DICK'S SPORTING GOODS, INC., 10-K filed on 3/27/2025
Annual Report
v3.25.1
Cover - USD ($)
 12 Months Ended
Feb. 01, 2025
Mar. 21, 2025
Aug. 02, 2024
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Feb. 01, 2025    
Current Fiscal Year End Date --02-01    
Document Transition Report false    
Entity File Number 001-31463    
Entity Registrant Name DICK'S SPORTING GOODS, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 16-1241537    
Entity Address, Address Line One 345 Court Street    
Entity Address, City or Town Coraopolis    
Entity Address, State or Province PA    
Entity Address, Postal Zip Code 15108    
City Area Code (724)    
Local Phone Number 273-3400    
Title of 12(b) Security Common Stock, $0.01 par value    
Trading Symbol DKS    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity Public Float     $ 11,107,511,957
Entity Central Index Key 0001089063    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction Flag false    
Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   56,285,053  
Class B Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   23,570,633  
v3.25.1
Auditor Information
 12 Months Ended
Feb. 01, 2025
Auditor Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Pittsburgh, Pennsylvania
Auditor Firm ID 34
v3.25.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Income Statement [Abstract]      
Net sales $ 13,442,849 $ 12,984,399 $ 12,368,198
Cost of goods sold, including occupancy and distribution costs 8,617,153 8,450,664 8,083,640
GROSS PROFIT 4,825,696 4,533,735 4,284,558
Selling, general and administrative expenses 3,294,272 3,183,530 2,799,853
Pre-opening expenses 57,492 67,840 21,686
INCOME FROM OPERATIONS 1,473,932 1,282,365 1,463,019
Interest expense 52,987 58,023 95,220
Other income (98,088) (93,809) (15,949)
INCOME BEFORE INCOME TAXES 1,519,033 1,318,151 1,383,748
Provision for income taxes 353,725 271,632 340,610
NET INCOME $ 1,165,308 $ 1,046,519 $ 1,043,138
EARNINGS PER COMMON SHARE:      
Basic (in dollars per share) $ 14.48 $ 12.72 $ 13.43
Diluted (in dollars per share) $ 14.05 $ 12.18 $ 10.78
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:      
Basic (in shares) 80,468 82,302 77,672
Diluted (in shares) 82,929 85,925 99,274
v3.25.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Statement of Comprehensive Income [Abstract]      
NET INCOME $ 1,165,308 $ 1,046,519 $ 1,043,138
OTHER COMPREHENSIVE LOSS:      
Foreign currency translation adjustment, net of tax (426) (77) (170)
TOTAL OTHER COMPREHENSIVE LOSS (426) (77) (170)
COMPREHENSIVE INCOME $ 1,164,882 $ 1,046,442 $ 1,042,968
v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Feb. 01, 2025
Feb. 03, 2024
CURRENT ASSETS:    
Cash and cash equivalents $ 1,689,940 $ 1,801,220
Accounts receivable, net 214,250 114,877
Income taxes receivable 4,920 4,108
Inventories, net 3,349,830 2,848,797
Prepaid expenses and other current assets 158,767 121,047
Total current assets 5,417,707 4,890,049
Property and equipment, net 2,069,914 1,638,161
Operating lease assets 2,367,317 2,257,482
Intangible assets, net 58,598 56,663
Goodwill 245,857 245,857
Deferred income taxes 52,684 37,846
Other assets 246,617 185,694
TOTAL ASSETS 10,458,694 9,311,752
CURRENT LIABILITIES:    
Accounts payable 1,497,743 1,288,728
Accrued expenses 653,324 551,369
Operating lease liabilities 503,236 492,856
Income taxes payable 30,718 54,508
Deferred revenue and other liabilities 395,041 364,933
Total current liabilities 3,080,062 2,752,394
LONG-TERM LIABILITIES:    
Revolving credit borrowings 0 0
Senior notes due 2032 and 2052 1,484,217 1,483,260
Long-term operating lease liabilities 2,500,307 2,287,714
Other long-term liabilities 195,844 171,103
Total long-term liabilities 4,180,368 3,942,077
Commitments and contingencies
STOCKHOLDERS' EQUITY:    
Preferred stock 0 0
Additional paid-in capital 1,495,329 1,448,855
Retained earnings 6,392,513 5,588,914
Accumulated other comprehensive loss (755) (329)
Treasury stock, at cost (4,689,626) (4,420,963)
Total stockholders' equity 3,198,264 2,617,281
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 10,458,694 9,311,752
Common Stock    
STOCKHOLDERS' EQUITY:    
Common stock 567 568
Class B Common Stock    
STOCKHOLDERS' EQUITY:    
Common stock $ 236 $ 236
v3.25.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Feb. 01, 2025
Feb. 03, 2024
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized shares 5,000,000 5,000,000
Treasury stock shares acquired 76,464,640 75,201,474
Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized shares 200,000,000 200,000,000
Common stock, issued shares 133,123,695 132,038,608
Common stock, outstanding shares 56,659,055 56,837,134
Class B Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized shares 40,000,000 40,000,000
Common stock, issued shares 23,570,633  
Common stock, outstanding shares 23,570,633  
v3.25.1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Common Stock
Common Stock
Common Stock
Class B Common Stock
Additional Paid-In Capital
Additional Paid-In Capital
Cumulative Effect, Period of Adoption, Adjustment
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Loss
Treasury Stock
BALANCE at Jan. 29, 2022 $ 2,101,586 $ (84,729) $ 520 $ 236 $ 1,488,834 $ (118,961) $ 3,956,602 $ 34,232 $ (82) $ (3,344,524)
BALANCE (in shares) at Jan. 29, 2022     51,989,000 23,621,000            
Increase (Decrease) in Stockholders' Equity                    
Net shares issued in connection with the exchange of Convertible Senior Notes and partial unwind of convertible bond hedge and warrants     9,782,000              
Equity Impact of Notes Exchanges 16,741   $ 98   16,643          
Exchange of Class B common stock for common stock 0   $ 0 $ 0            
Exchange of Class B common stock for common stock (in shares)     50,000 (50,000)            
Exercise of stock options 23,681   $ 8   23,673          
Exercise of stock options (in shares)     837,000              
Restricted stock vested 0   $ 13   (13)          
Restricted stock vested (in shares)     1,285,000              
Minimum tax withholding requirements (43,936)   $ (4)   (43,932)          
Minimum tax withholding requirements (in shares)     (425,000)              
Net income 1,043,138           1,043,138      
Stock-based compensation (50,603)       (50,603)          
Foreign currency translation adjustment, taxes 54                  
Foreign currency translation adjustment, net of taxes (170)               (170)  
Purchase of shares for treasury $ (426,723)   $ (50)             (426,673)
Purchase of shares for treasury (in shares) (4,971,000)   (4,971,000)              
Cash dividends declared per share (in dollars per share) $ 1.95                  
Cash dividends declared per common share of $4.40, $4.00, and $1.95 for the year ended 2024, 2023, and 2022, respectively $ (155,568)           (155,568)      
BALANCE at Jan. 28, 2023 2,524,623   $ 585 $ 236 1,416,847   4,878,404   (252) (3,771,197)
BALANCE (in shares) at Jan. 28, 2023     58,547,000 23,571,000            
Increase (Decrease) in Stockholders' Equity                    
Net shares issued in connection with the exchange of Convertible Senior Notes and partial unwind of convertible bond hedge and warrants     1,723,000              
Equity Impact of Notes Exchanges 58,472   $ 17   58,455          
Exercise of stock options 15,205   $ 6   15,199          
Exercise of stock options (in shares)     615,000              
Restricted stock vested 0   $ 21   (21)          
Restricted stock vested (in shares)     2,086,000              
Minimum tax withholding requirements (98,917)   $ (7)   (98,910)          
Minimum tax withholding requirements (in shares)     (695,000)              
Net income 1,046,519           1,046,519      
Stock-based compensation (57,285)       (57,285)          
Foreign currency translation adjustment, taxes 24                  
Foreign currency translation adjustment, net of taxes (77)               (77)  
Purchase of shares for treasury $ (649,820)   $ (54)             (649,766)
Purchase of shares for treasury (in shares) (5,439,000)   (5,439,000)              
Cash dividends declared per share (in dollars per share) $ 4.00                  
Cash dividends declared per common share of $4.40, $4.00, and $1.95 for the year ended 2024, 2023, and 2022, respectively $ (336,009)           (336,009)      
BALANCE at Feb. 03, 2024 2,617,281   $ 568 $ 236 1,448,855   5,588,914   (329) (4,420,963)
BALANCE (in shares) at Feb. 03, 2024     56,837,000 23,571,000            
Increase (Decrease) in Stockholders' Equity                    
Exercise of stock options 18,000   $ 7   17,993          
Exercise of stock options (in shares)     715,000              
Restricted stock vested 0   $ 6   (6)          
Restricted stock vested (in shares)     573,000              
Minimum tax withholding requirements (42,515)   $ (1)   (42,514)          
Minimum tax withholding requirements (in shares)     (203,000)              
Net income 1,165,308           1,165,308      
Stock-based compensation (71,001)       (71,001)          
Foreign currency translation adjustment, taxes 134                  
Foreign currency translation adjustment, net of taxes (426)               (426)  
Purchase of shares for treasury $ (268,676)   $ (13)             (268,663)
Purchase of shares for treasury (in shares) (1,263,000)   (1,263,000)              
Cash dividends declared per share (in dollars per share) $ 4.40                  
Cash dividends declared per common share of $4.40, $4.00, and $1.95 for the year ended 2024, 2023, and 2022, respectively $ (361,709)           (361,709)      
BALANCE at Feb. 01, 2025 $ 3,198,264   $ 567 $ 236 $ 1,495,329   $ 6,392,513   $ (755) $ (4,689,626)
BALANCE (in shares) at Feb. 01, 2025     56,659,000 23,571,000            
v3.25.1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Statement of Stockholders' Equity [Abstract]      
Foreign currency translation adjustment, taxes $ 134 $ 24 $ 54
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 1,165,308 $ 1,046,519 $ 1,043,138
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 400,409 393,933 365,475
Amortization of deferred financing fees and debt discount 2,333 2,364 4,250
Deferred income taxes (14,838) 3,343 23,100
Stock-based compensation 71,001 57,285 50,603
Other, net (6,565) 9,332 15,306
Changes in assets and liabilities:      
Accounts receivable (11,865) (4,236) (13,558)
Inventories (501,033) 18,823 (533,308)
Prepaid expenses and other assets (57,159) (18,220) (9,690)
Accounts payable 185,883 20,365 13,983
Accrued expenses 58,941 (2,462) (74,205)
Income taxes payable / receivable (26,155) 29,167 12,256
Construction allowances provided by landlords 76,287 67,061 36,100
Deferred revenue and other liabilities 41,536 25,190 22,689
Operating lease assets and liabilities (72,248) (121,129) (34,258)
Net cash provided by operating activities 1,311,835 1,527,335 921,881
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (802,565) (587,426) (364,075)
Proceeds from sale of other assets 11,872 27,500 14,261
Other investing activities (5,865) (54,750) (43,080)
Net cash used in investing activities (796,558) (614,676) (392,894)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Principal paid in connection with exchange of convertible senior notes 0 137 515,865
Payments on finance lease obligations 0 (823) (740)
Proceeds from exercise of stock options 18,000 15,205 23,681
Minimum tax withholding requirements (42,515) (98,917) (43,936)
Cash paid for treasury stock (263,021) (648,554) (458,456)
Cash dividends paid to stockholders (361,727) (351,201) (163,081)
Increase (decrease) in bank overdraft 23,132 48,679 (89,239)
Net cash used in financing activities (626,131) (1,035,748) (1,247,636)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (426) (77) (170)
NET DECREASE IN CASH AND CASH EQUIVALENTS (111,280) (123,166) (718,819)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 1,801,220 1,924,386 2,643,205
CASH AND CASH EQUIVALENTS, END OF PERIOD 1,689,940 1,801,220 1,924,386
Supplemental disclosure of cash flow information:      
Accrued property and equipment 111,289 72,486 30,222
Cash paid during the fiscal year for interest, net of capitalized amounts 50,677 57,486 69,193
Cash paid during the fiscal year for income taxes 399,467 243,244 306,612
Accrued treasury stock $ 5,000 $ 0 $ 0
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Feb. 01, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies
DICK’S Sporting Goods, Inc. (together with its subsidiaries, referred to as “the Company”, “we”, “us” and “our” unless specified otherwise) is a leading omni-channel sporting goods retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories. As of February 1, 2025, we operated 723 DICK’S Sporting Goods locations across the United States, serving and inspiring athletes and outdoor enthusiasts to achieve their personal best through a blend of dedicated teammates, in-store experiences and unique specialty shop-in-shops. In addition to DICK’S Sporting Goods stores, the Company owns and operates Golf Galaxy, Public Lands and Going Going Gone! specialty concept stores, and also offers its products online and through its mobile apps. The Company also owns and operates DICK’S House of Sport and Golf Galaxy Performance Center, as well as GameChanger, a youth sports mobile app for live streaming, scheduling, communications and scorekeeping. When used in this Annual Report on Form 10-K, unless the context otherwise requires or specifies, any reference to “year” is to the Company’s fiscal year.
Fiscal Year
The Company’s fiscal year ends on the Saturday closest to the end of January. Unless otherwise stated, references to years in this Annual Report on Form 10-K relate to fiscal years, rather than to calendar years. Fiscal years 2024, 2023 and 2022 ended on February 1, 2025, February 3, 2024 and January 28, 2023, respectively. All fiscal years presented include 52 weeks of operations except fiscal 2023, which included 53 weeks.
Principles of Consolidation
The Consolidated Financial Statements include DICK’S Sporting Goods, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Reclassifications
Certain reclassifications have been made to prior year amounts within the Consolidated Statements of Income to conform selling, general and administrative expenses and pre-opening expenses to the current year presentation of grand opening advertising costs. Beginning in fiscal 2024, pre-opening expenses include grand opening advertising costs, which were historically included within selling, general and administrative expenses. This change in presentation did not affect the Company’s income from operations in any reporting period.
Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents
Cash and cash equivalents consist of cash on hand and all highly liquid instruments purchased with a maturity of three months or less at the date of purchase. Cash equivalents primarily consist of money market funds and commercial paper and are stated at carrying value, which approximates fair value, and are considered Level 1 investments. Interest income was $77.9 million, $79.7 million and $27.4 million for fiscal 2024, 2023 and 2022, respectively, and is recorded within other income on the Consolidated Statements of Income.
Cash and cash equivalents were comprised of the following for the fiscal years presented (in thousands):
20242023
Cash (1)
$600,940 $603,820 
Money market funds1,089,000 1,197,400 
Total cash and cash equivalents$1,689,940 $1,801,220 
(1)Cash includes amounts due from third-party financial institutions for the settlement of credit card and debit card transactions, which typically process within three business days.
Cash Management
The Company’s cash management system provides for the reimbursement of all major bank disbursement accounts on a daily basis. Accounts payable at February 1, 2025 and February 3, 2024 include $79.9 million and $56.8 million, respectively, of checks drawn in excess of cash balances not yet presented for payment.
Accounts Receivable
Accounts receivable primarily consist of amounts due from vendors and landlords. The amount of accounts receivable due from landlords as of February 1, 2025 and February 3, 2024 was $160.2 million and $72.7 million, respectively. The Company’s allowance for credit losses totaled $2.4 million and $2.6 million at February 1, 2025 and February 3, 2024, respectively.
Inventories, net
Inventories are stated at the lower of weighted average cost and net realizable value. Inventory costs consist of the direct cost of merchandise including freight. Inventories are net of shrinkage, obsolescence, other valuation accounts and vendor allowances, totaling $180.1 million and $167.7 million at February 1, 2025 and February 3, 2024, respectively.
Property and Equipment
Property and equipment are recorded at cost and include finance leases. Renewals and betterments are capitalized. Repairs and maintenance are expensed as incurred.
Depreciation is computed using the straight-line method over the following estimated useful lives:
Buildings and improvements
10-40 years
Leasehold improvements
10-25 years
Furniture, fixtures and equipment
3-7 years
Computer software
3-10 years
For leasehold improvements and property and equipment under finance lease agreements, depreciation is calculated using the straight-line method over the shorter of the estimated useful lives of the assets or the lease term. Leasehold improvements made after lease commencement are depreciated over the shorter of their estimated useful lives or the remaining lease term, including renewal periods, if reasonably assured. The Company recognized depreciation expense of $397.4 million, $353.8 million and $332.3 million in fiscal 2024, 2023 and 2022, respectively.
Capitalized Software Costs
Computer software includes certain costs associated with the acquisition and development of software, which consist of internally developed software and software purchased from third parties for internal use. The Company amortizes these costs using the straight-line method over the estimated useful lives of the software, which is generally three to ten years. Certain upgrades or modifications to the Company’s internally-used software are capitalized if they enhance the software’s functionality or extend its useful life. These costs are included within property and equipment on the Company’s Consolidated Balance Sheets.

Impairment of Long-Lived Assets
The Company evaluates its long-lived assets and assesses whether the carrying values have been impaired whenever events and circumstances indicate that the carrying values of these assets may not be recoverable based on estimated undiscounted future cash flows. An impairment loss is recognized when the estimated undiscounted cash flows expected to result from the use of the asset plus eventual net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value as determined based on quoted market prices or through the use of other valuation techniques. The related impairment expense is recorded within selling, general and administrative expenses on the Consolidated Statements of Income.
Goodwill
Goodwill represents the excess of acquisition cost over the fair value of the net assets of acquired entities. The Company assesses the carrying value of goodwill annually or whenever circumstances indicate that a decline in value may have occurred.
The Company’s goodwill impairment test compares the fair value of each reporting unit to its carrying value. The Company determines the fair value of its reporting units using a combination of the income approach, by using a discounted cash flow model, and a market value approach. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that reporting unit, goodwill is not impaired. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, an impairment charge to selling, general and administrative expenses is recorded to reduce the carrying value to the fair value. A reporting unit is the operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by management.
Intangible Assets
The Company’s intangible assets are indefinite-lived, consisting mostly of trademarks and acquired trade names, which the Company tests annually for impairment, or whenever circumstances indicate that a decline in value may have occurred, using Level 3 inputs. The Company estimates the fair value of these intangible assets based on an income approach using the relief-from-royalty method and recognizes an impairment charge when the estimated fair value of the intangible asset is less than its carrying value.
Self-Insurance
The Company is self-insured for certain losses related to health, workers' compensation and general liability insurance, although we maintain stop-loss coverage with third-party insurers to limit our liability exposure. Liabilities associated with these losses are estimated in part by considering historical claims experience, industry factors, severity factors and other actuarial assumptions.
Pre-opening Expenses
Pre-opening expenses, which consist primarily of rent, marketing, including grand opening advertising costs, payroll, recruiting and other store preparation costs are expensed as incurred. Rent is recognized within pre-opening expense from the date the Company takes possession of a site through the date of store opening and during periods when stores are closed for remodeling.
Earnings Per Common Share
Basic earnings per common share is computed based on the weighted average number of shares of common stock outstanding for a given period. Diluted earnings per common share is computed based on the weighted average number of shares of common stock outstanding, plus the effect of dilutive potential common shares, which include shares the Company could have been obligated to issue from its convertible senior notes due 2025 (the “Convertible Senior Notes”) and warrants prior to their retirement in the first quarter of fiscal 2023, and stock-based awards, such as stock options and restricted stock. Dilutive potential common shares are excluded from the computation of earnings per share if their effect is anti-dilutive.
For all periods presented, dilutive potential common shares for the Company’s stock-based awards and warrants were determined using the treasury stock method. For fiscal years 2023 and 2022, the dilutive effect of the Convertible Senior Notes was calculated using the if-converted method.
Stock-Based Compensation
The Company has the ability to grant teammates a number of different stock-based awards, including restricted shares of common stock, restricted stock units and stock options to purchase common stock, under the DICK’S Sporting Goods, Inc. Amended and Restated 2012 Stock and Incentive Plan (the “2012 Plan”). The Company records stock-based compensation expense based on the fair value of stock awards at the grant date and recognizes the expense over the employees’ service periods. For performance-based awards, recognition of stock-based compensation expense also includes management’s estimate of the probability of performance criteria as of the end of each reporting period. Stock-based compensation expense is recognized net of estimated forfeitures and expense is not recognized for awards that do not vest if service or performance conditions are not satisfied.
Income Taxes
The Company utilizes the asset and liability method of accounting for income taxes and provides deferred income taxes for temporary differences between the amounts reported for assets and liabilities for financial statement purposes and for income tax reporting purposes, using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the relevant taxing authorities, based on the technical merits of the position. The tax benefits recognized in the Consolidated Financial Statements from such a position are measured based on the largest benefit that will more likely than not be realized upon ultimate settlement. Interest and penalties from income tax matters are recognized in income tax expense.
Revenue Recognition
Sales Transactions
Revenue is recognized upon satisfaction of all contractual performance obligations and transfer of control to the customer and is measured as the amount of consideration to which the Company expects to be entitled to in exchange for corresponding goods or services. Substantially all of the Company’s sales are single performance obligation arrangements for retail sale transactions for which the transaction price is equivalent to the stated price of the product or service, net of any stated discounts applicable at a point in time. Each sales transaction results in an implicit contract with the customer to deliver a product or service at the point of sale. Revenue from retail sales is recognized at the point of sale. Sales tax amounts collected from customers that are assessed by a governmental authority are excluded from revenue.
Revenue from eCommerce sales, including vendor-direct sales arrangements, is recognized upon shipment of merchandise. Shipping and handling activities occurring subsequent to the transfer of control to the customer are accounted for as fulfillment costs rather than as a promised service. Subscription revenue from our GameChanger platform is recognized ratably over the subscription period with our customers. A provision for anticipated merchandise returns is provided through a reduction of sales and cost of goods sold in the period that the related sales are recorded.
Deferred Revenue
Revenue from gift cards and returned merchandise credits (collectively the “cards”) is deferred and recognized upon their redemption. Income from unredeemed cards is recognized on the Consolidated Statements of Income within net sales in proportion to the pattern of rights exercised by the customer in future periods. The Company performs an evaluation of historical redemption patterns from the date of original issuance to estimate future period redemption activity. During the fiscal years ended February 1, 2025 and February 3, 2024, the Company recognized $30.6 million and $27.6 million of gift card breakage revenue, respectively, and experienced approximately $115.5 million and $111.3 million of gift card redemptions in fiscal 2024 and fiscal 2023, respectively, that had been included in its gift card liability as of February 3, 2024 and January 28, 2023, respectively. Based on the Company’s historical experience, the majority of gift card revenue is recognized within 12 months of deferral. The cards have no expiration date.
Loyalty program points are accrued at the estimated retail value per point, net of estimated breakage. The Company estimates the breakage of loyalty points based on historical redemption rates experienced within the loyalty program. Based on the Company’s customer loyalty program policies, the majority of program points earned are redeemed or expire within 12 months. Refer to Note 6 – Deferred Revenue and Other Liabilities for additional information regarding the amount of these liabilities at February 1, 2025 and February 3, 2024.
Net sales by category
The following table disaggregates the amount of net sales attributable to hardlines, apparel and footwear for the last three fiscal years (in millions):
 
Fiscal Year
202420232022
Hardlines (1)
$4,899.3 $4,915.5 $4,952.2 
Apparel
4,425.4 4,329.8 4,218.1 
Footwear (2)
3,829.0 3,388.7 2,979.1 
Other (3)
289.1 350.4 218.8 
Total net sales$13,442.8 $12,984.4 $12,368.2 
(1)Includes items such as sporting goods equipment, fitness equipment, golf equipment and fishing gear.
(2)Includes athletic shoes for running, walking, tennis, fitness and cross training, basketball and hiking. In addition, this category also includes specialty footwear, including casual footwear and a complete line of cleats for team sports.
(3)Includes the Company’s non-merchandise sales categories, including in-store services, shipping and GameChanger revenues.
Cost of Goods Sold
Cost of goods sold includes: the cost of merchandise and services (inclusive of vendor allowances, inventory shrinkage and inventory write-downs for the lower of cost or net realizable value and GameChanger costs); freight; distribution; shipping; and store occupancy costs. The Company defines merchandise margin as net sales less the cost of merchandise and services sold. Store occupancy costs include rent, common area maintenance charges, real estate and other asset-based taxes, general maintenance, utilities, depreciation and certain insurance expenses.
Selling, General and Administrative Expenses
Selling, general and administrative expenses include payroll and fringe benefits for our stores, field support, administrative and our GameChanger platform, advertising, bank card charges, operating costs associated with the Company’s internal eCommerce platform, technology, marketing, other store expenses and all expenses associated with operating the Company’s Customer Support Center (“CSC”).
Advertising Costs
Production costs for all forms of advertising and the costs to run the advertisements are expensed the first time the advertisement takes place. Advertising expense, net of cooperative advertising, was $519.0 million, $478.1 million and $412.2 million for fiscal 2024, 2023 and 2022, respectively.
Business Development Allowances
Business development allowances include allowances, rebates and cooperative advertising funds received from vendors. These funds are determined for each fiscal year and the majority are based on various quantitative contract terms. Amounts expected to be received from vendors for the purchase of merchandise inventories (“vendor allowances”) are recognized as a reduction of cost of goods sold as the merchandise is sold. Amounts that represent a reimbursement of advertising costs incurred, commonly referred to as cooperative advertising, are recorded as a reduction to the related expense in the period that the expense is incurred.
Construction Allowances
Substantially all of the Company’s store locations are leased. The Company may receive reimbursement from a landlord for a portion of the cost of the structure, subject to satisfactory fulfillment of applicable lease provisions. These reimbursements may be referred to as tenant allowances or construction allowances provided by landlords (“construction allowances”). The Company’s accounting for construction allowances differs depending on whether the Company is deemed to have control of the underlying asset prior to commencement of the lease.
•If the Company is not deemed to have control of the underlying asset prior to lease commencement, reimbursement from a landlord for tenant improvements is classified as a lease incentive and included as a reduction to the related operating lease asset on the Consolidated Balance Sheets. The incentive is amortized as part of operating lease expense on a straight-line basis over the term of the lease. Landlord reimbursements from these transactions are included in cash flows from operating activities as a change in construction allowances provided by landlords.
•If the Company is deemed to have control of the underlying asset prior to lease commencement, a sale and leaseback of the asset occurs when construction of the asset is complete and the lease term begins, if relevant sale-leaseback accounting criteria are met. Any gain or loss from the transaction is recorded in the period in which control of the underlying asset is relinquished back to the lessor. The Company reports the amount of cash received for the construction allowance as construction allowance receipts within the financing activities section of its Consolidated Statements of Cash Flows when such allowances are received prior to completion of the sale-leaseback transaction. The Company reports the amount of cash received from construction allowances as proceeds from sale leaseback transactions within the investing activities section of its Consolidated Statements of Cash Flows when such amounts are received after the sale-leaseback accounting criteria have been achieved.
Leases
The Company determines whether a contract is or contains a lease at contract inception. Operating lease assets and liabilities are recognized at the lease’s commencement date based on the present value of remaining fixed lease payments over the lease term. As the rate implicit in the lease is not readily determinable in most of the Company’s leases, the Company uses its incremental borrowing rate based on the information available at a lease’s commencement date to determine the present value of lease payments. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The operating lease asset also includes any fixed lease payments made, net of lease incentives, and initial direct costs incurred.
Operating lease expense for fixed lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are generally expensed as incurred and may include certain index-based changes in rent and other non-fixed payments for services provided by the lessor. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company’s leases do not contain any material residual guarantees or material restrictive covenants.
The Company has lease agreements with non-lease components that relate to the lease components and elected the practical expedient to account for non-lease components, and the lease components to which they relate, as a single lease component for all classes of underlying assets. The Company also elected the practical expedient to not recognize short-term leases with an initial term of 12 months or less on the Consolidated Balance Sheets.
Supply Chain Financing
The Company has entered into supply chain financing arrangements with certain third-party financial institutions, whereby suppliers have the opportunity to settle outstanding payment obligations early at a discount. The Company does not have an economic interest in suppliers’ voluntary participation and the Company does not provide any guarantees or pledge assets under these arrangements. The Company settles invoices with the third-party financial institutions in accordance with the original supplier payment terms. The Company’s rights and obligations to its suppliers, including amounts due and scheduled payment terms, are not impacted by these arrangements. Liabilities associated with the funded participation in these arrangements, which are presented within accounts payable on the Consolidated Balance Sheets, were $49.6 million and $45.9 million as of February 1, 2025 and February 3, 2024, respectively.
The following table illustrates the changes in the outstanding obligations within supply chain financing arrangements as of the fiscal year presented below (in thousands):
2024
Balance at beginning of year
$45,884 
Invoices confirmed
229,588 
Confirmed invoices paid
(225,917)
Balance at end of year
$49,555 
Recently Adopted Accounting Pronouncements
Supplier Finance Programs
In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, “Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations,” which requires that a buyer in a supplier finance program disclose the key terms of its program along with information about obligations outstanding, including a roll-forward of those obligations. The Company adopted this ASU during the first quarter of fiscal 2023, with the exception of the roll-forward disclosure requirement, which was adopted in the fourth quarter of fiscal 2024 on a prospective basis. Refer to the “Supply Chain Financing” section above for further information.
Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker (“CODM”). The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-07 during the fourth quarter of fiscal 2024. Refer to Note 16 – Segment Reporting for further information.
Recently Issued Accounting Pronouncements
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendments in this ASU are intended to enhance the transparency and decision usefulness of income tax disclosures and are effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued. The amendments should be applied on a prospective basis, although retrospective application is permitted. The Company is currently evaluating the impact that adoption of this accounting standard will have on its financial disclosures.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires a public entity to disclose additional information about specific expense categories in the notes to financial statements on an annual and interim basis. The amendments are effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. A public entity should apply the amendments either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact that adoption of this accounting standard will have on its financial disclosures.
v3.25.1
Earnings Per Common Share
 12 Months Ended
Feb. 01, 2025
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings per Common Share
The computations for basic and diluted earnings per common share were as follows for the fiscal years presented below (in thousands, except per share data):
 
202420232022
Numerator:
Net income for earnings per common share – basic
$1,165,308 $1,046,519 $1,043,138 
Effect of dilutive securities
Interest expense associated with Convertible Senior Notes, net of tax— 337 27,060 
Net income for earnings per common share – diluted
$1,165,308 $1,046,856 $1,070,198 
Denominator:
Weighted average common shares outstanding – basic
80,468 82,302 77,672 
Dilutive effect of stock-based awards2,461 2,977 5,235 
Dilutive effect of warrants— 254 5,575 
Dilutive effect of Convertible Senior Notes— 392 10,792 
Weighted average common shares outstanding – diluted
82,929 85,925 99,274 
Earnings per common share:
Basic$14.48 $12.72 $13.43 
Diluted$14.05 $12.18 $10.78 
Stock-based awards excluded from diluted shares18 186 140 
The dilutive effect of the Convertible Senior Notes included shares that were designed to be offset at settlement by shares delivered from the bond hedge purchased by the Company. The shares provided by the bond hedge were anti-dilutive; accordingly, they were not treated as a reduction to diluted weighted average shares outstanding until received at settlement. In addition, the dilutive effect of the Convertible Senior Notes included shares related to the outstanding principal amount of the Convertible Senior Notes. Although the Company was required to assume that the Convertible Senior Notes would be settled in shares of its common stock in accordance with the “if-converted method” under U.S. GAAP, the Company settled the Convertible Senior Notes without dilutive effect, due to cash payments for principal, shares received from the convertible bond hedge and share repurchases to offset the share settlement of the remaining $59.1 million of principal during fiscal 2023. Refer to Note 10 – Convertible Senior Notes for further information.
v3.25.1
Property and Equipment
 12 Months Ended
Feb. 01, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment consist of the following as of the end of the fiscal years presented below (in thousands):
20242023
Land, buildings and improvements
$643,526 $405,486 
Leasehold improvements
2,583,589 2,276,416 
Furniture, fixtures and equipment
1,394,010 1,415,903 
Computer software
746,664 639,685 
Total property and equipment
5,367,789 4,737,490 
Less: accumulated depreciation and amortization
(3,297,875)(3,099,329)
Net property and equipment
$2,069,914 $1,638,161 
The amounts above include construction in progress of $271.6 million and $153.3 million for fiscal 2024 and 2023, respectively, and fiscal 2023 included $69.3 million of property and equipment for which deposits were previously recorded within other assets on the Consolidated Balance Sheets.
v3.25.1
Goodwill and Other Intangible Assets
 12 Months Ended
Feb. 01, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Intangible Assets
Goodwill
The carrying amount of goodwill was $245.9 million, net of accumulated impairments of $115.9 million, for both fiscal 2024 and 2023. In fiscal 2023, the Company recorded $4.6 million of impairment charges in connection with the Business Optimization, refer to Note 11 - Fair Value Measurements for further information. No impairment charges were recorded in fiscal 2024 or 2022.
Intangible Assets
The components of intangible assets were as follows as of the end of the fiscal years presented below (in thousands):
 
20242023
 
Gross AmountAccumulated AmortizationGross AmountAccumulated Amortization
Trademarks (indefinite-lived)$35,165 $— $35,165 $— 
Trade names (indefinite-lived)
15,660 — 15,660 — 
Other indefinite-lived intangible assets
7,773 — 5,648 — 
Total indefinite-lived intangible assets58,598 — 56,473 — 
Customer lists
18,195 (18,195)18,195 (18,005)
Total intangible assets
$76,793 $(18,195)$74,668 $(18,005)
In fiscal 2023, the Company recorded a $2.2 million impairment of an indefinite-lived trademark that was no longer in use within selling, general and administrative expenses on the Consolidated Statement of Income. In addition, the Company recorded amortization on its finite-lived intangible assets of $0.2 million, $1.5 million and $2.4 million in fiscal 2024, 2023 and 2022, respectively.
v3.25.1
Accrued Expenses
 12 Months Ended
Feb. 01, 2025
Accrued Liabilities, Current [Abstract]  
Accrued Expenses Accrued Expenses
Accrued expenses consist of the following as of the end of the fiscal years presented below (in thousands):
20242023
Payroll, withholdings and benefits$256,881 $212,950 
Real estate taxes, utilities and other occupancy costs93,208 88,279 
Property and equipment111,552 73,530 
Sales tax38,278 45,913 
Other 153,405 130,697 
Total accrued expenses$653,324 $551,369 
v3.25.1
Deferred Revenue and Other Liabilities
 12 Months Ended
Feb. 01, 2025
Deferred Credits and Other Liabilities [Abstract]  
Deferred Revenue and Other Liabilities Deferred Revenue and Other Liabilities
Deferred revenue and other liabilities consist of the following as of the end of the fiscal years presented below (in thousands):
20242023
Current:
  
Deferred gift card revenue
$260,248 $248,203 
Customer loyalty program
52,097 47,153 
Other
82,696 69,577 
Total current deferred revenue and other liabilities
$395,041 $364,933 
Long-term:
 
Deferred compensation$153,707 $137,908 
Other
42,137 33,195 
Total other long-term liabilities
$195,844 $171,103 
v3.25.1
Leases
 12 Months Ended
Feb. 01, 2025
Leases [Abstract]  
Leases Leases
The Company leases substantially all of its stores, three of its distribution centers and certain equipment under non-cancellable operating leases that expire at various dates through 2042. The Company’s stores generally have initial lease terms of 10 to 15 years and contain multiple five-year renewal options and rent escalation provisions. These lease agreements provide primarily for the payment of minimum annual rentals, costs of utilities, property taxes, maintenance, common areas and insurance.
The components of lease cost for the following fiscal years presented below were as follows (in thousands):
202420232022
Operating lease cost$636,744 $612,595 $581,459 
Short-term lease cost26,186 31,234 27,827 
Variable lease cost131,832 125,043 116,516 
Sublease income(11,842)(11,730)(11,787)
Total lease cost$782,920 $757,142 $714,015 

Supplemental cash flow information related to operating leases for the following fiscal years are presented below (in thousands):
202420232022
Cash paid for amounts included in the measurement of operating lease liabilities$708,988 $733,455 $615,772 
Non-cash operating lease assets obtained in exchange for operating lease liabilities $767,645 $697,499 $558,779 

Supplemental balance sheet information related to operating leases were as follows:
February 1,
2025		February 3,
2024
Weighted average remaining lease term for operating leases7.37 years6.78 years
Weighted average discount rate for operating leases5.51 %5.68 %
Future maturities of operating lease liabilities were as follows as of February 1, 2025 (in thousands):
Fiscal Year
2025$654,601 
2026652,882 
2027553,760 
2028423,857 
2029313,729 
Thereafter1,081,974 
Total future undiscounted lease payments3,680,803 
Less: imputed interest(677,260)
      Total reported lease liability$3,003,543 
The Company has entered into operating leases related to future store locations that have not yet commenced. As of February 1, 2025, the future minimum payments on these leases approximated $352.1 million.
The Company acts as sublessor on several operating leases. As of February 1, 2025, total future undiscounted minimum rentals under non-cancellable subleases approximated $44.2 million.
v3.25.1
Revolving Credit Facility
 12 Months Ended
Feb. 01, 2025
Debt Disclosure [Abstract]  
Revolving Credit Facility Revolving Credit Facility
On January 14, 2022, the Company entered into a new credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, providing for $1.6 billion in unsecured revolving credit capacity (the “Credit Facility”), of which up to $75.0 million is available for letters of credit. The Credit Facility matures on January 14, 2027, subject to extensions permitted under the Credit Agreement, and allows for $500.0 million in additional incremental borrowing capacity, subject to existing or new lenders agreeing to provide such additional revolving commitments.
The loans under the Credit Facility bear interest at an alternate base rate or an adjusted secured overnight financing rate (“SOFR”) plus, in each case, an applicable margin of 0.125% with respect to the alternate base rate and 1.125% with respect to the adjusted SOFR as of February 1, 2025, which is subject to adjustment based on the Company’s public debt rating. The Credit Facility allows voluntary repayment of outstanding loans at any time without premium or penalty, other than customary breakage costs with respect to SOFR loans. The unused portion of the Credit Facility is subject to a commitment fee of 0.11% per year as of February 1, 2025, which is adjusted based on the Company’s public debt rating. There were no borrowings outstanding under the Company’s revolving line of credit agreements at February 1, 2025 or February 3, 2024. After adjusting for outstanding letters of credit of $19.9 million, the Company’s total remaining borrowing capacity under the Credit Facility was $1.58 billion at February 1, 2025.
The Credit Agreement contains representations and warranties, affirmative and negative covenants and events of default customary for unsecured financings of this type, including negative covenants that, among other things, limit the ability of the Company and certain of its subsidiaries to incur liens, limit the ability of the Company to make certain fundamental changes and limit the ability of the Company’s non-guarantor subsidiaries to incur indebtedness, in each case subject to a number of important exceptions and qualifications. The Credit Agreement also contains a maximum lease-adjusted leverage ratio covenant. The Company was in compliance with all covenants of the Credit Agreement at February 1, 2025.
v3.25.1
Senior Notes
 12 Months Ended
Feb. 01, 2025
Senior Notes [Abstract]  
Senior Notes Senior Notes
Key Terms
On January 14, 2022, the Company issued $750.0 million aggregate principal amount of 3.15% senior notes due 2032 (the “2032 Notes”) and $750.0 million aggregate principal amount of 4.10% senior notes due 2052 (the “2052 Notes” and, together with the 2032 Notes, the “Senior Notes”). The Senior Notes were issued under a base indenture, dated as of January 14, 2022 (the “Base Indenture”), as supplemented by a supplemental indenture, dated as of January 14, 2022 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), in each case by and between the Company and U.S. Bank National Association, as trustee. The Notes are unsecured, unsubordinated obligations of the Company and rank equally in right of payment to all of the Company’s existing and future unsecured and unsubordinated debt and other obligations. The Company is required to pay interest on the Senior Notes semi-annually, in arrears, on January 15 and July 15 of each year, commencing on July 15, 2022.
Net Proceeds and Carrying Values
Net proceeds from the issuance of the Senior Notes totaled approximately $1.5 billion, after deducting the applicable discount. The Company also incurred approximately $15.3 million in offering expenses, including underwriting fees, related to the issuance of the Senior Notes. Together, the discount, underwriting fees and offering expenses will be amortized over the respective terms of the Senior Notes using the effective interest method. The Company recognized interest expense related to the Senior Notes of $55.3 million in each of fiscal 2024, 2023 and 2022, using an effective interest rate of 3.28% on the 2032 Notes and 4.18% on the 2052 Notes.
The carrying values of the Senior Notes were as follows for the fiscal years presented (in thousands):
Fiscal 2024Fiscal 2023
2032 Notes2052 NotesTotal2032 Notes2052 NotesTotal
Principal$750,000 $750,000 $1,500,000 $750,000 $750,000 $1,500,000 
Discounts and issuance costs(6,067)(9,716)(15,783)(6,832)(9,908)(16,740)
Carrying amount$743,933 $740,284 $1,484,217 $743,168 $740,092 $1,483,260 
Redemption
The Company may redeem the Senior Notes in whole or in part, at its option, at any time and from time-to-time prior to (i) in the case of the 2032 Notes, October 15, 2031 (the date that is three months before the maturity date of the 2032 Notes), and (ii) in the case of the 2052 Notes, July 15, 2051 (the date that is six months before the maturity date of the 2052 Notes) (the applicable date with respect to each such series of Senior Notes, the “Applicable Par Call Date”), in each case, at a “make-whole” price described in the Supplemental Indenture plus accrued and unpaid interest to, but excluding, the redemption date. In addition, on or after the Applicable Par Call Date, the Company may redeem either series of the Senior Notes, in whole or in part, at its option, at any time and from time-to-time, at a redemption price equal to 100% of the principal amount of the Senior Notes of such series to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date.
Change in Control
In the event of certain change of control triggering events with respect to the Senior Notes of either series (subject to certain exceptions), the Company will be required to make an offer to each holder of the applicable Notes of such series to repurchase all or part of its Senior Notes of such series at a purchase price in cash equal to 101% of the principal amount of such Senior Notes, plus accrued and unpaid interest, if any, to, but excluding, the date of purchase.
Covenants
The Indenture contains certain covenants that, among other things, restrict the Company’s and certain of its subsidiaries’ ability to incur certain indebtedness secured by liens on certain assets and limit the ability of the Company to make certain fundamental changes, in each case subject to a number of exceptions and qualifications described in the Indenture. The Indenture also provides for customary events of default which, if any of them occur, would permit or require the principal of and accrued interest on the Senior Notes to become or to be declared due and payable, as applicable. The Company was in compliance with its covenants at February 1, 2025.
v3.25.1
Convertible Senior Notes
 12 Months Ended
Feb. 01, 2025
Convertible Senior Notes [Abstract]  
Convertible Senior Notes Convertible Senior Notes
In April 2020, the Company closed on an aggregate $575.0 million of 3.25% Convertible Senior Notes. In connection with the issuance of the Convertible Senior Notes, the Company purchased a bond hedge to offset the potential dilution to stockholders from the conversion of the Convertible Senior Notes, partially offsetting its cost by selling warrants to acquire shares of the Company’s common stock.
During fiscal 2022 and fiscal 2023, the Company entered into multiple agreements with certain holders of the Convertible Senior Notes to exchange, and ultimately retire in the first quarter of fiscal 2023, all of its Convertible Senior Notes and all accrued and unpaid interest for a combination of cash and shares of the Company’s common stock. Concurrently with each of the exchange transactions, the Company entered into agreements with certain counterparties to terminate a proportionate amount of the bond hedge and warrant agreements (collectively, the “Notes Exchanges”).
In connection with the fiscal 2022 Notes Exchanges, the Company recognized pre-tax non-cash inducement charges of $23.3 million, which were recorded within interest expense on the Consolidated Statement of Income, paid a total of $515.9 million to noteholders to redeem the principal amount of the Convertible Senior Notes with a carrying value of $507.0 million, and issued 9.8 million shares of the Company's common stock to terminate the proportionate amount of the bond hedge and warrants. The retirement of the remaining $59.1 million of Convertible Senior Notes in the first quarter of fiscal 2023 was substantially settled by shares of the Company’s common stock, and together with the termination of the bond hedge and warrants, the Company issued 1.7 million shares of its common stock and recorded $58.5 million to additional paid-in-capital.
During fiscal 2023 and 2022, the Company recognized interest expense related to the Convertible Senior Notes of $0.5 million and $36.6 million, respectively, or $0.3 million and $27.1 million, net of tax, which included the aforementioned inducement charges. As of the end of fiscal 2023, the Company no longer had outstanding Convertible Senior Notes, bond hedges or warrants.
v3.25.1
Fair Value Measurements
 12 Months Ended
Feb. 01, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
ASC 820, “Fair Value Measurement and Disclosures”, outlines a valuation framework and creates a fair value hierarchy for assets and liabilities as follows:
Level 1:  Observable inputs such as quoted prices in active markets;
Level 2:  Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
Level 3:  Unobservable inputs in which there is little or no market data, which require the reporting entity to develop
its own assumptions.
Recurring
The Company records deferred compensation plan assets held in trust at fair value on a recurring basis using Level 1 inputs. Such assets consist of investments in various mutual and money market funds made by eligible individuals as part of the Company’s deferred compensation plans, as discussed in Note 15 – Retirement Savings Plans. As of February 1, 2025 and February 3, 2024, the fair value of the Company’s deferred compensation plans was $153.7 million and $137.9 million, respectively. The liability for compensation deferred under the Company’s plans is included within other long-term liabilities on the Consolidated Balance Sheets.
The Company discloses the fair value of its Senior Notes using Level 2 inputs, which are based on quoted prices for similar or identical instruments in inactive markets, as follows (in thousands):
February 1, 2025February 3, 2024
Carrying ValueFair ValueCarrying ValueFair Value
2032 Notes$743,933 $657,608 $743,168 $633,915 
2052 Notes$740,284 $546,165 $740,092 $535,470 
Due to their short-term nature, the fair value of cash and cash equivalents, accounts receivable, accounts payable and certain other liabilities approximated their carrying values at both February 1, 2025 and February 3, 2024.
Nonrecurring
Assets and liabilities recognized or disclosed at fair value on a nonrecurring basis include property and equipment, operating lease assets, goodwill and other intangible assets, equity and other assets. These assets are required to be assessed for impairment when events or circumstances indicate that the carrying value may not be recoverable, and at least annually for goodwill and indefinite-lived intangible assets. If an impairment is required, the asset is adjusted to fair value using Level 3 inputs.
During fiscal 2023, the Company completed a business optimization to better align its talent, organizational design and spending in support of its most critical strategies while also streamlining its overall cost structure (the “Business Optimization”). As part of the Business Optimization, the Company eliminated certain positions primarily at its CSC and optimized its outdoor business, which included the integration of its Moosejaw and Public Lands operations, decisions about their go-forward inventory assortment and a comprehensive review of their store portfolios and closure of ten Moosejaw stores. The Company incurred pre-tax charges of $84.8 million from its Business Optimization, including $46.1 million of non-cash impairments of store and intangible assets, $26.7 million of severance-related costs and a $12.0 million write-down of inventory. The $12.0 million write-down of inventory is reflected within cost of goods sold, while the remaining $72.8 million of severance-related costs and non-cash impairments are reflected within selling, general and administrative expenses on the Consolidated Statement of Income. Depreciation and amortization on the Consolidated Statement of Cash Flows included $35.5 million of non-cash impairment of store assets from these actions in fiscal 2023.
During fiscal 2022, the Company decided to exit the Field & Stream brand and converted the then existing 17 Field & Stream stores to DICK’S House of Sport stores, expanded DICK’S Sporting Goods stores, or other specialty concept stores. The Company closed twelve of these stores for conversion during the fourth quarter of 2022 and incurred pre-tax charges totaling $30.1 million, which included $28.5 million of non-cash impairment of store assets, $0.8 million of severance and a $0.7 million write-down of inventory. The $28.5 million non-cash impairment of store assets was reflected within selling, general and administrative expenses on the Consolidated Statement of Net Income and within depreciation and amortization on the Consolidated Statement of Cash Flows.
v3.25.1
Stockholders' Equity
 12 Months Ended
Feb. 01, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders' Equity
Common Stock, Class B Common Stock and Preferred Stock 
The Company’s Amended and Restated Certificate of Incorporation authorizes the issuance of 200,000,000 shares of common stock, par value $0.01 per share, and the issuance of 40,000,000 shares of Class B common stock, par value $0.01 per share. In addition, the Company’s Amended and Restated Certificate of Incorporation authorizes the issuance of up to 5,000,000 shares of preferred stock.
Holders of common stock generally have rights identical to holders of Class B common stock, except that holders of common stock are entitled to one vote per share and holders of Class B common stock are entitled to ten votes per share. A related party, relatives of the related party and their trusts hold all outstanding Class B common stock, which can only be held by members of this group. Class B common shares are not publicly tradable. Each share of Class B common stock can be converted at any time into one share of common stock at the holder’s option.
Dividends per Common Share 
The Company declared aggregate cash dividends of $4.40, $4.00 and $1.95 per share of common stock and Class B common stock during fiscal 2024, 2023 and 2022, respectively, which resulted in cash payments for dividends of $361.7 million, $351.2 million and $163.1 million, respectively.
Treasury Stock 
On December 16, 2021, the Company’s Board of Directors authorized a five-year share repurchase program of up to $2.0 billion of its common stock, which the Company may suspend or discontinue at any time.
Total shares repurchased and amounts paid under the Company’s current authorization during the last three fiscal years are presented below (in thousands):
 
Fiscal Year
 
2024 (1)
20232022
Shares of common stock repurchased1,2635,4394,971
Treasury stock acquired during the fiscal year, including excise tax$268,676 $649,820 $426,723 
(1) Fiscal 2024 includes $5.0 million of cash settlements for shares of treasury stock that was paid in the first week of fiscal 2025.

As of February 1, 2025, the Company had $511.5 million remaining under the authorization.
v3.25.1
Income Taxes
 12 Months Ended
Feb. 01, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Provision for Income Taxes
The components of the provision for income taxes are as follows for the fiscal years presented (in thousands):
202420232022
Current:
  
Federal
$292,197 $212,369 $253,776 
State
76,366 55,920 63,734 
Total current provision368,563 268,289 317,510 
Deferred:
  
Federal
(13,255)4,301 15,074 
State
(1,583)(958)8,026 
Total deferred provision(14,838)3,343 23,100 
Total provision
$353,725 $271,632 $340,610 

The Company’s effective income tax rate differs from the federal statutory rate as follows for the fiscal years presented:
202420232022
Federal statutory rate
21.0 %21.0 %21.0 %
State tax, net of federal benefit
4.2 %4.2 %4.1 %
Excess tax benefit related to stock-based compensation(1.8)%(4.9)%(1.9)%
Eliminated bond hedge deduction following Convertible Senior Notes exchanges— %0.2 %1.6 %
Other permanent items
(0.1)%0.1 %(0.2)%
Effective income tax rate
23.3 %20.6 %24.6 %
Components of deferred tax assets (liabilities) consist of the following as of the end of the fiscal years presented (in thousands):
20242023
Operating lease liabilities$782,953 $725,656 
Inventory
57,793 50,840 
Employee benefits and withholdings49,653 47,780 
Stock-based compensation
18,395 16,440 
Gift cards
24,946 22,364 
Deferred revenue currently taxable
1,295 864 
Other accrued expenses not currently deductible for tax purposes16,338 15,896 
Net operating loss carryforward
— 55 
Non income-based tax reserves4,317 4,984 
Uncertain income tax positions1,397 965 
Insurance
3,589 3,438 
Intangibles1,443 — 
Other
1,932 1,596 
Total deferred tax assets
964,051 890,878 
Operating lease assets(605,401)(577,599)
Property and equipment
(274,823)(243,150)
Inventory valuation
(27,849)(26,676)
Intangibles
— (2,087)
Prepaid expenses
(3,294)(3,520)
Total deferred tax liabilities
(911,367)(853,032)
Net deferred tax asset
$52,684 $37,846 
The net deferred tax asset balances at February 1, 2025 and February 3, 2024 were included within long-term assets on the Consolidated Balance Sheets.
No additional income taxes have been provided for any remaining undistributed foreign earnings or foreign withholdings and U.S. state taxes not subject to the one-time transition tax under the 2017 Tax Cuts and Jobs Act, as the Company intends to permanently reinvest the earnings from foreign subsidiaries outside of the United States. The amount of any unrecorded deferred tax liability is expected to be minimal due to the availability of the 100% dividends received deduction, along with insignificant state and withholding tax impacts.
Unrecognized Tax Benefits
The following table provides a reconciliation of the Company’s total balance of unrecognized tax benefits, excluding interest and penalties (in thousands):
202420232022
Beginning of fiscal year
$2,851 $1,058 $1,058 
Increases as a result of tax positions taken in a prior period
3,201 1,463 6 
Decreases as a result of tax positions taken in a prior period
(1,058)— — 
Increases as a result of tax positions taken in the current period1,364 — — 
Increases as a result of settlements during the current period— 364 — 
Decreases as a result of settlements during the current period
(108)(34)(6)
Reductions as a result of a lapse of statute of limitations during the current period
— — — 
End of fiscal year
$6,250 $2,851 $1,058 
The balance at February 1, 2025 includes $5.0 million of unrecognized tax benefits that would impact our effective tax rate if recognized. The Company recognizes accrued interest and penalties from unrecognized tax benefits in income tax expense.
As of February 1, 2025 the Company’s total liability for uncertain tax positions, including $1.8 million for interest and penalties, was approximately $8.1 million. The Company recorded a benefit of $0.4 million during fiscal 2024, and $0.7 million and $0.1 million of expense during fiscal 2023 and 2022, respectively, related to the accrual of interest and penalties in the Consolidated Statements of Income. The Company does not anticipate that changes in its unrecognized tax benefits will have a material impact on the Consolidated Statements of Income during fiscal 2025.
Audits
The Company participates in the Internal Revenue Service (“IRS”) Compliance Assurance Program (“CAP”). As part of CAP, tax years are audited on a contemporaneous basis so that all or most issues are resolved prior to the filing of the tax return. The IRS has completed its examination for tax year 2022. For tax year 2021, the Company was accepted into the CAP Bridge phase during which it is not the intent of the IRS to examine the tax return. Acceptance into the Bridge phase is based on a taxpayer’s low risk of noncompliance and having few, if any, material issues. Tax years prior to 2021 are no longer subject to examination by the IRS. The Company is no longer subject to examination in any of its major state jurisdictions for years prior to 2019.
Recent Tax Legislation
The Organization for Economic Cooperation and Development introduced a framework to implement a global 15% minimum corporate tax (“Pillar Two”). The European Union issued a directive to its member states to enact the Pillar Two in their local laws effective after December 2023. A number of other countries are expected to implement similar legislation with effective dates in the future. The Company is continuing to evaluate and does not currently anticipate that Pillar Two legislation will have a material impact on the Company’s financial condition, results of operations, cash flows or disclosures.
v3.25.1
Stock-Based Compensation
 12 Months Ended
Feb. 01, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company has the ability to grant restricted and performance-based restricted stock, including shares and units, and options to purchase common stock under the 2012 Plan, under which 6,928,238 shares of common stock were available for future issuance at the end of fiscal 2024. The following table provides total stock-based compensation recognized in the Consolidated Statements of Income for the fiscal years presented (in thousands):
202420232022
Restricted stock expense
$43,130 $36,196 $36,261 
Performance-based restricted stock expense27,557 19,053 10,585 
Stock option expense
314 2,036 3,757 
Total stock-based compensation expense$71,001 $57,285 $50,603 
Total related tax benefit$12,768 $10,616 $9,730 
Restricted Stock
The Company issues shares of restricted stock to eligible employees, which are subject to forfeiture until the end of the applicable vesting period. Restricted stock awards generally vest on the third anniversary of the date of grant, subject to the employee’s continued employment as of that date. The fair value of restricted stock is determined on the date of grant using the Company’s stock price.
Restricted stock activity for fiscal 2024 is presented in the following table:
Restricted Stock
SharesWeighted Average Grant Date Fair ValueIntrinsic Value
(in millions)
Nonvested, February 3, 20241,156,146 $110.17 $180.3 
Granted265,969 209.61 
Vested(364,991)101.59 
Forfeited(58,768)122.92 
Nonvested, February 1, 2025998,356 $139.05 $239.7 

As of February 1, 2025, total unrecognized compensation expense, net of estimated forfeitures, from nonvested shares of restricted stock was approximately $57.0 million, which the Company expects to recognize over a weighted average period of approximately 1.29 years. The total grant date fair value of restricted stock that vested during 2024, 2023 and 2022 was $37.1 million, $39.7 million and $24.3 million, respectively. The weighted average grant date fair value for restricted stock granted in 2024, 2023 and 2022, was $209.61, $126.11 and $104.07, respectively.
Performance-based Restricted Stock
The Company issues performance-based restricted stock to eligible employees in support of the Company’s strategic initiatives. Performance-based restricted stock, including shares and units, generally vest on the third anniversary of the date of grant and are subject to the employees’ continued employment as of that date. Additionally, the number of awards vesting depend upon the achievement of certain performance criteria established for the fiscal year in which they are granted, which can result in a payout range of 0% to 200% of the original award amount. The fair value of performance-based restricted stock is based on the Company’s stock price on the date of grant. Awards granted during fiscal 2024 currently assume target, or 100%, attainment of certain performance-based criteria. Upon determination of actual performance criteria attainment, the actual number of shares issued will be adjusted, which may be above or below target.
Performance-based restricted stock activity for fiscal 2024 is presented in the following table:
Performance-based Restricted Stock
Shares/UnitsWeighted Average Grant Date Fair ValueIntrinsic Value
(in millions)
Nonvested, February 3, 2024543,717 $112.12 $84.8 
Granted (1)
88,417 203.88 
Vested(208,310)79.27 
Forfeited(18,069)138.18 
Nonvested, February 1, 2025
405,755 $147.82 $97.4 
(1)Includes 10,004 awards with a weighted-average grant date fair value of $147.17 that were issued during fiscal 2024 based on the determination of actual performance criteria attainment of 110% for awards granted in fiscal 2023. These awards are expected to vest in fiscal 2026.
As of February 1, 2025, total unrecognized compensation expense, net of estimated forfeitures, from nonvested shares of performance-based restricted stock was approximately $23.4 million, which the Company expects to recognize over a weighted average period of approximately 0.80 years. The total grant date fair value of performance-based restricted stock that vested during 2024, 2023 and 2022 was $16.5 million, $0.1 million and $22.9 million, respectively. The weighted average grant date fair value for performance-based restricted stock granted in 2024, 2023 and 2022, was $203.88, $146.90 and $101.32, respectively.
Stock Options
Historically, the Company has granted stock options to certain teammates, which vested 25% per year over four years and had a seven-year contractual life. When options are exercised, the Company issues new shares of common stock.
The fair value of stock options is measured on their grant date using the Black-Scholes option valuation model. The Company did not grant any stock options during fiscal 2024, 2023 and 2022.
Fiscal 2024 stock option activity is presented in the following table:
Shares Subject to OptionsWeighted Average Exercise Price per ShareWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value (in millions)
Outstanding, February 3, 20242,060,026 $18.72 2.61$282.7 
Exercised(714,542)25.18 
Forfeited / Expired(2,271)39.18 
Outstanding, February 1, 20251,343,213 $15.25 1.98$302.0 
Exercisable, February 1, 20251,342,841 $15.23 1.98$301.9 
Vested or expected to vest, February 1, 20251,343,209 $15.25 1.98$302.0 
The following table presents stock option information for the last three fiscal years (in millions):
202420232022
Total intrinsic value of stock options exercised$140.7 $69.2 $71.4 
Income tax benefit from the exercise of stock options$16.7 $13.7 $11.6 
Total fair value of stock options vested$1.8 $3.3 $4.9 
v3.25.1
Retirement Savings Plans
 12 Months Ended
Feb. 01, 2025
Retirement Benefits [Abstract]  
Retirement Savings Plans Retirement Savings Plans
The Company’s retirement plan, established pursuant to Section 401(k) of the Internal Revenue Code, covers all active employees over the age of 18 following 30 consecutive days of service with the Company. Effective May 3, 2024, the Company amended its retirement savings plan to include a Roth feature that enables participants to contribute on an after-tax basis. The Company’s matching contributions under its plan are made bi-weekly, vest immediately and are equal to 100% of each eligible participant’s contributions up to 4% of the participant’s compensation plus 50% of the eligible participant’s contributions up to the next 2% of compensation. Total employer contributions recorded under the plan, net of forfeitures, were $36.7 million, $34.8 million and $31.6 million in fiscal 2024, 2023 and 2022, respectively.
The Company also has non-qualified deferred compensation plans for certain qualifying employees whose contributions are limited under the qualified defined contribution plans. Amounts contributed and deferred under the deferred compensation plans are credited or charged with the performance of investment options offered under the plans and elected by the participants. In the event of bankruptcy, the assets of these plans are available to satisfy the claims of general creditors. The liability for compensation deferred under the Company’s plans was $153.7 million and $137.9 million as of February 1, 2025 and February 3, 2024, respectively, and is included within other long-term liabilities on the Consolidated Balance Sheets. Total employer contributions recorded under these plans, net of forfeitures, was $1.7 million, $1.4 million and $1.8 million in fiscal 2024, 2023 and 2022, respectively.
v3.25.1
Segment Reporting
 12 Months Ended
Feb. 01, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company is an omni-channel sporting goods retailer that offers an extensive assortment of authentic, high-quality, sports equipment, apparel, footwear and accessories across the United States through its retail stores and online, and has a single reportable segment. Refer to Note 1 – Basis of Presentation and Summary of Significant Accounting Policies for additional details related to the Company’s net sales by merchandise category.
Together, the Company’s President and Chief Executive Officer and its Executive Chairman and Chief Merchant serve as its Chief Operating Decision Maker (“CODM”), who regularly evaluate the performance of its segment based on “segment profit or loss,” which it defines as consolidated net income. Specifically, the CODM considers its consolidated net income to assess financial performance and when deciding to reinvest profits across the enterprise, as key operating decisions are made at the Company level in order to grow its net income through our strategic pillars of differentiated product, athlete experience, brand engagement and teammate experience
The measure of segment assets is reported on the Company’s Consolidated Balance Sheets as total consolidated assets. Within the reportable segment, there are significant expense categories regularly provided to the CODM and included in the measure of the segment’s net income as shown below:
202420232022
Net sales$13,442,849 $12,984,399 $12,368,198 
     Less:
     Cost of merchandise and services sold6,813,682 6,664,212 6,267,266 
     Occupancy costs (1)
1,139,387 1,100,720 1,059,951 
     Personnel expense (2)
1,869,257 1,838,554 1,634,510 
     Other segment expenses (3)
2,146,591 2,098,548 1,943,452 
     Interest expense52,987 58,023 95,220 
     Other income(98,088)(93,809)(15,949)
     Provision for income taxes353,725 271,632 340,610 
Segment net income$1,165,308 $1,046,519 $1,043,138 
Reconciliation of segment profit:
     Adjustments and reconciling items— — — 
Consolidated net income$1,165,308 $1,046,519 $1,043,138 
(1)Occupancy costs include rent, common area maintenance charges, real estate and other asset-based taxes, general maintenance, utilities, depreciation and certain insurance expenses.
(2)Personnel expenses include wages, salaries, and other forms of compensation related to store and administrative employees within selling, general and administrative expenses.
(3)Includes expenses associated with supply chain, advertising, bank card charges, costs to operate the Company’s internal eCommerce platform, technology, other store expenses and expenses associated with operating the Company’s CSC.
v3.25.1
Subsequent Event
 12 Months Ended
Feb. 01, 2025
Subsequent Events [Abstract]  
Subsequent Event Subsequent Events
On March 10, 2025, the Company’s Board of Directors declared a quarterly cash dividend in the amount of $1.2125 per share on the Company’s common stock and Class B common stock payable on April 11, 2025 to stockholders of record as of the close of business on March 28, 2025.
On March 10, 2025, the Company’s Board of Directors authorized a new five-year share repurchase program of up to $3 billion of the Company's common stock. The Company currently expects to finance the repurchases from cash on hand and if necessary, availability under its Credit Agreement.
v3.25.1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Feb. 01, 2025
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
DICK’S SPORTING GOODS, INC. AND SUBSIDIARIES
SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS
(in thousands)
Balance at Beginning of PeriodCharged to Costs and ExpensesDeductionsBalance at End of Period
Fiscal 2022     
Inventory reserve$25,566 $52,933  $(26,323)$52,176 
Allowance for credit losses3,207 3,305  (3,649)2,863 
Reserve for sales returns16,407 652,863 (650,249)19,021 
Fiscal 2023     
Inventory reserve$52,176 $68,202  $(46,582)$73,796 
Allowance for credit losses2,863 1,770  (2,078)2,555 
Reserve for sales returns19,021 706,359 (702,951)22,429 
Fiscal 2024     
Inventory reserve$73,796 $77,779  $(70,132)$81,443 
Allowance for credit losses2,555 2,045 
 
(2,217)2,383 
Reserve for sales returns22,429 699,457 (698,734)23,152 
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Feb. 01, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Insider Trading Policies and Procedures
 12 Months Ended
Feb. 01, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Feb. 01, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
The protection of our data, including athlete and teammate data, is critical to the Company’s strategy of being a trusted advisor throughout the athlete and teammate experience. Cybersecurity is integrated into the Company’s Enterprise Risk Management framework and is overseen by management and the Audit Committee.
The Company’s Cybersecurity team, led by the Company’s Chief Information Security Officer (“CISO”), works in close partnership with multiple internal constituencies to monitor and focus on current and emerging data security matters across the Company and with third parties while implementing and enabling industry-accepted cybersecurity risk management and compliance frameworks and programming, including the NIST Cybersecurity Framework. Internal and third-party risks are reviewed, monitored, and managed by the Company's Cybersecurity and Privacy teams, audited by an Internal Audit team and various external parties. The Company regularly engages third-party experts to assess the effectiveness of its cybersecurity programs. Additionally, the Company continually invests in skilled personnel; recurring training, processes, and procedures; insurance coverages; and numerous technologies to keep pace with current threats; trends; and an ever-evolving legal, regulatory, compliance, and risk landscape with respect to cybersecurity.
The Company has implemented a Cybersecurity Incident Response Plan (the “IR Plan”) and framework to appropriately detect, contain and respond to cybersecurity incidents. The IR Plan identifies protocols for incident classification, the use of third-party service providers where applicable, processes for notification and internal escalation of information to senior management and the Audit Committee, and processes for materiality review. The IR Plan is reviewed and updated, as necessary, under the leadership of the Company’s CISO. Additionally, the Company maintains processes to assess the risks associated with third parties that store, transmit, or process sensitive Company data.
As of the date of this Annual Report on Form 10-K, cybersecurity threats, including the results of any previous cybersecurity incidents, have not materially affected the Company, its business strategy, results of operations or financial condition. While we have no knowledge of any material data security breaches to date, any compromise of our data security could result in a violation of applicable privacy and other laws or standards, significant legal and financial exposure beyond the scope or limits of our insurance coverage, interruption of our operations, increased operating costs associated with remediation, equipment acquisitions or disposal, added personnel, and a loss of confidence in our security measures, which could harm our business, athlete experience, reputation or investor confidence. See Item 1A. “Risk Factors” for more information on the Company’s cybersecurity-related risks.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
The protection of our data, including athlete and teammate data, is critical to the Company’s strategy of being a trusted advisor throughout the athlete and teammate experience. Cybersecurity is integrated into the Company’s Enterprise Risk Management framework and is overseen by management and the Audit Committee.
The Company’s Cybersecurity team, led by the Company’s Chief Information Security Officer (“CISO”), works in close partnership with multiple internal constituencies to monitor and focus on current and emerging data security matters across the Company and with third parties while implementing and enabling industry-accepted cybersecurity risk management and compliance frameworks and programming, including the NIST Cybersecurity Framework. Internal and third-party risks are reviewed, monitored, and managed by the Company's Cybersecurity and Privacy teams, audited by an Internal Audit team and various external parties. The Company regularly engages third-party experts to assess the effectiveness of its cybersecurity programs. Additionally, the Company continually invests in skilled personnel; recurring training, processes, and procedures; insurance coverages; and numerous technologies to keep pace with current threats; trends; and an ever-evolving legal, regulatory, compliance, and risk landscape with respect to cybersecurity.
The Company has implemented a Cybersecurity Incident Response Plan (the “IR Plan”) and framework to appropriately detect, contain and respond to cybersecurity incidents. The IR Plan identifies protocols for incident classification, the use of third-party service providers where applicable, processes for notification and internal escalation of information to senior management and the Audit Committee, and processes for materiality review. The IR Plan is reviewed and updated, as necessary, under the leadership of the Company’s CISO. Additionally, the Company maintains processes to assess the risks associated with third parties that store, transmit, or process sensitive Company data.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Governance
The Audit Committee provides oversight of our cybersecurity risk management, as the security of athlete and teammate data continue to be Company-wide priorities. Our cybersecurity risk management is led by our CISO, an accomplished leader in cybersecurity capabilities and management of cybersecurity risk with over 25 years of experience who joined the Company in January 2025. The CISO reports to the Company’s Chief Technology Officer, who served as the interim CISO for a portion of fiscal 2024 following the departure of our then current CISO in October 2024, and directly reports to the Company’s Chief Executive Officer. The CISO provides quarterly (or more often, if necessary) updates to the Audit Committee and periodic updates to the full Board, regarding existing and new cybersecurity risks, including how management is mitigating those risks. The CISO and the broader cybersecurity team is responsible for detecting, containing, and responding to cybersecurity incidents as documented within the IR Plan.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee provides oversight of our cybersecurity risk management, as the security of athlete and teammate data continue to be Company-wide priorities. Our cybersecurity risk management is led by our CISO, an accomplished leader in cybersecurity capabilities and management of cybersecurity risk with over 25 years of experience who joined the Company in January 2025. The CISO reports to the Company’s Chief Technology Officer, who served as the interim CISO for a portion of fiscal 2024 following the departure of our then current CISO in October 2024, and directly reports to the Company’s Chief Executive Officer. The CISO provides quarterly (or more often, if necessary) updates to the Audit Committee and periodic updates to the full Board, regarding existing and new cybersecurity risks, including how management is mitigating those risks. The CISO and the broader cybersecurity team is responsible for detecting, containing, and responding to cybersecurity incidents as documented within the IR Plan.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Company has implemented a Cybersecurity Incident Response Plan (the “IR Plan”) and framework to appropriately detect, contain and respond to cybersecurity incidents. The IR Plan identifies protocols for incident classification, the use of third-party service providers where applicable, processes for notification and internal escalation of information to senior management and the Audit Committee, and processes for materiality review. The IR Plan is reviewed and updated, as necessary, under the leadership of the Company’s CISO. Additionally, the Company maintains processes to assess the risks associated with third parties that store, transmit, or process sensitive Company data.
Cybersecurity Risk Role of Management [Text Block] The Company’s Cybersecurity team, led by the Company’s Chief Information Security Officer (“CISO”), works in close partnership with multiple internal constituencies to monitor and focus on current and emerging data security matters across the Company and with third parties while implementing and enabling industry-accepted cybersecurity risk management and compliance frameworks and programming, including the NIST Cybersecurity Framework.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The CISO reports to the Company’s Chief Technology Officer, who served as the interim CISO for a portion of fiscal 2024 following the departure of our then current CISO in October 2024, and directly reports to the Company’s Chief Executive Officer.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our cybersecurity risk management is led by our CISO, an accomplished leader in cybersecurity capabilities and management of cybersecurity risk with over 25 years of experience who joined the Company in January 2025.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The CISO reports to the Company’s Chief Technology Officer, who served as the interim CISO for a portion of fiscal 2024 following the departure of our then current CISO in October 2024, and directly reports to the Company’s Chief Executive Officer. The CISO provides quarterly (or more often, if necessary) updates to the Audit Committee and periodic updates to the full Board, regarding existing and new cybersecurity risks, including how management is mitigating those risks.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Feb. 01, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Fiscal Year
Fiscal Year
The Company’s fiscal year ends on the Saturday closest to the end of January. Unless otherwise stated, references to years in this Annual Report on Form 10-K relate to fiscal years, rather than to calendar years. Fiscal years 2024, 2023 and 2022 ended on February 1, 2025, February 3, 2024 and January 28, 2023, respectively. All fiscal years presented include 52 weeks of operations except fiscal 2023, which included 53 weeks.
Principles of Consolidation
Principles of Consolidation
The Consolidated Financial Statements include DICK’S Sporting Goods, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Reclassifications
Reclassifications
Certain reclassifications have been made to prior year amounts within the Consolidated Statements of Income to conform selling, general and administrative expenses and pre-opening expenses to the current year presentation of grand opening advertising costs. Beginning in fiscal 2024, pre-opening expenses include grand opening advertising costs, which were historically included within selling, general and administrative expenses. This change in presentation did not affect the Company’s income from operations in any reporting period.
Use of Estimates in the Preparation of Financial Statements
Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents consist of cash on hand and all highly liquid instruments purchased with a maturity of three months or less at the date of purchase. Cash equivalents primarily consist of money market funds and commercial paper and are stated at carrying value, which approximates fair value, and are considered Level 1 investments. Interest income was $77.9 million, $79.7 million and $27.4 million for fiscal 2024, 2023 and 2022, respectively, and is recorded within other income on the Consolidated Statements of Income.
Cash and cash equivalents were comprised of the following for the fiscal years presented (in thousands):
20242023
Cash (1)
$600,940 $603,820 
Money market funds1,089,000 1,197,400 
Total cash and cash equivalents$1,689,940 $1,801,220 
(1)Cash includes amounts due from third-party financial institutions for the settlement of credit card and debit card transactions, which typically process within three business days.
Cash Management
The Company’s cash management system provides for the reimbursement of all major bank disbursement accounts on a daily basis. Accounts payable at February 1, 2025 and February 3, 2024 include $79.9 million and $56.8 million, respectively, of checks drawn in excess of cash balances not yet presented for payment.
Accounts Receivable
Accounts Receivable
Accounts receivable primarily consist of amounts due from vendors and landlords. The amount of accounts receivable due from landlords as of February 1, 2025 and February 3, 2024 was $160.2 million and $72.7 million, respectively. The Company’s allowance for credit losses totaled $2.4 million and $2.6 million at February 1, 2025 and February 3, 2024, respectively.
Inventories, net
Inventories, net
Inventories are stated at the lower of weighted average cost and net realizable value. Inventory costs consist of the direct cost of merchandise including freight. Inventories are net of shrinkage, obsolescence, other valuation accounts and vendor allowances, totaling $180.1 million and $167.7 million at February 1, 2025 and February 3, 2024, respectively.
Property and Equipment
Property and Equipment
Property and equipment are recorded at cost and include finance leases. Renewals and betterments are capitalized. Repairs and maintenance are expensed as incurred.
Depreciation is computed using the straight-line method over the following estimated useful lives:
Buildings and improvements
10-40 years
Leasehold improvements
10-25 years
Furniture, fixtures and equipment
3-7 years
Computer software
3-10 years
For leasehold improvements and property and equipment under finance lease agreements, depreciation is calculated using the straight-line method over the shorter of the estimated useful lives of the assets or the lease term. Leasehold improvements made after lease commencement are depreciated over the shorter of their estimated useful lives or the remaining lease term, including renewal periods, if reasonably assured. The Company recognized depreciation expense of $397.4 million, $353.8 million and $332.3 million in fiscal 2024, 2023 and 2022, respectively.
Capitalized Software Costs
Capitalized Software Costs
Computer software includes certain costs associated with the acquisition and development of software, which consist of internally developed software and software purchased from third parties for internal use. The Company amortizes these costs using the straight-line method over the estimated useful lives of the software, which is generally three to ten years. Certain upgrades or modifications to the Company’s internally-used software are capitalized if they enhance the software’s functionality or extend its useful life. These costs are included within property and equipment on the Company’s Consolidated Balance Sheets.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
The Company evaluates its long-lived assets and assesses whether the carrying values have been impaired whenever events and circumstances indicate that the carrying values of these assets may not be recoverable based on estimated undiscounted future cash flows. An impairment loss is recognized when the estimated undiscounted cash flows expected to result from the use of the asset plus eventual net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value as determined based on quoted market prices or through the use of other valuation techniques. The related impairment expense is recorded within selling, general and administrative expenses on the Consolidated Statements of Income.
Goodwill
Goodwill
Goodwill represents the excess of acquisition cost over the fair value of the net assets of acquired entities. The Company assesses the carrying value of goodwill annually or whenever circumstances indicate that a decline in value may have occurred.
The Company’s goodwill impairment test compares the fair value of each reporting unit to its carrying value. The Company determines the fair value of its reporting units using a combination of the income approach, by using a discounted cash flow model, and a market value approach. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that reporting unit, goodwill is not impaired. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, an impairment charge to selling, general and administrative expenses is recorded to reduce the carrying value to the fair value. A reporting unit is the operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by management.
Intangible Assets
Intangible Assets
The Company’s intangible assets are indefinite-lived, consisting mostly of trademarks and acquired trade names, which the Company tests annually for impairment, or whenever circumstances indicate that a decline in value may have occurred, using Level 3 inputs. The Company estimates the fair value of these intangible assets based on an income approach using the relief-from-royalty method and recognizes an impairment charge when the estimated fair value of the intangible asset is less than its carrying value.
Self-Insurance
Self-Insurance
The Company is self-insured for certain losses related to health, workers' compensation and general liability insurance, although we maintain stop-loss coverage with third-party insurers to limit our liability exposure. Liabilities associated with these losses are estimated in part by considering historical claims experience, industry factors, severity factors and other actuarial assumptions.
Pre-opening Expenses
Pre-opening Expenses
Pre-opening expenses, which consist primarily of rent, marketing, including grand opening advertising costs, payroll, recruiting and other store preparation costs are expensed as incurred. Rent is recognized within pre-opening expense from the date the Company takes possession of a site through the date of store opening and during periods when stores are closed for remodeling.
Earnings Per Common Share
Earnings Per Common Share
Basic earnings per common share is computed based on the weighted average number of shares of common stock outstanding for a given period. Diluted earnings per common share is computed based on the weighted average number of shares of common stock outstanding, plus the effect of dilutive potential common shares, which include shares the Company could have been obligated to issue from its convertible senior notes due 2025 (the “Convertible Senior Notes”) and warrants prior to their retirement in the first quarter of fiscal 2023, and stock-based awards, such as stock options and restricted stock. Dilutive potential common shares are excluded from the computation of earnings per share if their effect is anti-dilutive.
For all periods presented, dilutive potential common shares for the Company’s stock-based awards and warrants were determined using the treasury stock method. For fiscal years 2023 and 2022, the dilutive effect of the Convertible Senior Notes was calculated using the if-converted method.
Stock-Based Compensation
Stock-Based Compensation
The Company has the ability to grant teammates a number of different stock-based awards, including restricted shares of common stock, restricted stock units and stock options to purchase common stock, under the DICK’S Sporting Goods, Inc. Amended and Restated 2012 Stock and Incentive Plan (the “2012 Plan”). The Company records stock-based compensation expense based on the fair value of stock awards at the grant date and recognizes the expense over the employees’ service periods. For performance-based awards, recognition of stock-based compensation expense also includes management’s estimate of the probability of performance criteria as of the end of each reporting period. Stock-based compensation expense is recognized net of estimated forfeitures and expense is not recognized for awards that do not vest if service or performance conditions are not satisfied.
Income Taxes
Income Taxes
The Company utilizes the asset and liability method of accounting for income taxes and provides deferred income taxes for temporary differences between the amounts reported for assets and liabilities for financial statement purposes and for income tax reporting purposes, using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the relevant taxing authorities, based on the technical merits of the position. The tax benefits recognized in the Consolidated Financial Statements from such a position are measured based on the largest benefit that will more likely than not be realized upon ultimate settlement. Interest and penalties from income tax matters are recognized in income tax expense.
Revenue Recognition
Revenue Recognition
Sales Transactions
Revenue is recognized upon satisfaction of all contractual performance obligations and transfer of control to the customer and is measured as the amount of consideration to which the Company expects to be entitled to in exchange for corresponding goods or services. Substantially all of the Company’s sales are single performance obligation arrangements for retail sale transactions for which the transaction price is equivalent to the stated price of the product or service, net of any stated discounts applicable at a point in time. Each sales transaction results in an implicit contract with the customer to deliver a product or service at the point of sale. Revenue from retail sales is recognized at the point of sale. Sales tax amounts collected from customers that are assessed by a governmental authority are excluded from revenue.
Revenue from eCommerce sales, including vendor-direct sales arrangements, is recognized upon shipment of merchandise. Shipping and handling activities occurring subsequent to the transfer of control to the customer are accounted for as fulfillment costs rather than as a promised service. Subscription revenue from our GameChanger platform is recognized ratably over the subscription period with our customers. A provision for anticipated merchandise returns is provided through a reduction of sales and cost of goods sold in the period that the related sales are recorded.
Deferred Revenue
Revenue from gift cards and returned merchandise credits (collectively the “cards”) is deferred and recognized upon their redemption. Income from unredeemed cards is recognized on the Consolidated Statements of Income within net sales in proportion to the pattern of rights exercised by the customer in future periods. The Company performs an evaluation of historical redemption patterns from the date of original issuance to estimate future period redemption activity. During the fiscal years ended February 1, 2025 and February 3, 2024, the Company recognized $30.6 million and $27.6 million of gift card breakage revenue, respectively, and experienced approximately $115.5 million and $111.3 million of gift card redemptions in fiscal 2024 and fiscal 2023, respectively, that had been included in its gift card liability as of February 3, 2024 and January 28, 2023, respectively. Based on the Company’s historical experience, the majority of gift card revenue is recognized within 12 months of deferral. The cards have no expiration date.
Loyalty program points are accrued at the estimated retail value per point, net of estimated breakage. The Company estimates the breakage of loyalty points based on historical redemption rates experienced within the loyalty program. Based on the Company’s customer loyalty program policies, the majority of program points earned are redeemed or expire within 12 months. Refer to Note 6 – Deferred Revenue and Other Liabilities for additional information regarding the amount of these liabilities at February 1, 2025 and February 3, 2024.
Net sales by category
The following table disaggregates the amount of net sales attributable to hardlines, apparel and footwear for the last three fiscal years (in millions):
 
Fiscal Year
202420232022
Hardlines (1)
$4,899.3 $4,915.5 $4,952.2 
Apparel
4,425.4 4,329.8 4,218.1 
Footwear (2)
3,829.0 3,388.7 2,979.1 
Other (3)
289.1 350.4 218.8 
Total net sales$13,442.8 $12,984.4 $12,368.2 
(1)Includes items such as sporting goods equipment, fitness equipment, golf equipment and fishing gear.
(2)Includes athletic shoes for running, walking, tennis, fitness and cross training, basketball and hiking. In addition, this category also includes specialty footwear, including casual footwear and a complete line of cleats for team sports.
(3)Includes the Company’s non-merchandise sales categories, including in-store services, shipping and GameChanger revenues.
Cost of Goods Sold
Cost of Goods Sold
Cost of goods sold includes: the cost of merchandise and services (inclusive of vendor allowances, inventory shrinkage and inventory write-downs for the lower of cost or net realizable value and GameChanger costs); freight; distribution; shipping; and store occupancy costs. The Company defines merchandise margin as net sales less the cost of merchandise and services sold. Store occupancy costs include rent, common area maintenance charges, real estate and other asset-based taxes, general maintenance, utilities, depreciation and certain insurance expenses.
Selling, General and Administrative Expenses
Selling, General and Administrative Expenses
Selling, general and administrative expenses include payroll and fringe benefits for our stores, field support, administrative and our GameChanger platform, advertising, bank card charges, operating costs associated with the Company’s internal eCommerce platform, technology, marketing, other store expenses and all expenses associated with operating the Company’s Customer Support Center (“CSC”).
Advertising Costs
Advertising Costs
Production costs for all forms of advertising and the costs to run the advertisements are expensed the first time the advertisement takes place. Advertising expense, net of cooperative advertising, was $519.0 million, $478.1 million and $412.2 million for fiscal 2024, 2023 and 2022, respectively.
Business Development Allowances
Business Development Allowances
Business development allowances include allowances, rebates and cooperative advertising funds received from vendors. These funds are determined for each fiscal year and the majority are based on various quantitative contract terms. Amounts expected to be received from vendors for the purchase of merchandise inventories (“vendor allowances”) are recognized as a reduction of cost of goods sold as the merchandise is sold. Amounts that represent a reimbursement of advertising costs incurred, commonly referred to as cooperative advertising, are recorded as a reduction to the related expense in the period that the expense is incurred.
Construction Allowances
Construction Allowances
Substantially all of the Company’s store locations are leased. The Company may receive reimbursement from a landlord for a portion of the cost of the structure, subject to satisfactory fulfillment of applicable lease provisions. These reimbursements may be referred to as tenant allowances or construction allowances provided by landlords (“construction allowances”). The Company’s accounting for construction allowances differs depending on whether the Company is deemed to have control of the underlying asset prior to commencement of the lease.
•If the Company is not deemed to have control of the underlying asset prior to lease commencement, reimbursement from a landlord for tenant improvements is classified as a lease incentive and included as a reduction to the related operating lease asset on the Consolidated Balance Sheets. The incentive is amortized as part of operating lease expense on a straight-line basis over the term of the lease. Landlord reimbursements from these transactions are included in cash flows from operating activities as a change in construction allowances provided by landlords.
•If the Company is deemed to have control of the underlying asset prior to lease commencement, a sale and leaseback of the asset occurs when construction of the asset is complete and the lease term begins, if relevant sale-leaseback accounting criteria are met. Any gain or loss from the transaction is recorded in the period in which control of the underlying asset is relinquished back to the lessor. The Company reports the amount of cash received for the construction allowance as construction allowance receipts within the financing activities section of its Consolidated Statements of Cash Flows when such allowances are received prior to completion of the sale-leaseback transaction. The Company reports the amount of cash received from construction allowances as proceeds from sale leaseback transactions within the investing activities section of its Consolidated Statements of Cash Flows when such amounts are received after the sale-leaseback accounting criteria have been achieved.
Leases
Leases
The Company determines whether a contract is or contains a lease at contract inception. Operating lease assets and liabilities are recognized at the lease’s commencement date based on the present value of remaining fixed lease payments over the lease term. As the rate implicit in the lease is not readily determinable in most of the Company’s leases, the Company uses its incremental borrowing rate based on the information available at a lease’s commencement date to determine the present value of lease payments. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The operating lease asset also includes any fixed lease payments made, net of lease incentives, and initial direct costs incurred.
Operating lease expense for fixed lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are generally expensed as incurred and may include certain index-based changes in rent and other non-fixed payments for services provided by the lessor. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company’s leases do not contain any material residual guarantees or material restrictive covenants.
The Company has lease agreements with non-lease components that relate to the lease components and elected the practical expedient to account for non-lease components, and the lease components to which they relate, as a single lease component for all classes of underlying assets. The Company also elected the practical expedient to not recognize short-term leases with an initial term of 12 months or less on the Consolidated Balance Sheets.
Supply Chain Financing
Supply Chain Financing
The Company has entered into supply chain financing arrangements with certain third-party financial institutions, whereby suppliers have the opportunity to settle outstanding payment obligations early at a discount. The Company does not have an economic interest in suppliers’ voluntary participation and the Company does not provide any guarantees or pledge assets under these arrangements. The Company settles invoices with the third-party financial institutions in accordance with the original supplier payment terms. The Company’s rights and obligations to its suppliers, including amounts due and scheduled payment terms, are not impacted by these arrangements. Liabilities associated with the funded participation in these arrangements, which are presented within accounts payable on the Consolidated Balance Sheets, were $49.6 million and $45.9 million as of February 1, 2025 and February 3, 2024, respectively.
The following table illustrates the changes in the outstanding obligations within supply chain financing arrangements as of the fiscal year presented below (in thousands):
2024
Balance at beginning of year
$45,884 
Invoices confirmed
229,588 
Confirmed invoices paid
(225,917)
Balance at end of year
$49,555 
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
Supplier Finance Programs
In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, “Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations,” which requires that a buyer in a supplier finance program disclose the key terms of its program along with information about obligations outstanding, including a roll-forward of those obligations. The Company adopted this ASU during the first quarter of fiscal 2023, with the exception of the roll-forward disclosure requirement, which was adopted in the fourth quarter of fiscal 2024 on a prospective basis. Refer to the “Supply Chain Financing” section above for further information.
Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker (“CODM”). The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-07 during the fourth quarter of fiscal 2024. Refer to Note 16 – Segment Reporting for further information.
Recently Issued Accounting Pronouncements
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendments in this ASU are intended to enhance the transparency and decision usefulness of income tax disclosures and are effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued. The amendments should be applied on a prospective basis, although retrospective application is permitted. The Company is currently evaluating the impact that adoption of this accounting standard will have on its financial disclosures.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires a public entity to disclose additional information about specific expense categories in the notes to financial statements on an annual and interim basis. The amendments are effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. A public entity should apply the amendments either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact that adoption of this accounting standard will have on its financial disclosures.
v3.25.1
Segment Reporting (Policies)
 12 Months Ended
Feb. 01, 2025
Segment Reporting [Abstract]  
Segment Information
Together, the Company’s President and Chief Executive Officer and its Executive Chairman and Chief Merchant serve as its Chief Operating Decision Maker (“CODM”), who regularly evaluate the performance of its segment based on “segment profit or loss,” which it defines as consolidated net income. Specifically, the CODM considers its consolidated net income to assess financial performance and when deciding to reinvest profits across the enterprise, as key operating decisions are made at the Company level in order to grow its net income through our strategic pillars of differentiated product, athlete experience, brand engagement and teammate experience
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Feb. 01, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Cash and Cash Equivalents
Cash and cash equivalents were comprised of the following for the fiscal years presented (in thousands):
20242023
Cash (1)
$600,940 $603,820 
Money market funds1,089,000 1,197,400 
Total cash and cash equivalents$1,689,940 $1,801,220 
(1)Cash includes amounts due from third-party financial institutions for the settlement of credit card and debit card transactions, which typically process within three business days.
Schedule of estimated useful lives
Depreciation is computed using the straight-line method over the following estimated useful lives:
Buildings and improvements
10-40 years
Leasehold improvements
10-25 years
Furniture, fixtures and equipment
3-7 years
Computer software
3-10 years
Schedule of net sales attributable to hardlines, apparel and footwear
The following table disaggregates the amount of net sales attributable to hardlines, apparel and footwear for the last three fiscal years (in millions):
 
Fiscal Year
202420232022
Hardlines (1)
$4,899.3 $4,915.5 $4,952.2 
Apparel
4,425.4 4,329.8 4,218.1 
Footwear (2)
3,829.0 3,388.7 2,979.1 
Other (3)
289.1 350.4 218.8 
Total net sales$13,442.8 $12,984.4 $12,368.2 
(1)Includes items such as sporting goods equipment, fitness equipment, golf equipment and fishing gear.
(2)Includes athletic shoes for running, walking, tennis, fitness and cross training, basketball and hiking. In addition, this category also includes specialty footwear, including casual footwear and a complete line of cleats for team sports.
(3)Includes the Company’s non-merchandise sales categories, including in-store services, shipping and GameChanger revenues.
Supply Chain Financing
The following table illustrates the changes in the outstanding obligations within supply chain financing arrangements as of the fiscal year presented below (in thousands):
2024
Balance at beginning of year
$45,884 
Invoices confirmed
229,588 
Confirmed invoices paid
(225,917)
Balance at end of year
$49,555 
v3.25.1
Earnings Per Common Share (Tables)
 12 Months Ended
Feb. 01, 2025
Earnings Per Share [Abstract]  
Schedule of the computations for basic and diluted earnings per common share
The computations for basic and diluted earnings per common share were as follows for the fiscal years presented below (in thousands, except per share data):
 
202420232022
Numerator:
Net income for earnings per common share – basic
$1,165,308 $1,046,519 $1,043,138 
Effect of dilutive securities
Interest expense associated with Convertible Senior Notes, net of tax— 337 27,060 
Net income for earnings per common share – diluted
$1,165,308 $1,046,856 $1,070,198 
Denominator:
Weighted average common shares outstanding – basic
80,468 82,302 77,672 
Dilutive effect of stock-based awards2,461 2,977 5,235 
Dilutive effect of warrants— 254 5,575 
Dilutive effect of Convertible Senior Notes— 392 10,792 
Weighted average common shares outstanding – diluted
82,929 85,925 99,274 
Earnings per common share:
Basic$14.48 $12.72 $13.43 
Diluted$14.05 $12.18 $10.78 
Stock-based awards excluded from diluted shares18 186 140 
v3.25.1
Property and Equipment (Tables)
 12 Months Ended
Feb. 01, 2025
Property, Plant and Equipment [Abstract]  
Schedule of the components of property and equipment
Property and equipment consist of the following as of the end of the fiscal years presented below (in thousands):
20242023
Land, buildings and improvements
$643,526 $405,486 
Leasehold improvements
2,583,589 2,276,416 
Furniture, fixtures and equipment
1,394,010 1,415,903 
Computer software
746,664 639,685 
Total property and equipment
5,367,789 4,737,490 
Less: accumulated depreciation and amortization
(3,297,875)(3,099,329)
Net property and equipment
$2,069,914 $1,638,161 
v3.25.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Feb. 01, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of components of intangible assets
The components of intangible assets were as follows as of the end of the fiscal years presented below (in thousands):
 
20242023
 
Gross AmountAccumulated AmortizationGross AmountAccumulated Amortization
Trademarks (indefinite-lived)$35,165 $— $35,165 $— 
Trade names (indefinite-lived)
15,660 — 15,660 — 
Other indefinite-lived intangible assets
7,773 — 5,648 — 
Total indefinite-lived intangible assets58,598 — 56,473 — 
Customer lists
18,195 (18,195)18,195 (18,005)
Total intangible assets
$76,793 $(18,195)$74,668 $(18,005)
v3.25.1
Accrued Expenses (Tables)
 12 Months Ended
Feb. 01, 2025
Accrued Liabilities, Current [Abstract]  
Schedule of accrued expenses
Accrued expenses consist of the following as of the end of the fiscal years presented below (in thousands):
20242023
Payroll, withholdings and benefits$256,881 $212,950 
Real estate taxes, utilities and other occupancy costs93,208 88,279 
Property and equipment111,552 73,530 
Sales tax38,278 45,913 
Other 153,405 130,697 
Total accrued expenses$653,324 $551,369 
v3.25.1
Deferred Revenue and Other Liabilities (Tables)
 12 Months Ended
Feb. 01, 2025
Deferred Credits and Other Liabilities [Abstract]  
Schedule of deferred revenue and other liabilities
Deferred revenue and other liabilities consist of the following as of the end of the fiscal years presented below (in thousands):
20242023
Current:
  
Deferred gift card revenue
$260,248 $248,203 
Customer loyalty program
52,097 47,153 
Other
82,696 69,577 
Total current deferred revenue and other liabilities
$395,041 $364,933 
Long-term:
 
Deferred compensation$153,707 $137,908 
Other
42,137 33,195 
Total other long-term liabilities
$195,844 $171,103 
v3.25.1
Leases (Tables)
 12 Months Ended
Feb. 01, 2025
Leases [Abstract]  
Components of lease cost
The components of lease cost for the following fiscal years presented below were as follows (in thousands):
202420232022
Operating lease cost$636,744 $612,595 $581,459 
Short-term lease cost26,186 31,234 27,827 
Variable lease cost131,832 125,043 116,516 
Sublease income(11,842)(11,730)(11,787)
Total lease cost$782,920 $757,142 $714,015 
Other information related to operating leases
Supplemental cash flow information related to operating leases for the following fiscal years are presented below (in thousands):
202420232022
Cash paid for amounts included in the measurement of operating lease liabilities$708,988 $733,455 $615,772 
Non-cash operating lease assets obtained in exchange for operating lease liabilities $767,645 $697,499 $558,779 

Supplemental balance sheet information related to operating leases were as follows:
February 1,
2025		February 3,
2024
Weighted average remaining lease term for operating leases7.37 years6.78 years
Weighted average discount rate for operating leases5.51 %5.68 %
Schedule of future maturities of operating lease liabilities determined under Topic 842
Future maturities of operating lease liabilities were as follows as of February 1, 2025 (in thousands):
Fiscal Year
2025$654,601 
2026652,882 
2027553,760 
2028423,857 
2029313,729 
Thereafter1,081,974 
Total future undiscounted lease payments3,680,803 
Less: imputed interest(677,260)
      Total reported lease liability$3,003,543 
v3.25.1
Senior Notes (Table)
 12 Months Ended
Feb. 01, 2025
Senior Notes [Abstract]  
Summary of the principal, unamortized debt discount and issuance costs, and net carrying value of the Senior Notes
The carrying values of the Senior Notes were as follows for the fiscal years presented (in thousands):
Fiscal 2024Fiscal 2023
2032 Notes2052 NotesTotal2032 Notes2052 NotesTotal
Principal$750,000 $750,000 $1,500,000 $750,000 $750,000 $1,500,000 
Discounts and issuance costs(6,067)(9,716)(15,783)(6,832)(9,908)(16,740)
Carrying amount$743,933 $740,284 $1,484,217 $743,168 $740,092 $1,483,260 
v3.25.1
Fair Value Measurements (Tables)
 12 Months Ended
Feb. 01, 2025
Fair Value Disclosures [Abstract]  
Schedule of carrying values and estimated fair values of debt instruments
The Company discloses the fair value of its Senior Notes using Level 2 inputs, which are based on quoted prices for similar or identical instruments in inactive markets, as follows (in thousands):
February 1, 2025February 3, 2024
Carrying ValueFair ValueCarrying ValueFair Value
2032 Notes$743,933 $657,608 $743,168 $633,915 
2052 Notes$740,284 $546,165 $740,092 $535,470 
v3.25.1
Stockholders' Equity (Tables)
 12 Months Ended
Feb. 01, 2025
Stockholders' Equity Note [Abstract]  
Schedule of common stock repurchased
Total shares repurchased and amounts paid under the Company’s current authorization during the last three fiscal years are presented below (in thousands):
 
Fiscal Year
 
2024 (1)
20232022
Shares of common stock repurchased1,2635,4394,971
Treasury stock acquired during the fiscal year, including excise tax$268,676 $649,820 $426,723 
(1) Fiscal 2024 includes $5.0 million of cash settlements for shares of treasury stock that was paid in the first week of fiscal 2025.
v3.25.1
Income Taxes (Tables)
 12 Months Ended
Feb. 01, 2025
Income Tax Disclosure [Abstract]  
Schedule of components of the provision for income taxes
The components of the provision for income taxes are as follows for the fiscal years presented (in thousands):
202420232022
Current:
  
Federal
$292,197 $212,369 $253,776 
State
76,366 55,920 63,734 
Total current provision368,563 268,289 317,510 
Deferred:
  
Federal
(13,255)4,301 15,074 
State
(1,583)(958)8,026 
Total deferred provision(14,838)3,343 23,100 
Total provision
$353,725 $271,632 $340,610 
Reconciliation of the federal statutory income tax rate to the effective income tax rate
The Company’s effective income tax rate differs from the federal statutory rate as follows for the fiscal years presented:
202420232022
Federal statutory rate
21.0 %21.0 %21.0 %
State tax, net of federal benefit
4.2 %4.2 %4.1 %
Excess tax benefit related to stock-based compensation(1.8)%(4.9)%(1.9)%
Eliminated bond hedge deduction following Convertible Senior Notes exchanges— %0.2 %1.6 %
Other permanent items
(0.1)%0.1 %(0.2)%
Effective income tax rate
23.3 %20.6 %24.6 %
Schedule of the components of deferred tax assets (liabilities)
Components of deferred tax assets (liabilities) consist of the following as of the end of the fiscal years presented (in thousands):
20242023
Operating lease liabilities$782,953 $725,656 
Inventory
57,793 50,840 
Employee benefits and withholdings49,653 47,780 
Stock-based compensation
18,395 16,440 
Gift cards
24,946 22,364 
Deferred revenue currently taxable
1,295 864 
Other accrued expenses not currently deductible for tax purposes16,338 15,896 
Net operating loss carryforward
— 55 
Non income-based tax reserves4,317 4,984 
Uncertain income tax positions1,397 965 
Insurance
3,589 3,438 
Intangibles1,443 — 
Other
1,932 1,596 
Total deferred tax assets
964,051 890,878 
Operating lease assets(605,401)(577,599)
Property and equipment
(274,823)(243,150)
Inventory valuation
(27,849)(26,676)
Intangibles
— (2,087)
Prepaid expenses
(3,294)(3,520)
Total deferred tax liabilities
(911,367)(853,032)
Net deferred tax asset
$52,684 $37,846 
Schedule of reconciliation of the Company's total unrecognized tax benefits balances, excluding interest and penalties
The following table provides a reconciliation of the Company’s total balance of unrecognized tax benefits, excluding interest and penalties (in thousands):
202420232022
Beginning of fiscal year
$2,851 $1,058 $1,058 
Increases as a result of tax positions taken in a prior period
3,201 1,463 6 
Decreases as a result of tax positions taken in a prior period
(1,058)— — 
Increases as a result of tax positions taken in the current period1,364 — — 
Increases as a result of settlements during the current period— 364 — 
Decreases as a result of settlements during the current period
(108)(34)(6)
Reductions as a result of a lapse of statute of limitations during the current period
— — — 
End of fiscal year
$6,250 $2,851 $1,058 
v3.25.1
Stock-Based Compensation (Tables)
 12 Months Ended
Feb. 01, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of stock-based compensation The following table provides total stock-based compensation recognized in the Consolidated Statements of Income for the fiscal years presented (in thousands):
202420232022
Restricted stock expense
$43,130 $36,196 $36,261 
Performance-based restricted stock expense27,557 19,053 10,585 
Stock option expense
314 2,036 3,757 
Total stock-based compensation expense$71,001 $57,285 $50,603 
Total related tax benefit$12,768 $10,616 $9,730 
Schedule of nonvested restricted stock activity
Restricted stock activity for fiscal 2024 is presented in the following table:
Restricted Stock
SharesWeighted Average Grant Date Fair ValueIntrinsic Value
(in millions)
Nonvested, February 3, 20241,156,146 $110.17 $180.3 
Granted265,969 209.61 
Vested(364,991)101.59 
Forfeited(58,768)122.92 
Nonvested, February 1, 2025998,356 $139.05 $239.7 
Schedule of nonvested performance-based restricted stock activity
Performance-based restricted stock activity for fiscal 2024 is presented in the following table:
Performance-based Restricted Stock
Shares/UnitsWeighted Average Grant Date Fair ValueIntrinsic Value
(in millions)
Nonvested, February 3, 2024543,717 $112.12 $84.8 
Granted (1)
88,417 203.88 
Vested(208,310)79.27 
Forfeited(18,069)138.18 
Nonvested, February 1, 2025
405,755 $147.82 $97.4 
(1)Includes 10,004 awards with a weighted-average grant date fair value of $147.17 that were issued during fiscal 2024 based on the determination of actual performance criteria attainment of 110% for awards granted in fiscal 2023. These awards are expected to vest in fiscal 2026.
Schedule of stock option activity
Fiscal 2024 stock option activity is presented in the following table:
Shares Subject to OptionsWeighted Average Exercise Price per ShareWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value (in millions)
Outstanding, February 3, 20242,060,026 $18.72 2.61$282.7 
Exercised(714,542)25.18 
Forfeited / Expired(2,271)39.18 
Outstanding, February 1, 20251,343,213 $15.25 1.98$302.0 
Exercisable, February 1, 20251,342,841 $15.23 1.98$301.9 
Vested or expected to vest, February 1, 20251,343,209 $15.25 1.98$302.0 
The following table presents stock option information for the last three fiscal years (in millions):
202420232022
Total intrinsic value of stock options exercised$140.7 $69.2 $71.4 
Income tax benefit from the exercise of stock options$16.7 $13.7 $11.6 
Total fair value of stock options vested$1.8 $3.3 $4.9 
v3.25.1
Segment Reporting (Tables)
 12 Months Ended
Feb. 01, 2025
Segment Reporting [Abstract]  
Schedule of significant segment expenses Within the reportable segment, there are significant expense categories regularly provided to the CODM and included in the measure of the segment’s net income as shown below:
202420232022
Net sales$13,442,849 $12,984,399 $12,368,198 
     Less:
     Cost of merchandise and services sold6,813,682 6,664,212 6,267,266 
     Occupancy costs (1)
1,139,387 1,100,720 1,059,951 
     Personnel expense (2)
1,869,257 1,838,554 1,634,510 
     Other segment expenses (3)
2,146,591 2,098,548 1,943,452 
     Interest expense52,987 58,023 95,220 
     Other income(98,088)(93,809)(15,949)
     Provision for income taxes353,725 271,632 340,610 
Segment net income$1,165,308 $1,046,519 $1,043,138 
Reconciliation of segment profit:
     Adjustments and reconciling items— — — 
Consolidated net income$1,165,308 $1,046,519 $1,043,138 
(1)Occupancy costs include rent, common area maintenance charges, real estate and other asset-based taxes, general maintenance, utilities, depreciation and certain insurance expenses.
(2)Personnel expenses include wages, salaries, and other forms of compensation related to store and administrative employees within selling, general and administrative expenses.
(3)Includes expenses associated with supply chain, advertising, bank card charges, costs to operate the Company’s internal eCommerce platform, technology, other store expenses and expenses associated with operating the Company’s CSC.
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies (Details)
$ in Thousands
 12 Months Ended
Feb. 01, 2025
USD ($)
Store
days
Feb. 03, 2024
USD ($)
Jan. 28, 2023
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Number of DICK'S Sporting Goods stores | Store 723    
Cash and Cash Equivalents / Cash Management      
Interest income $ 77,900 $ 79,700 $ 27,400
Cash 600,940 603,820  
Money market funds 1,089,000 1,197,400  
Total cash and cash equivalents $ 1,689,940 1,801,220  
Number of business days for typical settlement of credit and debit card transactions | days 3    
Checks drawn in excess of cash balances not yet presented for payment $ 79,900 56,800  
Accounts Receivable      
Accounts Receivable from Landords 160,200 72,700  
Allowance for credit losses 2,400 2,600  
Inventories      
Inventory valuation and vendor allowances 180,100 167,700  
Advertising Costs      
Advertising expense net of cooperative advertising $ 519,000 $ 478,100 $ 412,200
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Property and Equipment      
Depreciation expense $ 397.4 $ 353.8 $ 332.3
Building and improvements | Minimum      
Property and Equipment      
Estimated useful life 10 years    
Building and improvements | Maximum      
Property and Equipment      
Estimated useful life 40 years    
Leasehold improvements | Minimum      
Property and Equipment      
Estimated useful life 10 years    
Leasehold improvements | Maximum      
Property and Equipment      
Estimated useful life 25 years    
Furniture, fixtures and equipment | Minimum      
Property and Equipment      
Estimated useful life 3 years    
Furniture, fixtures and equipment | Maximum      
Property and Equipment      
Estimated useful life 7 years    
Computer software | Minimum      
Property and Equipment      
Estimated useful life 3 years    
Computer software | Maximum      
Property and Equipment      
Estimated useful life 10 years    
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Revenue Recognition      
Total net sales $ 13,442,849 $ 12,984,399 $ 12,368,198
Gift card breakage revenue      
Revenue Recognition      
Revenue recognized from contract liability at beginning of period 30,600 27,600  
Gift card redemption revenue      
Revenue Recognition      
Revenue recognized from contract liability at beginning of period $ 115,500 111,300  
Gift card redemption revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-02-04      
Revenue Recognition      
Expected timing of performance obligation satisfaction 12 months    
Customer loyalty redemption revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-02-04      
Revenue Recognition      
Expected timing of performance obligation satisfaction 12 months    
Hardlines      
Revenue Recognition      
Total net sales $ 4,899,300 4,915,500 4,952,200
Apparel      
Revenue Recognition      
Total net sales 4,425,400 4,329,800 4,218,100
Footwear      
Revenue Recognition      
Total net sales 3,829,000 3,388,700 2,979,100
Other      
Revenue Recognition      
Total net sales $ 289,100 $ 350,400 $ 218,800
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies - Supplier Finance Program (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Invoices confirmed $ 229,588  
Confirmed invoices paid (225,917)  
Balance at period end $ 49,555 $ 45,884
Location of supply chain financing liability on Consolidated Balance Sheets. Accounts payable  
v3.25.1
Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Apr. 18, 2023
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Earnings Per Share [Abstract]        
Net income   $ 1,165,308 $ 1,046,519 $ 1,043,138
Interest expense associated with Convertible Senior Notes, net of tax   0 337 27,060
Net income for earnings per common share – diluted   $ 1,165,308 $ 1,046,856 $ 1,070,198
Weighted average common shares outstanding - basic (in shares)   80,468 82,302 77,672
Dilutive effect of stock-based awards (in shares)   2,461 2,977 5,235
Dilutive effect of warrants (in shares)   0 254 5,575
Dilutive effect of Convertible Senior Notes (in shares)   0 392 10,792
Weighted average common shares outstanding – diluted   82,929 85,925 99,274
Earnings per common share (in dollars per share) - basic   $ 14.48 $ 12.72 $ 13.43
Earnings per common share (in dollars per share) - diluted   $ 14.05 $ 12.18 $ 10.78
Convertible Senior Notes, Due 2025        
Earnings Per Share [Abstract]        
Interest expense associated with Convertible Senior Notes, net of tax     $ 300 $ 27,100
Stock-based awards excluded from diluted shares        
Remaining principal amount of Convertible Senior Notes that was fully retired $ 59,100      
Share-based Payment Arrangement        
Stock-based awards excluded from diluted shares        
Stock-based awards excluded from diluted shares (in shares)   18 186 140
v3.25.1
Property and Equipment (Details) - USD ($)
$ in Thousands
Feb. 01, 2025
Feb. 03, 2024
Property and Equipment    
Total property and equipment $ 5,367,789 $ 4,737,490
Less: accumulated depreciation and amortization (3,297,875) (3,099,329)
Net property and equipment 2,069,914 1,638,161
Land, buildings and Improvements    
Property and Equipment    
Total property and equipment 643,526 405,486
Leasehold improvements    
Property and Equipment    
Total property and equipment 2,583,589 2,276,416
Furniture, fixtures and equipment    
Property and Equipment    
Total property and equipment 1,394,010 1,415,903
Computer software    
Property and Equipment    
Total property and equipment $ 746,664 $ 639,685
v3.25.1
Property and Equipment - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 03, 2024
Feb. 01, 2025
Property and Equipment    
Total property and equipment $ 4,737,490 $ 5,367,789
Deposits of property and equipment previously recorded 69,300  
Construction in progress $ 153,300 $ 271,600
v3.25.1
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($)
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Goodwill, balance at end of year $ 245,857,000 $ 245,857,000  
Accumulated impairment 115,900,000 115,900,000  
Goodwill impairment charges $ 0 $ 4,600,000 $ 0
v3.25.1
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Components of intangible assets      
Indefinite-lived intangible assets $ 58,598 $ 56,473  
Accumulated amortization (18,195) (18,005)  
Total intangible assets 76,793 74,668  
Impairment of a trademark 2,200    
Amortization expense of finite-lived intangible assets 200 1,500 $ 2,400
Trademarks      
Components of intangible assets      
Indefinite-lived intangible assets 35,165 35,165  
Trade names      
Components of intangible assets      
Indefinite-lived intangible assets 15,660 15,660  
Customer lists      
Components of intangible assets      
Gross amount - Finite-lived intangible assets 18,195 18,195  
Accumulated amortization (18,195) (18,005)  
Other indefinite-lived intangible assets      
Components of intangible assets      
Indefinite-lived intangible assets $ 7,773 $ 5,648  
v3.25.1
Accrued Expenses (Details) - USD ($)
$ in Thousands
Feb. 01, 2025
Feb. 03, 2024
Accrued Liabilities, Current [Abstract]    
Payroll, withholdings and benefits $ 256,881 $ 212,950
Real estate taxes, utilities and other occupancy costs 93,208 88,279
Property and equipment 111,552 73,530
Sales tax 38,278 45,913
Other 153,405 130,697
Total accrued expenses $ 653,324 $ 551,369
v3.25.1
Deferred Revenue and Other Liabilities (Details) - USD ($)
$ in Thousands
Feb. 01, 2025
Feb. 03, 2024
Current:    
Other $ 82,696 $ 69,577
Deferred revenue and other liabilities 395,041 364,933
Long-term:    
Deferred compensation 153,707 137,908
Other 42,137 33,195
Total other long-term liabilities 195,844 171,103
Deferred gift card revenue    
Current:    
Customer contract liabilities 260,248 248,203
Customer loyalty program    
Current:    
Customer contract liabilities $ 52,097 $ 47,153
v3.25.1
Leases (Details)
Feb. 01, 2025
DistributionCenter
Leases  
Number of distribution centers leased 3
Additional renewal period 5 years
Minimum  
Leases  
Initial tenure of operating leases 10 years
Maximum  
Leases  
Initial tenure of operating leases 15 years
v3.25.1
Leases - Components of lease cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Lease, Cost [Abstract]      
Operating lease cost $ 636,744 $ 612,595 $ 581,459
Short-term lease cost 26,186 31,234 27,827
Variable lease cost 131,832 125,043 116,516
Sublease income (11,842) (11,730) (11,787)
Total lease cost $ 782,920 $ 757,142 $ 714,015
v3.25.1
Leases - Other information related to operating leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Leases [Abstract]      
Cash paid for amounts included in the measurement of operating lease liabilities $ 708,988 $ 733,455 $ 615,772
Non-cash operating lease assets and liabilities obtained in exchange for new or modified leases $ 767,645 $ 697,499 $ 558,779
Weighted average remaining lease term for operating leases 7 years 4 months 13 days 6 years 9 months 10 days  
Weighted average discount rate for operating leases 5.51% 5.68%  
v3.25.1
Leases - Future maturities of operating lease liabilities (Details)
$ in Thousands
Feb. 01, 2025
USD ($)
Future maturities of operating lease liabilities  
2025 $ 654,601
2026 652,882
2027 553,760
2028 423,857
2029 313,729
Thereafter 1,081,974
Total future undiscounted lease payments 3,680,803
Less: imputed interest (677,260)
Total reported lease liability 3,003,543
Future lease payments for operating leases that have not yet commenced 352,100
Total future minimum rentals under non-cancellable subleases $ 44,200
v3.25.1
Revolving Credit Facility (Details) - USD ($)
 12 Months Ended
Jan. 14, 2022
Feb. 01, 2025
Feb. 03, 2024
Revolving Credit Facility      
Revolving credit borrowings   $ 0 $ 0
Revolving Credit Facility      
Revolving Credit Facility      
Credit Facility borrowing capacity $ 1,600,000,000    
Credit Facility borrowing capacity extension $ 500,000,000    
Unused commitment fee (as a percent)   0.11%  
Revolving credit borrowings   $ 0 $ 0
Remaining borrowing capacity   1,580,000,000  
Revolving Credit Facility | Alternate base rate      
Revolving Credit Facility      
Interest rate margin (as a percent) 0.125%    
Revolving Credit Facility | Adjusted SOFR rate      
Revolving Credit Facility      
Interest rate margin (as a percent) 1.125%    
Letters of credit      
Revolving Credit Facility      
Letters of credit maximum $ 75,000,000    
Letters of credit outstanding   $ 19,900,000  
v3.25.1
Senior Notes - Narrative (Details) - Senior Notes - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Jan. 14, 2022
Senior Notes        
Proceeds from senior notes, net of debt discount     $ 1,500.0  
Debt issuance costs     15.3  
Interest expense related to Senior Notes $ 55.3 $ 55.3 $ 55.3  
Redemption price, percentage 100.00%      
Change in control triggering event, redemption price percent 101.00%      
2032 Senior Notes        
Senior Notes        
Interest rate, stated percentage       3.15%
Interest rate, effective percentage 3.28%      
2052 Senior Notes        
Senior Notes        
Interest rate, stated percentage       4.10%
Interest rate, effective percentage 4.18%      
v3.25.1
Senior Notes - Summary of carrying values of the Senior Notes (Details) - USD ($)
$ in Thousands
Feb. 01, 2025
Feb. 03, 2024
Jan. 14, 2022
Senior Notes      
Carrying amount $ 1,484,217 $ 1,483,260  
Senior Notes      
Senior Notes      
Principal 1,500,000 1,500,000  
Discounts and issuance costs (15,783) (16,740)  
Carrying amount 1,484,217 1,483,260  
Senior Notes | 2032 Senior Notes      
Senior Notes      
Principal 750,000 750,000 $ 750,000
Discounts and issuance costs (6,067) (6,832)  
Carrying amount 743,933 743,168  
Senior Notes | 2052 Senior Notes      
Senior Notes      
Principal 750,000 750,000 $ 750,000
Discounts and issuance costs (9,716) (9,908)  
Carrying amount $ 740,284 $ 740,092  
v3.25.1
Convertible Senior Notes - Narrative (Details) - USD ($)
shares in Millions
 12 Months Ended
Apr. 18, 2023
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Apr. 17, 2020
Convertible Senior Notes          
Principal paid in connection with exchange of convertible senior notes due 2025   $ 0 $ 137,000 $ 515,865,000  
Interest expense associated with Convertible Senior Notes, net of tax   $ 0 337,000 27,060,000  
Convertible Senior Notes Exchanges          
Convertible Senior Notes          
Inducement charge       23,300,000  
Principal paid in connection with exchange of convertible senior notes due 2025       515,900,000  
Carrying value of Convertible Senior Notes exchanged       $ 507,000,000  
Net shares issued in connection with the exchange of Convertible Senior Notes and partial unwind of convertible bond hedge and warrants       9.8  
Convertible Senior Notes, Due 2025          
Convertible Senior Notes          
Principal         $ 575,000,000
Interest rate, stated percentage         3.25%
Remaining principal amount of Convertible Senior Notes that was fully retired $ 59,100,000        
Net Shares for the Convertible Senior Note Retirement 1.7        
Equity Impact of Convertible Senior Notes Retirement $ 58,500,000        
Interest expense related to Convertible Senior Notes     500,000 $ 36,600,000  
Interest expense associated with Convertible Senior Notes, net of tax     $ 300,000 $ 27,100,000  
v3.25.1
Fair Value Measurements - Narrative (Details)
$ in Millions
 12 Months Ended
Feb. 03, 2024
USD ($)
Store
Jan. 28, 2023
USD ($)
Store
Feb. 01, 2025
USD ($)
Fair Value Measurements      
Number of Field & Stream Stores | Store   17  
Number of Field & Stream Stores Exited Q4 2022 | Store   12  
Field & Stream Exit Charges   $ 30.1  
Non-cash impairments of store assets in connection with Field & Stream exit   28.5  
Severance Costs Relating to Field & Stream Exit   0.8  
Inventory write-down in connection with Field & Stream exit   $ 0.7  
Business Optimization Plan      
Fair Value Measurements      
Number of MooseJaw Stores Exited Q4 2023 | Store 10    
Restructuring Charges $ 84.8    
Restructuring Charges, Statement of Income Selling, general and administrative expenses    
Business Optimization Plan | Non-cash impairments of store and intangible assets      
Fair Value Measurements      
Restructuring Charges $ 46.1    
Business Optimization Plan | Other Restructuring      
Fair Value Measurements      
Restructuring Charges 12.0    
Business Optimization Plan | Employee Severance      
Fair Value Measurements      
Restructuring Charges 26.7    
Business Optimization Plan | Non-cash impairments of store assets      
Fair Value Measurements      
Restructuring Charges 35.5    
Selling, general and administrative expenses | Business Optimization Plan      
Fair Value Measurements      
Restructuring Charges $ 72.8    
Restructuring Charges, Statement of Income Selling, general and administrative expenses    
Cost of goods sold | Business Optimization Plan      
Fair Value Measurements      
Restructuring Charges $ 12.0    
Restructuring Charges, Statement of Income Cost of goods sold, including occupancy and distribution costs    
Level 1      
Fair Value Measurements      
Deferred compensation plan assets held in trust $ 137.9   $ 153.7
v3.25.1
Fair Value Measurements - Schedule of Carrying and Estimated Fair Value (Details) - USD ($)
$ in Thousands
Feb. 01, 2025
Feb. 03, 2024
Carrying Value    
Senior notes due 2032 and 2052 $ 1,484,217 $ 1,483,260
Fair Value, Recurring | Senior notes due 2032    
Carrying Value    
Senior notes due 2032 and 2052 743,933 743,168
Fair Value, Recurring | Senior notes due 2032 | Level 2    
Fair Value    
Senior Notes 657,608 633,915
Fair Value, Recurring | Senior notes due 2052    
Carrying Value    
Senior notes due 2032 and 2052 740,284 740,092
Fair Value, Recurring | Senior notes due 2052 | Level 2    
Fair Value    
Senior Notes $ 546,165 $ 535,470
v3.25.1
Stockholders' Equity (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Feb. 01, 2025
USD ($)
item
$ / shares
shares
Feb. 03, 2024
USD ($)
item
$ / shares
shares
Jan. 28, 2023
USD ($)
$ / shares
Preferred stock, authorized shares | shares 5,000,000 5,000,000  
Dividends per Common Share      
Cash dividends paid to stockholders | $ $ 361,727 $ 351,201 $ 163,081
Common Stock      
Common stock, authorized shares | shares 200,000,000 200,000,000  
Common stock, par value (in dollars per share) | $ / shares $ 0.01 $ 0.01  
Voting rights per common share | item 1 1  
Dividends per Common Share      
Cash dividends paid (in dollars per share) | $ / shares $ 4.40 $ 4.00 $ 1.95
Class B Common Stock      
Common stock, authorized shares | shares 40,000,000 40,000,000  
Common stock, par value (in dollars per share) | $ / shares $ 0.01 $ 0.01  
Voting rights per common share | item 10 10  
Number of shares of common stock to be received for each share of Class B common stock converted | shares 1 1  
Dividends per Common Share      
Cash dividends paid (in dollars per share) | $ / shares $ 4.40 $ 4.00 $ 1.95
v3.25.1
Stockholders' Equity - Treasury Stock (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 16, 2021
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Treasury Stock [Abstract]        
Shares of common stock repurchased   1,263,000 5,439,000 4,971,000
Cash paid for treasury stock   $ 268,676 $ 649,820 $ 426,723
Period over which shares may be purchased under share repurchase program (in years) 5 years      
Authorized aggregate repurchases of common stock $ 2,000,000      
Repurchase of common stock, remaining authorization   511,500    
Share repurchases that settled in cash subsequent to fiscal year-end   $ 5,000 $ 0 $ 0
v3.25.1
Income Taxes - Components of the Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Current:      
Federal $ 292,197 $ 212,369 $ 253,776
State 76,366 55,920 63,734
Total current provision 368,563 268,289 317,510
Deferred:      
Federal (13,255) 4,301 15,074
State (1,583) (958) 8,026
Total deferred provision (14,838) 3,343 23,100
Total provision $ 353,725 $ 271,632 $ 340,610
v3.25.1
Income Taxes - Reconciliation of Effective Income Tax Rate (Details)
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Reconciliation of the federal statutory income tax rate to the effective income tax rate      
Federal statutory rate (as a percent) 21.00% 21.00% 21.00%
State tax, net of federal benefit (as a percent) 4.20% 4.20% 4.10%
Excess tax benefit related to stock-based compensation (1.80%) (4.90%) (1.90%)
Eliminated bond hedge deduction following Convertible Senior Notes exchanges 0.00% 0.20% 1.60%
Other permanent items (as a percent) (0.10%) 0.10% (0.20%)
Effective income tax rate (as a percent) 23.30% 20.60% 24.60%
v3.25.1
Income Taxes - Components of Deferred Tax Assets / Liabilities (Details) - USD ($)
$ in Thousands
Feb. 01, 2025
Feb. 03, 2024
Deferred tax assets    
Operating lease liabilities $ 782,953 $ 725,656
Inventory 57,793 50,840
Employee benefits and withholdings 49,653 47,780
Stock-based compensation 18,395 16,440
Gift cards 24,946 22,364
Deferred revenue currently taxable 1,295 864
Other accrued expenses not currently deductible for tax purposes 16,338 15,896
Net operating loss carryforward 0 55
Non income-based tax reserves 4,317 4,984
Uncertain income tax positions 1,397 965
Insurance 3,589 3,438
Intangibles 1,443 0
Other 1,932 1,596
Total deferred tax assets 964,051 890,878
Deferred tax liabilities    
Operating lease assets (605,401) (577,599)
Property and equipment (274,823) (243,150)
Inventory valuation (27,849) (26,676)
Intangibles 0 (2,087)
Prepaid expenses (3,294) (3,520)
Total deferred tax liabilities (911,367) (853,032)
Net deferred tax asset $ 52,684 $ 37,846
v3.25.1
Income Taxes - Reconciliation of Unrecognized Tax Benefits, Excluding Interest and Penalties (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Reconciliation of the Company's total unrecognized tax benefits balances, excluding interest and penalties      
Beginning of fiscal year $ 2,851 $ 1,058 $ 1,058
Increases as a result of tax positions taken in a prior period 3,201 1,463 6
Decreases as a result of tax positions taken in a prior period (1,058) 0 0
Increases as a result of tax positions taken in the current period 1,364 0 0
Increases as a result of settlements during the current period 0 364 0
Decreases as a result of settlements during the current period (108) (34) (6)
Reductions as a result of a lapse of statute of limitations during the current period 0 0 0
End of fiscal year $ 6,250 $ 2,851 $ 1,058
v3.25.1
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Income Tax Disclosure [Abstract]      
Net operating loss carryforward $ 0 $ 55  
Net deferred tax asset 52,684 37,846  
Unrecognized tax benefits that would impact effective tax rate if recognized 5,000    
Accrued interest and penalties associated with uncertain tax positions 1,800    
Total liability for uncertain tax positions, including related interest and penalties 8,100    
Accrual of interest and penalties related to uncertain tax positions $ (400) $ 700 $ 100
v3.25.1
Stock-Based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Stock-based compensation expense      
Number of shares available for future issuance under the plan 6,928,238    
Restricted stock      
Stock-based compensation expense      
Vesting period 3 years    
Unrecognized compensation expense      
Unrecognized stock-based compensation expense related to nonvested awards, net of estimated forfeitures $ 57.0    
Weighted average period over which unrecognized compensation expense is expected to be recognized 1 year 3 months 14 days    
Granted (in dollars per share) $ 209.61 $ 126.11 $ 104.07
Performance-based Restricted Stock      
Unrecognized compensation expense      
Unrecognized stock-based compensation expense related to nonvested awards, net of estimated forfeitures $ 23.4    
Weighted average period over which unrecognized compensation expense is expected to be recognized 9 months 18 days    
Granted (in dollars per share) $ 203.88 $ 146.90 $ 101.32
Stock options      
Stock-based compensation expense      
Vesting rights (as a percent) 25.00%    
Vesting period 4 years    
Expiration terms of options 7 years    
Additional disclosures      
Total intrinsic value of stock options exercised $ 140.7 $ 69.2 $ 71.4
Income tax benefit from the exercise of stock options 16.7 13.7 11.6
Total fair value of stock options vested $ 1.8 $ 3.3 $ 4.9
v3.25.1
Stock-Based Compensation - Stock-based compensation recognized (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Stock-Based Compensation and Employee Stock Plans      
Total stock-based compensation expense $ 71,001 $ 57,285 $ 50,603
Total related tax benefit 12,768 10,616 9,730
Restricted stock      
Stock-Based Compensation and Employee Stock Plans      
Stock-based compensation expense 43,130 36,196 36,261
Performance-based Restricted Stock      
Stock-Based Compensation and Employee Stock Plans      
Stock-based compensation expense 27,557 19,053 10,585
Stock options      
Stock-Based Compensation and Employee Stock Plans      
Stock-based compensation expense $ 314 $ 2,036 $ 3,757
v3.25.1
Stock-Based Compensation - Restricted Stock (Details) - Restricted Stock - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Restricted stock activity      
Nonvested at the beginning of the period (in shares) 1,156,146    
Granted (in shares) 265,969    
Released from restrictions (in shares) (364,991)    
Forfeited (in shares) (58,768)    
Nonvested at the end of the period (in shares) 998,356 1,156,146  
Weighted Average Grant Date Fair Value      
Nonvested at beginning of the period (in dollars per share) $ 110.17    
Granted (in dollars per share) 209.61 $ 126.11 $ 104.07
Released from restrictions (in dollars per share) 101.59    
Forfeited (in dollars per share) 122.92    
Nonvested at the end of the period (in dollars per share) $ 139.05 $ 110.17  
Intrinsic value of nonvested restricted stock $ 239.7 $ 180.3  
Unrecognized compensation expense      
Unrecognized stock-based compensation expense related to nonvested awards, net of estimated forfeitures $ 57.0    
Weighted average period over which unrecognized compensation expense is expected to be recognized 1 year 3 months 14 days    
Grant date fair value of awards vested in the period $ 37.1 $ 39.7 $ 24.3
v3.25.1
Stock-Based Compensation - Performance-based Restricted Stock (Details) - Performance-based Restricted Stock - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Stock-Based Compensation and Employee Stock Plans      
Minimum payout percentage of original award amount 0.00%    
Maximum payout percentage of original award amount 200.00%    
Target payout percentage of original award amount 100.00%    
Performance-based restricted stock activity      
Nonvested at the beginning of the period (in shares) 543,717    
Granted (in shares) 88,417    
Released from restrictions (in shares) (208,310)    
Forfeited (in shares) (18,069)    
Nonvested at the end of the period (in shares) 405,755 543,717  
Weighted Average Grant Date Fair Value      
Nonvested at beginning of the period (in dollars per share) $ 112.12    
Granted (in dollars per share) 203.88 $ 146.90 $ 101.32
Released from restrictions (in dollars per share) 79.27    
Forfeited (in dollars per share) 138.18    
Nonvested at the end of the period (in dollars per share) $ 147.82 $ 112.12  
Intrinsic value of nonvested restricted stock $ 97.4 $ 84.8  
Unrecognized compensation expense      
Unrecognized stock-based compensation expense related to nonvested awards, net of estimated forfeitures $ 23.4    
Weighted average period over which unrecognized compensation expense is expected to be recognized 9 months 18 days    
Grant date fair value of awards vested in the period $ 16.5 $ 0.1 $ 22.9
2023 Performance Shares, Incremental Awards Issued      
Performance-based restricted stock activity      
Granted (in shares) 10,004    
Weighted Average Grant Date Fair Value      
Granted (in dollars per share) $ 147.17    
Unrecognized compensation expense      
Actual attainment achieved on certain performance criteria, as a percent 110.00%    
v3.25.1
Stock-Based Compensation - Stock Options (Details) - Stock options - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Stock-Based Compensation and Employee Stock Plans    
Vesting rights (as a percent) 25.00%  
Vesting period 4 years  
Expiration terms of options 7 years  
Shares Subject to Options    
Outstanding at the beginning of the period (in shares) 2,060,026  
Exercised (in shares) (714,542)  
Forfeited / Expired (in shares) (2,271)  
Outstanding at the end of the period (in shares) 1,343,213 2,060,026
Exercisable at the end of the period (in shares) 1,342,841  
Vested and expected to vest at the end of the period (in shares) 1,343,209  
Weighted Average Exercise Price per Share    
Outstanding at the beginning of the period (in dollars per share) $ 18.72  
Exercised (in dollars per share) 25.18  
Forfeited / Expired (in dollars per share) 39.18  
Outstanding at the end of the period (in dollars per share) 15.25 $ 18.72
Exercisable at the end of the period (in dollars per share) 15.23  
Vested and expected to vest at the end of the period (in dollars per share) $ 15.25  
Weighted Average Remaining Contractual Life (in years)    
Weighted Average Remaining Contractual Life 1 year 11 months 23 days 2 years 7 months 9 days
Exercisable at the end of the period 1 year 11 months 23 days  
Vested and expected to vest at the end of the period 1 year 11 months 23 days  
Aggregate Intrinsic Value    
Outstanding at the beginning of the period (in dollars) $ 282,700  
Outstanding at the end of the period (in dollars) 302,000 $ 282,700
Exercisable at the end of the period (in dollars) 301,900  
Vested and expected to vest at the end of the period (in dollars) $ 302,000  
v3.25.1
Stock-Based Compensation - Intrinsic value of stock options (Details) - Stock options - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Stock-Based Compensation and Employee Stock Plans      
Total intrinsic value of stock options exercised $ 140.7 $ 69.2 $ 71.4
Income tax benefit from the exercise of stock options 16.7 13.7 11.6
Total fair value of stock options vested $ 1.8 $ 3.3 $ 4.9
v3.25.1
Retirement Savings Plans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]        
Total expense recorded under the plan, net of forfeitures $ 36,700 $ 34,800 $ 31,600  
Liability for compensation deferred under the Company's plans 153,707 137,908    
Total employer contributions recorded under the plans, net of forfeitures $ 1,700 $ 1,400 $ 1,800  
Retirement savings 401 (k) Safe Harbor plan, effective January 1, 2022        
Defined Benefit Plan Disclosure [Line Items]        
Minimum employee age required to participate in the plan       18 years
Requisite service period       30 days
Retirement savings 401 (k) Safe Harbor plan, effective January 1, 2022 | Company's initial match on participant contributions        
Defined Benefit Plan Disclosure [Line Items]        
Percent of participant's compensation for which the Company will make a matching contribution       4.00%
Maximum percent the Company will match of the participant's deferred contributions       100.00%
Retirement savings 401 (k) Safe Harbor plan, effective January 1, 2022 | Company's additional match on participant contributions        
Defined Benefit Plan Disclosure [Line Items]        
Percent of participant's compensation for which the Company will make a matching contribution       2.00%
Maximum percent the Company will match of the participant's deferred contributions       50.00%
v3.25.1
Segment Reporting (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Segment Reporting Information [Line Items]      
Net sales $ 13,442,849 $ 12,984,399 $ 12,368,198
Interest expense 52,987 58,023 95,220
Other income 98,088 93,809 15,949
Provision for income taxes 353,725 271,632 340,610
NET INCOME 1,165,308 1,046,519 1,043,138
Reportable Segment      
Segment Reporting Information [Line Items]      
Net sales 13,442,849 12,984,399 12,368,198
Cost of merchandise and services sold 6,813,682 6,664,212 6,267,266
Occupancy costs 1,139,387 1,100,720 1,059,951
Personnel expense 1,869,257 1,838,554 1,634,510
Other segment expenses 2,146,591 2,098,548 1,943,452
Interest expense 52,987 58,023 95,220
Other income 98,088 93,809 15,949
Provision for income taxes 353,725 271,632 340,610
NET INCOME $ 1,165,308 $ 1,046,519 $ 1,043,138
v3.25.1
Subsequent Event (Details) - USD ($)
$ / shares in Units, $ in Billions
Mar. 10, 2025
Dec. 16, 2021
Subsequent Event    
Authorized aggregate repurchases of common stock   $ 2
Period over which shares may be purchased under share repurchase program (in years)   5 years
Subsequent Event    
Subsequent Event    
Authorized aggregate repurchases of common stock $ 3  
Period over which shares may be purchased under share repurchase program (in years) 5 years  
Subsequent Event | Common Stock    
Subsequent Event    
Dividend amount (in dollars per share) $ 1.2125  
Subsequent Event | Class B Common Stock    
Subsequent Event    
Dividend amount (in dollars per share) $ 1.2125  
v3.25.1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Inventory reserve      
Valuation and qualifying accounts      
Balance at beginning of period $ 73,796 $ 52,176 $ 25,566
Charged to costs and expenses 77,779 68,202 52,933
Deductions (70,132) (46,582) (26,323)
Balance at end of period 81,443 73,796 52,176
Allowance for credit losses      
Valuation and qualifying accounts      
Balance at beginning of period 2,555 2,863 3,207
Charged to costs and expenses 2,045 1,770 3,305
Deductions (2,217) (2,078) (3,649)
Balance at end of period 2,383 2,555 2,863
Reserve for sales returns      
Valuation and qualifying accounts      
Balance at beginning of period 22,429 19,021 16,407
Charged to costs and expenses 699,457 706,359 652,863
Deductions (698,734) (702,951) (650,249)
Balance at end of period $ 23,152 $ 22,429 $ 19,021