Dillard’s (DDS) Q3 2026

Q3 EPS rose to $8.38 and beat the Zacks consensus as retail gross margin held at 45.3%.

Dillard's · Q3 2026 · Published Nov 13, 2026 · By DeepCell AI · Sources

Dillard’s (DDS) Q3 2026

13 weeks ended October 31, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Dillard's (DDS) Q3 2026 earnings review

Q3 EPS rose to $8.38 and beat the Zacks consensus as retail gross margin held at 45.3%

  1. 1.EPS of $8.38 beat the $7.80 Zacks consensus by 7.4%
  2. 2.Net sales rose 0.8% to $1,480.4M; comparable store sales rose 1%
  3. 3.The SG&A rate rose to 30.3% of net sales from 30.0% on higher payroll
  4. 4.Dillard’s cut its 2026 capex estimate to $100M from $120M
  5. 5.Shares were down 0.5% after hours at $596.00 as of 4:43 PM EST, not a close

Note: SG&A is selling, general and administrative. The consensus gap and growth rates are DeepCell calculations. After-hours trading was thin and is not a close.Source: Dillard’s official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Zacks on Yahoo Finance, Nov 6, 2026; CNBC, Nov 12, 2026 4:43 PM EST

2

2 · Executive summary

Q3 EPS of $8.38 beat the Zacks consensus of $7.80

Q3 2026 results vs. Zacks consensus (Yahoo Finance, Nov 6, 2026)

MetricActualConsensusVarianceResult
Earnings per share ($)$8.38$7.80+$0.58 / +7.4%Beat
Net sales$1.480B$1.47B+$10.4M / +0.7%Beat

Share price, Nov 12 regular close to after-hours last

Dillard’s, Inc. (TXSE)Nov 12 closeAfter hours, 4:43 PM ESTChange ($)Change (%)
DDS$598.89$596.00-$2.89-0.5%

Note: TXSE is Texas Stock Exchange. Both prices are from CNBC; DDS trades on the TXSE. The after-hours last at 4:43 PM EST is not a close and traded on light volume. Zacks gives revenue rounded to $1.47 billion; the gaps are DeepCell calculations.Source: Dillard’s official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Zacks on Yahoo Finance, Nov 6, 2026; CNBC, Nov 12, 2026 4:43 PM EST

3

3 · Q3 results vs. consensus

Dillard’s cut its 2026 capex estimate to $100M from $120M

Estimates for the 52 weeks ending Jan 30, 2027, as stated in the Nov 12 and Aug 13, 2026 releases

ItemPrior estimateNew estimateStatus
Capital expenditures$120M$100MLowered
Depreciation and amortization$175M$175MUnchanged
Rentals$18M$17MLowered
Interest and debt income, net$9M$12MRaised

Note: The company gives no sales or earnings guidance. Interest and debt items are net income, shown as positive amounts. Fiscal 2025 capex was $93M.Source: Dillard’s official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Q2 2026 results release (Form 8-K, Aug 13, 2026); analysis of company data

4

4 · 2026 financial estimates

Net income rose to $130.9M as net sales grew 0.8%

  1. Sales grewNet sales rose to $1,480.4M from $1,468.8M. Total retail sales rose 1%, as stated.
  2. Margin heldRetail gross margin was 45.3%, flat from 45.3%.
  3. EPS roseEarnings per share rose to $8.38 from $8.31.

Key figures

$M unless notedQ3 2025Q3 2026YoY
Net sales$1,468.8M$1,480.4M+0.8%
Gross profit$637.2M$645.4Mn.a.
SG&A expenses$440.4M$448.9M+1.9%
Income before income taxes$168.8M$170.9M+$2.1M
Net income$129.8M$130.9M+0.8%
Earnings per share ($)$8.31$8.38+0.8%

Note: SG&A is selling, general and administrative. Gross profit is net sales less cost of sales. YoY rates and the pretax change are DeepCell calculations.Source: Dillard’s official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

5

5 · Q3 key financials

Net sales rose 0.8% to $1,480.4M; comparable store sales rose 1%

Net sales

$M, Q3 2025, Q2 2026 and Q3 2026

v · Q3 2025: $1,468.8Mv · Q2 2026: $1,507.6Mv · Q3 2026: $1,480.4MQ3 2025Q2 2026Q3 2026$0M$500M$1,000M$1,500M$1,800M$1,468.8M$1,507.6M$1,480.4M
Total retail sales, which exclude CDI, rose to $1,418M from $1,401M. Home and furniture and men’s apparel rose moderately.“We achieved 1% sales growth on top of last year’s 3% increase, supporting a strong 45.3% retail gross margin.” William T. Dillard, II, CEO

Note: CDI is CDI Contractors, the construction business. Net sales include CDI. Comparable store sales growth is as stated by the company.Source: Dillard’s official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

6

6 · Net sales and comparable sales

Consolidated gross margin rose to 43.6% from 43.4%

Consolidated gross margin

Q3 2025, Q2 2026 and Q3 2026

v · Q3 2025: 43.4%v · Q2 2026: 39.7%v · Q3 2026: 43.6%Q3 2025Q2 2026Q3 20260%10%20%30%40%50%43.4%39.7%43.6%
Retail gross margin was 45.3% in both quarters. It rose moderately in men’s apparel and home, and fell moderately in juniors’ and children’s apparel.

Note: CDI is CDI Contractors, the construction business; IEEPA is International Emergency Economic Powers Act. Consolidated gross margin is net sales less cost of sales, divided by net sales. Retail gross margin excludes CDI and is as stated. Q2 2026 included IEEPA tariff refunds of $37.2 million.Source: Dillard’s official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Q2 2026 results release (Form 8-K, Aug 13, 2026); analysis of company data

7

7 · Gross margin

SG&A expenses rose 1.9% to $448.9M on higher payroll

SG&A rate

SG&A expenses as a share of net sales, Q3 2025, Q2 2026 and Q3 2026

v · Q3 2025: 30.0%v · Q2 2026: 29.4%v · Q3 2026: 30.3%Q3 2025Q2 2026Q3 20260%10%20%35%30.0%29.4%30.3%
The SG&A rate rose to 30.3% from 30.0%. The company attributes the increase largely to higher payroll expense.

Note: SG&A is selling, general and administrative. The SG&A rate is SG&A expenses divided by net sales.Source: Dillard’s official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Q2 2026 results release (Form 8-K, Aug 13, 2026); analysis of company data

8

8 · SG&A expense rate

Q3 EPS rose to $8.38 from $8.31 a year earlier

Earnings per share

$, Q3 2025, Q2 2026 and Q3 2026

v · Q3 2025: $8.31v · Q2 2026: $6.25v · Q3 2026: $8.38Q3 2025Q2 2026Q3 2026$0.00$2.50$5.00$7.50$10.00$8.31$6.25$8.38
The effective tax rate was 23.6%. Weighted average shares were flat at 15.6 million.

Note: IEEPA is International Emergency Economic Powers Act. Q2 2026 EPS of $6.25 included IEEPA tariff refunds of $1.82 a share. The effective tax rate is income taxes divided by pretax income.Source: Dillard’s official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Q2 2026 results release (Form 8-K, Aug 13, 2026); analysis of company data

9

9 · Earnings per share

39-week EPS rose to $30.68, helped by a litigation gain and tariff refunds

  1. Litigation gainA litigation settlement added $104.1M pretax, or $5.10 a share.
  2. Tariff refundsIEEPA tariff refunds added $37.2M pretax, or $1.82 a share.
  3. EPS excluding itemsEPS excluding these items was $23.76, compared with $23.12.

39 weeks

$M unless noted20252026YoY
Net sales$4,511.5M$4,556.4M+1.0%
Net income$366.5M$479.1M+30.7%
Earnings per share ($)$23.39$30.68+31.2%
Per-share items ($)$0.27$6.92n.a.
EPS excluding items ($)$23.12$23.76n.a.

Note: IEEPA is International Emergency Economic Powers Act. EPS excluding items is a DeepCell calculation: reported EPS less the after-tax per-share items stated by the company. The 2025 item is a $0.27 gain on property sales.Source: Dillard’s official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

10

10 · 39-week results

Cash and short-term investments rose to $1,385.5M as inventories grew 4%

  1. Liquidity roseShort-term investments rose to $488.7M. Cash fell to $896.8M.
  2. Inventories roseMerchandise inventories were $1,781.4M, up from $1,718.1M.
  3. Debt fellLong-term debt fell to $145.8M after $96.0M of repayments.

Balance sheet items

$MNov 1, 2025Oct 31, 2026
Cash and cash equivalents$1,149.2M$896.8M
Cash and short-term investments$1,334.4M$1,385.5M
Merchandise inventories$1,718.1M$1,781.4M
Total debt$521.7M$425.8M
Stockholders’ equity$2,045.1M$2,247.6M

Note: Cash and short-term investments and total debt are DeepCell sums. Total debt includes the current portion, long-term debt and subordinated debentures. Inventory growth is as stated.Source: Dillard’s official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

11

11 · Liquidity and inventory

39-week free cash flow was $412.1M; no shares were repurchased

  1. Operating cash flow fellOperating cash flow was $479.8M, compared with $505.8M.
  2. Capex fellCapital expenditures were $67.7M, compared with $73.8M.
  3. Buybacks pausedDividends paid were $14.0M. Share repurchases were $107.8M a year earlier.

39 weeks

$M20252026
Operating cash flow$505.8M$479.8M
Capital expenditures$73.8M$67.7M
Free cash flow$432.0M$412.1M
Dividends paid$11.8M$14.0M
Share repurchases$107.8M$0.0M
Debt repaid$0.0M$96.0M

Note: Free cash flow is a DeepCell calculation: operating cash flow less purchases of property, equipment and capitalized software.Source: Dillard’s official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

12

12 · Cash flow and capital returns

Payroll costs, holiday sales and inventory are the main watch items

Indicator
What to watch
Implication
Latest reading
SG&A rate
Payroll costs rose faster than sales
Margin pressure if sales slow
30.3% of net sales
Inventories
Stock entering the holiday quarter
Markdown risk if demand softens
Up 4%, as stated
Comparable sales
Growth stayed low
Holiday quarter sets the year
Up 1% in Q3
Capex
Spending plan was lowered
Lower investment this year
$100M estimate

Note: SG&A is selling, general and administrative. Watch items are DeepCell observations from company data. They are not forecasts.Source: Dillard’s official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

13

13 · Key watch items

14 · Appendix: Operating items

Appendix: income statement detail

Revenue and costs

$M unless notedQ3 2025Q3 2026YoY
Net sales$1,468.8M$1,480.4M0.8%
Total revenues$1,491.0M$1,503.3M0.8%
Cost of sales$831.6M$835.0M0.4%
Total retail sales$1,401M$1,418M1.2%

Earnings

$M unless notedQ3 2025Q3 2026Change
Income before income taxes$168.8M$170.9M+$2.1M
Income taxes$39.0M$40.3Mn.a.
Net income$129.8M$130.9M+$1.1M
Pretax margin11.5%11.5%n.a.

Note: YoY rates, changes and the pretax margin are DeepCell calculations from the statements.Source: Dillard’s official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

15

15 · Appendix: Income statement

Appendix: sources

  • Results release, Q3 2026 (Form 8-K Exhibit 99.1, Nov 12, 2026) — https://www.sec.gov/Archives/edgar/data/28917/000002891726000030/dds-ex99d1.htm
  • SEC filing index, Form 8-K, accession 0000028917-26-000030, accepted 4:39 PM EST Nov 12, 2026 — https://www.sec.gov/Archives/edgar/data/28917/000002891726000030/
  • Prior estimates: Q2 2026 results release (Form 8-K Exhibit 99.1, Aug 13, 2026, accession 0000028917-26-000024) — https://www.sec.gov/Archives/edgar/data/28917/000002891726000024/dds-20260813xex99d1.htm
  • Consensus: Zacks Consensus Estimate, “Dillard’s Q3 Pre-Earnings: Is a Beat on the Horizon for the Stock?”, Yahoo Finance, Nov 6, 2026 9:40 AM EST — https://finance.yahoo.com/markets/stocks/articles/dillards-q3-pre-earnings-beat-144000982.html
  • Share price: CNBC DDS quote (Texas Stock Exchange), Nov 12, 2026 regular close $598.89 and after-hours last $596.00 at 4:43 PM EST — https://www.cnbc.com/quotes/DDS
  • Company figures are in U.S. dollars and millions, as reported. Dillard’s reports no segment operating results in the release. No Form 10-Q for Q3 2026 had been filed when this deck was built.

Built with DeepCell / deepcell.net

16

16 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Dillard’s, Inc.’s Q3 2026 press release, filed as Exhibit 99.1 to a Form 8-K on November 12, 2026. Consensus estimates (Zacks, via Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are U.S. GAAP, in U.S. dollars, for the 13 weeks ended October 31, 2026 and November 1, 2025 unless labelled 39 weeks.

Forward-looking statements. Company estimates, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original release.

Date of analysis. Share prices are the CNBC regular-session close on November 12, 2026, and the after-hours last at 4:43 PM EST the same day. The after-hours last is not a close.

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17

17 · Disclosures

Sources

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