Sporting goods retailer Dick’s Sporting Goods (NYSE: DKS) reported Q1 CY2026 results beating Wall Street’s revenue expectations, with sales up 62.7% year on year to $5.16 billion. The company expects the full year’s revenue to be around $22.25 billion, close to analysts’ estimates. Its non-GAAP profit of $2.90 per share was in line with analysts’ consensus estimates.
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Dick's (DKS) Q1 CY2026 Highlights:
- Revenue: $5.16 billion vs analyst estimates of $5.06 billion (62.7% year-on-year growth, 2.1% beat)
- Adjusted EPS: $2.90 vs analyst estimates of $2.91 (in line)
- Adjusted EBITDA: $634.3 million vs analyst estimates of $514.5 million (12.3% margin, 23.3% beat)
- The company reconfirmed its revenue guidance for the full year of $22.25 billion at the midpoint
- Management reiterated its full-year Adjusted EPS guidance of $14 at the midpoint
- Operating Margin: 8.7%, down from 11.5% in the same quarter last year
- Free Cash Flow was -$84.23 million compared to -$86.68 million in the same quarter last year
- Same-Store Sales rose 4.1% year on year, in line with the same quarter last year
- Market Capitalization: $20.85 billion
Company Overview
Started as a hunting supply store, Dick’s Sporting Goods (NYSE: DKS) is a retailer that sells merchandise for traditional sports as well as for fitness and outdoor activities.
Revenue Growth
Reviewing a company’s long-term sales performance reveals insights into its quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul.
With $19.2 billion in revenue over the past 12 months, Dick's is one of the larger companies in the consumer retail industry and benefits from a well-known brand that influences purchasing decisions.
As you can see below, Dick’s 15.4% annualized revenue growth over the last three years was impressive as it opened new stores and increased sales at existing, established locations.
This quarter, Dick's reported magnificent year-on-year revenue growth of 62.7%, and its $5.16 billion of revenue beat Wall Street’s estimates by 2.1%.
Looking ahead, sell-side analysts expect revenue to grow 17.1% over the next 12 months, an acceleration versus the last three years. This projection is eye-popping for a company of its scale and implies its newer products will fuel better top-line performance.
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Store Performance
Number of Stores
A retailer’s store count influences how much it can sell and how quickly revenue can grow.
Dick's opened new stores at a rapid clip over the last two years, averaging 77.8% annual growth, much faster than the broader consumer retail sector.
When a retailer opens new stores, it usually means it’s investing for growth because demand is greater than supply, especially in areas where consumers may not have a store within reasonable driving distance.
Note that Dick's reports its store count intermittently, so some data points are missing in the chart below.
Same-Store Sales
The change in a company's store base only tells one side of the story. The other is the performance of its existing locations and e-commerce sales, which informs management teams whether they should expand or downsize their physical footprints. Same-store sales provides a deeper understanding of this issue because it measures organic growth at brick-and-mortar shops for at least a year.
Dick’s demand has been spectacular for a retailer over the last two years. On average, the company has increased its same-store sales by an impressive 3.6% per year. This performance along with its meaningful buildout of new stores suggest it’s playing some aggressive offense.
In the latest quarter, Dick’s same-store sales rose 4.1% year on year. This performance was more or less in line with its historical levels.
Key Takeaways from Dick’s Q1 Results
We were glad its revenue outperformed Wall Street’s estimates. On the other hand, its gross margin missed and its full-year EPS guidance fell short of Wall Street’s estimates. The market seemed to be hoping for more, and the stock traded down 2.7% to $226.82 immediately following the results.
Is Dick's an attractive investment opportunity at the current price? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).
