Academy Sports & Outdoors, Inc. Financials
Academy Sports & Outdoors, Inc. (ASO) reported $6.1B in revenue for fiscal year 2025, up 2.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Inventory-heavy working capital and a heavier expense base are diluting the benefit of a gross-margin recovery.
FY2025 restored gross margin to34.8% , but free cash flow fell to$222M . With inventory up by roughly$196M and SG&A up by roughly$121M year over year, the squeeze looks driven more by cash tied up in stock and a larger operating cost base than by weaker merchandise markup.
The balance sheet is becoming less debt-dependent: debt to equity is down to 0.2x from 0.4x two years earlier. Liquidity also remains steady, with a current ratio near 1.9x, so lower returns are not being propped up by added borrowing; the company is absorbing softer economics from a sturdier financing position.
This remains an inventory-led cash cycle, not a receivables-driven one, because accounts receivable stays tiny relative to stock on hand. That makes the rise in inventory to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Academy Sports & Outdoors, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Academy Sports & Outdoors, Inc. has an operating margin of 8.5%, meaning the company retains $8 of operating profit per $100 of revenue. This strong profitability earns a score of 70/100, reflecting efficient cost management and pricing power. This is down from 9.1% the prior year.
Academy Sports & Outdoors, Inc.'s revenue grew a modest 2.0% year-over-year to $6.1B. This slow but positive growth earns a score of 29/100.
Academy Sports & Outdoors, Inc. carries a low D/E ratio of 0.22, meaning only $0.22 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 72/100, indicating a strong balance sheet with room for future borrowing.
Academy Sports & Outdoors, Inc.'s current ratio of 1.89 indicates adequate short-term liquidity, earning a score of 55/100. The company can meet its near-term obligations, though with limited headroom.
Academy Sports & Outdoors, Inc. has a free cash flow margin of 3.7%, earning a moderate score of 46/100. The company generates positive cash flow after capital investments, but with room for improvement.
Academy Sports & Outdoors, Inc. earns a strong 17.3% return on equity (ROE), meaning it generates $17 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 76/100. This is down from 20.9% the prior year.
Academy Sports & Outdoors, Inc. scores 2.71, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Academy Sports & Outdoors, Inc. passes 7 of 9 financial strength tests. 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Academy Sports & Outdoors, Inc. generates $1.15 in operating cash flow ($434.8M OCF vs $376.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Academy Sports & Outdoors, Inc. earns $14.14 in operating income for every $1 of interest expense ($512.2M vs $36.2M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Academy Sports & Outdoors, Inc. generated $6.1B in revenue in fiscal year 2025. This represents an increase of 2.0% from the prior year.
Academy Sports & Outdoors, Inc.'s EBITDA was $635.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 3.3% from the prior year.
Academy Sports & Outdoors, Inc. reported $376.8M in net income in fiscal year 2025. This represents a decrease of 10.0% from the prior year.
Academy Sports & Outdoors, Inc. earned $5.54 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 3.3% from the prior year.
Cash & Balance Sheet
Academy Sports & Outdoors, Inc. generated $222.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 32.4% from the prior year.
Academy Sports & Outdoors, Inc. held $330.3M in cash against $480.8M in long-term debt as of fiscal year 2025.
Academy Sports & Outdoors, Inc. paid $0.13 per share in dividends in fiscal year 2025. This represents an increase of 18.2% from the prior year.
Margins & Returns
Academy Sports & Outdoors, Inc.'s gross margin was 34.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.9 percentage points from the prior year.
Academy Sports & Outdoors, Inc.'s operating margin was 8.5% in fiscal year 2025, reflecting core business profitability. This is down 0.6 percentage points from the prior year.
Academy Sports & Outdoors, Inc.'s net profit margin was 6.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.8 percentage points from the prior year.
Academy Sports & Outdoors, Inc.'s ROE was 17.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.5 percentage points from the prior year.
Capital Allocation
Academy Sports & Outdoors, Inc. spent $199.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 45.5% from the prior year.
Academy Sports & Outdoors, Inc. invested $212.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 6.6% from the prior year.
Not reported for fiscal year 2025.
ASO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.1B+2.0% | $5.9B-3.7% | $6.2B-3.7% | $6.4B-5.6% | $6.8B+19.1% | $5.7B+17.8% | $4.8B+1.0% | $4.8B |
| Cost of Revenue | $3.9B+0.7% | $3.9B-3.1% | $4.0B-3.2% | $4.2B-5.4% | $4.4B+11.8% | $4.0B+16.4% | $3.4B-0.5% | $3.4B |
| Gross Profit | $2.1B+4.7% | $2.0B-4.7% | $2.1B-4.6% | $2.2B-5.9% | $2.4B+35.6% | $1.7B+21.2% | $1.4B+4.6% | $1.4B |
| SG&A Expenses | $1.6B+8.2% | $1.5B+2.8% | $1.4B+4.9% | $1.4B-5.3% | $1.4B+9.9% | $1.3B+4.9% | $1.3B+1.0% | $1.2B |
| Operating Income | $512.2M-4.9% | $538.6M-20.5% | $677.9M-19.9% | $846.5M-6.8% | $907.9M+116.0% | $420.4M+134.3% | $179.4M+39.1% | $128.9M |
| Interest Expense | -$36.2M+1.8% | -$36.9M+19.9% | -$46.1M+0.8% | -$46.4M+5.2% | -$49.0M+43.4% | -$86.5M+14.6% | -$101.3M+6.8% | -$108.7M |
| Income Tax | $109.3M-8.8% | $119.8M-16.8% | $144.0M-24.4% | $190.3M+1.1% | $188.2M+519.8% | $30.4M+977.6% | $2.8M+44.4% | $2.0M |
| Net Income | $376.8M-10.0% | $418.4M-19.4% | $519.2M-17.3% | $628.0M-6.5% | $671.4M+117.4% | $308.8M+157.2% | $120.0M+459.8% | $21.4M |
| EPS (Diluted) | $5.54-3.3% | $5.73-14.5% | $6.70-10.5% | $7.49+5.2% | $7.12+87.9% | $3.79+136.9% | $1.60+451.7% | $0.29 |
Not reported in any period shown, so not listed: R&D Expenses.
ASO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.3B+7.7% | $4.9B+4.8% | $4.7B+1.8% | $4.6B+0.2% | $4.6B+4.6% | $4.4B+1.2% | $4.3B | N/A |
| Current Assets | $2.0B+14.3% | $1.7B+4.0% | $1.6B-2.5% | $1.7B-1.7% | $1.7B+21.3% | $1.4B+9.7% | $1.3B | N/A |
| Cash & Equivalents | $330.3M+14.3% | $288.9M-17.0% | $347.9M+3.2% | $337.1M-30.6% | $486.0M+28.7% | $377.6M+152.8% | $149.4M+97.4% | $75.7M |
| Inventory | $1.5B+14.9% | $1.3B+9.6% | $1.2B-7.0% | $1.3B+9.5% | $1.2B+18.4% | $990.0M-10.0% | $1.1B | N/A |
| Accounts Receivable | $34.8M+107.4% | $16.8M-13.5% | $19.4M+17.4% | $16.5M-16.3% | $19.7M+13.9% | $17.3M+23.6% | $14.0M | N/A |
| Goodwill | $861.9M0.0% | $861.9M0.0% | $861.9M0.0% | $861.9M0.0% | $861.9M0.0% | $861.9M0.0% | $861.9M | N/A |
| Total Liabilities | $3.1B+7.2% | $2.9B+6.4% | $2.7B-8.3% | $3.0B-4.8% | $3.1B-4.7% | $3.3B-2.0% | $3.3B | N/A |
| Current Liabilities | $1.0B+7.4% | $960.9M+9.2% | $879.9M-15.3% | $1.0B-7.8% | $1.1B-3.4% | $1.2B+55.5% | $750.6M | N/A |
| Long-Term Debt | $480.8M-0.4% | $482.7M-0.4% | $484.6M-17.1% | $584.5M-14.5% | $683.6M-12.5% | $781.5M-45.3% | $1.4B | N/A |
| Total Equity | $2.2B+8.4% | $2.0B+2.5% | $2.0B+20.0% | $1.6B+11.0% | $1.5B+31.9% | $1.1B+12.2% | $991.0M | N/A |
| Retained Earnings | $1.9B+9.0% | $1.8B+2.6% | $1.7B+21.3% | $1.4B+11.3% | $1.3B+28.5% | $987.2M | N/A | N/A |
ASO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $434.8M-17.7% | $528.1M-1.4% | $535.8M-2.9% | $552.0M-18.0% | $673.3M-33.4% | $1.0B+283.7% | $263.7M+32.8% | $198.5M |
| Capital Expenditures | $212.7M+6.6% | $199.6M-3.9% | $207.8M+91.8% | $108.3M+42.9% | $75.8M+83.7% | $41.3M-34.3% | $62.8M-41.8% | $107.9M |
| Free Cash Flow | $222.1M-32.4% | $328.5M+0.1% | $328.0M-26.1% | $443.7M-25.7% | $597.5M-38.4% | $970.3M+383.1% | $200.9M+121.7% | $90.6M |
| Investing Cash Flow | -$172.0M+7.6% | -$186.1M+9.7% | -$206.1M-89.5% | -$108.8M-43.1% | -$76.0M-129.4% | -$33.1M+50.4% | -$66.8M+32.6% | -$99.0M |
| Financing Cash Flow | -$221.4M+44.8% | -$401.0M-25.7% | -$318.9M+46.1% | -$592.1M-21.1% | -$488.9M+34.8% | -$750.2M-509.0% | -$123.2M-124.8% | -$54.8M |
| Dividends Paid | $34.7M+10.2% | $31.5M+15.6% | $27.2M+10.5% | $24.6M | $0 | $0 | N/A | N/A |
| Share Buybacks | $199.0M-45.5% | $364.9M+79.9% | $202.8M-58.6% | $489.5M+19.0% | $411.4M | $0 | $0 | N/A |
ASO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.8%+0.9pp | 33.9%-0.4pp | 34.3%-0.3pp | 34.6%-0.1pp | 34.7%+4.2pp | 30.5%+0.9pp | 29.6%+1.0pp | 28.6% |
| Operating Margin | 8.5%-0.6pp | 9.1%-1.9pp | 11.0%-2.2pp | 13.2%-0.2pp | 13.4%+6.0pp | 7.4%+3.7pp | 3.7%+1.0pp | 2.7% |
| Net Margin | 6.2%-0.8pp | 7.0%-1.4pp | 8.4%-1.4pp | 9.8%-0.1pp | 9.9%+4.5pp | 5.4%+2.9pp | 2.5%+2.0pp | 0.4% |
| Return on Equity | 17.3%-3.5pp | 20.9%-5.7pp | 26.6%-12.0pp | 38.6%-7.2pp | 45.8%+18.0pp | 27.8%+15.7pp | 12.1% | N/A |
| Return on Assets | 7.1%-1.4pp | 8.5%-2.6pp | 11.1%-2.6pp | 13.7%-1.0pp | 14.6%+7.6pp | 7.0%+4.3pp | 2.8% | N/A |
| Current Ratio | 1.89+0.1x | 1.78-0.1x | 1.87+0.2x | 1.62+0.1x | 1.52+0.3x | 1.21-0.5x | 1.72 | N/A |
| Debt-to-Equity | 0.220.0x | 0.240.0x | 0.25-0.1x | 0.36-0.1x | 0.47-0.2x | 0.70-0.7x | 1.44 | N/A |
| FCF Margin | 3.7%-1.9pp | 5.5%+0.2pp | 5.3%-1.6pp | 6.9%-1.9pp | 8.8%-8.2pp | 17.1%+12.9pp | 4.2%+2.3pp | 1.9% |
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Where Academy Sports & Outdoors, Inc. Ranks
Frequently Asked Questions
What is Academy Sports & Outdoors, Inc.'s annual revenue?
Academy Sports & Outdoors, Inc. (ASO) reported $6.1B in total revenue for fiscal year 2025. This represents a 2.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Academy Sports & Outdoors, Inc.'s revenue growing?
Academy Sports & Outdoors, Inc. (ASO) revenue grew by 2.0% year-over-year, from $5.9B to $6.1B in fiscal year 2025.
Is Academy Sports & Outdoors, Inc. profitable?
Yes, Academy Sports & Outdoors, Inc. (ASO) reported a net income of $376.8M in fiscal year 2025, with a net profit margin of 6.2%.
What is Academy Sports & Outdoors, Inc.'s EBITDA?
Academy Sports & Outdoors, Inc. (ASO) had EBITDA of $635.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Academy Sports & Outdoors, Inc. have?
As of fiscal year 2025, Academy Sports & Outdoors, Inc. (ASO) had $330.3M in cash and equivalents against $480.8M in long-term debt.
What is Academy Sports & Outdoors, Inc.'s gross margin?
Academy Sports & Outdoors, Inc. (ASO) had a gross margin of 34.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Academy Sports & Outdoors, Inc.'s operating margin?
Academy Sports & Outdoors, Inc. (ASO) had an operating margin of 8.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Academy Sports & Outdoors, Inc.'s net profit margin?
Academy Sports & Outdoors, Inc. (ASO) had a net profit margin of 6.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Academy Sports & Outdoors, Inc. pay dividends?
Yes, Academy Sports & Outdoors, Inc. (ASO) paid $0.13 per share in dividends during fiscal year 2025.
What is Academy Sports & Outdoors, Inc.'s return on equity (ROE)?
Academy Sports & Outdoors, Inc. (ASO) has a return on equity of 17.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Academy Sports & Outdoors, Inc.'s free cash flow?
Academy Sports & Outdoors, Inc. (ASO) generated $222.1M in free cash flow during fiscal year 2025. This represents a -32.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Academy Sports & Outdoors, Inc.'s operating cash flow?
Academy Sports & Outdoors, Inc. (ASO) generated $434.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Academy Sports & Outdoors, Inc.'s total assets?
Academy Sports & Outdoors, Inc. (ASO) had $5.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Academy Sports & Outdoors, Inc.'s capital expenditures?
Academy Sports & Outdoors, Inc. (ASO) invested $212.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Academy Sports & Outdoors, Inc.'s current ratio?
Academy Sports & Outdoors, Inc. (ASO) had a current ratio of 1.89 as of fiscal year 2025, which is generally considered healthy.
What is Academy Sports & Outdoors, Inc.'s debt-to-equity ratio?
Academy Sports & Outdoors, Inc. (ASO) had a debt-to-equity ratio of 0.22 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Academy Sports & Outdoors, Inc.'s return on assets (ROA)?
Academy Sports & Outdoors, Inc. (ASO) had a return on assets of 7.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Academy Sports & Outdoors, Inc.'s Altman Z-Score?
Academy Sports & Outdoors, Inc. (ASO) has an Altman Z-Score of 2.71, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Academy Sports & Outdoors, Inc.'s Piotroski F-Score?
Academy Sports & Outdoors, Inc. (ASO) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Academy Sports & Outdoors, Inc.'s earnings high quality?
Academy Sports & Outdoors, Inc. (ASO) has an earnings quality ratio of 1.15x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Academy Sports & Outdoors, Inc. cover its interest payments?
Academy Sports & Outdoors, Inc. (ASO) has an interest coverage ratio of 14.14x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Academy Sports & Outdoors, Inc.?
Academy Sports & Outdoors, Inc. (ASO) scores 58 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.