How much did DICK'S stock fall after its second-quarter report?

It closed at $124.31 on 25 August 2026, down 30.7% from the previous close of $179.33, on volume of 38,849,960 shares — 9.9 times the prior session. The stock opened at $142.36, a gap of 20.6%. By 28 August it had recovered to $135.09, still 24.7% below the pre-report close.

Did DICK'S miss on sales?

Not on the reported quarter. Net sales were $5,587 million against $3,647 million a year earlier, up 53.2%, and the DICK'S Business delivered 4.9% comparable sales growth. The problem was the Foot Locker Business, whose proforma comparable sales declined 3.6%, and the margin required to hold share in a promotional footwear market.

How big was the guidance cut?

At the midpoints of the ranges: full-year net sales from $22.25 billion to $22.05 billion, a cut of 0.9%; GAAP operating income from $1.75 billion to $1.50 billion, a cut of 14.3%; and GAAP earnings per diluted share from $13.77 to $11.44, a cut of 16.9%. The effective tax rate assumption also rose from about 27% to about 29%.

How much of the EPS decline came from the Foot Locker shares?

About a third. Quarterly EPS fell $1.21, from $4.71 to $3.50. Holding the diluted share count at the prior year's 81 million, the $315 million of net income would have produced $3.89 a share, so the extra 9 million shares account for $0.39 of the fall and lower profit for $0.82.

Was the quarter itself a miss or a beat?

This article does not compare the result to analyst consensus, which is not a filing and which we do not verify. What the filings show is that reported EPS fell 26% year on year, GAAP operating margin fell from 12.4% to 7.9%, and the company revised its own full-year outlook downward on the same day.

DICK'S cut sales guidance 0.9%. It cut EPS guidance 17%.

DICK'S fell 30.7% in a session on 38.8m shares. Its revised outlook takes $0.2bn off sales and $2.33 off EPS. That gap is the whole story.

Published Aug 31, 2026 Data as of Aug 28, 2026 Sources 3 primary By Yu Han

DKS

In short

DICK'S closed at $124.31 on 25 August, down 30.7% from $179.33, on 38.8m shares — 9.9 times the previous session. It had opened 20.6% lower.

Means: The revised outlook cuts full-year sales by 0.9% at the midpoint and EPS by 16.9%. A one-percent demand problem became a seventeen-percent earnings problem through margin.
Market: Prices to 28 August 2026, when DKS closed at $135.09 — recovering 8.7% from the low close but still 24.7% below where it stood before the report.
Watch: Whether Foot Locker proforma comps stay in the guided −2.0% to 0.0% range. The DICK'S Business outlook of 2.5% to 4.0% growth was left untouched.

DICK’S Sporting Goods opened at $142.36 on 25 August 2026. It had closed the previous session at $179.33. By the end of the day it was at $124.31, down 30.7%, on 38,849,960 shares — 9.9 times the volume of the day before.

A drop that size usually means the business stopped working. This one does not. The company’s own stores grew comparable sales 4.9% in the quarter, and it left that part of its full-year outlook exactly where it was. What changed is smaller than the reaction and easy to measure, because the company published the same forecast twice, three months apart.

The same outlook, in May and in August

Full-year 2026 outlook, as given in each quarter's release

27 May 25 Aug change Net sales $22.1–22.4bn $21.9–22.2bn -0.9% Operating income $1.69–1.81bn $1.45–1.55bn -14.3% EPS (GAAP) $13.27–14.27 $10.94–11.94 -16.9% EPS (non-GAAP) $13.50–14.50 $11.00–12.00 -17.9% Tax rate ~27% ~29% +200 bps

Midpoints of the disclosed ranges, computed here. The May figures are from the 27 May 2026 release and the August figures from the 25 August 2026 release, both linked in the sources. Share count and tax rate are the assumptions each release states.

The sales line moved by nine-tenths of one percent. The earnings line moved by seventeen. That ratio is the entire event, and it is what a promotional market does to a retailer: the units still sell, and the margin on them does not survive.

The release says so in plain terms — as the quarter progressed, “conditions across portions of the athletic footwear and apparel marketplace became increasingly promotional, and we took action to remain competitively priced.” Holding price is a decision to trade margin for share. The outlook is where that decision gets a number.

What the quarter actually reported

DICK'S second quarter against the same quarter a year earlier. Sales more than half again as large, profit smaller — the shape of a business that has just absorbed an acquisition into a market that turned against it. Source: consolidated operating results table, Exhibit 99.1 to the Form 8-K filed 25 August 2026

Net sales rose 53.2%, to $5,587 million from $3,647 million. That number is not growth in any useful sense — the Foot Locker Business is in this year’s figure and not in last year’s. GAAP operating margin went the other way, from 12.4% to 7.9%, a fall of 451 basis points.

Net income was $315 million against $381 million, down 17.3%. Earnings per diluted share were $3.50 against $4.71, down 25.7%.

Splitting the $1.21

Those last two lines fell by different amounts, and the difference is the acquisition currency. DICK’S issued 9.6 million shares for Foot Locker; the weighted average diluted count went from 81 million to 90 million.

Where the $1.21 of lost EPS went

Reported EPS, prior year $4.71 Same profit ($315m) on last year’s 81m shares $3.89 ← earnings effect: −$0.82 Reported EPS, this year $3.50 ← dilution effect: −$0.39

The counterfactual holds the diluted share count at the prior year's 81 million and applies this year's actual net income of $315 million. It is arithmetic on two reported figures, not an estimate of what the company would have earned without the acquisition — Foot Locker's results are inside the $315 million.

About a third of the decline — $0.39 of $1.21 — is the shares. The other two-thirds is less profit. Both are real, but they are different problems: one is permanent and known in advance, the other is the thing the outlook just moved.

Where it went wrong, in the company’s own segmentation

The release separates the two businesses, and they point opposite ways.

	Second quarter	Full-year outlook
DICK’S Business	comps +4.9%	maintained at +2.5% to +4.0%
Foot Locker Business	proforma comps −3.6%	lowered to −2.0% to 0.0%

The company attributes the gap to Foot Locker’s “greater exposure to legacy footwear silhouettes and greater dependence on footwear launch and retro product,” and notes that in the quarter there were fewer launches and that those launches “performed below both industry and our expectations.”

That is a specific, checkable claim about a specific category, and it is the reason the operating income outlook fell for both businesses while only one of the comp outlooks did.

The reaction against the revision

The market took 30.7% off the equity in a session. The company took 16.9% off its midpoint GAAP earnings forecast. The fall is 1.8 times the cut.

We do not have a view on whether that is right, and this article does not offer one. What can be said is what the two numbers are and what they measure: one is a permanent-looking repricing of a business, the other is a revision to one fiscal year. By 28 August the shares had recovered to $135.09, up 8.7% from the low close and still 24.7% below where they stood before the report.

What this article does not settle

No consensus comparison. Analyst estimates are not filings and we do not verify them, so this article does not say whether the quarter beat or missed. Every comparison here is against the company’s own prior disclosure.
Proforma comps are not GAAP. The −3.6% for Foot Locker is a company-defined measure for a business it did not own for the whole comparable period. The release labels it as such.
The 53.2% sales increase is not growth. It is mostly the acquisition entering the numerator. Anyone annualising it will be wrong.
Midpoints are our arithmetic. The company gives ranges. Comparing midpoints is the cleanest way to size a revision, but a range that widens or narrows carries information a midpoint drops.
The exhibit is furnished, not filed. Earnings releases attached to an Item 2.02 8-K carry a lower liability standard than the financial statements in a 10-Q. The quarterly report with the audited-basis detail follows separately.

Check it yourself

The two releases are linked above and the comparison takes one screen each: both print a table headed Full Year 2026 Outlook with the same four lines. The quarterly figures are in the Second Quarter Consolidated Operating Results table of the August release.

The share prices are daily bars from Databento’s EQUS.SUMMARY dataset, pulled with scripts/quote.mjs in this site’s repository, and are shown to 28 August 2026. This is the first article on this site to use a priced market source since we removed the previous one in August, and the terms review that allowed it is written up in our data standards.

For the same question asked of companies whose guidance went the other way, see why FICO fell 17% on the day it raised guidance and why Sandisk fell after earning $6.9bn in a quarter. When the revision lands on the dividend rather than the forecast, the arithmetic looks like Campbell’s cutting its payout 36%. When a retailer’s problem is the goods rather than the price, it shows up first in inventory.

Every calculation above is written out in this article’s front matter and re-checked when the site builds.

If a figure here does not match a filing, tell us and it will be corrected on the article and on the corrections log, with the date.

Questions this answers

How much did DICK'S stock fall after its second-quarter report?: It closed at $124.31 on 25 August 2026, down 30.7% from the previous close of $179.33, on volume of 38,849,960 shares — 9.9 times the prior session. The stock opened at $142.36, a gap of 20.6%. By 28 August it had recovered to $135.09, still 24.7% below the pre-report close.
Did DICK'S miss on sales?: Not on the reported quarter. Net sales were $5,587 million against $3,647 million a year earlier, up 53.2%, and the DICK'S Business delivered 4.9% comparable sales growth. The problem was the Foot Locker Business, whose proforma comparable sales declined 3.6%, and the margin required to hold share in a promotional footwear market.
How big was the guidance cut?: At the midpoints of the ranges: full-year net sales from $22.25 billion to $22.05 billion, a cut of 0.9%; GAAP operating income from $1.75 billion to $1.50 billion, a cut of 14.3%; and GAAP earnings per diluted share from $13.77 to $11.44, a cut of 16.9%. The effective tax rate assumption also rose from about 27% to about 29%.
How much of the EPS decline came from the Foot Locker shares?: About a third. Quarterly EPS fell $1.21, from $4.71 to $3.50. Holding the diluted share count at the prior year's 81 million, the $315 million of net income would have produced $3.89 a share, so the extra 9 million shares account for $0.39 of the fall and lower profit for $0.82.
Was the quarter itself a miss or a beat?: This article does not compare the result to analyst consensus, which is not a filing and which we do not verify. What the filings show is that reported EPS fell 26% year on year, GAAP operating margin fell from 12.4% to 7.9%, and the company revised its own full-year outlook downward on the same day.

Verify this yourself

3 primary sources

Every figure on this page came from the documents below — not from summaries, databases, or other articles. Open them and check the numbers.

Data as of Aug 28, 2026 · figures may be restated by the issuer after this date

Found a number that doesn't match the filing? Confirmed corrections are published on the corrections log, with the date and what changed.

This article is for informational purposes only and is not investment advice. Figures come from public filings as of the date noted above and may be restated later. Verify independently before making any investment decision.