Dick's Sporting Goods is scheduled to report second-quarter earnings Tuesday morning before the market opens, and the report will offer the first full-quarter look at how the company's $2.4 billion Foot Locker acquisition is performing.

The stock is trading at $183.23, down about 0.50% on the day. Over the past 12 months, DKS has traded as high as $244.38 and as low as $176.07.

Wall Street expects Dick's to post earnings of $3.78 per share on revenue of $5.65 billion. That would represent an increase from the first quarter, when the company reported EPS of $2.90 on revenue of $5.17 billion.

The expected year-over-year revenue jump of nearly 55% is largely tied to Foot Locker being included in Dick's results after the deal closed in September 2025. Announced in May 2025 at $24 per share in cash, the acquisition was Dick's largest to date and gave the Pittsburgh-based retailer its first stores outside the United States, adding Foot Locker's sneaker-focused, mall-heavy banner to a business that had previously been entirely domestic. Foot Locker had been working through a multiyear turnaround as major sneaker brands pushed more sales through their own channels and mall traffic softened, which is why the integration is being watched as closely as the headline numbers. In the first quarter, Dick's beat revenue estimates, posting $5.17 billion versus the $5.06 billion forecast, while EPS of $2.90 missed the $2.91 consensus by one cent.

Back-to-school season as an early test

Dick's has said the back-to-school season will serve as an early indicator of how well the Foot Locker turnaround is progressing. That timing matters: back-to-school is typically among the biggest selling periods for sporting goods retailers outside the holiday season, making it a meaningful gauge rather than a routine monthly read. DA Davidson analyst Michael Baker has been following that closely.

Using a proprietary Foot Locker SKU tracker, DA Davidson found that product count for men's and women's merchandise increased 13% since May. Women's categories showed the strongest gains, an area of emphasis for Dick's.

Investors will also be watching same-store sales at both banners. In the first quarter, consolidated comparable sales rose 4.1%, with Dick's stores up 6.0% and Foot Locker up 0.6%. Market participants will be looking for Foot Locker's performance to improve.

Gross margin is another key focus. Dick's reported a gross margin of 33.56% in the first quarter, and analysts will be looking for early signs of cost synergies from the integration.

GameChanger remains in focus

Another business drawing attention is GameChanger, Dick's youth sports platform, which provides live streaming, scorekeeping and scheduling tools for youth teams and generates revenue largely through subscriptions. The platform now has about 10 million active users and generates roughly $150 million in annual revenue, with a 40% compound annual growth rate.

Baird views GameChanger as undervalued. The firm estimates the platform 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 views remain positive

Analyst sentiment ahead of the report is broadly constructive. Morgan Stanley raised its target to $270 and maintained an overweight rating. JPMorgan upgraded the stock to overweight with a $270 target, while Barclays lifted its target to $280 and also assigned an overweight rating.

Wells Fargo upgraded DKS to buy from hold on Aug. 10. Goldman Sachs reaffirmed its buy rating on Aug. 3.

Across analysts, the consensus price target is $258.44, based on 12 buy ratings, 3 holds, and 1 sell. Another consensus figure cited is $251.05, which would imply 37% upside from the current share price of $183.23.

Dick's fiscal 2026 guidance is $13.50 to $14.50 in EPS, compared with the analyst consensus of $14.24. Tuesday's report is the natural checkpoint for that outlook, with investors watching whether management maintains the range now that two quarters of combined results are in, along with any early commentary on holiday-quarter planning. Institutional investors hold 89.83% of the stock.