Dick’s Sporting Goods Credit Rating & NNN Cap Rate

Dick’s Sporting Goods Business Overview & NNN Investment Profile

DICK’S Sporting Goods describes itself as a leading global sports retailer; as of August 1, 2026 (Form 10-Q), its DICK’S Business operated 892 stores under banners including DICK’S Sporting Goods, DICK’S House of Sport, Golf Galaxy, Going Going Gone! and Public Lands, and it has owned Foot Locker since September 8, 2025. Founded in 1948 in Binghamton, New York by Richard Stack, the company reported net sales of $17.22 billion in fiscal 2025, including $3.1 billion from Foot Locker after the acquisition (Form 10-K), across sports equipment, apparel and footwear. Dick’s has invested in its omnichannel capabilities and an experiential in-store model; its store concepts include elements such as climbing walls, batting cages and golf simulators (Form 10-K).

Dick’s Sporting Goods Credit Rating Analysis

S&P rates the senior notes of DICK’S Sporting Goods, Inc. BBB and Moody’s rates them Baa2, both investment grade. On September 8, 2025, the company completed its acquisition of Foot Locker, which contributed $3.1 billion of net sales in fiscal 2025 (Form 10-K), so review the combined company’s latest filings when assessing lease credit.

Source: S&P Global Ratings BBB, as of August 1, 2026; Moody’s Baa2, as of August 1, 2026. Ratings checked October 8, 2026.

The company carries a broad brand portfolio, including Nike, adidas and Callaway Golf, and bought merchandise from about 1,500 vendors in fiscal 2025, but Nike, its largest vendor, represented about 31% of consolidated merchandise purchases (Form 10-K). To compare Dick’s with other net lease tenants, see our investment grade credit tenant ratings.

Dick’s Sporting Goods NNN Lease Structure

Dick’s says its DICK’S stores generally have initial lease terms of 10 to 15 years with multiple five-year renewal options and rent escalation provisions (Form 10-K); the size and timing of rent increases vary by lease. Core DICK’S stores average about 53,000 gross square feet (33.5 million gross square feet across 630 DICK’S stores as of August 1, 2026, Form 10-Q). Its Form 10-K for fiscal 2025 says about three-quarters of its DICK’S Sporting Goods stores will be up for lease renewal at its option over the next five years. Some store concepts include experiential elements such as climbing walls, batting cages and golf simulators (Form 10-K); confirm in the lease who owns those improvements and what must be removed when the lease ends.

Dick’s Sporting Goods NNN Cap Rate & Pricing Trends

Live asking cap rates for Dick’s Sporting Goods and comparable tenants:

Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 16, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file. Not shown because fewer than 3 active listings with a published cap rate were observed: Floor & Decor.

Pricing for a specific property depends on the remaining lease term, rent, location and who signs or guarantees the lease; larger formats and specialized buildouts can narrow the buyer pool for some properties.

Dick’s Sporting Goods NNN Investment: Pros & Cons

Comparable NNN Tenants