Dick's Sporting Goods is set to report second-quarter results on Tuesday before the market opens, with Wall Street expecting earnings of $3.78 per share on revenue of $5.65 billion.

The report is drawing close attention because it will be the first full quarter to reflect the operational impact of the $2.4 billion Foot Locker acquisition, announced in May 2025 and completed that September. The deal, the largest in Dick's history, added the sneaker-focused, largely mall-based Foot Locker chain and its international store footprint to the biggest sporting goods retailer in the United States, and with it a sweeping integration effort.

Shares of Dick's Sporting Goods (DKS) were last trading at $183.23, down about 0.50% on the day. The stock has traded between a 52-week high of $244.38 and a low of $176.07.

Analysts expect the company to improve on first-quarter results, when Dick's posted adjusted earnings of $2.90 per share and revenue of $5.17 billion. Revenue in that period came in above the $5.06 billion consensus estimate, while earnings missed the $2.91 forecast by one cent.

The year-over-year revenue increase projected for the second quarter is about 55%, largely because Foot Locker is now included in consolidated results following the September 2025 transaction. That consolidation math makes the headline growth figure a limited gauge of underlying demand, one reason investors will lean more heavily on same-store sales and margin trends to judge the quarter.

Back-to-school season is a key test

Dick's management has repeatedly pointed to the back-to-school shopping period as an important measure of whether the Foot Locker turnaround strategy is working. The stretch ranks among the biggest selling periods in U.S. retail after the winter holidays, giving the quarter outsized weight. Foot Locker had logged declining sales in the years before the deal, which is why the integration doubles as a turnaround effort. DA Davidson analyst Michael Baker has been tracking the integration closely.

Using a Foot Locker SKU monitoring system, DA Davidson found that the assortment of men's and women's products increased 13% since May. Women's categories saw the largest expansion, in line with Dick's strategic priorities.

Comparable-store sales will be another focal point for investors across both banners. In the first quarter, consolidated same-store sales rose 4.1%. Dick's locations posted a 6.0% gain, while Foot Locker recorded a 0.6% increase. Investors will be watching to see whether that figure improves for Foot Locker.

Gross margin will also be closely watched. Dick's reported a gross margin of 33.56% in the first quarter, and analysts will look for early signs that integration is producing cost efficiencies.

GameChanger remains a notable growth asset

Another business drawing increased attention is GameChanger, Dick's subscription-based app for youth sports scorekeeping, live streaming, and team statistics, with its core in baseball and softball. The platform has about 10 million active participants and generates roughly $150 million in annual revenue, growing at a 40% compound annual growth rate, a fast-growing stream of recurring digital revenue alongside the core retail business.

Baird views GameChanger as underappreciated. The firm estimates the platform could add 30 to 50 basis points to comparable sales growth and 10 to 15 basis points to gross margin expansion annually over the next five years.

Analysts remain broadly positive heading into the report. Morgan Stanley lifted its price target to $270 and kept an overweight rating. JPMorgan also upgraded the stock to overweight with a $270 target. Barclays raised its target to $280 and maintained an overweight rating.

Wells Fargo upgraded DKS to buy from hold on August 10, while Goldman Sachs reiterated its buy rating on August 3.

Across Wall Street, the average price target is $258.44, based on 12 buy ratings, 3 hold ratings, and 1 sell rating. That compares with an average target of $251.05.

Dick's full-year 2026 guidance calls for earnings per share between $13.50 and $14.50, compared with analyst consensus of $14.24. With this marking the first full quarter of combined operations, investors will be watching whether management reaffirms or updates that outlook. Institutional ownership stands at 89.83% of outstanding shares.