | -18.83% | 2.53% | -3.66% | -27.57% | 158.3% | 162.19% | 128.42% | -548.4% | -78.11% | 102.2% | 3.25% | 1159.27% | 102.35% | -654.9% | 1327.32% | -103.57% | 21.01% | -47.62% | 8.26% | 42.7% |
| Net Income (Continuing) | 681.8M | 570.2M | 593.48M | 738.85M | 891.64M | 862.47M | -71.65M | 111.08M | 170.26M | 220.49M | 169.22M | 269.37M | 331.85M | 323.67M | 335.96M | 463.91M | 179.62M | 68.53M | -241.06M | 53.76M | 245.65M | 121.48M | 117.67M | 9.34M | 136.3M | 65.79M | 96.83M | 163.73M | 135.3M | 258.3M | 238.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200M | 200M | 200M | 200M | 200M | 531.58M | 531.58M | 531.58M | 531.58M | 0 | 0 | 0 |
| EPS (Diluted) | 43.73 | 36.44 | 36.82 | 44.73 | 50.81 | 41.88 | -3.16 | 4.38 | 6.24 | 7.50 | 4.93 | 6.91 | 7.79 | 7.10 | 6.87 | 8.52 | 2.67 | 0.93 | -3.25 | 0.68 | 3.05 | 1.49 | 1.41 | 0.11 | -4.67 | 0.85 | 0.24 | 1.55 | 1.26 | 2.31 | 2.09 |
| EPS Growth % | 20.38% | -1.03% | -17.68% | -11.97% | 21.32% | 1425.32% | -172.15% | -29.81% | -16.8% | 52.13% | -28.65% | -11.3% | 9.72% | 3.35% | -19.37% | 219.1% | 187.1% | 128.62% | -577.94% | -77.7% | 104.7% | 5.67% | 1181.82% | 102.36% | -649.41% | 254.17% | -84.52% | 23.02% | -45.45% | 10.53% | 41.22% |
| EPS (Basic) | - | 36.44 | 36.82 | 44.73 | 50.81 | 41.88 | -3.16 | 4.38 | 6.24 | 7.51 | 4.93 | 6.91 | 7.79 | 7.10 | 6.98 | 8.67 | 2.68 | 0.93 | -3.25 | 0.69 | 3.09 | 1.49 | 1.41 | 0.11 | -4.71 | 0.85 | 0.24 | 1.55 | 1.26 | 2.32 | 2.10 |
| Diluted Shares Outstanding | 15.6M | 15.6M | 16.12M | 16.52M | 17.55M | 20.59M | 22.7M | 25.36M | 27.3M | 29.5M | 34.3M | 39M | 42.6M | 45.6M | 48.9M | 54.4M | 67.2M | 73.8M | 74.28M | 79.1M | 80.47M | 81.66M | 83.45M | 84.94M | 85.32M | 84.49M | 91.2M | 105.62M | 107.38M | 111.82M | 114.16M |
| Basic Shares Outstanding | 15.6M | 15.6M | 16.12M | 16.52M | 17.55M | 20.59M | 22.7M | 25.36M | 27.3M | 29.49M | 34.3M | 39M | 42.6M | 45.59M | 48.1M | 53.5M | 66.9M | 73.8M | 74.28M | 78.41M | 79.6M | 81.5M | 83.45M | 84.94M | 84.51M | 84.02M | 91.17M | 105.47M | 107.38M | 111.34M | 113.62M |
| Dividend Payout Ratio | - | 84.96% | 69.72% | 45.83% | 30.43% | 35.39% | - | 10.37% | 6.52% | 4.26% | 5.78% | 3.71% | 3.12% | 2.27% | 75.1% | 2.16% | 6.19% | 17.22% | - | 23.24% | 5.19% | 10.69% | 11.3% | 143.35% | - | 18.28% | - | 10.36% | 12.79% | 6.93% | 4.78% |
Quick answers to the most common questions about buying DDS stock.
For fiscal year 2025, Dillard's, Inc. (DDS) reported total revenue of $6.56B. This represents a 5.4% increase compared to $6.23B in 1996.
Dillard's, Inc. (DDS) is profitable, generating $570.6M in net income for the fiscal year ending 2025 with a net profit margin of 8.7%.
Dillard's, Inc. (DDS) reported an operating income of $688.7M, resulting in an operating profit margin of 10.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Dillard's, Inc. (DDS) generated $2.47B in gross profit for the year, representing a gross profit margin of 37.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Stagnant revenue growth
Metrics are mathematically derived from official filings.
Revenue Growth Stalls Amid Margin Resilience
Dillard's revenue growth has decelerated into negative territory, with the most recent quarter showing a -0.4% year-over-year decline, a stark contrast to the modest gains seen in early 2025.
The company's top-line trajectory has shifted from a period of modest, low-single-digit growth in early 2025 to a clear deceleration, with the last two quarters showing negative growth. This suggests the company is not capturing incremental market share and is instead focused on profitability over expansion. The lack of revenue growth, combined with strong margin performance, indicates a strategic pivot towards cash generation and capital returns rather than top-line expansion.
Gross Margin Volatility Masks Underlying Strength
Dillard's gross margin has exhibited significant quarterly volatility, ranging from 33.9% to 44.6% over the past ten quarters, yet consistently outperforms key department store peers like Macy's and Kohl's.
The wide swings in gross margin, particularly the sharp drop to 33.9% in 2025Q4 followed by a rebound to 42.5% in 2026Q1, suggest a highly promotional and seasonal business model where markdown discipline is critical. However, the company's ability to achieve margins in the low-to-mid 40s, as seen in 2025Q1 and 2026Q1, demonstrates a structural advantage, likely stemming from its owned real estate and limited-promotion strategy. This margin resilience, even as revenue stagnates, is a key differentiator from more leveraged peers.
Operating Leverage Amplifies Margin Swings
Operating income has demonstrated extreme sensitivity to gross profit changes, with operating margins swinging from 6.1% to 15.1% over the period, indicating a high fixed-cost base that magnifies profitability on stronger sales.
The company's operating leverage is pronounced; a 10-percentage-point swing in gross margin (from 34.6% to 44.6%) translated into an 8-percentage-point swing in operating margin (from 6.1% to 14.1%). This suggests that while SG&A expenses are relatively stable in absolute terms, they represent a significant fixed cost that compresses profitability during weaker quarters. The implication is that Dillard's earnings are highly cyclical and dependent on achieving a certain gross profit threshold each quarter to maintain healthy operating margins.
EPS Growth Driven by Buybacks, Not Operations
Dillard's EPS growth has been volatile, with a 34.1% increase in the latest quarter despite a -0.4% revenue decline, a pattern that appears heavily influenced by the company's aggressive share repurchase program.
The disconnect between revenue growth and EPS growth is a hallmark of a company using financial engineering to boost per-share metrics. For instance, in 2026Q2, EPS grew 34.1% while revenue contracted, implying that the reduction in share count is the primary driver of shareholder returns. This strategy can mask underlying operational weakness, as net income growth has not consistently kept pace with EPS growth. Investors should therefore focus on cash flow from operations and net income trends rather than headline EPS figures to assess true business performance.
SG&A Discipline Anchors Profitability
Selling, general, and administrative expenses have remained remarkably stable, hovering between $423.8M and $458.6M per quarter, demonstrating exceptional cost control despite fluctuating revenue.
The stability of SG&A expenses, which have varied by less than 8% over ten quarters, is a testament to management's operational discipline. This fixed-cost behavior means that incremental gross profit flows almost directly to operating income, explaining the high operating leverage. However, it also means that in periods of revenue decline, the fixed nature of these costs can quickly erode profitability, as seen in the 2025Q2 and 2026Q2 quarters where operating margins compressed significantly.
Margin Expansion May Be Unsustainable
The recent surge in gross margin to 40.9% in 2026Q2, reportedly boosted by tariff rebates, raises questions about the sustainability of current profitability levels if such one-time benefits fade.
A short-seller would focus on the fact that the impressive margin beat in the latest quarter was partially driven by non-recurring tariff-related cost recoveries. If this tailwind reverses, the company's core margin profile may be lower than headline figures suggest. Furthermore, with revenue growth negative, any future margin compression from normalized tariffs, increased promotional activity, or higher input costs would directly impact the bottom line, as the company has no top-line growth to offset such pressures.