Lucky Strike’s second quarter results were met with a negative market reaction, reflecting investor concern around a mix of strong revenue growth and persistent bottom-line challenges. Management attributed revenue gains to the success of seasonal pass offerings, expanded food and beverage options, and the integration of new water park and family entertainment center acquisitions. CEO Thomas Shannon noted that same-store sales improved sequentially through the quarter, with July turning positive, but softness in California and event business declines weighed on overall comparable store performance. Management acknowledged that higher marketing spend and recent acquisitions were strategic responses to these pressures.

Is now the time to buy LUCK? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Lucky Strike’s Q2 Earnings Call

• Jackson Gibb (Stifel): Asked about assumptions embedded in 2026 EBITDA guidance and the drivers for reinstating guidance. CEO Thomas Shannon emphasized seasonality from new assets and increased marketing spend as primary factors.
• Randal Konik (Jefferies): Questioned when the events business and California would inflect positively. CFO Robert Lavan said easier comps and targeted marketing should support improvement, but recovery is expected to be gradual through late summer.
• Jason Tilchen (Canaccord Genuity): Inquired about the impact of increased marketing investment on recent comp acceleration. President Lev Ekster attributed success in the season pass program to a $1 million marketing increase, highlighting the importance of brand building.
• Ian Zaffino (Oppenheimer): Sought details on the geographical pockets of weakness and beverage mix trends. Lavan identified California as the main underperformer, while Ekster pointed to growing demand for non-alcoholic options as a key innovation area.
• Michael Kupinski (Noble Capital Markets): Asked about the trajectory of operating costs and the effect of competitive campaigns from Topgolf. Lavan clarified that elevated costs were seasonal and non-cash related, and downplayed the competitive threat from Topgolf’s advertising.

Catalysts in Upcoming Quarters

In upcoming quarters, the StockStory team will focus on (1) the pace of same-store sales recovery in key regions like California, (2) early results from the expanded marketing and rebranding initiatives, and (3) integration progress and profit contribution from newly acquired water parks and family entertainment centers. Execution in food and beverage innovation and measured capital allocation will also serve as important indicators of sustained momentum.

Lucky Strike currently trades at $10.48, down from $10.68 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free).

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