<SEC-DOCUMENT>0001104659-26-070706.txt : 20260605
<SEC-HEADER>0001104659-26-070706.hdr.sgml : 20260605
<ACCEPTANCE-DATETIME>20260605063015
ACCESSION NUMBER:		0001104659-26-070706
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260604
FILED AS OF DATE:		20260605
DATE AS OF CHANGE:		20260605

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DILLARD WILLIAM T II
		CENTRAL INDEX KEY:			0001179684
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06140
		FILM NUMBER:		261066810

	MAIL ADDRESS:	
		STREET 1:		1600 CANTRELL ROAD
		CITY:			LITTLE ROCK
		STATE:			AR
		ZIP:			72201

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DILLARD'S, INC.
		CENTRAL INDEX KEY:			0000028917
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-DEPARTMENT STORES [5311]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				710388071
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			0131

	BUSINESS ADDRESS:	
		STREET 1:		1600 CANTRELL RD
		CITY:			LITTLE ROCK
		STATE:			AR
		ZIP:			72201
		BUSINESS PHONE:		5013765200

	MAIL ADDRESS:	
		STREET 1:		1600 CANTRELL ROAD
		CITY:			LITTLE ROCK
		STATE:			AR
		ZIP:			72201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DILLARDS INC
		DATE OF NAME CHANGE:	19980622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DILLARD DEPARTMENT STORES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<TYPE>4
<SEQUENCE>1
<FILENAME>tm2616897-1_4seq1.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
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    <schemaVersion>X0609</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-06-04</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000028917</issuerCik>
        <issuerName>DILLARD'S, INC.</issuerName>
        <issuerTradingSymbol>DDS</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001179684</rptOwnerCik>
            <rptOwnerName>DILLARD WILLIAM T II</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>false</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>1600 CANTRELL RD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LITTLE ROCK</rptOwnerCity>
            <rptOwnerState>AR</rptOwnerState>
            <rptOwnerZipCode>72201</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>CEO, CHAIRMAN OF BOARD</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
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            <transactionAmounts>
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                    <value>See Footnote</value>
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                <equitySwapInvolved>0</equitySwapInvolved>
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                    <footnoteId id="F4"/>
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                </sharesOwnedFollowingTransaction>
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        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Class A - Retirement Plan</value>
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        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Class A</value>
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                <sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F5"/>
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            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
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                <equitySwapInvolved>0</equitySwapInvolved>
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                <underlyingSecurityShares>
                    <value>3985776</value>
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                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
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        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Class B</value>
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                <value>2026-06-04</value>
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                    <footnoteId id="F8"/>
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                <sharesOwnedFollowingTransaction>
                    <value>960246</value>
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        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">On June 4, 2026, pursuant to the Agreement and Plan of Merger, dated as of March 20, 2026 (as amended, the &quot;Merger Agreement&quot;), by and among Dillard's, Inc. (the &quot;Issuer&quot;), W.D. Company, Inc., an Arkansas corporation (&quot;WDC&quot;), and Alex Dillard, solely in his capacity as the shareholder representative, WDC was merged with and into the Issuer (the &quot;Merger&quot;), with the Issuer surviving the Merger. The amount reported represents shares of Issuer Class A Common Stock disposed of by WDC upon consummation of the Merger.</footnote>
        <footnote id="F2">Each share of WDC common stock issued and outstanding immediately prior to the effective time of the Merger was automatically cancelled, and in exchange therefor, each WDC shareholder received such WDC shareholder's pro rata share of (a) up to 41,496 shares of Issuer Class A Common Stock and up to 3,985,776 shares of Issuer Class B Common Stock and (b) the amount in cash equal to the sum of (i) WDC's cash and cash equivalents as of the closing date of the Merger, plus (ii) the value of other publicly traded securities owned by WDC (determined as described in the Merger Agreement).</footnote>
        <footnote id="F3">Prior to the Merger, the reporting person owned approximately 27.4% of the outstanding voting stock of WDC and was one of its directors and officers.</footnote>
        <footnote id="F4">The amount reported represents shares of Issuer Class A Common Stock acquired by the reporting person upon consummation of the Merger, in his capacity as a shareholder of WDC.</footnote>
        <footnote id="F5">The amount reported represents shares of Issuer Class A Common Stock held by a trust for which the reporting person serves as trustee.</footnote>
        <footnote id="F6">Shares of Issuer Class B Common Stock are convertible at the option of any holder thereof into shares of Issuer Class A Common Stock on a one-for-one basis. Issuer Class B Common Stock has no expiration date.</footnote>
        <footnote id="F7">The amount reported represents shares of Issuer Class B Common Stock disposed of by WDC upon consummation of the Merger.</footnote>
        <footnote id="F8">The amount reported represents shares of Issuer Class B Common Stock acquired by the reporting person upon consummation of the Merger, in his capacity as a shareholder of WDC.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ William T. Dillard, II By: Julie Guymon, Attorney-in-Fact</signatureName>
        <signatureDate>2026-06-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
