0001089063false00010890632025-03-102025-03-10

 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported):  March 10, 2025
 
DICK'S SPORTING GOODS, INC.
(Exact name of registrant as specified in its charter)
Delaware001-3146316-1241537
(State or Other Jurisdiction of Incorporation)
(Commission File Number)(IRS Employer Identification No.)

345 Court Street, Coraopolis, PA 15108
(Address of Principal Executive Offices)
 
(724) 273-3400
(Registrant's Telephone Number, Including Area Code)
 
N/A
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueDKSThe New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



TABLE OF CONTENTS
 



ITEM 2.02.     RESULTS OF OPERATIONS AND FINANCIAL CONDITION 
On March 11, 2025, the Company issued a press release announcing its results for the fourth fiscal quarter ended February 1, 2025 and certain other information that is furnished as Exhibit 99.1 to this Form 8-K.

ITEM 7.01. REGULATION FD DISCLOSURE
The Company is furnishing the following information:
Beginning in fiscal 2025, the Company is revising its method for determining comparable sales. Comparable sales measure the growth in sales compared to the corresponding prior year period for its recurring revenue sources, including sales at the same store location as well as its digital revenue, including eCommerce sales, omni-channel transactions which are fulfilled by its stores, GameChanger subscriptions and its DICK'S media network.
Prior to fiscal 2025, the Company expected its Warehouse Sale stores to be temporary in nature and excluded revenue from these stores from comparable sales calculations. Based upon the operating life of these stores, however, the Company has determined that they are operating longer than initially expected. As a result, beginning in fiscal 2025, the Company will include these stores as part of its comparable sales beginning in the stores’ 14th full month of operations, similar to the Company’s other store locations. In addition, these stores will now be included as part of the Company's disclosed store counts and related square footage.
The table being furnished and included herewith as Exhibit 99.2 presents quarterly and full year comparable sales results for fiscal 2024 calculated in the same manner as comparable sales will be calculated beginning in fiscal 2025. The table will be made available on the investor relations section of the Company's website at investors.dicks.com and such figures will be reflected as the Company's historical comparable sales results in the future.

ITEM 8.01.     OTHER EVENTS 
On March 10, 2025, the Company's Board of Directors authorized and declared a quarterly dividend in the amount of $1.2125 per share on the Company's Common Stock and Class B Common Stock. The dividend is payable in cash on April 11, 2025 to stockholders of record at the close of business on March 28, 2025.
On March 10, 2025, the Company's Board of Directors authorized a new share repurchase program of up to $3 billion (the "New Program"). The amount of shares of Common Stock authorized to be repurchased under the New Program does not include the amount remaining under the Company’s existing $2 billion share repurchase program authorized on December 16, 2021 (the "Existing Program"). Each of the Existing Program and the New Program is effective for a five-year period starting from its respective approval date. Repurchases under the Existing Program and the New Program may be made from time-to-time via open market purchases, privately negotiated transactions, pre-planned trading programs or other means. There can be no assurance as to the precise number of shares that will be repurchased under the Existing Program or the New Program, the aggregate dollar amount of the shares purchased, or the ultimate disposition of the shares purchased (re-issued, retained in treasury, and/or retired). The Company may suspend or discontinue the Existing Program and/or the New Program, or increase or decrease the amount of shares authorized to be repurchased thereunder, at any time. The Company plans to continue to purchase under the Existing Program until it is exhausted or expired.



Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of the federal securities laws. All such statements in this report, other than statements of historical fact, are forward-looking statements. Words such as "expect," "intend," "will," "plan," "anticipate," "may," "believe," "continue," and similar expressions are intended to identify forward-looking statements. The Company bases its forward-looking statements on information available to it on the date of this report, and undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of changed circumstances, new information, future events or otherwise, except as may otherwise be required by law. Actual results and other events could differ materially from any forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. These risks and uncertainties include, among other things, the risk factors set forth in the Company’s reports on Form 10-K and Form 10-Q and the other risks and uncertainties discussed in any subsequent reports that the Company files with the Securities and Exchange Commission from time to time.

ITEM 9.01.     FINANCIAL STATEMENTS AND EXHIBITS
 
(d)  Exhibits.

The following exhibits are being furnished pursuant to Item 601 of Regulation S-K and General Instruction B.2 to this Form 8-K:
Exhibit No. Description
   
 Press Release dated March 11, 2025 by Dick's Sporting Goods, Inc. furnished herewith
Comparable sales revisions
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
DICK'S SPORTING GOODS, INC.
Date: March 11, 2025By:/s/ NAVDEEP GUPTA
Name:Navdeep Gupta
Title:
Executive Vice President – Chief Financial Officer



Exhibit Index
 
 
Exhibit No. Description
   
 Press Release dated March 11, 2025 by Dick's Sporting Goods, Inc. furnished herewith
Comparable sales revisions
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


Exhibit 99.1
FOR IMMEDIATE RELEASE 
dicks_2023.jpg
DICK'S Sporting Goods Reports Fourth Quarter and Full Year 2024 Results; Delivers Largest Sales Quarter in Company History
– Delivers 6.4% Fourth Quarter Comparable Sales Growth –
– Expects Continued Growth in Comparable Sales in 2025 –
●Delivered 5.2% full year 2024 comparable sales growth, driven by growth in average ticket and transactions
●Delivered full year 2024 earnings per diluted share of $14.05, up 15% versus $12.18 in 2023 and up 9% versus non-GAAP earnings per diluted share of $12.91 in 2023; 2023 results included approximately $0.19 for the 53rd week
●Opened seven House of Sport locations and 15 DICK'S Field House locations during 2024; Plans to open approximately 16 additional House of Sport locations and approximately 18 additional DICK'S Field House locations in 2025
●Provides 2025 outlook and expects full year comparable sales growth to be in the range of 1.0% to 3.0% and earnings per diluted share to be in the range of $13.80 to 14.40
●Board of Directors authorizes a 10% increase in quarterly dividend and new five-year share repurchase program of up to $3 billion
"The convergence of sport and culture in our country has never been stronger, and with a series of major sporting events set to take place in the U.S., this momentum is only expected to grow through 2030 and beyond. As a company rooted in sport, DICK’S is uniquely positioned to seize this opportunity, and we are making strategic investments in real estate, in-store enhancements, and digital experiences to further expand our market share."
Ed Stack, Executive Chairman
"Our fourth quarter was an exceptionally strong finish to another great year. With a 6.4% Q4 comp we delivered the largest sales quarter in Company history. For the full year, our comps increased 5.2%, we drove meaningful EBT margin expansion, and we gained significant market share. I'd like to thank all our teammates for their hard work and unwavering dedication to our business — at DICK'S, it's our people who make us great, and this strong performance is a direct result of their efforts."
"For 2025, our outlook reflects strong confidence in our strategies and operational strength while acknowledging the dynamic macroeconomic environment. With this in mind, we expect to drive continued comp growth, strategic expansion of our square footage, and improved gross margin. Leaning into our strategic pillars, we are investing in three exciting growth areas, each with significant potential: repositioning our real estate and store portfolio, driving continued strong growth in footwear, and accelerating our eCommerce business. With a clear strategy, a disciplined approach, and a commitment to innovation, we are well-positioned to drive sustained sales and profitability growth over the long-term and seize the significant market share opportunity ahead of us."
Lauren Hobart, President and Chief Executive Officer
PITTSBURGH, March 11, 2025 - DICK'S Sporting Goods, Inc. (NYSE: DKS), the largest U.S. based full-line omni-channel sporting goods retailer, today reported sales and earnings results for the fourth quarter and full year ended February 1, 2025.


Fourth Quarter Operating Results
(dollars in millions, except per share data)
13 Weeks Ended February 1, 2025
14 Weeks Ended
 February 3, 2024 (1)
Change (9)
Net sales (2)
$3,894$3,876$17 0.5%
Comparable sales (13-week basis) (2) (3)
6.4%2.9%
Income before income taxes (% of net sales) (4)
10.2%10.2%— bps
Non-GAAP income before income taxes (% of net sales) (4) (5)
10.2%11.0%(83) bps
Net income$300$296$4 1%
Non-GAAP net income (5)
$300$320$(20)(6)%
Earnings per diluted share (2)
$3.62$3.57$0.05 1%
Non-GAAP earnings per diluted share (2) (5)
$3.62$3.85$(0.23)(6)%

Year-to-Date Operating Results
(dollars in millions, except per share data)
52 Weeks Ended February 1, 2025
53 Weeks Ended
February 3, 2024 (1)
Change (9)
Net sales (2)
$13,443$12,984$458 3.5%
Comparable sales (52-week basis) (2) (3)
5.2%2.6%
Income before income taxes (% of net sales) (4)
11.3%10.2%115 bps
Non-GAAP income before income taxes (% of net sales) (4) (5)
11.3%10.8%49 bps
Effective tax rate23.3%20.6%268 bps
Net income$1,165$1,047$119 11%
Non-GAAP net income (5)
$1,165$1,109$56 5%
Earnings per diluted share (2)
$14.05$12.18$1.87 15%
Non-GAAP earnings per diluted share (2) (5)
$14.05$12.91$1.14 9%

Balance Sheet
(in millions)
As of
February 1, 2025
As of February 3, 2024
$
Change (9)
% Change (9)
Cash and cash equivalents$1,690 $1,801 $(111)(6)%
Inventories, net$3,350 $2,849 $501 18%
Total debt (6)
$1,484 $1,483 $1 —%

Capital Allocation
(in millions)
52 Weeks Ended February 1, 202553 Weeks Ended February 3, 2024
$
Change (9)
% Change (9)
Share repurchases (7)
$268$649$(381)(59)%
Dividends paid (8)
$362$351$11 3%
Gross capital expenditures$803$587$215 37%
Net capital expenditures (5)
$726$520$206 40%

Notes
(1)Fiscal 2023 included net sales of $170.2 million and approximately $0.19 earnings per diluted share from the extra week of operations in our fiscal year.
(2)Due to the 53rd week in fiscal 2023, there is a one-week shift in the fiscal 2024 calendar compared to the prior year, which unfavorably impacted net sales comparisons for the fourth quarter by approximately $30 million, or approximately $0.10 per diluted share. The impact of the calendar shift was neutral on a full year basis. Comparable sales for fiscal 2024 are calculated by shifting the prior year period by one week to compare similar calendar weeks.
(3)Beginning in fiscal 2024, we revised our method for calculating comparable sales to include GameChanger revenue. 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 14, 2024.
(4)Also referred to by management as earnings before income taxes ("EBT").    
(5)In the fiscal 2024 period, there were no non-GAAP adjustments to reported EBT margin, net income or earnings per diluted share. The fiscal 2023 period reflects non-GAAP adjustments for charges from the Company's business optimization, which was completed in 2023 to better align its talent, organization design and spending in support of its most critical strategies. For additional information, see GAAP to non-GAAP reconciliations included in tables later in the release under the heading "GAAP to Non-GAAP Reconciliations."
(6)The Company had no outstanding borrowings under its revolving credit facility in 2024 and 2023.
(7)During fiscal 2024 the Company repurchased 1.3 million shares of its common stock at an average price of $212.18 per share, for a total cost of $268.0 million under its share repurchase program, of which $5.0 million was paid subsequent to the fiscal year. The Company has $511.5 million remaining under its authorization as of February 1, 2025.
(8)The Company declared and paid quarterly dividends of $1.10 per share in fiscal 2024 and $1.00 per share in fiscal 2023.
(9)Column may not recalculate due to rounding.

Quarterly Dividend

On March 10, 2025, the Company's Board of Directors authorized and declared a quarterly dividend in the amount of $1.2125 per share on the Company's Common Stock and Class B Common Stock. The dividend is payable in cash on April 11, 2025 to stockholders of record at the close of business on March 28, 2025. This dividend represents an increase of 10% over the Company’s previous quarterly per share amount and is equivalent to an annualized dividend of $4.85 per share.

Share Repurchase Program

On March 10, 2025, the Company's Board of Directors authorized a new five-year share repurchase program of up to $3 billion of the Company's common stock. The Company plans to continue to purchase under the previously announced five-year $2 billion share repurchase program, authorized on December 16, 2021, until it is exhausted or expired.

Full Year 2025 Outlook
The Company's Full Year Outlook for 2025 is presented below:

Metric
2025 Outlook
Earnings per diluted share
●$13.80 to 14.40
○Based on approximately 82 million diluted shares outstanding
○Based on an effective tax rate of approximately 24%
Net sales
●$13.6 billion to 13.9 billion
Comparable sales
●Positive 1.0% to positive 3.0%
Capital expenditures
●Approximately $1.2 billion on a gross basis
●Approximately $1.0 billion on a net basis


Store Count and Square Footage
The following table summarizes store activity for fiscal 2024:
Beginning StoresNew StoresClosed Stores
Relocated / Converted (4)
Ending Stores
(in millions)
Square Footage (5) (6)
BeginningEnding
DICK'S Sporting Goods (1)
DICK'S701—(6)(17)67837.536.4
DICK'S Field House114—11260.61.5
DICK'S House of Sport121—6191.22.2
Total DICK'S Sporting Goods7245(6)—72339.340.1
Other Specialty Concepts (1)
Golf Galaxy (2)
1045——1092.32.4
Going Going Gone!174——210.81.0
Other101(8)—30.40.1
Total Other Specialty Concepts13110(8)—1333.43.5
Total (3)
85515(14)—85642.743.6
(1)In some markets, we operate DICK’S Sporting Goods stores adjacent to our specialty concept stores on the same property with a pass-through for our athletes. We refer to this format as a “combo store” and include combo store openings within both the DICK’S Sporting Goods and specialty concept store reconciliations, as applicable. As of February 1, 2025, the Company operated 14 combo stores.
(2)As of February 1, 2025, includes 24 Golf Galaxy Performance Centers, with five new openings during fiscal 2024 that were converted from prior Golf Galaxy store locations.
(3)Excludes Warehouse Sale store locations that are temporary in nature, of which the Company operated 29 and 36 as of February 1, 2025 and February 3, 2024, respectively. Beginning in fiscal 2025, these stores will be included in store count and related square footage. See additional details in the Company’s Current Report on Form 8-K, filed herewith.
(4)Reflects stores converted between concept or prototype through store relocations (12) or remodels (10) as part of the Company's strategy to reposition its store portfolio.
(5)Includes square footage as of February 1, 2025 related to five Public Lands store closures as we plan to convert three into DICK'S House of Sport and two into DICK'S Field House stores during fiscal 2025.
(6)Columns may not recalculate due to rounding.

Non-GAAP Financial Measures
In addition to reporting the Company's financial results in accordance with generally accepted accounting principles ("GAAP"), the Company reports certain financial results that differ from what is reported under GAAP. These non-GAAP financial measures include non-GAAP gross margin, non-GAAP EBIT margin, non-GAAP EBT margin, non-GAAP net income, non-GAAP earnings per diluted share, net capital expenditures, fiscal 2023 net sales adjusted for the 53rd week and free cash flow, which management believes provides investors with useful supplemental information to evaluate the Company’s ongoing operations and to compare with past and future periods. Furthermore, management believes that adjustments related to its deferred compensation plans enables investors to better understand its selling, general and administrative expense trends excluding non-cash changes in our deferred compensation plan investment fair values from market fluctuations that are offset within other income. Management also uses these non-GAAP measures internally for forecasting, budgeting, and measuring its operating performance. These measures should be viewed as supplementing, and not as an alternative or substitute for, the Company's financial results prepared in accordance with GAAP. The methods used by the Company to calculate its non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures presented herein may not be comparable to similar measures provided by other companies. A reconciliation of the Company's non-GAAP measures to the most directly comparable GAAP financial measures are provided below and on the Company's website at investors.DICKS.com.

Forward-Looking Statements Involving Known and Unknown Risks and Uncertainties
This release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified as those that may predict, forecast, indicate or imply future results or performance and by forward-looking words such as “believe”, “anticipate”, “expect”, “estimate”, “predict”, “intend”, “plan”, “project”, “goal”, “will”, “will be”, “will continue”, “will result”, “could”, “may”, “might” or any variations of such words or other words with similar meanings. These statements involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond the Company's control. The Company's future performance and actual results may differ materially from those expressed or implied in any such forward-looking statements. Forward-looking statements should not be relied upon by investors as a prediction of actual results. Forward-looking statements include statements regarding, among other things, the Company's future performance and growth opportunities, including 2025 guidance, continued comp growth, strategic investments and square footage expansion, and improved gross margin; the repositioning of our real estate and store portfolio; access to differentiated products, including footwear; accelerating our eCommerce business and digital experiences; expected share repurchases; the expected increased dividend on an annualized basis; and the health and positioning of our inventory.
Factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements include, but are not limited to: macroeconomic conditions, inflation, elevated interest rates and recessionary pressures, adverse changes in consumer disposable income, consumer confidence and perception of economic conditions, including as a result of new and shifting economic policies, geopolitical conflicts (including the conflicts in Ukraine and the Middle East) and the threat or outbreak of further conflicts, terrorism or public unrest and changes in consumer discretionary spending; changes in the competitive market and competition amongst retailers and increasing direct competition from vendors; fluctuations in product costs and availability; international risks and costs, including foreign trade issues, tariffs, currency exchange rate fluctuations, shipment delays, supply chain constraints and disruptions and political instability; changes in consumer demand for products in certain categories and consumer lifestyle changes; the ability to identify new trends and have the right trending products in stores and online; our investments in vertical brand offerings and new specialty concept stores; our investments in GameChanger, our sports technology platform, DICK'S Media Network, and other technology to enhance our store fulfillment, in-store pickup and other foundational capabilities; potential reputational harm; the overall success of our strategic plans and initiatives; the repositioning of our real estate and store portfolio, including plans to open additional DICK'S House of Sport stores, DICK'S Field House, Golf Galaxy Performance Center stores, or other specialty concept stores, and risks associated with the brick and mortar retail store model; the geographic concentration of our stores; our vertical brands growth strategy; our athlete experiences and associated costs, innovation, liability and competition associated with our specialty stores and vertical brands; risks related to our distribution and fulfillment network, including our ability to efficiently deliver merchandise; the potential impacts of unauthorized disclosure of sensitive or confidential athlete, teammate, vendor or other company information; the risk of problems with our information systems, including our eCommerce platform and associated disruptions to our operations; our ability to attract and retain athletes and teammates, including executive officers; increasing labor costs or the loss of key personnel; weather-related risks and seasonality of certain categories of the Company's operations; changing rules, regulations and expectations related to environmental, social and governance matters; our ability to control our expenses and manage inventory shrink; the ability of suppliers, distributors and manufacturers to provide us with sufficient quantities of quality product in a timely fashion; changes in applicable tax laws, regulations, treaties, interpretations and other guidance, including those imposing new taxes, surcharges, and tariffs, and compliance with such laws and regulations; product safety and labeling concerns; various types of litigation and other claims and sufficient insurance with respect thereto; our ability to protect our intellectual property rights or respond to claims of infringement by third parties, including with respect to our vertical brands; the performance of professional sports teams and other factors relating to professional sports leagues and key athletes; the availability of adequate capital and our projected range of capital expenditures; the issuance of quarterly cash dividends and our repurchase activity, if any; our ability to meet market expectations and the possible impact on the price of our common stock; the impact of possible strategic alliances, investments and transactions; and obligations and other provisions related to our indebtedness.
For additional information on these and other factors that could affect the Company's actual results, see the risk factors set forth in the Company's filings with the Securities and Exchange Commission ("SEC"), including the most recent Annual Report on Form 10-K, filed with the SEC on March 28, 2024. We operate in a highly competitive and rapidly changing environment; therefore, new risk factors can arise, and it is not possible for the Company to predict all such risk factors. The Company disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release, except as required by applicable law or regulation. Forward-looking statements included in this release are made as of the date of this release.

Conference Call Info
 
The Company will host a conference call today at 8:00 a.m. Eastern Time to discuss the fourth quarter and full year results. Investors will have the opportunity to listen to the earnings conference call over the internet through the Company's website located at investors.DICKS.com. To listen to the live call, please go to the website at least fifteen minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live webcast, it will be archived on the Company's website for approximately twelve months.

About DICK'S Sporting Goods

DICK’S Sporting Goods (NYSE: DKS) creates confidence and excitement by inspiring, supporting and personally equipping all athletes to achieve their dreams. Founded in 1948 and headquartered in Pittsburgh, the leading omnichannel retailer serves athletes and outdoor enthusiasts in more than 850 DICK’S Sporting Goods, Golf Galaxy, Public Lands and Going Going Gone! stores, online, and through the DICK’S mobile app. DICK’S also owns and operates DICK’S House of Sport and Golf Galaxy Performance Center, as well as GameChanger, a youth sports mobile platform for live streaming, scheduling, communications and scorekeeping.
Driven by its belief that sports have the power to change lives, DICK’S has been a longtime champion for youth sports and, together with its Foundation, has donated millions of dollars to support under-resourced teams and athletes through the Sports Matter program and other community-based initiatives. Additional information about DICK’S business, corporate giving and employment opportunities can be found on dicks.com, investors.dicks.com, sportsmatter.org, dickssportinggoods.jobs and on Instagram, TikTok, Facebook and X.
Contacts:

Investor Relations:  
Nate Gilch, Senior Director of Investor Relations
DICK'S Sporting Goods, Inc.
investors@dcsg.com
(724) 273-3400

Media Relations:
(724) 273-5552 or press@dcsg.com

Category: Earnings
###

 
DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
(In thousands, except per share data)
 13 Weeks Ended14 Weeks Ended
 February 1,
2025		% of
Sales		February 3,
2024		% of
Sales
Net sales$3,893,649 100.00 %$3,876,171 100.00 %
Cost of goods sold, including occupancy and distribution costs2,532,391 65.04 2,541,992 65.58 
GROSS PROFIT1,361,258 34.96 1,334,179 34.42 
Selling, general and administrative expenses963,580 24.75 956,710 24.68 
Pre-opening expenses10,686 0.27 5,431 0.14 
INCOME FROM OPERATIONS386,992 9.94 372,038 9.60 
Interest expense12,683 0.33 14,215 0.37 
Other (income) expense(22,963)(0.59)(37,520)(0.97)
INCOME BEFORE INCOME TAXES397,272 10.20 395,343 10.20 
Provision for income taxes97,303 2.50 98,910 2.55 
NET INCOME$299,969 7.70 %$296,433 7.65 %
EARNINGS PER COMMON SHARE:    
Basic$3.73 $3.69  
Diluted$3.62 $3.57  
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:   
Basic80,453 80,370  
Diluted82,779 83,111  

Beginning in 2024, the Company included grand opening advertising costs within pre-opening expenses, which were historically included within selling, general and administrative expenses. Prior period amounts have been reclassified to conform to our current year presentation.

 
DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
(In thousands, except per share data)
 52 Weeks Ended53 Weeks Ended
 February 1,
2025		% of
Sales		February 3,
2024		% of
Sales
Net sales$13,442,849 100.00 %$12,984,399 100.00 %
Cost of goods sold, including occupancy and distribution costs8,617,153 64.10 8,450,664 65.08 
GROSS PROFIT4,825,696 35.90 4,533,735 34.92 
Selling, general and administrative expenses3,294,272 24.51 3,183,530 24.52 
Pre-opening expenses57,492 0.43 67,840 0.52 
INCOME FROM OPERATIONS1,473,932 10.96 1,282,365 9.88 
Interest expense52,987 0.39 58,023 0.45 
Other (income) expense(98,088)(0.73)(93,809)(0.72)
INCOME BEFORE INCOME TAXES1,519,033 11.30 1,318,151 10.15 
Provision for income taxes353,725 2.63 271,632 2.09 
NET INCOME$1,165,308 8.67 %$1,046,519 8.06 %
EARNINGS PER COMMON SHARE:    
Basic$14.48 $12.72 
Diluted$14.05 $12.18 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:   
Basic80,468 82,302  
Diluted82,929 85,925  

Beginning in 2024, the Company included grand opening advertising costs within pre-opening expenses, which were historically included within selling, general and administrative expenses. Prior period amounts have been reclassified to conform to our current year presentation.

DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In thousands)
February 1,
2025		February 3,
2024
ASSETS  
CURRENT ASSETS:  
Cash and cash equivalents$1,689,940 $1,801,220 
Accounts receivable, net214,250 114,877 
Income taxes receivable4,920 4,108 
Inventories, net3,349,830 2,848,797 
Prepaid expenses and other current assets158,767 121,047 
Total current assets5,417,707 4,890,049 
Property and equipment, net2,069,914 1,638,161 
Operating lease assets2,367,317 2,257,482 
Intangible assets, net58,598 56,663 
Goodwill245,857 245,857 
Deferred income taxes52,684 37,846 
Other assets246,617 185,694 
TOTAL ASSETS$10,458,694 $9,311,752 
LIABILITIES AND STOCKHOLDERS' EQUITY  
CURRENT LIABILITIES:  
Accounts payable$1,497,743 $1,288,728 
Accrued expenses653,324 551,369 
Operating lease liabilities503,236 492,856 
Income taxes payable30,718 54,508 
Deferred revenue and other liabilities395,041 364,933 
Total current liabilities3,080,062 2,752,394 
LONG-TERM LIABILITIES:  
Revolving credit borrowings— — 
Senior notes1,484,217 1,483,260 
Long-term operating lease liabilities 2,500,307 2,287,714 
Other long-term liabilities195,844 171,103 
Total long-term liabilities4,180,368 3,942,077 
COMMITMENTS AND CONTINGENCIES  
STOCKHOLDERS' EQUITY:  
Common stock567 568 
Class B common stock236 236 
Additional paid-in capital1,495,329 1,448,855 
Retained earnings6,392,513 5,588,914 
Accumulated other comprehensive loss(755)(329)
Treasury stock, at cost(4,689,626)(4,420,963)
Total stockholders' equity3,198,264 2,617,281 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$10,458,694 $9,311,752 



DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(In thousands)
 Fiscal Year Ended
 February 1,
2025		February 3,
2024
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income$1,165,308 $1,046,519 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization400,409 393,933 
Amortization of deferred financing fees and debt discount2,333 2,364 
Deferred income taxes(14,838)3,343 
Stock-based compensation71,001 57,285 
Other, net(6,565)9,332 
Changes in assets and liabilities:  
Accounts receivable(11,865)(4,236)
Inventories(501,033)18,823 
Prepaid expenses and other assets(57,159)(18,220)
Accounts payable185,883 20,365 
Accrued expenses58,941 (2,462)
Income taxes payable / receivable(26,155)29,167 
Construction allowances provided by landlords76,287 67,061 
Deferred revenue and other liabilities41,536 25,190 
Operating lease assets and liabilities(72,248)(121,129)
Net cash provided by operating activities1,311,835 1,527,335 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Capital expenditures(802,565)(587,426)
Proceeds from sale of other assets11,872 27,500 
Other investing activities(5,865)(54,750)
Net cash used in investing activities(796,558)(614,676)
CASH FLOWS FROM FINANCING ACTIVITIES: 
Principal paid in connection with exchange of convertible senior notes— (137)
Payments on finance lease obligations— (823)
Proceeds from exercise of stock options18,000 15,205 
Minimum tax withholding requirements(42,515)(98,917)
Cash paid for treasury stock(263,021)(648,554)
Cash dividends paid to stockholders(361,727)(351,201)
Increase in bank overdraft23,132 48,679 
Net cash used in financing activities(626,131)(1,035,748)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS(426)(77)
NET DECREASE IN CASH AND CASH EQUIVALENTS(111,280)(123,166)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD1,801,220 1,924,386 
CASH AND CASH EQUIVALENTS, END OF PERIOD$1,689,940 $1,801,220 

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 February 1, 2025
Selling, general and administrative expensesOther (income) expenseIncome before income taxesNet incomeEarnings per diluted share
GAAP Basis$963,580 $(22,963)$397,272 $299,969 $3.62 
% of Net Sales24.75 %(0.59)%10.20 %7.70 %
Deferred compensation plan adjustments (1)
(6,015)6,015 — — 
Non-GAAP Basis$957,565 $(16,948)$397,272 $299,969 $3.62 
% of Net Sales24.59 %(0.44)%10.20 %7.70 %
(1)Includes non-cash changes in fair value of employee deferred compensation plan investments held in rabbi trusts.


52 Weeks Ended February 1, 2025
Selling, general and administrative expenses
Income from operations (2)
Other (income) expenseIncome before income taxesNet incomeEarnings per diluted share
GAAP Basis$3,294,272 $1,473,932 $(98,088)$1,519,033 $1,165,308 $14.05 
% of Net Sales24.51 %10.96 %(0.73)%11.30 %8.67 %
Deferred compensation plan adjustments (1)
(23,637)23,637 23,637 — — 
Non-GAAP Basis$3,270,635 $1,497,569 $(74,451)$1,519,033 $1,165,308 $14.05 
% of Net Sales24.33 %11.14 %(0.55)%11.30 %8.67 %
(1)Includes 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 income or expense and income taxes ("EBIT").




14 Weeks Ended February 3, 2024
Gross profitSelling, general and administrative expensesOther (income) expenseIncome before income taxes
Net
 income (3)
Earnings per diluted share
GAAP Basis$1,334,179 $956,710 $(37,520)$395,343$296,433$3.57 
% of Net Sales34.42 %24.68 %(0.97)%10.20 %7.65 %
Business optimization charges (1)
5,661 (26,654)— 32,315 23,913 
Deferred compensation plan adjustments (2)
— (16,097)16,097 — — 
Non-GAAP Basis$1,339,840 $913,959 $(21,423)$427,658 $320,346 $3.85 
% of Net Sales34.57 %23.58 %(0.55)%11.03 %8.26 %
(1)Included $23.2 million of non-cash impairments of store assets, a $5.7 million write-down of inventory and $3.4 million of severance-related costs.
(2)Included non-cash changes in fair value of employee deferred compensation plan investments held in rabbi trusts.
(3)The provision for income taxes for non-GAAP adjustments was calculated at 26% which approximated the Company's blended tax rate.

53 Weeks Ended February 3, 2024
Gross profitSelling, general and administrative expensesOther (income) expenseIncome before income taxes
Net
 income (3)
Earnings per diluted share
GAAP Basis$4,533,735 $3,183,530 $(93,809)$1,318,151$1,046,519$12.18 
% of Net Sales34.92 %24.52 %(0.72)%10.15 %8.06 %
Business optimization charges (1)
11,984 (72,829)— 84,813 62,762 
Deferred compensation plan adjustments (2)
— (13,960)13,960 — — 
Non-GAAP Basis$4,545,719 $3,096,741 $(79,849)$1,402,964 $1,109,281 $12.91 
% of Net Sales35.01 %23.85 %(0.61)%10.80 %8.54 %
(1)Included $46.1 million of non-cash impairments of store and intangible assets, $26.7 million of severance-related costs and a $12.0 million write-down of inventory.
(2)Included non-cash changes in fair value of employee deferred compensation plan investments held in rabbi trusts.
(3)The provision for income taxes for non-GAAP adjustments was calculated at 26% which approximated the Company's blended tax rate.


Reconciliation of Gross Capital Expenditures to Net Capital Expenditures
(in thousands)

The following table represents a reconciliation of the Company's gross capital expenditures to its capital expenditures, net of construction allowances.
 Fiscal Year Ended
 February 1,
2025		February 3,
2024
Gross capital expenditures$(802,565)$(587,426)
Construction allowances provided by landlords76,287 67,061 
Net capital expenditures$(726,278)$(520,365)



Fiscal 2023 Net Sales Adjusted for the 53rd Week
(in thousands)

Net sales adjusted for the extra week during the 14 and 53 weeks ended February 3, 2024 is presented below to illustrate the impact of the extra week on reported net sales in comparison to reported results for the 13 and 52 weeks ended February 1, 2025.
Period Ended February 3, 2024
 14 Weeks53 Weeks
Net sales$3,876,171 $12,984,399 
Less: 53rd week net sales
(170,223)(170,223)
Adjusted net sales$3,705,948 $12,814,176 




Exhibit 99.2

DICK’S Sporting Goods, Inc
Comparable Sales Revisions
Fiscal 2024As ReportedAs Revised
Quarter ended May 4, 20245.3 %5.3 %
Quarter ended August 3, 20244.5 %4.5 %
26 weeks ended August 3, 20244.9 %4.9 %
Quarter ended November 2, 20244.2 %4.3 %
39 weeks ended November 2, 20244.7 %4.7 %
Quarter ended February 1, 20256.4 %6.6 %
Year ended February 1, 20255.2 %5.2 %

v3.25.0.1
Cover Page
Mar. 10, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Mar. 10, 2025
Entity Registrant Name DICK'S SPORTING GOODS, INC.
Entity Incorporation, State DE
Entity File Number 001-31463
Entity Tax Identification Number 16-1241537
Entity Address Line One 345 Court Street
Entity Address, City Coraopolis
Entity Address, State PA
Entity Address, Postal Zip Code 15108
City Area Code 724
Local Phone Number 273-3400
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol DKS
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001089063
Amendment Flag false
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