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B5

BIG 5 SPORTING GOODS Corp (BGFV)·Q2 2026 Earnings Summary

Executive Summary

  • No public Q2 2026 earnings materials exist for Big 5 Sporting Goods because the company completed its go‑private merger on October 2, 2025; BGFV was delisted and became a wholly owned subsidiary of a partnership of Worldwide Golf and Capitol Hill Group .
  • The last publicly available quarterly results (Q2 2025) showed net sales of $184.9M, gross margin of 28.2%, and diluted EPS of -$1.11, pressured by lower merchandise margins and higher SG&A including merger costs and store impairments .
  • Q1 2025 results were $175.6M revenue, 30.9% gross margin, and -$0.78 EPS; management highlighted weather headwinds, inventory brought in ahead of tariffs, and ongoing footprint optimization .
  • Pre‑private guidance for Q2 2025 anticipated SSS down low‑to‑mid single digits and a net loss per share of $0.75–$0.90; the quarter ultimately posted a wider loss amid merger/impairment charges and margin pressure .
  • For investors, the catalyst transitioned from quarterly fundamentals to deal terms: $1.45 per share cash consideration at closing and the cessation of public reporting thereafter .

What Went Well and What Went Wrong

What Went Well

  • Proactive inventory timing mitigated near‑term tariff impacts; management brought in seasonal goods early and expected normalization later in the year .
  • Expense discipline evident in Q1 2025: SG&A down $0.6M YoY despite a higher ratio on a lower sales base .
  • Liquidity and runway: amended and extended $150M credit facility to December 2029, supporting flexibility through a challenging environment .

What Went Wrong

  • Sustained top‑line pressure: SSS fell 6.1% in Q2 2025 and 7.8% in Q1 2025 on a weaker discretionary backdrop and weather headwinds .
  • Margin compression: Q2 2025 gross margin fell to 28.2% (down YoY on lower merchandise margins and higher occupancy/distribution costs) .
  • Elevated losses and non‑operational costs: Q2 2025 net loss widened to -$24.5M, including $2.8M merger‑related expenses and $1.3M store impairment; no tax benefit due to a valuation allowance established in 3Q24 .

Financial Results

MetricQ4 2024Q1 2025Q2 2025Q2 2026 (Public)
Revenue ($USD Millions)$181.619 $175.647 $184.894 N/A
Diluted EPS ($)-$0.95 -$0.78 -$1.11 N/A
Gross Margin (%)28.2% 30.9% 28.2% N/A
Selling & Admin (% of Sales)39.3% 40.3% 40.8% N/A
Operating Income ($USD Millions)-$20.256 -$16.437 -$23.202 N/A
EBITDA ($USD Millions)-$15.638 -$12.004 -$18.848 N/A
Adjusted EBITDA ($USD Millions)-$16.424 -$12.004 -$14.723 N/A
Same‑Store Sales (%)-6.1% -7.8% -6.1% N/A
Borrowings Under Credit Facility ($USD Millions)$13.8 $30.9 $71.4 N/A

KPIs and balance sheet context:

  • Cash balance ($M): $5.4 (Q4 2024) ; $3.9 (Q1 2025) ; $4.9 (Q2 2025) .
  • Inventory vs prior year: -5.6% (Q4 2024) ; +6.5% (Q1 2025) ; ~flat YoY (Q2 2025) .
  • Store count: 414 (Q4 2024) ; 414 (Q1 2025) ; 414 (Q2 2025) .

Notes: Q2 2026 has no public results due to the October 2025 go‑private transaction .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Same‑Store SalesQ2 2025N/ADown low‑to‑mid single digits Initial issuance
Net loss per basic shareQ2 2025N/A-$0.75 to -$0.90 Initial issuance
Same‑Store SalesQ1 2025N/ADown mid‑ to high‑single digits Initial issuance
Net loss per basic shareQ1 2025N/A-$0.75 to -$0.85 Initial issuance
All metrics (public guidance)Q2 2026N/ANo public guidance (company private since Oct 2025) N/A

Earnings Call Themes & Trends

TopicPrevious Mentions (Q4 2024 and Q1 2025)Current Period (Q2 2026)Trend
Macroeconomic pressure on discretionary spendPersisting headwinds weighed on sales; sequential SSS improvement into Q4 2024, but still pressured No public call in Q2 2026 (private)Unknown post‑private
Weather sensitivity (winter)Soft winter sales and geographic bifurcation; significant impact on Q1 2025, late improvement in March No public call in Q2 2026Unknown
Merchandise margins & gross profitMerchandise margin declines vs. prior year; higher occupancy/distribution expenses No public call in Q2 2026Unknown
Inventory positioning & tariffsBrought in inventory ahead of tariffs; expected to mitigate near‑term impacts No public call in Q2 2026Unknown
Store footprint optimizationOngoing closures to focus on productive stores; ~15 closures expected in 2025 No public call in Q2 2026Unknown
Liquidity and credit facility$150M revolver amended/extended to 2029 No public call in Q2 2026Unknown

Management Commentary

  • “Our first quarter performance was in line with our guidance… we saw meaningful sequential improvement in March… we brought in [spring/summer] product ahead of potential tariff increases.” — Steven G. Miller, CEO (Q1 2025 press release) .
  • “We brought in extra product in advance of the tariffs, which should minimize any tariff impacts in the near term… we will remain nimble and evolve as needed.” — Steven G. Miller, CEO (Q1 2025 call) .
  • “Our second quarter results continue to reflect the challenging macroeconomic and geopolitical environment affecting consumer discretionary spending.” — Steven G. Miller, CEO (Q2 2025 press release) .

Q&A Highlights

  • Guidance framing: Management expected Q2 2025 same‑store sales to be down low‑to‑mid single digits and guided a net loss per basic share of $0.75–$0.90, explicitly noting no tax benefit due to the valuation allowance .
  • Tariff mitigation: Management reiterated inventory positioning ahead of potential tariff increases and a nimble purchasing approach if conditions changed .
  • Expense management: Emphasis on controlling SG&A given lower sales base, with Q1 2025 SG&A dollars reduced YoY despite deleverage .

Estimates Context

  • There are no public Wall Street consensus estimates for Q2 2026 because the company became private in October 2025 and ceased public reporting and coverage .
  • For earlier periods queried, S&P Global data did not return consensus figures for EPS or revenue; only actual revenues were available for Q4 2024 ($181.6M), Q1 2025 ($175.6M), and Q2 2025 ($184.9M).*
    *Values retrieved from S&P Global.

Key Takeaways for Investors

  • There will be no Q2 2026 public earnings report, call, or guidance for Big 5 due to its October 2025 go‑private transaction and Nasdaq delisting .
  • The last public run‑rate showed ongoing same‑store sales declines and margin pressure, with Q2 2025 diluted EPS of -$1.11 and gross margin of 28.2% .
  • Short‑term fundamentals were hampered by macro/consumer headwinds, weather variability, lower merchandise margins, and higher occupancy/distribution costs .
  • Management’s tactical moves—early inventory receipts ahead of tariffs and store closures—sought to stabilize operations and cash flow through the cycle .
  • Liquidity supported operations (revolver extended to 2029), but revolving borrowings climbed into mid‑2025 amid weaker earnings trajectory .
  • For public markets, the investment outcome hinged on deal terms: $1.45 per share cash consideration at closing and no further public catalysts post‑transaction .
  • Any ongoing analysis must now be private‑side; public investors should assume no future S&P‑tracked estimates or SEC earnings disclosures for Big 5.