Revenue growth remains inconsistent with a modest 2.7% increase in 2026Q1, while gross margins exhibit significant volatility, fluctuating between 33.9% and 45.5% over the last ten quarters.
| 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 | 6.61B | 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 % | 0.62% | -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 | 4.11B | 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 | 2.5B | 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 % | 37.81% | 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 | 1.8B | 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 | 1.78B | 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 | 697.12M | 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 % | 10.55% | 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 | 875.32M | 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 % | 13.25% | 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 % | -2.67% | -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) | 178.2M | 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 | 708.2M | 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 | 6.2M | 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 | 3.9M | 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 | -2.3M | 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 | 111.36M | 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 | 808.49M | 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 % | 12.24% | 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 | 151.5M | 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 % | 18.74% | 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 | 657.4M | 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 % | 9.95% | 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 % | 13.89% | -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) | 656.9M | 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) | 42.14 | 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 % | 16.22% | -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% |
Stagnant top-line growth
According to the provided financial data, Dillard's revenue growth remains inconsistent, with recent quarterly figures showing a modest 2.7% increase in 2026Q1 following a period of contraction, suggesting that the company's organic expansion efforts are currently struggling to gain meaningful traction in a competitive retail environment.
The lack of sustained revenue growth indicates that the company's current retail strategy may be reaching a maturity ceiling. Investors should monitor whether the reliance on existing store footprints without significant new expansion will continue to limit top-line performance in future periods.
As reported in the income statement, gross margins have fluctuated significantly, ranging from a low of 33.9% in 2025Q4 to a high of 45.5% in 2024Q1, which highlights the company's sensitivity to markdown cadences and inventory management within its fashion-heavy product mix.
This volatility suggests that maintaining high-margin performance is increasingly difficult as the company navigates a more promotional retail landscape. The normalization of these margins warrants further investigation into whether the company can sustain its historical pricing power without sacrificing volume.
Based on the reported figures, Dillard's maintains an operating margin of 14.3% as of 2026Q1, demonstrating a lean corporate structure that effectively leverages its owned real estate to minimize the rent-related overhead burdens that typically constrain the operating profitability of its department store peers.
The company's ability to scale operating income relative to gross profit appears to be a direct result of its asset-heavy ownership model. This structural advantage provides a buffer against operational downturns, though it requires consistent inventory turnover to remain effective.
Data from recent filings indicates that EPS growth is heavily influenced by aggressive share repurchases, as evidenced by the 54.4% EPS growth in 2026Q1 despite only modest revenue gains, which suggests that per-share metrics may be artificially inflated relative to underlying operational performance.
Investors should be cautious when interpreting EPS as a proxy for operational health, as the reduction in share count significantly distorts the growth narrative. The absence of stock-based compensation further highlights a conservative approach to capital, yet it raises questions about the sustainability of EPS growth if buyback capacity diminishes.
While the company's ownership of real estate is a clear differentiator, the stagnant revenue growth of -0.41% over the observed period suggests that the market may be correct to discount the stock as a capital-return vehicle rather than a growth-oriented retail enterprise.
Short-term observers might argue that the reliance on share buybacks to drive EPS growth is a defensive reaction to a lack of viable investment opportunities in the core business. This strategy may leave the company vulnerable if consumer preferences shift rapidly and the existing store footprint becomes a liability rather than an asset.
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.