TLDR
- Dick’s Sporting Goods reports Q2 earnings Tuesday before the bell, with analysts expecting EPS of $3.78 on revenue of $5.65 billion.
- The Foot Locker acquisition, completed in September 2025 for $2.4 billion, is the central focus of the report.
- Back-to-school season is seen as the first real test of whether Dick’s can turn Foot Locker around.
- Analysts have a consensus buy rating with a price target of $251.05, implying 37% upside from $183.23.
- Wells Fargo upgraded DKS to buy on Aug. 10; Morgan Stanley, JPMorgan, and Barclays all have price targets between $270 and $280.
Dick’s Sporting Goods (DKS) is set to report second-quarter results Tuesday morning before the market opens. It will be the first full quarter showing how the $2.4 billion Foot Locker acquisition is performing.
DICK’S Sporting Goods, Inc., DKS
The stock is currently trading at $183.23, down about 0.50% on the day. The 12-month high sits at $244.38, while the low is $176.07.
Wall Street expects earnings of $3.78 per share on revenue of $5.65 billion. That would be a step up from Q1, when Dick’s posted EPS of $2.90 on revenue of $5.17 billion.
The year-over-year revenue jump of nearly 55% is almost entirely tied to Foot Locker being folded into the numbers following the September 2025 close of the deal.
In Q1, Dick’s beat on revenue, coming in at $5.17 billion against a $5.06 billion forecast. EPS of $2.90 narrowly missed the $2.91 consensus by a penny.
Back-to-School as the Real Test
Dick’s has pointed to the back-to-school season as an early indicator of how well the Foot Locker turnaround is going. DA Davidson analyst Michael Baker has been tracking this closely.
Using a proprietary Foot Locker SKU tracker, DA Davidson found product count for men’s and women’s merchandise increased 13% since May. Women’s categories saw the strongest gains, which is a specific focus area for Dick’s.
Same-store sales will be watched at both banners. In Q1, consolidated comparable sales grew 4.1%, with Dick’s stores up 6.0% and Foot Locker up a modest 0.6%. Investors want to see that Foot Locker number moving higher.
Gross margin is also on the radar. Dick’s posted a 33.56% gross margin in Q1, and analysts will be watching for early signs of cost synergies from the integration.
GameChanger Platform Gaining Attention
One asset that doesn’t get as much attention is GameChanger, Dick’s youth sports platform. It now has roughly 10 million active users and generates around $150 million in annual revenue, growing at a 40% compound annual rate.
Baird sees GameChanger as undervalued. The firm estimates it could add 30 to 50 basis points to comparable sales and 10 to 15 basis points to gross margin each year over the next five years.
Analyst sentiment heading into earnings is broadly positive. Morgan Stanley raised its target to $270 and kept an overweight rating. JPMorgan upgraded the stock to overweight with a $270 target. Barclays lifted its target to $280, also overweight.
Wells Fargo upgraded DKS to buy from hold on Aug. 10. Goldman Sachs reaffirmed its buy rating on Aug. 3.
The consensus price target across all analysts stands at $258.44, with 12 buy ratings, 3 holds, and 1 sell.
Dick’s FY2026 guidance is set at $13.50 to $14.50 EPS, with the analyst consensus at $14.24. Institutional investors hold 89.83% of the stock.
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