DICK’S Sporting Goods (DKS) Q1 2027 earnings summary

Executive summary

• Q1 2026 consolidated net sales rose to $5.16B, up 62.7% year-over-year, driven by the Foot Locker acquisition and 6% comp growth in DICK'S Business.

• Foot Locker Business returned to positive comps, with U.S. banner up 6.4% and Fast Break stores delivering double-digit comps.

• DICK'S saw broad-based growth across footwear, apparel, and hardlines, with strong engagement from younger athletes and no signs of consumer trade-down.

• Raised the low end of full-year comp sales guidance for both DICK'S (2.5%-4%) and Foot Locker (1.5%-3%).

• Strategic focus on omni-channel growth, real estate innovation, and differentiated product offerings.

Financial highlights

• Q1 2026 consolidated non-GAAP gross profit was $1.73B (33.42% of net sales), with non-GAAP operating income at $378.4M (7.33% of net sales).

• DICK'S Business Q1 operating income was $361M (10.69% of net sales); Foot Locker operating income was $17.5M (~1% of net sales).

• Q1 2026 non-GAAP EPS was $2.90, down from $3.37 YoY, reflecting share dilution from Foot Locker acquisition.

• Q1 2026 net income was $319.8M, up 21% YoY; non-GAAP net income was $262M, down 5% YoY.

• Ended Q1 2026 with $1B in cash, no borrowings on $2B credit facility, and inventory at $5.42B, up 52% due to Foot Locker.

Outlook and guidance

• FY26 consolidated net sales guidance: $22.1B–$22.4B; operating income: $1.69B–$1.81B (GAAP), $1.71B–$1.83B (non-GAAP); diluted EPS: $13.27–$14.27 (GAAP), $13.50–$14.50 (non-GAAP), with 90.5M average diluted shares.

• DICK'S comp sales guidance raised to 2.5%-4%; Foot Locker to 1.5%-3%.

• DICK'S operating margin at high end now expected at 11.4%; Foot Locker operating income guidance raised to $110M-$150M.

• Effective tax rate for the year now expected at 27%-28.8%, up to 150 bps higher than prior outlook.

• Net capital expenditures expected at $1.4B (70% DICK'S, 30% Foot Locker).