Revenue growth has accelerated to 53.2% in 2026Q2, but operating margins have compressed to 7.9% from a 2024 peak of 13.5%, indicating the Foot Locker acquisition is currently dilutive to profitability.
DICK'S Sporting Goods, Inc. (DKS) annual income statement — 28-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 | Jan'03 | Jan'02 | Jan'01 | Jan'00 | Jan'99 |
|---|
| Sales/Revenue | 21.15B | 17.22B | 13.44B | 12.98B | 12.37B | 12.29B | 9.58B | 8.75B | 8.44B | 8.59B | 7.92B | 7.27B | 6.81B | 6.21B | 5.84B | 5.21B | 4.87B | 4.41B | 4.13B | 3.89B | 3.11B | 2.62B | 2.11B | 1.47B | 1.27B | 1.07B | 893.4M | 728.34M | 628.86M |
| Revenue Growth % | 53.54% | 28.06% | 3.53% | 4.98% | 0.61% | 28.27% | 9.52% | 3.72% | -1.79% | 8.44% | 8.95% | 6.7% | 9.68% | 6.46% | 11.98% | 6.99% | 10.39% | 6.84% | 6.22% | 24.86% | 18.64% | 24.44% | 43.41% | 15.58% | 18.43% | 20.28% | 22.66% | 15.82% | - |
| Cost of Goods Sold | 14.37B | 11.55B | 8.62B | 8.45B | 8.08B | 7.58B | 6.53B | 6.2B | 6B | 6.1B | 5.56B | 5.09B | 4.73B | 4.27B | 4B | 3.62B | 3.42B | 3.2B | 2.95B | 2.73B | 2.22B | 1.89B | 1.52B | 1.06B | 935.19M | 811M | 684.38M | 564.45M | 490.13M |
| COGS % of Revenue | - | 67.08% | 64.1% | 65.08% | 65.36% | 61.67% | 68.17% | 70.81% | 71.1% | 71.03% | 70.14% | 69.98% | 69.38% | 68.71% | 68.52% | 69.4% | 70.25% | 72.42% | 71.33% | 70.22% | 71.21% | 71.9% | 72.19% | 72.28% | 73.49% | 75.47% | 76.6% | 77.5% | 77.94% |
| Gross Profit | 6.78B | 5.67B | 4.83B | 4.53B | 4.28B | 4.71B | 3.05B | 2.55B | 2.44B | 2.49B | 2.37B | 2.18B | 2.09B | 1.94B | 1.84B | 1.59B | 1.45B | 1.22B | 1.18B | 1.16B | 896.7M | 737.64M | 586.53M | 407.74M | 337.39M | 263.57M | 209.01M | 163.9M | 138.74M |
| Gross Margin % | 32.05% | 32.92% | 35.9% | 34.92% | 34.64% | 38.33% | 31.83% | 29.19% | 28.9% | 28.97% | 29.86% | 30.02% | 30.62% | 31.29% | 31.48% | 30.6% | 29.75% | 27.58% | 28.67% | 29.78% | 28.79% | 28.1% | 27.81% | 27.72% | 26.51% | 24.53% | 23.4% | 22.5% | 22.06% |
| Gross Profit Growth % | - | 17.44% | 6.44% | 5.82% | -9.07% | 54.45% | 19.42% | 4.79% | -2.06% | 5.21% | 8.38% | 4.61% | 7.34% | 5.81% | 15.19% | 10.07% | 19.07% | 2.78% | 2.24% | 29.15% | 21.56% | 25.76% | 43.85% | 20.85% | 28.01% | 26.1% | 27.53% | 18.14% | - |
| Operating Expenses | 5.34B | 4.34B | 3.35B | 3.25B | 2.82B | 2.68B | 2.31B | 2.18B | 1.99B | 2.01B | 1.92B | 1.65B | 1.53B | 1.41B | 1.31B | 1.16B | 1.14B | 981.25M | 1.14B | 889.25M | 698.99M | 604.89M | 475.66M | 321.41M | 268.31M | 218.21M | 6.47M | 135.89M | 121.66M |
| OpEx % of Revenue | - | 25.2% | 24.93% | 25.04% | 22.81% | 21.78% | 24.09% | 24.9% | 23.62% | 23.42% | 24.19% | 22.66% | 22.49% | 22.65% | 22.51% | 22.31% | 23.4% | 22.24% | 27.55% | 22.87% | 22.45% | 23.04% | 22.55% | 21.85% | 21.08% | 20.31% | 0.72% | 18.66% | 19.35% |
| Selling, General & Admin | 5.29B | 4.34B | 3.29B | 3.18B | 2.8B | 2.66B | 2.3B | 2.17B | 1.99B | 1.98B | 1.88B | 1.61B | 1.5B | 1.39B | 1.3B | 1.16B | 1.14B | 981.25M | 944.44M | 889.25M | 698.99M | 567.1M | 455.32M | 321.41M | 268.31M | 218.21M | 169.39M | 132.4M | 116.48M |
| SG&A % of Revenue | - | 25.2% | 24.51% | 24.52% | 22.64% | 21.67% | 23.98% | 24.84% | 23.55% | 23.08% | 23.68% | 22.19% | 22.04% | 22.31% | 22.23% | 22.31% | 23.4% | 22.24% | 22.87% | 22.87% | 22.45% | 21.6% | 21.59% | 21.85% | 21.08% | 20.31% | 18.96% | 18.18% | 18.52% |
| 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 57.49M | 67.84M | 21.69M | 13.3M | 10.7M | 5.27M | -2.56M | 31.81M | 40.29M | -305K | 5.17M | 12.22M | 4.55M | 0 | 10.49M | 0 | 209.23M | 0 | 0 | 37.79M | 20.34M | 0 | 0 | 0 | 6.47M | 3.49M | 5.19M |
| Operating Income | 1.44B | 1.33B | 1.47B | 1.28B | 1.46B | 2.03B | 741.48M | 375.61M | 444.73M | 477.57M | 449.85M | 535.19M | 554.06M | 536.81M | 523.67M | 432.02M | 309.25M | 225.57M | 30.38M | 268.82M | 197.71M | 132.75M | 110.87M | 86.33M | 69.08M | 45.36M | 33.15M | 28M | 17.07M |
| Operating Margin % | 6.8% | 7.72% | 10.96% | 9.88% | 11.83% | 16.55% | 7.74% | 4.29% | 5.27% | 5.56% | 5.68% | 7.36% | 8.13% | 8.64% | 8.97% | 8.29% | 6.35% | 5.11% | 0.74% | 6.91% | 6.35% | 5.06% | 5.26% | 5.87% | 5.43% | 4.22% | 3.71% | 3.84% | 2.71% |
| Operating Income Growth % | - | -9.83% | 14.94% | -12.35% | -28.09% | 174.39% | 97.4% | -15.54% | -6.88% | 6.16% | -15.95% | -3.41% | 3.21% | 2.51% | 21.22% | 39.7% | 37.1% | 642.5% | -88.7% | 35.97% | 48.94% | 19.73% | 28.43% | 24.96% | 52.3% | 36.82% | 18.39% | 64.03% | - |
| EBITDA | 1.61B | 1.82B | 1.87B | 1.68B | 1.83B | 2.35B | 1.07B | 688.11M | 752.06M | 720.55M | 683.69M | 728.79M | 733.49M | 691.74M | 648.77M | 548.6M | 419.64M | 326.52M | 121.11M | 343.87M | 252.64M | 182.61M | 148.49M | 103.88M | 83.5M | 57.44M | 42.58M | 36.67M | 25.19M |
| EBITDA Margin % | 7.62% | 10.56% | 13.94% | 12.91% | 14.78% | 19.15% | 11.14% | 7.86% | 8.91% | 8.39% | 8.63% | 10.02% | 10.76% | 11.13% | 11.12% | 10.53% | 8.61% | 7.4% | 2.93% | 8.84% | 8.11% | 6.96% | 7.04% | 7.06% | 6.56% | 5.35% | 4.77% | 5.03% | 4.01% |
| EBITDA Growth % | -15.48% | -3.02% | 11.81% | -8.32% | -22.32% | 120.51% | 55.13% | -8.5% | 4.37% | 5.39% | -6.19% | -0.64% | 6.04% | 6.62% | 18.26% | 30.73% | 28.52% | 169.6% | -64.78% | 36.11% | 38.35% | 22.98% | 42.94% | 24.4% | 45.37% | 34.91% | 16.12% | 45.54% | - |
| D&A (Non-Cash Add-back) | 313.35M | 488.63M | 400.41M | 393.93M | 365.48M | 319.4M | 326.01M | 312.5M | 307.33M | 242.98M | 233.83M | 193.59M | 179.43M | 154.93M | 125.1M | 116.58M | 110.39M | 100.95M | 90.73M | 75.05M | 54.93M | 49.86M | 37.62M | 17.55M | 14.42M | 12.08M | 9.43M | 8.66M | 8.12M |
| EBIT | 1.31B | 1.33B | 1.57B | 1.38B | 1.48B | 2.05B | 760.55M | 433.31M | 444.73M | 509.38M | 464.28M | 534.89M | 559.23M | 549.04M | 495.86M | 445.89M | 311.53M | 227.72M | 32.88M | 268.82M | 197.71M | 170.54M | 131.21M | 86.33M | 69.08M | 45.36M | 202.55M | 28M | 17.07M |
| Net Interest Income | -71.39M | -64.26M | -52.99M | -58.02M | -95.22M | -57.84M | -48.81M | -17.01M | -10.25M | -8.05M | -5.86M | -4.01M | -3.21M | -2.93M | -6.03M | -13.87M | -14.02M | -4.54M | -18.91M | 0 | -10.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 141K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 71.39M | 64.26M | 52.99M | 58.02M | 95.22M | 57.84M | 48.81M | 17.01M | 10.25M | 8.05M | 5.86M | 4.01M | 3.21M | 2.93M | 6.03M | 13.87M | 14.02M | 4.54M | 19.06M | 11.29M | 10.03M | 12.96M | 8.01M | 1.83M | 2.86M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -267.97M | -187.13M | 45.1M | 35.79M | -79.27M | -40.06M | -29.74M | 32.09M | -12.81M | 23.76M | 8.57M | -4.32M | 1.96M | 9.29M | -33.85M | 6K | -11.74M | -2.4M | -16.56M | -11.29M | -10.03M | -11.12M | 3.97M | 1.71M | -5.31M | -6.24M | -6.96M | -3.52M | -4.83M |
| Pretax Income | 1.17B | 1.14B | 1.52B | 1.32B | 1.38B | 1.99B | 711.74M | 407.7M | 431.92M | 501.34M | 458.42M | 530.88M | 556.01M | 546.11M | 489.82M | 432.03M | 297.51M | 223.18M | 21.77M | 257.53M | 187.69M | 121.63M | 114.84M | 88.03M | 63.77M | 39.12M | 26.19M | 24.48M | 12.24M |
| Pretax Margin % | 5.53% | 6.63% | 11.3% | 10.15% | 11.19% | 16.22% | 7.43% | 4.66% | 5.12% | 5.84% | 5.79% | 7.3% | 8.16% | 8.79% | 8.39% | 8.29% | 6.11% | 5.06% | 0.53% | 6.62% | 6.03% | 4.63% | 5.44% | 5.99% | 5.01% | 3.64% | 2.93% | 3.36% | 1.95% |
| Income Tax | 330.29M | 292.73M | 353.73M | 271.63M | 340.61M | 474.57M | 181.48M | 110.24M | 112.06M | 177.89M | 171.03M | 200.48M | 211.82M | 208.51M | 199.12M | 168.12M | 115.43M | 87.82M | 56.87M | 102.49M | 75.07M | 48.65M | 45.94M | 35.21M | 25.51M | 15.65M | 10.48M | 13.31M | 5.92M |
| Effective Tax Rate % | 28.25% | 25.63% | 23.29% | 20.61% | 24.62% | 23.79% | 25.5% | 27.04% | 25.94% | 35.48% | 37.31% | 37.76% | 38.1% | 38.18% | 40.65% | 38.91% | 38.8% | 39.35% | 261.18% | 39.8% | 40% | 40% | 40% | 40% | 40% | 40% | 40% | 54.35% | 48.33% |
| Net Income | 838.83M | 849.24M | 1.17B | 1.05B | 1.04B | 1.52B | 530.25M | 297.46M | 319.86M | 323.44M | 287.4M | 330.39M | 344.2M | 337.6M | 290.71M | 263.91M | 182.08M | 135.36M | -39.87M | 155.04M | 112.61M | 72.98M | 68.91M | 52.82M | 38.26M | 23.47M | 8.41M | 11.18M | 6.33M |
| Net Margin % | 3.97% | 4.93% | 8.67% | 8.06% | 8.43% | 12.36% | 5.53% | 3.4% | 3.79% | 3.77% | 3.63% | 4.54% | 5.05% | 5.43% | 4.98% | 5.06% | 3.74% | 3.07% | -0.97% | 3.99% | 3.62% | 2.78% | 3.27% | 3.59% | 3.01% | 2.18% | 0.94% | 1.53% | 1.01% |
| Net Income Growth % | -28.52% | -27.12% | 11.35% | 0.32% | -31.37% | 186.63% | 78.26% | -7% | -1.11% | 12.54% | -13.01% | -4.01% | 1.96% | 16.13% | 10.16% | 44.94% | 34.51% | 439.54% | -125.71% | 37.67% | 54.3% | 5.91% | 30.45% | 38.04% | 63.03% | 179.05% | -24.75% | 76.71% | - |
| Net Income (Continuing) | 838.83M | 849.24M | 1.17B | 1.05B | 1.04B | 1.52B | 530.25M | 297.46M | 319.86M | 323.44M | 287.4M | 330.39M | 344.2M | 337.6M | 290.71M | 263.91M | 182.08M | 135.36M | -39.87M | 155.04M | 112.61M | 72.98M | 68.91M | 52.82M | 38.26M | 23.47M | 15.71M | 11.18M | 7.34M |
| 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 |
| Minority Interest | 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 |
| EPS (Diluted) | 9.31 | 9.97 | 14.05 | 12.18 | 10.78 | 13.87 | 5.72 | 3.34 | 3.24 | 3.01 | 2.56 | 2.83 | 2.84 | 2.69 | 2.31 | 2.10 | 1.50 | 1.15 | -0.31 | 1.33 | 1.01 | 0.68 | 0.65 | 0.53 | 0.47 | 0.37 | 0.08 | -0.57 | -1.21 |
| EPS Growth % | -34.99% | -29.04% | 15.35% | 12.99% | -22.28% | 142.48% | 71.26% | 3.09% | 7.64% | 17.58% | -9.54% | -0.35% | 5.58% | 16.45% | 10% | 40% | 30.43% | 470.97% | -123.31% | 31.68% | 48.53% | 4.62% | 22.64% | 12.77% | 27.03% | 393.33% | 113.16% | 52.89% | - |
| EPS (Basic) | - | 10.22 | 14.48 | 12.72 | 13.43 | 18.27 | 6.29 | 3.40 | 3.27 | 3.02 | 2.59 | 2.87 | 2.89 | 2.75 | 2.39 | 2.19 | 1.57 | 1.20 | -0.31 | 1.42 | 1.10 | 0.74 | 0.72 | 0.59 | 0.54 | 0.37 | 0.08 | -0.57 | -1.21 |
| Diluted Shares Outstanding | 90.13M | 85.14M | 82.93M | 85.92M | 99.27M | 109.58M | 92.64M | 89.07M | 98.78M | 107.59M | 112.22M | 116.79M | 121.24M | 125.63M | 126M | 125.77M | 121.72M | 117.95M | 111.66M | 116.5M | 110.79M | 107.96M | 105.84M | 100.56M | 81.92M | 64.04M | 74.01M | 5.66M | 5.64M |
| Basic Shares Outstanding | 88.83M | 83.14M | 80.47M | 82.3M | 77.67M | 83.18M | 84.26M | 87.5M | 97.74M | 106.98M | 111.09M | 115.23M | 119.24M | 122.88M | 121.63M | 120.23M | 116.24M | 113.18M | 111.66M | 109.38M | 102.51M | 99.58M | 95.96M | 89.55M | 70.92M | 64.04M | 38M | 5.66M | 5.64M |
| Dividend Payout Ratio | - | 48.73% | 31.04% | 33.56% | 15.63% | 8.94% | 20.26% | 33.05% | 27.91% | 22.6% | 23.65% | 19.59% | 17.8% | 19.09% | 105.59% | 22.91% | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying DKS stock.
For fiscal year 2025, DICK'S Sporting Goods, Inc. (DKS) reported total revenue of $17.22B. This represents a 2637.5% increase compared to $628.9M in 1998.
DICK'S Sporting Goods, Inc. (DKS) is profitable, generating $849.2M in net income for the fiscal year ending 2025 with a net profit margin of 4.9%.
DICK'S Sporting Goods, Inc. (DKS) reported an operating income of $1.33B, resulting in an operating profit margin of 7.7%. This margin reflects the operational efficiency of the business before interest and taxes.
DICK'S Sporting Goods, Inc. (DKS) generated $5.67B in gross profit for the year, representing a gross profit margin of 32.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin volatility from shrink and integration
Metrics are mathematically derived from official filings.
Acquisition-Driven Growth Surge
DKS's revenue growth has accelerated dramatically, with recent quarters showing 53.2% and 62.7% year-over-year increases, a stark contrast to the low single-digit growth seen in early 2024. This surge appears to be primarily driven by the inorganic contribution from the Foot Locker acquisition, fundamentally altering the company's top-line trajectory.
The shift from organic growth rates of 0.5% to 7.8% in 2024 to the current hyper-growth indicates a major structural change in the business, almost certainly the consolidation of Foot Locker. This inorganic boost masks the underlying organic growth trend, which investors must now isolate to assess the core business health. The durability of this new, larger revenue base will depend on successful integration and the ability to maintain Foot Locker's sales velocity within the DKS ecosystem.
Gross Margin Volatility Amid Expansion
Gross margins have exhibited significant volatility, ranging from a low of 28.4% in 2025Q4 to a high of 37.1% in 2025Q2, suggesting the business is navigating a complex mix of promotional pressures, input cost fluctuations, and the integration of a new, potentially lower-margin revenue stream from Foot Locker.
The wide swing in gross margin, particularly the sharp compression in 2025Q4, warrants investigation into whether this reflects temporary holiday promotional activity, elevated shrink, or the initial margin profile of the acquired Foot Locker business. The subsequent recovery to 34.8% in 2026Q2 suggests some stabilization, but the margin profile remains below the consistent 35-37% range seen in 2024. This indicates that the combined entity may operate with a structurally different, and potentially more volatile, gross margin profile than the standalone DKS business.
Operating Leverage Diluted by Integration
Despite massive revenue growth, operating income has not scaled proportionally, with operating margins compressing from a peak of 13.5% in 2024Q2 to 7.9% in 2026Q2. This suggests that the incremental revenue from the Foot Locker acquisition is currently carrying higher associated costs, limiting the flow-through to operating profit.
The disconnect between top-line acceleration and operating margin compression implies that SG&A and other operating expenses have grown faster than gross profit in recent quarters. This could be due to integration costs, the operating profile of Foot Locker stores, or investments in the 'House of Sport' format. Investors should monitor whether this is a temporary integration phase or a permanent shift to a lower-leverage operating model for the enlarged company.
EPS Volatility and Non-Operating Noise
Diluted EPS has been highly erratic, swinging from $4.71 in 2025Q2 to $0.86 in 2025Q3 and $1.41 in 2025Q4, a pattern that appears disconnected from underlying operational trends and suggests significant non-operating items or one-time charges are impacting the bottom line.
The extreme EPS volatility, especially the -68.7% and -61.0% declines in 2025Q3 and Q4 respectively, cannot be explained by revenue or margin trends alone. This points to material non-recurring items, such as acquisition-related expenses, tax adjustments, or restructuring charges, which are distorting the quality of reported earnings. Analysts must adjust for these items to assess the true recurring earnings power of the combined entity.
The Foot Locker Integration Inflection
The period beginning in 2025Q3 represents a clear operational inflection point, where revenue growth re-accelerated to 36.3% and then surged further, marking the transition from a standalone organic growth story to a larger, acquisition-driven platform.
This inflection is defined by the dramatic change in scale and the accompanying margin and earnings volatility. The lasting impact will be the creation of a more dominant specialty retail platform with a broader geographic and category footprint. However, the inflection also introduces new execution risks around integration, synergy realization, and maintaining the distinct brand identities of both DKS and Foot Locker, which will be critical to long-term value creation.
Integration Risk and Margin Sustainability
The strongest challenge to the current narrative is that the impressive revenue growth is masking underlying margin pressure and integration complexity, with operating margins now nearly half their 2024 peak levels, raising questions about the accretive nature of the Foot Locker deal.
Short-sellers would focus on the compression in operating margin from 13.5% to 7.9% as evidence that the acquisition is dilutive to profitability in the near term. They would argue that the lower-margin Foot Locker business is dragging down the core DKS profitability profile and that the promised synergies are not yet materializing in the financials. Furthermore, the volatility in EPS and gross margins suggests the combined entity is more operationally complex and potentially more vulnerable to a consumer downturn than the simpler, standalone DKS model.