Stockholders' Equity

12 Months Ended

Jan. 31, 2026

9. Stockholders’ Equity

Capital stock is comprised of the following:


		Par			Shares
Type		Value			Authorized
Preferred		$	0.01		10,000,000
Class A, common		$	0.01		289,000,000
Class B, common		$	0.01		11,000,000

During fiscal 2025, the Company reincorporated from the state of Delaware to the state of Texas and eliminated all 5,000 shares of its 5% Cumulative Preferred Stock with a par value of $100.00 previously authorized under the Company’s Certificate of Incorporation in Delaware. None of the 5% Cumulative Preferred Stock was outstanding at any time during fiscal 2025.

Holders of Class A Common Stock are empowered as a class to elect one-third of the members of the Board of Directors, and the holders of Class B Common Stock are empowered as a class to elect two-thirds of the members of the Board of Directors. Shares of Class B Common Stock are convertible at the option of any holder thereof into shares of Class A Common Stock at the rate of one share of Class B Common Stock for one share of Class A Common Stock.

During fiscal 2025 and 2024, no shares of Class B Common Stock were converted to shares of Class A Common Stock.

Stock Repurchase Programs

In February 2022, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $500 million of its Class A Common Stock (“February 2022 Stock Plan”). In May 2023, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $500 million of its Class A Common Stock under an open-ended plan (“May 2023 Stock Plan”).

The May 2023 Stock Plan permits the Company to repurchase its Class A Common Stock in the open market, pursuant to preset trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or through privately negotiated transactions.

The following is a summary of share repurchase activity for the periods indicated (in thousands, except per share data):


		Fiscal 2025			Fiscal 2024			Fiscal 2023
Cost of shares repurchased		$	107,752		$	121,029		$	281,406
Number of shares repurchased			300			329			918
Average price per share		$	359.16		$	367.33		$	306.66

All repurchases of the Company’s Class A Common Stock above were made at the market price at the trade date, and all amounts paid to reacquire these shares were allocated to treasury stock. As of January 31, 2026, the Company had completed the authorized purchases under the February 2022 Stock Plan, and $165.2 million of authorization remained under the May 2023 Stock Plan.

On August 16, 2022, the Inflation Reduction Act of 2022 ("the Act") was signed into law. Under the Act share repurchases after December 31, 2022 are subject to a 1% excise tax. At January 31, 2026, the Company had accrued $1.0 million of excise tax related to its share repurchase program.

- Definition

The entire disclosure for equity.

+ References

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+ Details

DILLARD'S, INC. 10-K