DICK'S Sporting Goods, Inc. Reports Third Quarter Results; Raises 2025 Outlook for the DICK'S Business

"We delivered another strong quarter with DICK'S Business comps of 5.7%, and we continue to operate from a position of strength. We are incredibly excited about our acquisition of Foot Locker, which marks a bold and transformative step that expands our reach and creates a global platform at the intersection of sport and culture. At Foot Locker, we've assembled a world-class management team and are taking decisive actions to "clean out the garage" by clearing unproductive inventory, closing underperforming stores and laying the foundation for a fresh start in 2026. These steps, combined with our operational expertise, strong vendor relationships and the passion of our new team members including the Stripers and Blue Shirts, will position the Foot Locker Business for profitable growth. Together, we are building a stronger and more dynamic company for the long term."

Ed Stack, Executive Chairman

"The effectiveness of our long-term strategies and the best-in-class execution by our team are driving outstanding results for our DICK'S Business. In the third quarter, the DICK'S Business comps grew 5.7% driven by increases in both average ticket and transactions, and we were pleased to deliver gross margin expansion. Reflecting these strong results and our continued confidence, we are again raising our full-year 2025 outlook for the DICK'S Business. Finally, we welcome our Foot Locker team members to the DICK'S family, and we are excited about the journey underway to return the Foot Locker Business to its rightful place in our industry."

    Lauren Hobart, President and Chief Executive Officer

^(A)

Results described by management for the "DICK'S Business" represent the existing DICK'S Sporting Goods operations, encompassing the DICK'S Sporting Goods,  Golf Galaxy, Going Going Gone! and Public Lands banners, as well as GameChanger. The results for the "Foot Locker Business" refer to our newly acquired operations, including the Foot Locker, Kids Foot Locker, Champs Sports, WSS and atmos banners. Please see the section of this release titled "Non-GAAP Financial Measures" for more information.

^(B)

DICK'S Business outlook does not include results for the Foot Locker Business as well as investment gains and merger and integration costs related to the Foot Locker acquisition. Please see the section of this release titled "2025 Outlook" for more information.

^(C)

Earnings per diluted share results for the DICK'S Business excludes the dilutive effect of the 9.6 million shares issued as part of the Foot Locker acquisition.

Third Quarter Operating Results

(in millions, except percentage and per share data)

13 Weeks Ended

Change ⁽⁹⁾

November 1,

2025

November 2,

2024

Consolidated GAAP

Net sales

$

4,168

$

3,057

$

1,111

36.3 %

Income from operations (% of net sales) ⁽¹⁾

2.2 %

9.4 %

(712) bps

Effective tax rate

28.0 %

23.3 %

465 bps

Net income

$

75

$

228

$

(153)

(67) %

Weighted average diluted shares outstanding

87

83

4

5 %

Earnings per diluted share

$

0.86

$

2.75

$

(1.89)

(69) %

Consolidated Non-GAAP ⁽²⁾

Income from operations (% of net sales) ⁽¹⁾

5.8 %

9.5 %

(366) bps

Effective tax rate

24.7 %

23.3 %

140 bps

Net income

$

181

$

228

$

(47)

(21) %

Weighted average diluted shares outstanding

87

83

4

5 %

Earnings per diluted share 

$

2.07

$

2.75

$

(0.68)

(25) %

Non-GAAP DICK'S Business ⁽²⁾

Comparable sales ⁽³⁾

5.7 %

4.3 %

Income from operations (% of net sales) ⁽¹⁾

8.9 %

9.5 %

(56) bps

Effective tax rate

21.6 %

23.3 %

(170) bps

Net income

$

226

$

228

$

(2)

(1) %

Weighted average diluted shares outstanding ⁽⁴⁾

81

83

(2)

(2) %

Earnings per diluted share ⁽⁴⁾

$

2.78

$

2.75

$

0.03

1 %

Year-to-Date Operating Results

 (in millions, except percentage and per share data)

39 Weeks Ended

Change ⁽⁹⁾

November 1,

2025

November 2,

2024

Consolidated GAAP

Net sales

$

10,989

$

9,549

$

1,440

15.1 %

Income from operations (% of net sales) ⁽¹⁾

8.3 %

11.4 %

(309) bps

Effective tax rate

25.1 %

22.9 %

220 bps

Net income

$

721

$

865

$

(144)

(17) %

Weighted average diluted shares outstanding

83

83

—

— %

Earnings per diluted share

$

8.66

$

10.43

$

(1.77)

(17) %

Consolidated Non-GAAP ⁽²⁾

Income from operations (% of net sales) ⁽¹⁾

9.8 %

11.6 %

(176) bps

Effective tax rate

24.6 %

22.9 %

170 bps

Net income

$

810

$

865

$

(55)

(6) %

Weighted average diluted shares outstanding

83

83

—

— %

Earnings per diluted share

$

9.74

$

10.43

$

(0.69)

(7) %

Non-GAAP DICK'S Business ⁽²⁾

Comparable sales ⁽³⁾

5.0 %

4.7 %

Income from operations (% of net sales) ⁽¹⁾

11.2 %

11.6 %

(39) bps

Effective tax rate

23.8 %

22.9 %

90 bps

Net income

$

855

$

865

$

(10)

(1) %

Weighted average diluted shares outstanding ⁽⁴⁾

81

83

(2)

(2) %

Earnings per diluted share ⁽⁴⁾

$

10.52

$

10.43

$

0.09

1 %

Balance Sheet

(in millions)

As of

November 1,

2025

As of

November 2,

2024

$

Change ⁽⁹⁾

%

Change ⁽⁹⁾

Cash and cash equivalents

$

821

$

1,459

$

(637)

(44) %

Inventories, net ⁽⁵⁾

$

5,641

$

3,726

$

1,915

51 %

Long-term debt and financing lease obligations ⁽⁶⁾

$

1,905

$

1,484

$

421

28 %

Capital Allocation

(in millions)

39 Weeks Ended

$

Change ⁽⁹⁾

%

Change ⁽⁹⁾

November 1,

2025

November 2,

2024

Share repurchases ⁽⁷⁾

$

299

$

170

$

128

75 %

Dividends paid ⁽⁸⁾

$

306

$

273

$

32

12 %

Gross capital expenditures

$

793

$

566

$

228

40 %

Net capital expenditures ⁽²⁾

$

674

$

511

$

163

32 %

⁽¹⁾

Also referred to by management as operating margin.

⁽²⁾

For additional information, see the section of this release titled "Non-GAAP Financial Measures" and GAAP to non-GAAP reconciliations included in tables later in this release under the heading "GAAP to Non-GAAP Reconciliations." In the fiscal 2024 period, there were no non-GAAP adjustments to reported net income or earnings per diluted share.

⁽³⁾

Foot Locker will be included in the quarterly comparable store base beginning in the fourth quarter of fiscal 2026, which is when these stores will commence their 14^th full month of operations following the date of acquisition. Additionally, beginning in fiscal 2025, we revised our method for calculating comparable sales to include Warehouse Sale stores beginning in the stores' 14^th full month of operations, similar to our other store locations. Prior year information has been revised to reflect this change for comparability purposes. See additional details as furnished in Exhibit 99.2 of the Company's Current Report on Form 8-K, filed with the SEC on March 11, 2025.

⁽⁴⁾

Weighted average diluted shares outstanding and earnings per diluted share for the DICK'S Business excludes the dilutive effect of the 9.6 million shares issued as part of the Foot Locker acquisition.

⁽⁵⁾

Inventories, net as of November 1, 2025 includes $3.8 billion for the DICK'S Business and $1.8 billion for the Foot Locker Business. Inventory increased 2% for the DICK'S Business as compared to November 2, 2024.

⁽⁶⁾

In connection with the Foot Locker acquisition, amount as of November 1, 2025 includes $383.5 million of carrying value for senior notes due 2029 and $36.5 million for the long-term portion of financing lease obligations. The Company had no outstanding borrowings under its revolving credit facility in 2025 and 2024.

⁽⁷⁾

During the 39 weeks ended November 1, 2025, the Company repurchased 1.4 million shares of its common stock under its previously announced share repurchase program at an average price of $218.65 per share, for a total cost of $298.7 million, and has $3.2 billion remaining under existing share repurchase authorizations as of November 1, 2025. The Company also paid $5 million during fiscal 2025 for shares repurchased during fiscal 2024.

⁽⁸⁾

The Company declared and paid quarterly dividends of $1.2125 per share in fiscal 2025 and $1.10 per share in fiscal 2024.

⁽⁹⁾

Column may not recalculate due to rounding.

Metric

DICK'S Business: Full Year 2025 Outlook

Earnings per diluted share ⁽¹⁾

•     $14.25 to 14.55

○     Based on approximately 81 million diluted shares outstanding

○     Based on an effective tax rate of approximately 24%

○     Includes the expected impact from all tariffs currently in effect

Net sales

•     $13.95 billion to 14.0 billion

Comparable sales

•     Positive 3.5% to positive 4.0%

Capital expenditures

•     Approximately $1.2 billion on a gross basis

•     Approximately $1.0 billion on a net basis

⁽¹⁾

Weighted average diluted shares outstanding and earnings per diluted share for the DICK'S Business excludes the dilutive effect of the 9.6 million shares issued as part of the Foot Locker acquisition.

Metric

Consolidated Q4 2025 Outlook

Effective tax rate

•     Approximately 29%

Weighted average diluted shares outstanding

•     Approximately 91 million

○     Includes the dilutive impact of the 9.6 million shares issued in connection with the Foot Locker acquisition

DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL INFORMATION - UNAUDITED

(In thousands)

Information below includes operating results for the periods presented for the DICK'S and Foot Locker Businesses. The operating results for Foot Locker are included from the acquisition date of September 8, 2025.

13 Weeks Ended

39 Weeks Ended

November 1,

2025

November 2,

2024

November 1,

2025

November 2,

2024

Net sales

DICK'S Sporting Goods

$        3,236,860

$        3,057,181

$      10,058,153

$         9,549,200

Foot Locker

930,913

—

930,913

—

Total net sales

$        4,167,773

$        3,057,181

$      10,989,066

$         9,549,200

Gross profit

DICK'S Sporting Goods

$        1,166,573

$        1,093,444

$        3,682,930

$         3,464,438

Foot Locker

214,287

—

214,287

—

Total gross profit

$        1,380,860

$        1,093,444

$        3,897,217

$         3,464,438

Business profit

DICK'S Sporting Goods

$           288,571

$           289,520

$        1,123,932

$         1,104,562

Foot Locker

(46,328)

—

(46,328)

—

Total business profit

242,243

289,520

1,077,604

1,104,562

Corporate and other expenses ⁽¹⁾

149,146

3,476

166,205

17,622

Total income from operations ⁽²⁾

93,097

286,044

911,399

1,086,940

Interest expense

18,339

12,947

46,596

40,304

Other income

(29,649)

(23,976)

(97,142)

(75,124)

Income before income taxes

$           104,407

$           297,073

$           961,945

$         1,121,760

Proforma

Comparable Sales

13 Weeks Ended

39 Weeks Ended

November 1,

2025

November 2,

2024

November 1,

2025

November 2,

2024

DICK'S Sporting Goods

5.7 %

4.3 %

5.0 %

4.7 %

Proforma Foot Locker  ^{(3) (4)}

(4.7) %

2.3 %

(3.2) %

1.0 %

Proforma consolidated comparable sales  ⁽³⁾

1.7 %

3.5 %

2.0 %

3.3 %

⁽¹⁾

Corporate and other expenses include merger and integration costs and non-cash changes in the fair value of employee deferred compensation plan investments held in rabbi trusts.

⁽²⁾

Also referred to by management as "operating income."

⁽³⁾

The proforma comparable sales are calculated as if Foot Locker had been acquired at the beginning of the periods presented. The sales have been adjusted to conform to the Company's reporting calendar and method of reporting comparable sales. Comparable sales for our international stores are calculated on a constant currency basis, which translates the current year's results using the prior year periods' exchange rates.

⁽⁴⁾

Includes Foot Locker International proforma comparable sales decreases of 10.2% and 9.9% for the 13 and 39 weeks ended November 1, 2025 and increases of 3.3% and 2.5% for the 13 and 39 weeks ended November 2, 2024, which represents operations of the Foot Locker Business in Europe and Asia Pacific.

Beginning

Stores

New

Stores

Closed

Stores

Relocated /

Converted ⁽⁸⁾

Ending

Stores

Gross

Square Footage ^{(9) (10)}

(in millions)

Beginning

Ending

DICK'S

DICK'S ⁽¹⁾

677

—

(3)

(25)

649

36.3

34.6

DICK'S Field House ⁽¹⁾

27

2

—

12

41

1.6

2.3

DICK'S House of Sport

19

3

—

13

35

2.2

3.8

Total DICK'S

723

5

(3)

—

725

40.1

40.8

Other Specialty Concepts

Golf Galaxy ⁽²⁾

109

3

—

—

112

2.4

2.5

Going Going Gone! ⁽³⁾

50

7

(6)

—

51

2.2

2.3

Other

3

—

—

—

3

0.1

0.1

Total Other Specialty Concepts

162

10

(6)

—

166

4.8

4.9

Total DICK'S Business

885

15

(9)

—

891

44.8

45.7

Beginning

Stores ⁽⁴⁾

New

Stores

Closed

Stores

Relocated /

Converted ⁽⁸⁾

Ending

Stores

Gross

Square Footage ^{(4) (10)}

(in millions)

Beginning

Ending

Foot Locker North America

745

1

(2)

—

744

4.3

4.3

Champs Sports

376

—

—

—

376

2.2

2.2

Kids Foot Locker

365

1

(3)

—

363

1.3

1.3

WSS

151

—

—

—

151

1.9

1.9

North America ⁽⁵⁾

1,637

2

(5)

—

1,634

9.7

9.7

Foot Locker Europe ⁽⁶⁾

585

1

(5)

—

581

2.3

2.3

Foot Locker Asia Pacific

95

—

(1)

—

94

0.4

0.4

atmos

30

—

—

—

30

—

—

International

710

1

(6)

—

705

2.8

2.7

Total Owned Stores

2,347

3

(11)

—

2,339

12.5

12.5

Licensed stores ⁽⁷⁾

246

8

(4)

—

250

1.1

1.1

Total Foot Locker Business

2,593

11

(15)

—

2,589

13.6

13.6

⁽¹⁾

Beginning store count and square footage were updated to reflect one DICK'S Field House location that opened in fiscal 2024, which was previously reflected as a DICK'S store.

⁽²⁾

As of November 1, 2025, includes 31 Golf Galaxy Performance Centers, with seven new openings during fiscal 2025, four of which were conversions of prior Golf Galaxy store locations.

⁽³⁾

Beginning store count and square footage were updated to reflect Warehouse Sale locations as described in the Company's Current Report on Form 8-K, filed with the SEC on March 11, 2025. As of February 2, 2025, beginning amounts now include 29 Warehouse Sale locations and 1.3 million of related square footage.

⁽⁴⁾

Beginning stores and square footage reflect acquired Foot Locker stores as of September 8, 2025.

⁽⁵⁾

Represents store locations in the United States and Canada and related square footage.

⁽⁶⁾

Represents Foot Locker store locations in Europe, including five Kids Foot Locker stores and related square footage, as of November 1, 2025.

⁽⁷⁾

Reflects licensed stores operating in the Middle East, Asia and Europe.

⁽⁸⁾

Reflects stores converted between concept or prototype through store relocations or remodels as part of the Company's strategy to reposition its store portfolio. In addition to stores that converted between concepts, the Company relocated or remodeled seven stores during the current year period, consisting of four Golf Galaxy and three Going Going Gone! store locations.

⁽⁹⁾

Includes square footage as of November 1, 2025 related to a Public Lands store closure as we plan to convert it into a DICK'S Field House store during early fiscal 2026.

⁽¹⁰⁾

Columns may not recalculate due to rounding.

DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED

(In thousands, except per share data)

13 Weeks Ended

November 1,

2025

% of

Sales ⁽¹⁾

November 2,

2024

% of

Sales

Net sales

$               4,167,773

100.00 %

$               3,057,181

100.00 %

Cost of goods sold, including occupancy and

distribution costs

2,786,913

66.87

1,963,737

64.23

GROSS PROFIT

1,380,860

33.13

1,093,444

35.77

Selling, general and administrative expenses

1,118,600

26.84

790,621

25.86

Merger and integration costs

138,549

3.32

—

—

Pre-opening expenses

30,614

0.73

16,779

0.55

INCOME FROM OPERATIONS

93,097

2.23

286,044

9.36

Interest expense

18,339

0.44

12,947

0.42

Other (income) expense

(29,649)

(0.71)

(23,976)

(0.78)

INCOME BEFORE INCOME TAXES

104,407

2.51

297,073

9.72

Provision for income taxes

29,195

0.70

69,260

2.27

NET INCOME

$                    75,212

1.80 %

$                  227,813

7.45 %

EARNINGS PER COMMON SHARE:

Basic

$                        0.88

$                        2.83

Diluted

$                        0.86

$                        2.75

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:

Basic

85,070

80,404

Diluted

87,115

82,776

⁽¹⁾ Column does not add due to rounding

DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED

(In thousands, except per share data)

39 Weeks Ended

November 1,

2025

% of

Sales ⁽¹⁾

November 2,

2024

% of

Sales

Net sales

$             10,989,066

100.00 %

$               9,549,200

100.00 %

Cost of goods sold, including occupancy and

distribution costs

7,091,849

64.54

6,084,762

63.72

GROSS PROFIT

3,897,217

35.46

3,464,438

36.28

Selling, general and administrative expenses

2,782,864

25.32

2,330,692

24.41

Merger and integration costs

146,577

1.33

—

—

Pre-opening expenses

56,377

0.51

46,806

0.49

INCOME FROM OPERATIONS

911,399

8.29

1,086,940

11.38

Interest expense

46,596

0.42

40,304

0.42

Other (income) expense

(97,142)

(0.88)

(75,124)

(0.79)

INCOME BEFORE INCOME TAXES

961,945

8.75

1,121,760

11.75

Provision for income taxes

241,043

2.19

256,422

2.69

NET INCOME

$                  720,902

6.56 %

$                  865,338

9.06 %

EARNINGS PER COMMON SHARE:

Basic

$                        8.88

$                      10.75

Diluted

$                        8.66

$                      10.43

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:

Basic

81,186

80,473

Diluted

83,211

82,979

⁽¹⁾ Column does not add due to rounding

DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - UNAUDITED

(In thousands)

November 1,

2025

November 2,

2024

February 1,

2025

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$                   821,331

$               1,458,655

$              1,689,940

Accounts receivable, net

474,848

217,863

214,250

Income taxes receivable

62,578

7,806

4,920

Inventories, net

5,640,833

3,725,912

3,349,830

Prepaid expenses and other current assets

351,807

125,723

158,767

Total current assets

7,351,397

5,535,959

5,417,707

Property and equipment, net

3,336,701

1,958,017

2,069,914

Operating lease assets

4,658,820

2,382,697

2,367,317

Intangible assets, net

796,715

56,472

58,598

Goodwill

699,352

245,857

245,857

Deferred income taxes

72,203

42,031

52,684

Other assets

511,900

230,778

246,617

TOTAL ASSETS

$            17,427,088

$              10,451,811

$            10,458,694

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts payable

$                2,134,710

$              1,699,957

$               1,497,743

Accrued expenses

1,082,852

665,678

653,324

Operating lease liabilities

995,456

517,968

503,236

Income taxes payable

11,039

11,241

30,718

Deferred revenue and other liabilities

452,856

322,888

395,041

Total current liabilities

4,676,913

3,217,732

3,080,062

LONG-TERM LIABILITIES:

Revolving credit borrowings

—

—

—

Long-term debt and financing lease obligations

1,904,976

1,483,975

1,484,217

Long-term operating lease liabilities

4,798,817

2,487,303

2,500,307

Deferred income taxes

245,304

—

—

Other long-term liabilities

280,673

199,416

195,844

Total long-term liabilities

7,229,770

4,170,694

4,180,368

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:

Common stock

655

569

567

Class B common stock

236

236

236

Additional paid-in capital

3,704,365

1,470,946

1,495,329

Retained earnings

6,809,355

6,183,406

6,392,513

Accumulated other comprehensive loss

(6,577)

(519)

(755)

Treasury stock, at cost

(4,987,629)

(4,591,253)

(4,689,626)

Total stockholders' equity

5,520,405

3,063,385

3,198,264

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$            17,427,088

$              10,451,811

$            10,458,694

DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

(In thousands)

39 Weeks Ended

November 1,

2025

November 2,

2024

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$             720,902

$             865,338

Adjustments to reconcile net income to net cash provided by operating

activities:

Depreciation and amortization

331,543

290,360

Amortization of deferred financing fees and debt discount

10,215

1,747

Deferred income taxes

107,188

(4,185)

Stock-based compensation

100,651

50,716

Other, net

(41,030)

(6,795)

Changes in assets and liabilities:

Accounts receivable

(26,280)

(25,055)

Inventories

(571,011)

(877,115)

Prepaid expenses and other assets

(47,941)

(7,839)

Accounts payable

56,542

404,685

Accrued expenses

(92,908)

62,024

Income taxes payable / receivable

(83,126)

(48,518)

Construction allowances provided by landlords

119,495

54,445

Deferred revenue and other liabilities

(45,079)

(24,586)

Operating lease assets and liabilities

(51,884)

(54,915)

Net cash provided by operating activities

487,277

680,307

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures

(793,303)

(565,569)

Cash acquired from acquisition of Foot Locker, net of cash paid

257,095

—

Proceeds from sale of other assets

—

11,872

Other investing activities

(125,079)

(3,548)

Net cash used in investing activities

(661,287)

(557,245)

CASH FLOWS FROM FINANCING ACTIVITIES:

Payment of bridge facility financing fees

(7,863)

—

Payments on finance lease obligations

(420)

—

Transaction costs for debt issuance

(1,000)

—

Proceeds from exercise of stock options

1,484

13,277

Minimum tax withholding requirements

(66,239)

(41,893)

Cash paid for treasury stock

(303,671)

(170,268)

Cash dividends paid to stockholders

(305,532)

(273,097)

(Decrease) increase in bank overdraft

(9,246)

6,544

Net cash used in financing activities

(692,487)

(465,437)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

(2,112)

(190)

NET DECREASE IN CASH AND CASH EQUIVALENTS

(868,609)

(342,565)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

1,689,940

1,801,220

CASH AND CASH EQUIVALENTS, END OF PERIOD

$               821,331

$          1,458,655

DICK'S SPORTING GOODS, INC.

GAAP to NON-GAAP RECONCILIATIONS - UNAUDITED

Non-GAAP Net Income and Earnings Per Share Reconciliations

(dollars in thousands, except per share amounts)

13 Weeks Ended November 1, 2025

Gross

profit

Selling,

general and

administrative

expenses

Income from

operations ⁽⁶⁾

Interest

expense

Other

(income)

expense

Income

before

income

taxes

Net

income ⁽⁷⁾

Earnings

per

diluted

share

GAAP Basis

$             1,380,860

$           1,118,600

$              93,097

$      18,339

$    (29,649)

$         104,407

$       75,212

$         0.86

% of Net Sales

33.13 %

26.84 %

2.23 %

0.44 %

(0.71) %

2.51 %

1.80 %

Investment gains ⁽¹⁾

—

—

—

—

6,376

(6,376)

(15,702)

Foot Locker acquisition-related costs ⁽²⁾

—

—

138,549

(3,354)

—

141,903

121,065

Deferred compensation plan adjustments ⁽³⁾

—

(10,597)

10,597

—

10,597

—

—

Non-GAAP Basis

$             1,380,860

$           1,108,003

$            242,243

$      14,985

$    (12,676)

$         239,934

$     180,575

$         2.07

% of Net Sales

33.13 %

26.59 %

5.81 %

0.36 %

(0.30) %

5.76 %

4.33 %

Contribution from Foot Locker acquisition ⁽⁴⁾

(214,287)

(259,919)

46,328

(3,427)

1,977

47,778

45,050

Non-GAAP basis for DICK'S Business ⁽⁵⁾

$             1,166,573

$              848,084

$            288,571

$      11,558

$    (10,699)

$         287,712

$     225,625

$         2.78

% of Net Sales for DICK'S Business

36.04 %

26.20 %

8.92 %

0.36 %

(0.33) %

8.89 %

6.97 %

⁽¹⁾ Includes non-cash gains from non-operating investment in Foot Locker equity securities.

⁽²⁾ Represents merger and integration costs and deferred financing amortization on a bridge facility related to the Foot Locker

     acquisition.

⁽³⁾ Includes non-cash changes in fair value of employee deferred compensation plan investments held in rabbi trusts.

⁽⁴⁾ Reflects the operating results from Foot Locker subsequent to the acquisition close date.

⁽⁵⁾ Reflects the results of the DICK'S Business, excluding the dilutive effect of 9.6 million shares issued in connection with the Foot

     Locker acquisition on weighted average diluted shares outstanding.

⁽⁶⁾ Also referred to by management as earnings before interest, other expense or income and income taxes ("EBIT") and operating

     income.

⁽⁷⁾ Except for approximately $60 million of non-deductible merger and integration costs and a $10.8 million favorable tax

     impact from the gains on the Company's pre-existing Foot Locker investment that are not taxable following completion of the

     acquisition, the provision for income taxes for non-GAAP adjustments was calculated at 26%, which approximates the Company's

     consolidated blended tax rate.

39 Weeks Ended November 1, 2025

Gross

profit

Selling,

general and

administrative

expenses

Income from

operations ⁽⁶⁾

Interest

expense

Other

(income)

expense

Income

before

income

taxes

Net

income ⁽⁷⁾

Earnings

per

diluted

share

GAAP Basis

$             3,897,217

$           2,782,864

$            911,399

$      46,596

$    (97,142)

$         961,945

$     720,902

$         8.66

% of Net Sales

35.46 %

25.32 %

8.29 %

0.42 %

(0.88) %

8.75 %

6.56 %

Investment gains ⁽¹⁾

—

—

—

—

42,241

(42,241)

(42,241)

Foot Locker acquisition-

related costs ⁽²⁾

—

—

146,577

(7,863)

—

154,440

131,401

Deferred compensation

plan adjustments ⁽³⁾

—

(19,628)

19,628

—

19,628

—

—

Non-GAAP Basis

$             3,897,217

$           2,763,236

$         1,077,604

$      38,733

$    (35,273)

$      1,074,144

$     810,062

$         9.74

% of Net Sales

35.46 %

25.15 %

9.81 %

0.35 %

(0.32) %

9.77 %

7.37 %

Contribution from Foot Locker acquisition ⁽⁴⁾

(214,287)

(259,919)

46,328

(3,427)

1,977

47,778

45,050

Non-GAAP basis for DICK'S

Business ⁽⁵⁾

$             3,682,930

$           2,503,317

$         1,123,932

$      35,306

$    (33,296)

$      1,121,922

$     855,112

$       10.52

% of Net Sales for DICK'S

Business

36.62 %

24.89 %

11.17 %

0.35 %

(0.33) %

11.15 %

8.50 %

⁽¹⁾ Includes non-cash gains from non-operating investment in Foot Locker equity securities.

⁽²⁾ Represents merger and integration costs and deferred financing amortization on a bridge facility related to the Foot Locker

     acquisition.

⁽³⁾ Includes non-cash changes in fair value of employee deferred compensation plan investments held in rabbi trusts.

⁽⁴⁾ Reflects the operating results from Foot Locker subsequent to the acquisition close date.

⁽⁵⁾ Reflects the results of the DICK'S Business, excluding the dilutive effect of 9.6 million shares issued in connection with the Foot

     Locker acquisition on weighted average diluted shares outstanding.

⁽⁶⁾ Also referred to by management as earnings before interest, other expense or income and income taxes ("EBIT") and operating

     income.

⁽⁷⁾ Except for approximately $60 million of non-deductible merger and integration costs and a $10.8 million favorable tax

     impact from the gains on the Company's pre-existing Foot Locker investment that are not taxable following completion of the

     acquisition, the provision for income taxes for non-GAAP adjustments was calculated at 26%, which approximates the Company's

     consolidated blended tax rate.

13 Weeks Ended November 2, 2024

Selling, general

and

administrative

expenses

Income from

operations ⁽²⁾

Other

(income)

expense

Income

before

income

taxes

Net income

Earnings

per diluted

share

GAAP Basis

$                790,621

$              286,044

$             (23,976)

$    297,073

$   227,813

$                                                              2.75

% of Net Sales

25.86 %

9.36 %

(0.78) %

9.72 %

7.45 %

Deferred compensation plan adjustments ⁽¹⁾

(3,476)

3,476

3,476

—

—

Non-GAAP Basis

$                787,145

$              289,520

$             (20,500)

$    297,073

$   227,813

$                                                              2.75

% of Net Sales

25.75 %

9.47 %

(0.67) %

9.72 %

7.45 %

⁽¹⁾ Included non-cash changes in fair value of employee deferred compensation plan investments held in rabbi trusts.

⁽²⁾ Also referred to by management as earnings before interest, other expense or income and income taxes ("EBIT") and operating income.

39 Weeks Ended November 2, 2024

Selling, general

and

administrative

expenses

Income from

operations ⁽²⁾

Other

(income)

expense

Income

before

income

taxes

Net income

Earnings

per diluted

share

GAAP Basis

$             2,330,692

$           1,086,940

$             (75,124)

$ 1,121,760

$   865,338

$                                                            10.43

% of Net Sales

24.41 %

11.38 %

(0.79) %

11.75 %

9.06 %

Deferred compensation plan adjustments ⁽¹⁾

(17,622)

17,622

17,622

—

—

Non-GAAP Basis

$             2,313,070

$           1,104,562

$             (57,502)

$ 1,121,760

$   865,338

$                                                            10.43

% of Net Sales

24.22 %

11.57 %

(0.60) %

11.75 %

9.06 %

⁽¹⁾ Included non-cash changes in fair value of employee deferred compensation plan investments held in rabbi trusts.

⁽²⁾ Also referred to by management as earnings before interest, other expense or income and income taxes ("EBIT") and operating income.

Gross Capital Expenditures to Net Capital Expenditures Reconciliation

(in thousands) 

The following table represents a reconciliation of the Company's gross capital expenditures to its capital expenditures, net of construction allowances.

39 Weeks Ended

November 1,