“Gross profit increased to $3,626.5 million in the current period from $2,516.4 million for the prior year period, but decreased as a percentage of net sales by 316 basis points primarily due to a 339 basis point decrease from lower gross margin in the Foot Lo…”10-Q · Sep 3, 2026 ↗
DICK'S Sporting Goods, Inc.
DKS
Market read
DICK'S Sporting Goods, Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
- Revenue increased 62.7% versus the comparable filing period.
- Operating margin fell 2.8 percentage points.
- A $38.1 million IEEPA tariff refund increased gross margin, tied to tariff costs incurred in the prior year.
- Inventory grew faster than revenue and reached $5.6 billion, making the inventory balance a key operating comparison.
Invalidation: The isolated read changes if DKS's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
- Revenue increased 62.7% versus the comparable filing period.
- Net income increased 21.0% versus the comparable filing period.
- Operating cash flow covered net income at 0.86x, improving versus the comparable period.
- Operating margin fell 2.8 percentage points.
- Gross margin fell 4.1 percentage points.
- Net margin fell 2.1 percentage points.
- A $38.1 million IEEPA tariff refund increased gross margin, tied to tariff costs incurred in the prior year.
- Inventory grew faster than revenue and reached $5.6 billion, making the inventory balance a key operating comparison.
Company research
Understand the business, not just the ticker
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- Latest annual revenue changed +28.1% year over year.
- Operating cash flow covered net income at 1.81x in the latest annual period.
- Operating margin changed -4.6 percentage points in the latest annual period.
- Net margin changed -3.7 percentage points in the latest annual period.
- Diluted shares increased 2.7% in the latest annual period.
- Input and raw-material costs has repeated adverse evidence across 4 filings.
- Supply chain and availability has repeated adverse evidence across 4 filings.
No credible peer-relative valuation comparison is available yet.
Price as of Sep 10, 2026
133.09Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“This merchandise margin increase was partially offset by higher shipping and supply chain costs and a $41.8 million increase in occupancy costs, which deleveraged 10 basis points as a percentage of net sales.”10-Q · Sep 3, 2026 ↗
“Basis Point Change in Percentage of Net Sales from Prior Year 2025-2026 (A) 13 Weeks Ended May 2, 2026 (A) May 3, 2025 (A) Net sales (1) 100.00 % 100.00 % N/A Cost of goods sold, including occupancy and distribution costs (2) 67.41 63.30 411 Gross profit 32.5…”10-Q · Jun 4, 2026 ↗
“We now expect total net sales of $21.9 billion to $22.2 billion and earnings per diluted share in the range of $10.94 to $11.94, which includes the dilutive impact of the 9.6 million shares issued in connection with the Foot Locker acquisition, approximately…”10-Q · Sep 3, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 0.7× · EV/sales 0.6×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for DKS. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Earlier comparable assessment · baseline
Fundamentals strengthened in the latest filing
10-Q filed 2026-06-04 against the comparable filing from 2025-06-09.
A newer Struct brief is shown above. This older assessment remains here for comparison, not as the current read.
What improved
- Revenue increased 62.7% versus the comparable filing period.
- Net income increased 21.0% versus the comparable filing period.
- Operating cash flow covered net income at 0.86x, improving versus the comparable period.
What weakened
- Operating margin fell 2.8 percentage points.
- Gross margin fell 4.1 percentage points.
- Net margin fell 2.1 percentage points.
Filing receipts
“Gross profit increased to $1,683.3 million in the current quarter from $1,165.1 million for the quarter ended May 3, 2025, but decreased as a percentage of net sales by 411 basis points primarily due to an 83 basis point, or $42.7 million, decrease to write-down and liquidate Foot Locker inventory as part of our Foot Locker acquisition-related charges and 292 basis points from lower gross margin in the Foot Locker Business.”
“The $19.5 million increase in income compared to the prior year was primarily driven by non-cash losses from a pre-acquisition investment in Foot Locker equity securities of $13.9 million and an $11.4 million expense decrease from changes in our deferred compensation plan investment values driven by performance in equity markets.”
“Other trends expected in fiscal 2026 for the DICK’S Business are as follows: • We expect higher comparable sales in the first half of 2026, primarily due to the FIFA World Cup.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind DKS
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
FDXFedEx CorporationpartnerMar 27, 2026 ▾
“Additionally, we continue to leverage our omni-channel platform, fulfillment centers and our delivery partnership with FedEx, which have enabled us to provide our athletes with faster delivery times.”
GSThe Goldman Sachs Group, Inc.lenderAug 28, 2025 ▾
“In connection with the Transaction, we entered into a $2.4 billion unsecured bridge loan facility with Goldman Sachs on May 15, 2025.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
DKS is currently a Leader in the organic co-movement group Sporting Goods Retailers. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for DKS; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.