Goldman Sachs
May 28, 2026
Dick's Sporting Goods 1Q26 Results First Take
Single Stock ReportEquitiesConsumer Discretionary
Dick's Sporting Goods delivered a 1Q26 sales beat driven by +6% comparable sales, though EPS missed expectations on margin pressure. Management raised FY2026 outlook for same-store sales and operating income.
Key Takeaways
- 1.DKS reported a 1Q26 top-line beat with sales of $5,165mn vs consensus of $5,087mn, driven by a strong +6.0% SSS at Dick's core stores.
- 2.Adjusted EPS of $2.90 missed GS/consensus estimates due to lower-than-expected gross margins (33.4% vs 33.8% GS estimate).
- 3.The company raised its 2026 guidance for SSS (Dick's and Foot Locker) and adjusted consolidated operating income.
Table of Contents
- 2026 Outlook
- Implications
- 1Q26 Analysis
- 1Q Recap
- Valuation & Risks
- Disclosure Appendix
- GS Factor Profile
- M&A Rank
- Quantum
- Disclosures
- Ratings, coverage universe and related definitions
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Authors
Kate McShane, CFAEmily GhoshMark Jordan, CFANishi AgarwalGrace Chee
Securities
DKSFL
Themes
Post-Acquisition IntegrationGuidance MomentumConsumer Resilience in Hardlines
Regions
North AmericaUnited States