Sportsman’s Warehouse Holdings, Inc. Announces Preliminary Fourth Quarter and Fiscal Year 2025 Financial Results

Rhea-AI Summary

Sportsman’s Warehouse (Nasdaq: SPWH) reported preliminary fourth-quarter and fiscal 2025 results on March 3, 2026. Full-year net sales are expected to be $1,209.2 million with same-store sales up 1.0%. Adjusted EBITDA is expected at $27.5 million and free cash flow about $7.6 million. Net debt is expected to fall to $90.0 million (down 6.1%), ending inventory to $312.9 million (down $29.1 million or 8.5%), and total liquidity about $107.8 million.

The company identified about five underperforming stores under review and expects impairment and related charges in fiscal 2025; final audited results are pending and will be released March 31, 2026.

Positive

• Full-year net sales of $1,209.2 million
• Adjusted EBITDA of $27.5 million
• Net debt reduced to $90.0 million (down 6.1%)
• Ending inventory down $29.1 million (8.5%)
• Total liquidity approximately $107.8 million

Negative

• Free cash flow roughly $7.6 million, modest versus scale
• Potential impairment and store-closure charges expected in fiscal 2025
• Identified about five underperforming stores that may close, reducing Adjusted EBITDA by ~$(1.5) million

Market Reaction – SPWH

+29.13% $1.49 7.2x vol

15m delay 25 alerts

+29.13% Since News

$1.49 Last Price

$1.31 $1.54 Day Range

+$13M Valuation Impact

$57M Market Cap

7.2x Rel. Volume

Following this news, SPWH has gained 29.13%, reflecting a significant positive market reaction. Our momentum scanner has triggered 25 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $1.49. This price movement has added approximately $13M to the company's valuation. Trading volume is exceptionally heavy at 7.2x the average, suggesting very strong buying interest.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

Q4 2025 net sales: $334.9M FY2025 net sales: $1,209.2M FY2025 same-store sales growth: 1.0% +5 more

8 metrics

Q4 2025 net sales $334.9M Preliminary net sales for quarter ended Jan 31, 2026

FY2025 net sales $1,209.2M Preliminary full-year net sales for 52 weeks ended Jan 31, 2026

FY2025 same-store sales growth 1.0% Expected increase over prior year

FY2025 Adjusted EBITDA $27.5M Preliminary full-year Adjusted EBITDA

Net debt $90.0M Expected year-end net debt, down 6.1% vs prior year

Ending inventory $312.9M Expected year-end level, down $29.1M or 8.5%

Total liquidity $107.8M Expected year-end total liquidity

Store closure EBITDA impact $(1.5)M Estimated FY2025 Adjusted EBITDA from five underperforming stores

Market Reality Check

Price: $1.15 Vol: Volume 376,210 is slightl...

normal vol

$1.15 Last Close

Volume Volume 376,210 is slightly below the 20-day average of 394,318 (relative volume 0.95x). normal

Technical Shares trade below the 200-day MA of 2.44 and sit 73.44% under the 52-week high.

Peers on Argus

Peers show mixed moves: BARK up 4.74%, LESL down 10.35%, ONEW slightly down, whi...

2 Up 1 Down

Peers show mixed moves: BARK up 4.74%, LESL down 10.35%, ONEW slightly down, while momentum data flags GRWG and LESL modestly higher. With SPWH down 2.54% pre-news, the setup reflects stock- and sector-specific cross-currents rather than a clean, unified sector trend.

Previous Earnings Reports

5 past events · Latest: Dec 04 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 04	Q3 2025 earnings	Positive	-29.8%	Stronger sales, margins, and updated outlook but shares fell sharply.
Sep 04	Q2 2025 earnings	Positive	+12.3%	Sales growth, margin gains and outlook update drove double-digit rise.
Jun 03	Q1 2025 earnings	Positive	+11.2%	First positive comps in years and maintained guidance supported gains.
Apr 01	FY2024 results	Positive	+97.9%	Improved profitability and FY2025 guidance sparked a sharp rally.
Dec 10	Q3 2024 earnings	Positive	+15.9%	Margin improvement and guidance update outweighed sales decline.

Pattern Detected

Earnings and financial updates have often triggered large swings, with mostly positive reactions to improving fundamentals but one notable selloff despite strong Q3 2025 metrics.

Recent Company History

Over the past year, SPWH’s earnings reports have driven substantial volatility. Positive updates on margins, liquidity, and guidance in Q4 2024 saw a 97.93% move, while Q1–Q2 2025 earnings with improving comps and margins also drew double-digit gains. However, strong Q3 2025 results on Dec 4, 2025 coincided with a -29.8% move, showing the stock can sell off even on solid fundamentals. Today’s preliminary FY2025 results extend themes of inventory reduction, net debt improvement, and positive same-store sales.

Historical Comparison

+21.5% avg move · In the last five earnings-related announcements, SPWH moved an average of 21.51%. Today’s preliminar...

earnings

+21.5%

Average Historical Move earnings

In the last five earnings-related announcements, SPWH moved an average of 21.51%. Today’s preliminary FY2025 results extend the same turnaround narrative of improving comps, margins, and balance sheet efficiency.

Earnings releases have tracked a turnaround from negative comps and losses toward improving margins, positive same-store sales, and tighter inventory and debt management through FY2024 and FY2025.

Market Pulse Summary

The stock is surging +29.1% following this news. A strong positive reaction aligns with SPWH’s histo...

Analysis

The stock is surging +29.1% following this news. A strong positive reaction aligns with SPWH’s history of large moves around earnings, where prior results averaged swings of about 21.51%. The preliminary FY2025 update highlighted positive same-store sales, lower inventory, reduced net debt, and positive free cash flow, all while impairment charges are excluded from Adjusted EBITDA. However, investors have previously reversed optimism after strong quarters, and future store-closure charges could constrain sustainability.

Key Terms

adjusted ebitda, free cash flow, non-gaap, gaap, +1 more

5 terms

adjusted ebitda financial

"Adjusted EBITDA of approximately $9.6 million (see “Non-GAAP and Other Financial Measures”)."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

free cash flow financial

"The Company expects free cash flow for the full year to be approximately $7.6 million"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

non-gaap financial

"which are defined as non-GAAP financial measures by the Securities and Exchange Commission"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

gaap financial

"not be viewed as a substitute for full audited financial statements prepared in accordance with GAAP"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

net debt financial

"Net debt of approximately $90.0 million, a decrease of 6.1%"

Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.

AI-generated analysis. Not financial advice.

Full-year same store sales expected to increase 1.0% over last year; ending inventory expected to decrease $29.1 million or 8.5% and net debt expected to decrease 6.1% versus last year

WEST JORDAN, Utah, March 03, 2026 (GLOBE NEWSWIRE) -- Sportsman's Warehouse Holdings, Inc. (“Sportsman's Warehouse” or the “Company”) (Nasdaq: SPWH) today announced preliminary results for the thirteen and fifty-two weeks ended January 31, 2026.

Preliminary Results for the Fourth Quarter and Full Fiscal Year 2026

For the fourth quarter ended January 31, 2026, the Company expects to report:

• Net sales of approximately $334.9 million, and same store sales of approximately $333.6 million.
• Adjusted EBITDA of approximately $9.6 million (see “Non-GAAP and Other Financial Measures”).

For the fifty-two weeks ended January 31, 2026, the Company expects to report:

• Net sales of approximately $1,209.2 million, and same store sales of approximately $1,205.6 million. This is an expected increase of 1.0% and 1.0% respectively, compared to the prior year.
• Adjusted EBITDA of approximately $27.5 million (see “Non-GAAP and Other Financial Measures”). 
• Net debt of approximately $90.0 million, a decrease of 6.1%; ending inventory of approximately $312.9 million, a decrease of $29.1 million or 8.5% compared to the prior year; and total liquidity of approximately $107.8 million. The Company expects free cash flow for the full year to be approximately $7.6 million (see “Non-GAAP and Other Financial Measures”).
  

As part of the Company’s review of its stores, we have identified about five stores for potential closure due to underperformance and lack of profitability. The Company expects to incur an impairment charge for fiscal year 2025 primarily related to leasehold improvements and operating lease assets. In addition, the Company expects to incur additional charges if the stores are closed, primarily related to employee-related costs. The Company is currently analyzing and determining the amount of the impairment charges and related expenses and will provide additional details and disclosure when it reports its full-year earnings. The impairment charges expected to be incurred in the fourth quarter of fiscal year 2025 will not impact net sales or Adjusted EBITDA for fiscal year 2025. While the number of stores has not yet been determined, if the Company were to close five stores, we would expect them to contribute approximately $(1.5) million of Adjusted EBITDA for fiscal year 2025.

“I am pleased to report that our preliminary fourth quarter and full year results exceeded our expectations,” said Paul Stone, Chief Executive Officer of Sportsman’s Warehouse. “Although November and early December started out softer than expected – causing us to adjust our guidance – we saw sales accelerate mid fourth quarter, which carried into both January and February. The fourth quarter was highlighted by our strong performance in the hunting and shooting sports category, where we once again outperformed the adjusted NICS background check data, suggesting market share gains within the firearm space.”

“2025 marks the first year since 2020 where we have achieved positive same store sales growth for the full year,” continued Stone. “This is a testament to the execution of our three-year turnaround strategy we began to implement in 2024. I am also pleased with how we efficiently managed our balance sheet, with inventory expected to be down nearly 8.5% compared to last year and net debt anticipated to be down 6.1%. This gives me confidence that our team has the business well-positioned to achieve profitable growth in 2026.”

This press release includes the Company’s preliminary results for the quarter and year ended January 31, 2026. These expected results are preliminary and are subject to the completion of normal year-end accounting procedures and closing adjustments that are subject to change. The Company is currently in the process of finalizing its full financial results for the quarter and year ended January 31, 2026, and the preliminary results presented in this press release are based only upon preliminary information available to the Company as of March 3, 2026. The Company’s preliminary results should not be viewed as a substitute for full audited financial statements prepared in accordance with GAAP, and undue reliance should not be placed on the Company’s preliminary results. In addition, the Company’s independent registered public accounting firm has not audited or reviewed the preliminary results included in this press release or expressed any opinion or other form of assurance on such preliminary results. In addition, items or events may be identified or occur after the date hereof due to the completion of operational and financial closing procedures, final audit adjustments and other developments may arise that would require the Company to make material adjustments to the preliminary results included in this press release. Therefore, the preliminary results included in this press release may differ, perhaps materially, from the results that will be reflected in the Company’s audited consolidated financial statements for the year ended January 31, 2026.The Company plans to report full fourth quarter and fiscal year 2025 results on March 31, 2026. 

Non-GAAP and Other Financial Measures

This press release includes Adjusted EBITDA and free cash flow, which are defined as non-GAAP financial measures by the Securities and Exchange Commission (the “SEC”) and which are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”).

The Company defines Adjusted EBITDA as net (loss) income plus interest expense, income tax expense (benefit), depreciation and amortization, stock-based compensation expense, expenses related to director and officer transitions, and expenses that we do not believe are indicative of our ongoing operations. Adjusted EBITDA adjusts for the impact of items that the Company does not consider indicative of the operational performance of its business.

The Company defines free cash flow as net cash provided by operating activities less capitalized software development costs and purchases of property and equipment. Free cash flow is an indicator of liquidity that provides information to our management and investors about the amount of cash generated from operations, after capitalized software development costs and purchases of property and equipment, that can be used to repay debt obligations and/or for strategic initiatives. Free cash flow does not represent our residual cash flow available for discretionary purposes and does not reflect our future contractual commitments.

Management uses Adjusted EBITDA and free cash flow as additional measurement tools for purposes of business decision-making, including evaluating store performance, developing budgets and managing expenditures. Other companies in the Company’s industry may calculate Adjusted EBITDA and free cash flow differently than the Company does. Adjusted EBITDA and free cash flow are not measures of performance under GAAP and should not be considered as a substitute for the most directly comparable financial measures prepared in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. The Company’s management believes that these non-GAAP financial measures allow investors to evaluate the Company’s operating performance and compare its results of operations from period to period on a consistent basis by excluding items that management does not believe are indicative of the Company’s core operating performance. The presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that the Company’s future results or cash flows will be unaffected by other unusual or non-recurring items. The Company has not provided a reconciliation of expected Adjusted EBITDA and free cash flow for the fourth quarter and fiscal year 2025, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures, including the expected impairment charge for the potential store closures, stock-based compensation expense and income tax expense that are difficult to predict in order to include in a GAAP estimate. The Company defines net debt as borrowings outstanding under the Company’s revolving credit facility and term loan facility less cash and cash equivalents. The Company defines total liquidity as total availability under the Company’s revolving credit facility plus cash and cash equivalents.

Forward-Looking Statements 

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this release include, but are not limited to, statements regarding preliminary fourth quarter and full-year 2025 results, the expected impact of the turnaround strategy that we began to implement in 2024, our ability to achieve profitable growth in fiscal year 2026, the possibility that we will close underperforming stores in the future, the number of stores that we expect to close and our expectations regarding the amount such stores are expected to contribute to Adjusted EBITDA for fiscal year 2025, and the expectation that we will incur an impairment charge for fiscal year 2025. Investors can identify these statements by the fact that they use words such as “aim,” “anticipate,” “assume,” “believe,” “can have,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “likely,” “may,” “objective,” “plan,” “positioned,” “potential,” “predict,” “should,” “target,” “will,” “would” and similar terms and phrases. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and our management’s beliefs and assumptions. We derive many of our forward-looking statements from our own operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that predicting the impact of known factors is very difficult, and we cannot anticipate all factors that could affect our actual results. The Company cannot assure investors that future developments affecting the Company will be those that it has anticipated. Actual results may differ materially from these expectations due to many factors including, but not limited to: current and future government regulations, in particular regulations relating to the sale of firearms and ammunition, which may impact the supply and demand for the Company’s products and ability to conduct its business; the Company’s retail-based business model which is impacted by general economic and market conditions and economic, market and financial uncertainties that may cause a decline in consumer spending; the Company’s concentration of stores in the Western United States which makes the Company susceptible to adverse conditions in this region, and could affect the Company’s sales and cause the Company’s operating results to suffer; the highly fragmented and competitive industry in which the Company operates and the potential for increased competition; changes in consumer demands, including regional preferences, which we may not be able to identify and respond to in a timely manner; the Company’s entrance into new markets or operations in existing markets, including the Company’s plans to open additional stores in future periods, which may not be successful; the Company’s implementation of a plan to reduce expenses in response to adverse macroeconomic conditions, including an increased focus on financial discipline and rigor throughout the Company’s organization; impact of general macroeconomic conditions, such as labor shortages, inflation, elevated interest rates, the impacts of tariffs and trade disputes, economic slowdowns, and recessions or market corrections; and other factors that are set forth in the Company's filings with the SEC, including under the caption “Risk Factors” in the Company’s Form 10-K for the fiscal year ended February 1, 2025, which was filed with the SEC on April 2, 2025, and the Company’s other public filings made with the SEC and available at www.sec.gov. If one or more of these risks or uncertainties materialize, or if any of the Company’s assumptions prove incorrect, the Company’s actual results may vary in material respects from those projected in these forward-looking statements. Any forward-looking statement made by the Company in this release speaks only as of the date on which the Company makes it. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

About Sportsman’s Warehouse Holdings, Inc.

Sportsman’s Warehouse Holdings, Inc. is an outdoor specialty retailer focused on meeting the needs of the seasoned outdoor veteran, the first-time participant, and everyone in between. We provide outstanding gear and exceptional service to inspire outdoor memories.

For press releases and certain additional information about the Company, visit the Investor Relations section of the Company's website at www.sportsmans.com.

Investor Contact:

Riley Timmer
Vice President, Strategic Programs & Investor Relations
Sportsman’s Warehouse
(801) 566-6681
investors@sportsmans.com

FAQ

What preliminary fiscal 2025 revenue did Sportsman’s Warehouse (SPWH) report on March 3, 2026?

The company reported preliminary full-year net sales of $1,209.2 million. According to the company, same-store sales rose 1.0%, with preliminary fourth-quarter net sales of about $334.9 million.

What was Sportsman’s Warehouse’s (SPWH) preliminary Adjusted EBITDA for fiscal 2025?

Preliminary Adjusted EBITDA for the full year was about $27.5 million. According to the company, Adjusted EBITDA excludes certain non-recurring items and is a non-GAAP metric.

How did Sportsman’s Warehouse (SPWH) change its balance sheet metrics in fiscal 2025?

Net debt is expected to be about $90.0 million, down 6.1%, and liquidity about $107.8 million. According to the company, ending inventory declined by $29.1 million (8.5%).

What did Sportsman’s Warehouse (SPWH) say about store closures and impairment charges for 2025?

The company identified about five stores for potential closure and expects impairment and related charges in fiscal 2025. According to the company, detailed amounts will be disclosed with audited results on March 31, 2026.

How much free cash flow did Sportsman’s Warehouse (SPWH) expect for fiscal 2025?

The company expects approximately $7.6 million of free cash flow for fiscal 2025. According to the company, free cash flow is defined as operating cash less capex and capitalized software costs.

When will Sportsman’s Warehouse (SPWH) report final fourth-quarter and fiscal 2025 results?

The company plans to report full audited results on March 31, 2026. According to the company, preliminary figures are unaudited and subject to year-end closing adjustments and audit review.