Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Fortune 500

The 300 companies on this year’s list brought in over $12.6 trillion in revenue for the latest 12 months, with the median revenue figure at $22 billion.

America's Most Innovative Companies

See which workplaces made this year's list.

Employees say:"The culture DSG is unlike any I've experienced before - welcoming, helpful, encouraging, positive - it really feels like I'm part of an actual sports team! There are plenty of opportunities, but no pressure, to join a multitude of groups from business-related to recreational sports. The total compensation package is generous and there are lots of other perks. I really appreciate the hybrid work schedule. Also, DSG gives back in spades to the communities we serve which I love!"

Best Large Workplaces in Retail

Industries included in the sector are automotive retail, general merchandisers, internet retail, and specialty retail.

Fortune Sector Leaders: Retailing

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The 200 companies on this list are transforming industries from the inside out.

The 300 companies on this list are transforming industries from the inside out.

GPTW 2023 Best Workplaces Retail Large DICK'S Sporting Goods_4

Employees say: 
 
"Dick's Sporting Goods's focus on DE&amp;I efforts, and how we know the work is never done and continues to be a passion, along with our focus on sustainability."

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

Employees say: 
 
“What I appreciate about this place is the sense of a community feeling when you need it in addition to this just being a place where I work. We have chat groups about parenting and all things related or unrelated that we can get ideas/advice no matter where we live across the country and meet new co-workers. In addition we have resource groups of those interested helping each other throughout their career at work no matter who they are which also gives more opportunity to meet someone outside of their normal business interaction.”

This year’s Fortune 500 marks the 68th running of the list.

See which retailers made this year's list.

Best-Workplaces-Retail-2021-DICK'S-Sporting-Goods

Employees say: 
 
“It is a company that provides to those across all ages, races, and genders and I see that same in the workplace. Opportunities at all levels of the organization are for everyone who works hard.”

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-320-Dick's Sporting Goods

Dick's Sporting Goods, the country's largest athletics and fitness retailer, moved up 42 spots on the Fortune 500 this year, powered by a solid 9.5% increase in sales in 2020. In the first quarter of 2021, Dick's beat analyst estimates, reporting net income of $361.8 million compared to a loss of $143.4 million a year ago.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-362-Dicks-Sporting-Goods

The Pennsylvania-based sporting goods retailer operates hundreds of stores across the U.S.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Best Workplaces In Retail

Founded

Sites

Sector

Culture rank

Process rank

Product rank

Years on list

Previous rank

Key Financials (last Fiscal Year)

Revenues ($M)

Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

Retailer Dick’s Sporting Goods offers a wide selection of sporting goods equipment, fitness gear, golf products, fishing gear, apparel, footwear, and accessories. The company’s portfolio includes specialty concept stores such as Golf Galaxy, Public Lands, Going Going Gone!, and Dick’s House of Sport. Dick’s Sporting Goods was founded in 1948.

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Dick's Sporting Goods (DKS): Company Profile, Stock Price, News, Rankings

legacy

Dick's Sporting Goods

dick's sporting goods

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the DICK'S Sporting Goods First Quarter twenty twenty five Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session.

Thank you. And I would now like to turn the conference over to Nate Gilt, Senior Director of Investor Relations. You may begin.

Good morning, everyone, and thank you for joining us to discuss our first quarter twenty twenty five results. On today's call will be Ed Stack, our Executive Chairman Lauren Hobart, our President and Chief Executive Officer and Navdeep Gupta, our Chief Financial Officer. A playback of today's call will be archived in our Investor Relations website located at investors.bix.com for approximately twelve months. As a reminder, we will be making forward looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our last annual report on Form 10 ks as well as cautionary statements made during this call.

We assume no obligation to update any of these forward looking statements or information. Please refer to our Investor Relations website to find the reconciliation of our non GAAP financial measures referenced in today's call. In addition, certain important information related to the transaction will be included in the registration statement on Form S-four that will be filed by DICK'S Sporting Goods in connection with the transaction. Investors are encouraged to read the Form S-four and other documents filed with the SEC in connection with the transaction. In addition, DICK'S and Foot Locker and their directors and officers may be deemed to be participating in a solicitation of proxies in favor of the proposed transaction.

Please refer to the disclaimer information included in our earnings release. And finally, for future scheduling purposes, we are tentatively planning to publish our second quarter twenty twenty five earnings results on 09/03/2025. With that, I will now turn the call over to Ed.

Thanks, Nate. Good morning, everyone. As announced earlier this morning, we had a very strong start to the year with another quarter over a 4% comp. Our momentum is significant, and our long term strategies are clearly working. On May 15, we announced our plans to acquire Foot Locker, a move that represents a truly exciting and transformational moment for Dex.

While we spoke to our strategic rationale and the significant benefits of this acquisition on our most recent investor call, I wanted to take a moment to reiterate why we're so excited about this combination and why it makes sense for DICK'S at this time. The convergence of sport and culture has never been stronger, and we're seeing tremendous momentum and opportunity across our industry. For many years, we've admired Foot Locker's brand and a powerful community they've built in sneaker culture. By bringing our two great brands together, we see the opportunity to create a global leader in the sports retail industry, one that serves more types of athletes, consumers and communities than we do today. This combination positions us to participate in a $300,000,000,000 global sports retail market and expands our reach to over 3,200 stores worldwide.

By applying the operational expertise we've built over the years, we will help unlock the next chapter of growth for Foot Locker. We believe this makes us an even more important partner to the world's leading sports brands, giving them a larger, more connected platform to reach athletes across geographies, channels and banners. As we said earlier, we expect the transaction to be accretive to DICK'S EPS in the first full fiscal year post close, and we see a clear path to unlocking meaningful cost synergies over the medium term. We're proud of the strong position we're in today and incredibly excited about the future we believe is ahead in combination with Foot Locker. While this morning, we're focused on our strong Q1 results, we look forward to sharing updates as we move through this process.

I'll I'll now turn the call over to Lauren.

Thank you, Ed, and good morning, everyone. We are very pleased with our first quarter results, which we previewed for you almost two weeks ago. Our performance demonstrates the momentum and strength of our long term strategies and the consistency of our execution. Our q one comps increased 4.5% driven by our four strategic pillars of omnichannel athlete experience, differentiated product assortment, deep engagement with the DICK'S brand, and our knowledgeable and passionate teammates who are integral to our success. This is the fifth straight quarter where our team has delivered over 4% comp growth.

In q one, we saw growth in both average ticket and transaction. In fact, compared to the same period last year, more athletes purchased from us, they purchased more frequently, and they spent more each trip. Our first quarter gross margin expanded over 40 basis points, driven by higher merchandise margin, and we delivered non GAAP EPS of $3.37 ahead of last year. As we reflect on our strong results and look to the rest of the year, I want to acknowledge that we're operating in an increasingly complex macroeconomic environment, one shaped by shifting trade policies and a more cautious consumer mindset. However, despite this uncertainty, we continue to operate from a position of strength.

We hold a unique and compelling position in the industry, and we've seen that people continue to prioritize healthy lifestyle, sport, and fitness, and are increasingly looking to get sporting goods to meet these needs. It's worth highlighting that over the past three years, we've acquired over 20,000,000 new athletes. With all of this in mind, we are reaffirming the guidance we provided for 2025, which includes the expected impact from all tariffs currently in effect. We continue to expect our comp sales to be in the range of 1% to 3%, which at the midpoint represents nearly a ten percent three year comp stack. We continue to expect our EPS to be in the range of $13.8 to $14.4 As we outlined on last quarter's call, we are leaning into our strategic pillars while focusing on three exciting growth areas with significant potential.

Repositioning our real estate and store portfolio, driving continued strong growth in key categories and accelerating our e commerce business. First, we continue to make meaningful progress in repositioning our real estate and store portfolio. We opened two additional House of Sport locations in Q1, followed by another location earlier this month and continue to expect to open approximately 16 total in 2025. We also added four new Fieldhouse locations in q one with two more opening a few weeks ago and are on track to open approximately 16 total this year. The response to these openings has been incredibly positive and reinforces the strength of our approach to elevating the athlete experience and the importance of continuing to invest in the long term growth opportunity ahead of us.

The second of our three major growth areas is driving growth across key categories. Our strong access to top tier products from national and emerging brands, combined with our premium in store and digital experiences are fueling robust demand, including strong sell through on launches. Our third major growth area is accelerating our multibillion dollar highly profitable ecommerce business, where we see significant opportunity to grow our online presence and gain market share from online only and omnichannel retailers alike. To capture this opportunity, we're investing aggressively in technology and marketing to enhance the omnichannel athlete experience and drive greater consideration for vicks.com. We are seeing the impact of these investments.

We delivered strong ecommerce growth in q one, which again outpaced the total company growth. Our in app capabilities have been instrumental in building excitement and driving the success of our launches across categories. And this past quarter, we delivered our biggest diamond sport launches ever, supported by our elevated and diverse assortment that positions us as the destination for new product. Lastly, as part of our broader digital strategy, we remain very enthusiastic about two long term growth opportunities, Game changer and DICK'S Media Network, both of which are delivering strong profitable growth as they scale. Looking more closely at the game changer business, we had over 6,500,000 unique active users during the first quarter with an average of approximately 2,200,000 daily active users, a nearly 28% year over year increase.

I'd like to thank all of our teammates for their hard work and commitment to DICK'S Sporting Goods and for their focus on delivering great experiences for our athletes this summer season. With that, I'll turn it over to Naveed to share more detail on our financial results and 2025 outlook. Naveed, over to you.

Thank you, Lauren, and good morning, everyone. Let's begin with a brief review of our first quarter results. We are very pleased to report a consolidated sales increase of 5.2% to $3,170,000,000 Our Q1 comps increased 4.5% and we continue to gain market share from online only and from omnichannel retailers. This represents a nine point eight percent two year comp stack and a thirteen point four percent three year comp stack. These strong comps were driven by a 3.7% increase in average ticket and a 0.8% increase in transaction.

We saw strength across key categories and our vertical brands led by BSG, Kalia, and WORDS, which all continue to resonate very well with our athletes. Gross profit for the first quarter remained strong at $1,170,000,000 or 36.7% of net sales and increased 41 basis points from last year. This increase was driven by higher merchandise margin. On a non GAAP basis, SG and A expenses increased 7% to $791,200,000 and deleverage 42 basis points compared to last year's non GAAP results. As we previewed during last quarter's call, this year over year deleverage was expected and driven by strategic investment digitally, in store, and in marketing to better position ourselves over the long term.

This was partially offset by lower incentive compensation expense compared to the prior year. Preopening expenses were $13,400,000, a decrease of $7,700,000 compared to the prior year and in line with our expectations. Non GAAP operating income was $360,400,000 or 11.35% of net sales. This is up from non GAAP operating income of $334,500,000 or 11.08% of net sales in q one of twenty twenty four. On a non GAAP basis, other income primarily comprised of interest income was $13,300,000 down $8,300,000 from the prior year.

This decline resulted from lower cash on hand and an expected lower interest rate environment. Non GAAP EBT was 361,600,000.0, 11 point 3 9 percent of net sales. This is up from EBT of 342,400,000.0, 11 point 3 4 percent of net sales in q one of twenty twenty four. As expected, our q one tax rate grew from 19.6% last year to approximately 24% this year. This approximate 440 basis points increase reflects the higher tax deduction from greater number of employee equity awards being exercised in the prior year, which favorably impacted q one twenty twenty four earnings by approximately 19¢ compared to the current year quarter.

In total, we delivered non GAAP earnings per diluted share of $3.37, an increase of 2.1% compared to the earnings per diluted share of $3.30 last year. On a GAAP basis, our earnings per diluted share were $3.24. This includes noncash losses from nonoperating investment in Foot Locker stock. For additional details on this, you can refer to the non GAAP reconciliation tables of our press release that we issued this morning. Now looking to our balance sheet, we ended q one with approximately $1,000,000,000 of cash and cash equivalents and no borrowings on our 1,600,000,000.0 unsecured credit facility.

Our quarter end inventory levels increased 12% compared to '1 last year. We believe our inventory is well positioned. As we have discussed, our deliberate investment in key items and categories continue to fuel our sales momentum. Turning to our first quarter capital allocation. Net capital expenditures were $242,000,000, and we paid hundred million dollars in quarterly dividend.

We also repurchased 1,400,000 shares of our stock for 298,700,000.0 at an average price of $218.65. Now moving to our outlook for 2025, which does not include acquisition related costs, investment losses, or results from recently announced Foot Locker acquisition. Assuming no material changes in consumer spending, we are reaffirming our expectations for comp sales and EPS. This balances our strong start to the year, our confidence in our strategic initiatives, and our operational strength against an increasingly complex macroeconomic environment. We continue to expect comp sales growth in the range of 1% to 3% with comps closer to the high end of our guidance through the third quarter.

Consolidated sales are expected to remain in the range of $13,600,000,000 to $13,900,000,000 Driven by the quality of our assortment, we also continue to expect gross margins to improve by approximately 75 basis points at the midpoint. As we have discussed from this position of strength, we plan to make strategic investments digitally in store and in marketing to better position ourselves over the long term. Thus, we anticipate our gross margin expansion to be offset by SG and A deleverage. From a pacing standpoint, we continue to expect greater SG and A expense deleverage in the first half, with moderation in the second half as we lap the higher investment level from the second half of the last year. We continue to expect preopening expenses to be in the range of 65 to 70 5 million dollars with approximately one third incurred in the first half of the year and the remaining two thirds in the second half.

We continue to expect operating margin to be approximately 11.1% at the midpoint. And at the high end of our expectations, we continue to expect to drive approximately 10 basis points of operating margin expansion. We continue to expect full year earnings per diluted share to be in the range of thirteen dollars and eighty cents to $14.40. As a reminder, this does not include the acquisition related costs, investment losses, or results from the recently announced Foot Locker acquisition. From a pacing perspective, we continue to expect EPS to decline year over year in the first half and increase year over year in the second half.

Our earnings guidance is based on approximately 81,000,000 average diluted shares outstanding compared to the prior expectation of 82,000,000 and an effective tax rate of approximately 24%. We continue to expect net capital expenditures of approximately $1,000,000,000 for the year. As Lauren mentioned, our guidance includes the expected impact from all tariffs currently in effect. We are working closely with our manufacturing and brand partners to mitigate potential impact, and we are making continued progress in diversifying our direct sourcing footprint. As I mentioned, our inventory is well positioned with healthy levels across key categories.

We have navigated similar environments before, and we are confident we have the team, tools and relationships to manage through this. This concludes our prepared remarks. Thank you for your interest in DICK'S Sporting Goods. Operator, you may now open the line for questions.

Thank you. We will now begin the question and answer Your first question comes from Brian Nagel with Oppenheimer. Please go ahead.

Hey, good morning. So my first question is for Ed. And with regard to the proposed transaction with Fort Walker. You know, I think a lot of us have studied this very closely. I know you have been talking to a number of, you know, investors or potential investors out there.

You know, you touted, you know, the kind of merits of the transaction. The question I have is, is your as you're talking to investors, DICK'S stock still being down from the time of announcement, what do you think is there anything clear that you think the market is really missing on the potential for this transaction, both near and maybe longer term?

Yeah. Brian, thanks for the thanks for the question. You know, we understand that there's really a group of people out there, shareholders that would really if preferred, we just continue to do what we're doing. It's a our business is very strong. We've got a lot of momentum around what's going on from a house of sports standpoint, what's going on from a field house.

And we've got these projects firmly under control, and people would just be wishing we just continue to do what we're doing. We don't think that's right long term for the business. So with the Foot Locker transaction, we see several opportunities. It really gives us a unique opportunity to strengthen our brand relationships through a global presence, gives us the ability to service a portion of the market that we just we can't service today. It it it, with our DICK'S Sporting Goods stores.

We believe we can bring greater operational efficiency to the Foot Locker business and increase its profitability. We've kind of talked that we'll capture 100,000,000 to $125,000,000 of synergies through the medium term, and we've been very clear that we believe this will be accretive to our earnings in the first full fiscal year following the close. As we take a look at why we did this, we believe sport and culture have intersected around the globe, and it's only gonna get stronger over time. This gives us an opportunity to compete for that market share and not just abdicate it to other retailers around the globe. We just don't feel that we should do that.

And I think what the street needs to understand is that, like it or not, we don't make investments or decisions for a quarter or two. We make these decisions and investments for a lifetime. And we do know that it's up to us to prove to the to the street and to everybody that this was the right decision to make. We're confident that we'll be able to do that. So we're, you know, we're really excited about this this acquisition.

We think it's gonna be very good for our shareholders. It's very good for the Foot Locker shareholders. It'll be good for the consumer out there. And the momentum we have with our Dick's business, we do not expect to be interrupted. So we're we're pretty excited about this.

Thank you. So the second question for Lauren, just on the business and look, we're all still really focused here on tariffs and obviously, it's very fluid backdrop. So I guess the question I want to ask is, as you're talking to your your part your your brand partners out there, is there any is there any update, you know, on how how we should be thinking about Dick's plans and deal with tariffs? We recognize we really don't know what the tariffs are gonna be yet.

Thanks, Brian. Yes. I I wanna point to the fact that we are starting with you know, this year started with such incredible momentum, and it's actually been a trend that's been going on now five consecutive quarters of over 4% comp growth. And we have tremendous momentum in many aspects of our business. So obvious our long term strategies are are clearly working, and that's everything from our differentiated product assortment to how we are elevating our athlete experience.

Our team is operating at an absolutely incredible level, and they are really to be given the credit for the incredible performance that we have. And importantly, our consumer has held up very well. And this has been a trend for some time, and it continues to be a trend where people are prioritizing activities, healthy, active lifestyle, team sports, running, walking, being outside with their kids. And so this quarter, we actually saw no trade down from best to better to better to good. We we saw growth across all income demographics, and we saw growth in ticket and transactions.

So I say all that because as we look to tariffs, we have now factored in all of the known tariffs into our guidance. We are able to affirm our guidance going forward, both top line and bottom line, and 75 basis points of gross margin improvement. And we will continue to work incredibly closely with our brand partners and our manufacturing partners to navigate. We are constantly making decisions on what the best thing is for athletes and what the best thing is for the businesses and the profitability, and we'll continue to balance that. We have an incredibly dynamic pricing ability, but we're very pleased today to be able to confirm that we are holding to our guidance top line and bottom line.

Your next question comes from Simeon Gutman with Morgan Stanley. Please go ahead.

Hey, good morning everyone and good quarter. I want to ask about the durability of the comp strength. So most discretionary businesses that we cover, they've comped negative for two to three years. You haven't had that naive five in a row plus four and you're guiding one to three for the full year. You mentioned dynamic backdrop and it sounds like maybe some tough compares by the fourth quarter.

Is that the rationale of keeping the one to three or is there anything unique? Meaning why can't it be eight quarters in a row of four given how the business keeps performing? Thanks.

Yes. Thanks, Simeon. Our consumer, as I said, is is incredibly strong. Our business has a tremendous amount of momentum. We do have higher comps that we're lapping in the back half of the year, and so that's a factor.

But we feel incredibly strong about the factors that that we can control on our business and incredibly confident as we go forward. I would point to the fact that the fact that the consumer has held up well does speak somewhat to the fact that our business is very resilient, and people are increasingly prioritizing these categories with the, available income that they have. And and we continue to expect that that will, be the case throughout the year.

Okay. My follow-up, I I wanna ask about Nike. I realize there's maybe sensitivity, to talk about one brand, but I think the importance of it goes higher now for Dick's and then in the future with Foot Locker. And I don't think there's a company or people better suited to give us a perspective. So if you're willing, assessment where the brand is in terms of cleaning up inventories in the marketplace, do they have a defined distribution strategy And then what you what your assessment or opinion on product innovation is?

Just your thoughts. I realize you can't speak for them.

Yes. Thanks, Simeon. So, yeah, Nike is is a very important strategic partner for us. And we continue to be really happy both with the our with our partnership and the strategic nature of it, the fact that we're innovating and working on longer term consumer trends and product pipelines. What we see coming down the pike, we're very excited about, and Nike continues to perform really, really well for us.

So as we look to to the future, we did you know, we've heard about some distribution changes. We work very closely with all of our brand partners. And one thing that you can say about Nike time in and time out is that they are very good at segmenting their products, and we have no reason to expect that that won't be the same. So we expect segmentation of the market. We expect minimal overlap with some of the new distribution, and we're excited about a lot of product innovation coming down the pike.

The running construct, some of the lifestyle apparel, women's basketballs, a lot of great stuff going on. So we feel terrific about the Nike partnership.

Your next question comes from the line of Adrienne Yih with Barclays. Please go ahead.

Great. Thank you very much and congratulations on another very well executed quarter.

Lauren, you're welcome. For you, it's about the price increases or the inevitable price increases, I might say. It seems like at this level of the 30% China, ten % elsewhere, that the price increases needed are not terribly daunting, I would say, maybe low to mid single digit. How do you think about, you know, when you take prices in your own direct, you know, your direct segment versus when you're seeing the price increases after view from the brands? Thank you.

Yeah. No. You're you're right. And that's why we were able to just confirm our our guidance is that we we believe with the tariffs that are known to date, we can manage and we are continuing to do that. We are constantly assessing our pricing down to the item level, SKU level, and we do that based on consumer demand and and the profitability of the business.

We are we have a very advanced pricing capability, much more advanced than we used to have and much more enabled to make real time and quick decisions. And so this is just a core this is something we do. This is a core strength of ours. We will continue to navigate, and I I would take comfort in the fact that our margin, we just guided at the midpoint up 75 basis points. We feel very confident.

Great. And then, Navdeep, my follow-up is on inventory for you. You pulled forward some, it seems. When would the tariffs and or, you know, the costs start to come through the p and l? And how are you thinking about units versus dollars as we end the quarter and start into the fall season?

Yeah. Adrian, let me start with where we finished in q, q one. Our inventory growth was 12%. One of the important things that we have said consistently is the fact that this is the differentiated inventory that is allowing us to drive this differentiated top line results. Like Lauren called out, this was the fifth straight quarter with with over 4% of comp.

That is driven as one of the core strategies that we have is the is the differentiated access to the product. The focused investments that we made at the end of q four of bringing the spring products earlier actually worked really well, and that's what you saw was, with the outsized comp that we were able to deliver. In terms of the inventory growth and that impact from tariff, you know, we we expect that the inventory growth will moderate even with some of the tariff headwinds that that we have anticipated in that as we especially as we start to lap the investments that were made in the second half of twenty twenty four.

Your next question comes from the line of Robbie Ohmes with Bank of America. Go ahead.

Hey, good morning. Thanks for taking my question. Mike, it's really two follow ups. One is just, can you guys talk about the way how you took share from Foot Locker over the last few years and how much of that was a driver to growth? And then I think you guys called out you're going to be you're gaining share from digital and omnichannel.

Is there a shift in who you're taking share from? And how are you thinking about taking that share as people like Amazon maybe be getting better allocations from people like Nike? And then my follow-up is just quickly on what just remind us what the expectations are for for FTC approvals for the merger.

Thanks, Ravi. So we have been gaining share for some time now. We we have been operating in a hundred and $40,000,000,000 TAM in The US, and we have been driving a point of growth in the last year, and it's it's continued. The great thing about our industry is we only have an 8% market share despite all of the growth that we've had and the fact that we are a dominant player. And, you know, we have incredible we we we have such a strong business, and yet there is so much market share to be gained.

And so we're gaining share from from many places. We're getting gaining share from digital channels. We're gaining share from omnichannel. And as I mentioned before, we continue to feel very confident that our brands appreciate that they can bring their whole brand to life in our store from from head to toe, including gear and equipment. We can tell a whole brand's story, and we are rooted in sport.

And that gives us an advantage, versus our competitors, both online and and omnichannel. I'll turn it to Navdeep to talk about the FTC.

Yeah. Ravi, let me just quickly build on what Lauren answered. In terms of the share gain also, we have to keep in mind that the gain are coming from the core product focus category. So it's apparel, it's footwear, it's team sports, the the work our merchant teams are doing even in some of the outdoor categories are the the drivers of our differentiation. In terms of the FTC approval on the merger, we anticipate, that'll be somewhere in the second half of this year.

And just in terms of Amazon, just do you expect segmentation to, you know, be be favorable to DICK'S Sporting Goods still?

Yes. Nike has a a Nike and all of our brands do a good job segmenting, and and we are expecting this will be no different. We expect minimal overlap.

Your next question comes from the line of Michael Baker with D. A. Davidson. Please go ahead.

Hey, I wanted to ask about a different acquisition. Can you talk a little bit about the investment you made in or your affiliate made in unrivaled sports and how that impacts your game changer business? And was that contemplated in the guidance that you'd given for the year for game changers? Just wanted to dig into that a little bit, if I could.

Yeah. Michael, thank you so much for that question because we are very, very excited about the investment that we've made in unrivaled and that we continue to make in game changers. So let me start quickly with game changer. That business over a hundred million dollars last year growing to a hundred and $50,000,000 highly profitable software subscription business. But more importantly, it enables us as DICK'S to get involved in all aspects of the athlete's journey from the time they sign up from for a team to when they're playing to a game changers case when they are watching the game, fans, parents, watching scores, stats.

It's an incredibly rich database. And it also continues to fuel our DICK'S media network, which, is, you know, game changer is a live sports sports platform, a media platform that we're very excited to be able to put into our into our DICK'S media network. Unrivaled, we're so excited because they are they're on the ground, and they're providing youth sport experiences at places like Cooperstown, All Star Village, and they're hosting 600,000 youth athletes, two million families in the course of the year. And we're so excited to be able to be at that point of sport when kids are competing and and elevate the experience and and share just best practices and, a lot of business opportunities unlocked as well.

Michael, let me quickly build on what Lauren said. If you think about the opportunity that we talk about in the youth sports infrastructure, that opportunity goes well beyond what happens with during the physical game day where, game changer is one of the most dominant and the most differentiated product platform that is out there. Now with the partnership and the equity investment that we have unrivaled in, this gives us an opportunity to actually look at the ecosystem much more holistically and and much more, collectively between the game changer business and the unrivaled opportunity that we have. Couldn't be more excited about this overall $40,000,000,000 TAM, which is growing really well. And with the capability we have with Game changer and now the partnership that we have with Unrivaled, this will allow us to really differentiate in that space even further.

Got it. Makes sense. If I could ask one more follow-up from a previous question asking you to comment on your on the competitive situation again. Nike tried to sell through Amazon in the past. It didn't work.

They pulled back on it. Why would this be different? Have you seen do you have any insight as to what your competitors are doing differently this time versus when they first tried that that that partnership?

Yeah. Well, I don't we don't speak on behalf of Nike. They they are I know, have an effort to clean up the marketplace, and that's a a driver of what they're doing now. I'll let them speak to what their motives are.

Your next question comes from the line of Kate McShane with Goldman Sachs. Please go ahead.

Hi. Good morning. Thanks for taking our question. We just wanted to hear a little bit more about the category performance in the quarter, how footwear, apparel and hardgoods performed relative to each other and the overall comp, and if there was any cadence difference between the months?

Thanks, Kate. We were with the four and a half percent comp, we saw growth across so many areas of our business. So we saw growth in footwear. We saw growth in apparel. We saw growth in team sports.

And then from a cadence standpoint, you know, like the rest of the world, the the beginning of the month was a little cold and and wet. February was, but it continued to improve, and we had strength across the across the quarter in each month.

Your next question comes from the line of Christopher Horvers with JPMorgan. Please go ahead.

Thanks. Good morning, everybody. So I just want to follow-up on the tariff question. Have you actually received any tariff items into inventory? Have you taken any prices yet on that product?

And if not, when would you expect to start to turn that inventory of tariff items?

Chris, we have no impact from tariffs in q one, and we are working very closely with each of the brand partners on the right cadence and and how best do we flow it. So we'll we'll share much more, and these start to actualize. As we called out in our guidance, we have contemplated some of the timings associated with it, in our guidance, and and we still feel great about the 75 basis points of the margin expansion that we guided for the full year.

Understood. And I had a question on the on the Foot Locker deal as well. Looking at the documents, it seems like it's a pretty low divestiture threshold. I think it's a hundred million dollars in terms of, you know, if you were you're forced to divest more than that, that you could you could potentially walk away from the deal. Can you talk about why that level that doesn't that doesn't seem like that's a whole lot of Foot Locker stores in terms of, you know, potential divestitures?

So and any comments on that would be helpful. Thank you.

Retailer Dick’s Sporting Goods offers a wide selection of sporting goods equipment, fitness gear, golf products, fishing gear, apparel, footwear, and accessories. The company’s portfolio includes specialty concept stores such as Golf Galaxy, Public Lands, Going Going Gone!, and Dick’s House of Sport. Dick’s Sporting Goods was founded in 1948.

Dick's Sporting Goods Q1 2026 Earnings Call Transcript | Fortune

Nino Paoli

Davenport, Florida, Starbucks Coffee, outside exterior drive thru through.

Starbucks hops on the health craze with protein coffee weight-loss influencers had been concocting in its drive thru for months

/2025/09/04/starbucks-protein-coffee-cold-foam-launch-september-29-health-trend-gen-z-glp1-tiktok-functional-beverages-wellness-menu-innovation/

John Kell

With 100 Gen AI pilot projects but just six in production, Carnival Cruise Line’s CIO takes a measured approach to artificial intelligence journey

/2025/09/03/with-100-gen-ai-pilot-projects-but-just-six-in-production-carnival-cruise-lines-cio-takes-a-measured-approach-to-artificial-intelligence-journey/

Dick's Sporting Goods (DKS) Q1 2026 Earnings Call Transcript

Company Participants