Academy Sports (Nasdaq: ASO) posts 2025 results and sets 2026 guidance
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Academy Sports and Outdoors reported modest growth for the fourth quarter and fiscal 2025 and issued 2026 guidance. Q4 net sales were
For fiscal 2025, net sales reached
For fiscal 2026, Academy guides net sales to
Positive
- None.
Negative
- None.
Insights
Academy posts modest growth, protects margins, and leans into expansion.
Academy Sports and Outdoors delivered low-single-digit sales growth in Q4 and fiscal 2025 while holding profitability relatively steady. Full-year net sales rose to
Traffic softness shows in negative comparable sales for both the quarter and year, yet higher gross margin and disciplined expenses supported EPS near prior-year levels. The company also grew e-commerce double digits, expanded premium brands like Jordan and Nike, and continued building its loyalty base above 13 million members.
Guidance for fiscal
| UNITED STATES | ||||||||||||||
| SECURITIES AND EXCHANGE COMMISSION | ||||||||||||||
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FORM | ||||||||||||||
| CURRENT REPORT | ||||||||||||||
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Emerging Growth Company | ||||||||||||||
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Item 2.02 Results of Operations and Financial Condition.
On March 17, 2026, Academy Sports and Outdoors, Inc. (the “Company”) issued a press release announcing financial results for the fiscal year ended January 31, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated by reference herein.
The information in this Current Report on Form 8-K, including exhibits, is being furnished to the U.S. Securities and Exchange Commission (the “SEC”) pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company’s filings with the SEC under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
On March 17, 2026, the Company posted the Fourth Quarter 2025 Earnings Presentation to its website at investors.academy.com. A copy of the presentation is attached hereto as Exhibit 99.2.
The information contained under this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
See the Exhibit Index immediately preceding the signature page hereto, which is incorporated herein by reference.
| Exhibit No. | Description of Exhibit | |||||||
99.1 | Academy Sports and Outdoors, Inc. Press Release, dated March 17, 2026. | |||||||
99.2 | Fourth Quarter 2025 Earnings Presentation, dated March 17, 2026. | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ACADEMY SPORTS AND OUTDOORS, INC. | ||
Date: March 17, 2026 | By: | /s/ | Brandy Treadway | ||||||||||||||
| Name: | Brandy Treadway | ||||||||||||||||
| Title: | Executive Vice President, Chief Legal Officer and Corporate Secretary | ||||||||||||||||
Exhibit 99.1
 | ||
Academy Sports + Outdoors Reports Fourth Quarter and Fiscal 2025 Results
Fourth Quarter Sales Growth of 2.5%; Full Year Growth of 2.0%
Fourth Quarter Comparable Sales Declined 1.6%; Full Year Declined 1.5%
Fourth Quarter Diluted GAAP EPS of $1.98; up 4.8%
Opened 24 new stores in 2025; Plans to Open an Additional 20 - 25 stores in 2026
Increased Quarterly Dividend by 15% Per Share; Fourth Year of Sequential Growth
Releases 2026 Full Year Guidance; Expects Annual Sales Growth of 2% - 5%
KATY, TEXAS (Globe Newswire — March 17, 2026) – Academy Sports and Outdoors, Inc. (Nasdaq: ASO) ("Academy" or the "Company") today announced its financial results for the fourth quarter and fiscal year ended January 31, 2026.
"This past year marked an inflection point for Academy as we continued to gain market share and moved back to topline growth. During 2025, we put in place many foundational building blocks that helped drive sales and will continue to pay dividends in 2026 and beyond," said Steve Lawrence, Chief Executive Officer. “We are accelerating the digital transformation of our business and building an omni-channel experience that will deepen engagement with our customers through data-driven personalization. While we believe many of the macro-economic pressures that the customer faced in the back half of the year will continue into 2026, we are optimistic the strategies we have in place should enable us to return to consistent comp sales growth."
Fourth Quarter Operating Results ($ in millions, except per share data) | Thirteen Weeks Ended | Change | ||||||||||||
| January 31, 2026 | February 1, 2025 | % | ||||||||||||
| Net sales | $ | 1,718.5 | $ | 1,676.9 | 2.5% | |||||||||
| Comparable sales | (1.6)% | (3.0)% | ||||||||||||
| Income before income tax | $ | 164.2 | $ | 165.3 | (0.7)% | |||||||||
| Net income | $ | 133.7 | $ | 133.6 | 0.1% | |||||||||
Adjusted net income(1) | $ | 132.9 | $ | 138.8 | (4.3)% | |||||||||
| Earnings per common share, diluted | $ | 1.98 | $ | 1.89 | 4.8% | |||||||||
Adjusted earnings per common share, diluted(1) | $ | 1.97 | $ | 1.96 | 0.5% | |||||||||
(1) Adjusted net income and Adjusted earnings per common share, diluted are non-GAAP measures. See "Non-GAAP Measures" and "Reconciliations of GAAP to Non-GAAP Financial Measures" below for reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures.
Fiscal 2025 Operating Results ($ in millions, except per share data) | Fifty-Two Weeks Ended | Change | ||||||||||||
| January 31, 2026 | February 1, 2025 | % | ||||||||||||
| Net sales | $ | 6,053.4 | $ | 5,933.4 | 2.0% | |||||||||
| Comparable sales | (1.5)% | (5.1)% | ||||||||||||
| Income before income tax | $ | 486.1 | $ | 538.2 | (9.7)% | |||||||||
| Net income | $ | 376.8 | $ | 418.4 | (9.9)% | |||||||||
Adjusted net income (1) | $ | 393.2 | $ | 439.5 | (10.5)% | |||||||||
| Earnings per common share, diluted | $ | 5.54 | $ | 5.73 | (3.3)% | |||||||||
Adjusted earnings per common share, diluted (1) | $ | 5.78 | $ | 6.02 | (4.0)% | |||||||||
(1) Adjusted net income and adjusted earnings per common share (EPS), diluted are non-GAAP measures. See "Non-GAAP Measures" and "Reconciliations of GAAP to Non-GAAP Financial Measures" below for reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures.
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Balance Sheet ($ in millions) | As of | Change | ||||||||||||
| January 31, 2026 | February 1, 2025 | % | ||||||||||||
| Cash and cash equivalents | $ | 330.3 | $ | 288.9 | 14.3% | |||||||||
Merchandise inventories, net (1) | $ | 1,503.8 | $ | 1,308.8 | 14.9% | |||||||||
| Long-term debt, net | $ | 480.8 | $ | 482.7 | (0.4)% | |||||||||
(1) As of January 31, 2026 inventory per store was up 6.3% in dollars and flat in units.
Capital Allocation ($ in millions) | Fiscal Year Ended | Change | ||||||||||||
| January 31, 2026 | February 1, 2025 | % | ||||||||||||
Share repurchases(1) | $ | 200.8 | $ | 368.3 | (45.5)% | |||||||||
| Dividends paid | $ | 34.7 | $ | 31.5 | 10.2% | |||||||||
(1) Includes excise tax fees of $1.8 million and $3.4 million in 2025 and 2024, respectively.
Subsequent to the end of fiscal year 2025, on March 5, 2026 Academy announced its Board of Directors declared a quarterly cash dividend with respect to the quarter ended January 31, 2026, of $0.15 per share of common stock. This is an approximately 15 percent increase from the previous quarterly dividend payment. The dividend is payable on April 10, 2026 to stockholders of record as of the close of business on March 20, 2026.
New Store Openings
Academy opened five new stores during the fourth quarter, totaling 24 new stores in fiscal 2025. In fiscal 2026, the Company plans to open 20-25 new stores.
Academy Store Footprint Update
| Time Frame | Total stores open at beginning of the year | Number of stores opened during the year | Number of stores closed during the year | Total stores open at end of year | ||||||||||
| FY 2024 | 282 | 16 | — | 298 | ||||||||||
| FY 2025 | 298 | 24 | — | 322 | ||||||||||
| Time Frame | Total gross square feet open at beginning of the year1 | Gross square feet for stores opened during the year1 | Gross square feet for stores closed during the year1 | Total gross square feet at the end of the year1 | ||||||||||
| FY 2024 | 19,679 | 925 | — | 20,604 | ||||||||||
| FY 2025 | 20,604 | 1,321 | — | 21,925 | ||||||||||
(1) All figures in thousands
2026 Outlook
“As we move through the year, we expect to see tailwinds from our internal initiatives of new store growth, omni-channel growth and the expansion of the current business. We also expect to see growth aided by external events, including increased tax refunds, international sporting events and America's 250th anniversary," said Carl Ford, Executive Vice President and Chief Financial Officer. "We are also mindful that the American consumer is still under financial pressure that we expect to persist throughout 2026."
Academy is providing the following initial guidance for fiscal 2026 (year ending January 30, 2027). This guidance takes into account various factors, both internal and external, such as the expected benefits of the Company's growth initiatives, current consumer demand, the competitive environment, as well as the potential impacts from inflation and other economic risks. The earnings per share estimates do not include any potential future share repurchases and assume a tax rate of 22.0% to 23.0%. At the end of fiscal 2025 the Company had approximately $437 million remaining on its current share repurchase authorization.
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Fiscal 2026 Guidance | change (at midpoint) | ||||||||||||||||
| (in millions, except per share amounts) | Low end | High end | 2025 Actuals | vs. 2025 | |||||||||||||
| Net sales | $6,175 | $6,355 | $6,053 | 3.5 | % | ||||||||||||
| Sales growth | 2.0 | % | 5.0 | % | 2.0% | 3.5 | % | ||||||||||
Comparable sales (1) | (1.0) | % | 2.0 | % | (1.5)% | 133.3 | % | ||||||||||
| Gross margin rate | 34.5 | % | 35.0 | % | 34.8% | — | % | ||||||||||
| GAAP net income | $380 | $415 | $377 | 5.6 | % | ||||||||||||
Adjusted net income (2) | $410 | $445 | $393 | 8.9 | % | ||||||||||||
| GAAP earnings per common share, diluted | $5.65 | $6.15 | $5.54 | 6.5 | % | ||||||||||||
Adjusted earnings per common share, diluted (2) | $6.10 | $6.60 | $5.78 | 9.9 | % | ||||||||||||
| Diluted weighted average common shares | 67.0 | 67.0 | 68.0 | (1.5) | % | ||||||||||||
| Capital expenditures | $200 | $240 | $213 | 3.2 | % | ||||||||||||
Adjusted free cash flow (2), (3) | $250 | $300 | $263 | 4.6 | % | ||||||||||||
(1) We define comparable sales as the percentage of period-over-period net sales increase or decrease, in the aggregate, for stores open after thirteen full fiscal months, as well as for all e-Commerce sales.
(2) Adjusted net income, adjusted earnings per common share (EPS), diluted, and adjusted free cash flow are non-GAAP measures. See appendix for "GAAP to Non-GAAP Reconciliations.
(3) We have not reconciled guidance for adjusted free cash flow to the most comparable GAAP measure because it is not possible to do so without unreasonable efforts given the uncertainty and potential variability of reconciling items, which are dependent on future events often outside of management's control and could be significant; therefore, we are unable to provide an estimate of the most closely comparable GAAP measure at this time.
Conference Call Info
Academy will host a conference call today at 10:00 a.m. Eastern Time to discuss its financial results. The call will be webcast at investors.academy.com. The following information is provided for those who would like to participate in the conference call:
U.S. callers 1-877-407-3982
International callers 1-201-493-6780
Passcode 13758909
A replay of the conference call will be available for approximately 30 days on the Company's website.
About Academy Sports + Outdoors
Academy is a leading full-line sporting goods and outdoor recreation retailer in the United States. Originally founded in 1938 as a family business in Texas, Academy has grown to more than 300 stores across 21 states and counting. Academy’s mission is to provide “Fun for All” and Academy fulfills this mission with a localized merchandising strategy and value proposition that strongly connects with a broad range of consumers. Academy’s product assortment focuses on key categories of outdoor, apparel, footwear and sports & recreation through both leading national brands and a portfolio of private label brands.
Non-GAAP Measures
Adjusted EBITDA, Adjusted EBIT, Adjusted Net Income, Adjusted Earnings per Common Share, and Adjusted Free Cash Flow have been presented in this press release as supplemental measures of financial performance that are not required by, or presented in accordance with, generally accepted accounting principles (“GAAP”). The Company believes that the presentation of these non-GAAP measures is useful to investors as they provide additional information on comparisons between periods by excluding certain items that affect overall comparability. The Company uses these non-GAAP financial measures for business planning purposes, to consider underlying trends of its business, and in measuring its performance relative to others in the market, and believes presenting these measures also provides information to investors and others for understanding and evaluating trends in the Company’s operating results or measuring performance in the same manner as the Company’s management. Non-GAAP financial measures should be considered in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP. The calculation of these non-GAAP financial measures may differ from similar measures reported by other companies and may not be comparable to other
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similarly titled measures. For additional information on these non-GAAP financial measures, please see our Annual Report for the fiscal year ended January 31, 2026 (the "Annual Report"), to be filed on March 17, 2026, which may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at www.sec.gov.
See “Reconciliations of GAAP to Non-GAAP Financial Measures” below for reconciliations of non-GAAP financial measures presented in this press release to their most directly comparable GAAP financial measures.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Academy’s current expectations and are not guarantees of future performance. Forward-looking statements may incorporate words such as “believe,” “expect,", "anticipate," “forward,” “ahead,” “opportunities,” “plans,” “priorities,” “goals,” “future,” “short/long term,” “will,” “should,” or the negative version of these words or other comparable words. The forward-looking statements in this press release include, among other things, statements regarding the Company’s fiscal 2026 outlook under the caption "2026 Outlook," the Company's strategic plans and financial objectives, including the implementation of such plans, the growth of the Company's business and operations, including the opening of new stores and the expansion into new markets, the Company's payment of dividends, including the timing and the amount thereof, share repurchases by the Company, and the Company's expectations regarding its future performance and future financial condition are subject to various risks, uncertainties, assumptions, or changes in circumstances that are all difficult to predict or quantify. Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory, environmental, and other factors that could affect overall consumer spending or our industry, including the possible effects of ongoing macroeconomic challenges, inflation and in higher interest rates, trade policy changes or additional tariffs, geopolitical tensions, or changes to the financial health of our customers, many of which are beyond Academy's control. These and other important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Academy's filings with the SEC, including the Annual Report, under the caption "Part 1A. Risk Factors," as may be updated from time to time in our periodic filings with the SEC. Any forward-looking statement in this press release speaks only as of the date of this release. Academy undertakes no obligation to publicly update or review 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.
Investor Contact | Media Contact | |||||||
| Dan Aldridge | Meredith Klein | |||||||
| VP, Investor Relations | VP, Communications | |||||||
| 832-739-4102 | 346-823-6514 | |||||||
| dan.aldridge@academy.com | meredith.klein@academy.com | |||||||
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ACADEMY SPORTS AND OUTDOORS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Amounts in thousands, except per share data)
| Fiscal Quarter Ended | |||||||||||||||||||||||
| January 31, 2026 | Percentage of Sales (1) | February 1, 2025 | Percentage of Sales (1) | ||||||||||||||||||||
| Net sales | $ | 1,718,471 | 100.0 | % | $ | 1,676,920 | 100.0 | % | |||||||||||||||
| Cost of goods sold | 1,141,869 | 66.4 | % | 1,136,691 | 67.8 | % | |||||||||||||||||
| Gross margin | 576,602 | 33.6 | % | 540,229 | 32.2 | % | |||||||||||||||||
| Selling, general and administrative expenses | 406,456 | 23.7 | % | 385,533 | 23.0 | % | |||||||||||||||||
| Operating income | 170,146 | 9.9 | % | 154,696 | 9.2 | % | |||||||||||||||||
| Interest expense, net | 9,157 | 0.5 | % | 9,168 | 0.5 | % | |||||||||||||||||
| Other income, net | 3,180 | 0.2 | % | 19,769 | 1.2 | % | |||||||||||||||||
| Income before income taxes | 164,169 | 9.6 | % | 165,297 | 9.9 | % | |||||||||||||||||
| Income tax expense | 30,481 | 1.8 | % | 31,666 | 1.9 | % | |||||||||||||||||
| Net income | $ | 133,688 | 7.8 | % | $ | 133,631 | 8.0 | % | |||||||||||||||
| Earnings Per Common Share: | |||||||||||||||||||||||
| Basic | $ | 2.02 | $ | 1.93 | |||||||||||||||||||
| Diluted | $ | 1.98 | $ | 1.89 | |||||||||||||||||||
| Weighted Average Common Shares Outstanding: | |||||||||||||||||||||||
| Basic | 66,141 | 69,229 | |||||||||||||||||||||
| Diluted | 67,596 | 70,689 | |||||||||||||||||||||
(1) Column may not add due to rounding
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ACADEMY SPORTS AND OUTDOORS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share data)
| Fiscal Year Ended | |||||||||||||||||||||||
| January 31, 2026 | Percentage of Sales (1) | February 1, 2025 | Percentage of Sales (1) | ||||||||||||||||||||
| Net sales | $ | 6,053,414 | 100.0 | % | $ | 5,933,450 | 100.0 | % | |||||||||||||||
| Cost of goods sold | 3,947,801 | 65.2 | % | 3,921,990 | 66.1 | % | |||||||||||||||||
| Gross margin | 2,105,613 | 34.8 | % | 2,011,460 | 33.9 | % | |||||||||||||||||
| Selling, general and administrative expenses | 1,593,429 | 26.3 | % | 1,472,821 | 24.8 | % | |||||||||||||||||
| Operating income | 512,184 | 8.5 | % | 538,639 | 9.1 | % | |||||||||||||||||
| Interest expense, net | 36,214 | 0.6 | % | 36,873 | 0.6 | % | |||||||||||||||||
| Write-off of deferred loan costs | — | 0.0 | % | 449 | 0.0 | % | |||||||||||||||||
| Other income, net | 10,087 | 0.2 | % | 36,908 | 0.6 | % | |||||||||||||||||
| Income before income taxes | 486,057 | 8.0 | % | 538,225 | 9.1 | % | |||||||||||||||||
| Income tax expense | 109,289 | 1.8 | % | 119,778 | 2.0 | % | |||||||||||||||||
| Net income | $ | 376,768 | 6.2 | % | $ | 418,447 | 7.1 | % | |||||||||||||||
| Earnings Per Common Share: | |||||||||||||||||||||||
| Basic | $ | 5.66 | $ | 5.87 | |||||||||||||||||||
| Diluted | $ | 5.54 | $ | 5.73 | |||||||||||||||||||
| Weighted Average Common Shares Outstanding: | |||||||||||||||||||||||
| Basic | 66,612 | 71,343 | |||||||||||||||||||||
| Diluted | 68,034 | 73,048 | |||||||||||||||||||||
(1) Column may not add due to rounding
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ACADEMY SPORTS AND OUTDOORS, INC.
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except per share data)
| January 31, 2026 | February 1, 2025 | |||||||||||||
| ASSETS | ||||||||||||||
| CURRENT ASSETS: | ||||||||||||||
| Cash and cash equivalents | $ | 330,320 | $ | 288,929 | ||||||||||
| Accounts receivable - less allowance for doubtful accounts of $1,792 and $2,752, respectively | 34,755 | 16,759 | ||||||||||||
| Merchandise inventories, net | 1,503,756 | 1,308,840 | ||||||||||||
| Prepaid expenses and other current assets | 82,457 | 95,621 | ||||||||||||
| Assets held for sale | 2,957 | — | ||||||||||||
| Total current assets | 1,954,245 | 1,710,149 | ||||||||||||
| PROPERTY AND EQUIPMENT, NET | 584,103 | 525,136 | ||||||||||||
| RIGHT-OF-USE ASSETS | 1,234,246 | 1,173,075 | ||||||||||||
| TRADE NAME | 579,766 | 579,007 | ||||||||||||
| GOODWILL | 861,920 | 861,920 | ||||||||||||
| OTHER NONCURRENT ASSETS | 62,756 | 51,676 | ||||||||||||
| Total assets | $ | 5,277,036 | $ | 4,900,963 | ||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
| CURRENT LIABILITIES: | ||||||||||||||
| Accounts payable | $ | 637,854 | $ | 612,424 | ||||||||||
| Accrued expenses and other current liabilities | 243,908 | 230,323 | ||||||||||||
| Current lease liabilities | 147,491 | 115,134 | ||||||||||||
| Current maturities of long-term debt | 3,000 | 3,000 | ||||||||||||
| Total current liabilities | 1,032,253 | 960,881 | ||||||||||||
| LONG-TERM DEBT, NET | 480,793 | 482,679 | ||||||||||||
| LONG-TERM LEASE LIABILITIES | 1,261,167 | 1,185,741 | ||||||||||||
| DEFERRED TAX LIABILITIES, NET | 300,654 | 256,815 | ||||||||||||
| OTHER LONG-TERM LIABILITIES | 30,792 | 10,812 | ||||||||||||
| Total liabilities | 3,105,659 | 2,896,928 | ||||||||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||||||||
| STOCKHOLDERS' EQUITY: | ||||||||||||||
| Preferred stock, $0.01 par value, authorized 50,000,000 shares; none issued and outstanding | — | — | ||||||||||||
| Common stock, $0.01 par value, authorized 300,000,000 shares; 64,945,953 and 68,332,961 issued and outstanding as of January 31, 2026 and February 1, 2025, respectively | 649 | 683 | ||||||||||||
| Additional paid-in capital | 256,351 | 247,094 | ||||||||||||
| Retained earnings | 1,914,377 | 1,756,258 | ||||||||||||
| Stockholders' equity | 2,171,377 | 2,004,035 | ||||||||||||
| Total liabilities and stockholders' equity | $ | 5,277,036 | $ | 4,900,963 | ||||||||||
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ACADEMY SPORTS AND OUTDOORS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
| Fiscal Year Ended | |||||||||||||||||
| January 31, 2026 | February 1, 2025 | ||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||
| Net income | $ | 376,768 | $ | 418,447 | |||||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
| Depreciation and amortization | 122,866 | 118,070 | |||||||||||||||
| Non-cash lease expense | 46,212 | 30,295 | |||||||||||||||
| Equity compensation | 21,176 | 26,629 | |||||||||||||||
| Amortization of deferred loan and other costs | 2,590 | 2,574 | |||||||||||||||
| Deferred income taxes | 43,839 | 2,020 | |||||||||||||||
| Write-off of Deferred Loan Costs | — | 449 | |||||||||||||||
| Gain on disposal of property and equipment | (15,417) | (7,062) | |||||||||||||||
| Changes in assets and liabilities: | |||||||||||||||||
| Accounts receivable, net | (17,995) | 2,611 | |||||||||||||||
| Merchandise inventories | (194,916) | (114,681) | |||||||||||||||
| Prepaid expenses and other current assets | 26,915 | (10,117) | |||||||||||||||
| Other noncurrent assets | (12,556) | (12,437) | |||||||||||||||
| Accounts payable | 27,335 | 65,761 | |||||||||||||||
| Accrued expenses and other current liabilities | 17,128 | 11,952 | |||||||||||||||
| Income taxes payable | (19,062) | (5,277) | |||||||||||||||
| Other long-term liabilities | 9,915 | (1,152) | |||||||||||||||
| Net cash provided by operating activities | 434,798 | 528,082 | |||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||
| Capital expenditures | (212,668) | (199,589) | |||||||||||||||
| Purchases of intangible assets | (759) | (771) | |||||||||||||||
| Proceeds from the sale of property and equipment | 41,390 | 14,240 | |||||||||||||||
| Net cash used in investing activities | (172,037) | (186,120) | |||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||
| Proceeds from Revolving Credit Facilities | — | 3,900 | |||||||||||||||
| Reduction in Revolving Credit Facilities | — | (3,900) | |||||||||||||||
| Repayment of Term Loan | (3,000) | (3,000) | |||||||||||||||
| Debt issuance fees | — | (5,689) | |||||||||||||||
| Proceeds from exercise of stock options | 4,399 | 4,323 | |||||||||||||||
| Proceeds from issuance of common stock under employee stock purchase program | 5,185 | 5,248 | |||||||||||||||
| Taxes paid related to net share settlement of equity awards | (4,784) | (5,460) | |||||||||||||||
| Repurchase of common stock for retirement | (198,978) | (364,912) | |||||||||||||||
| Dividends paid | (34,657) | (31,463) | |||||||||||||||
| Other financing activities | 10,465 | — | |||||||||||||||
| Net cash used in financing activities | (221,370) | (400,953) | |||||||||||||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 41,391 | (58,991) | |||||||||||||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 288,929 | 347,920 | |||||||||||||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 330,320 | $ | 288,929 | |||||||||||||
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ACADEMY SPORTS AND OUTDOORS, INC.
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited)
Adjusted EBITDA and Adjusted EBIT
We define “Adjusted EBITDA” as net income (loss) before interest expense, net, income tax expense and depreciation, amortization, and impairment, and other adjustments included in the table below. We define “Adjusted EBIT” as Adjusted EBITDA less depreciation and amortization. We describe these adjustments reconciling net income (loss) to Adjusted EBITDA and Adjusted EBIT in the following table (amounts in thousands).
| Fiscal Quarter Ended | Fiscal Year Ended | ||||||||||||||||||||||||||||
| January 31, 2026 | February 1, 2025 | January 31, 2026 | February 1, 2025 | ||||||||||||||||||||||||||
| Net income (a) | $ | 133,688 | $ | 133,631 | $ | 376,768 | $ | 418,447 | |||||||||||||||||||||
| Interest expense, net | 9,158 | 9,167 | 36,214 | 36,873 | |||||||||||||||||||||||||
| Income tax expense | 30,482 | 31,665 | 109,289 | 119,778 | |||||||||||||||||||||||||
| Depreciation and amortization | 30,791 | 30,962 | 122,866 | 118,070 | |||||||||||||||||||||||||
| Equity compensation (b) | (1,548) | 6,240 | 21,176 | 26,629 | |||||||||||||||||||||||||
| Write-off of deferred loan costs | — | — | — | 449 | |||||||||||||||||||||||||
| Adjusted EBITDA | $ | 202,571 | $ | 211,665 | $ | 666,313 | $ | 720,246 | |||||||||||||||||||||
| Less: Depreciation and amortization | (30,791) | (30,962) | (122,866) | (118,070) | |||||||||||||||||||||||||
| Adjusted EBIT | $ | 171,780 | $ | 180,703 | $ | 543,447 | $ | 602,176 | |||||||||||||||||||||
| (a) | Net income for the year ended February 1, 2025, includes a $15.0 million gain pertaining to a litigation settlement which occurred in the fourth quarter of fiscal year 2024. | ||||||||||||||||||||||||||||
| (b) | Represents non-cash charges related to equity based compensation, which vary from period to period depending on certain factors such as the timing and valuation of awards, achievement of performance targets and equity award forfeitures. | ||||||||||||||||||||||||||||
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Adjusted Net Income and Adjusted Earnings Per Common Share
We define “Adjusted Net Income” as net income (loss) plus other adjustments included in the table below, less the tax effect of these adjustments. We define “Adjusted Earnings per Common Share, Basic” as Adjusted Net Income divided by the basic weighted average common shares outstanding during the period and “Adjusted Earnings per Common Share, Diluted” as Adjusted Net Income divided by the diluted weighted average common shares outstanding during the period. We describe these adjustments reconciling net income (loss) to Adjusted Net Income, and Adjusted Earnings Per Common Share in the following table (amounts in thousands, except per share data):
| Fiscal Quarter Ended | Fiscal Year Ended | ||||||||||||||||||||||||||||
| January 31, 2026 | February 1, 2025 | January 31, 2026 | February 1, 2025 | ||||||||||||||||||||||||||
| Net income (a) | $ | 133,688 | $ | 133,631 | $ | 376,768 | $ | 418,447 | |||||||||||||||||||||
| Equity compensation (b) | (1,548) | 6,240 | 21,176 | 26,629 | |||||||||||||||||||||||||
| Write off of deferred loan costs | — | — | — | 449 | |||||||||||||||||||||||||
| Tax effects of these adjustments (c) | 801 | (1,112) | (4,761) | (6,038) | |||||||||||||||||||||||||
| Adjusted Net Income | 132,941 | 138,759 | 393,183 | 439,487 | |||||||||||||||||||||||||
| Earnings per common share | |||||||||||||||||||||||||||||
| Basic | $ | 2.02 | $ | 1.93 | $ | 5.66 | $ | 5.87 | |||||||||||||||||||||
| Diluted | $ | 1.98 | $ | 1.89 | $ | 5.54 | $ | 5.73 | |||||||||||||||||||||
| Adjusted Earnings per Share | |||||||||||||||||||||||||||||
| Basic | $ | 2.01 | $ | 2.00 | $ | 5.90 | $ | 6.16 | |||||||||||||||||||||
| Diluted | $ | 1.97 | $ | 1.96 | $ | 5.78 | $ | 6.02 | |||||||||||||||||||||
| Weighted average common shares outstanding | |||||||||||||||||||||||||||||
| Basic | 66,141 | 69,229 | 66,612 | 71,343 | |||||||||||||||||||||||||
| Diluted | 67,596 | 70,689 | 68,034 | 73,048 | |||||||||||||||||||||||||
| (a) | Net income for the year ended February 1, 2025, includes a $15.0 million gain pertaining to a litigation settlement which occurred in the fourth quarter of 2024. | ||||||||||||||||||||||||||||
| (b) | Represents non-cash charges related to equity based compensation, which vary from period to period depending on certain factors such as the timing and valuation of awards, achievement of performance targets and equity award forfeitures. | ||||||||||||||||||||||||||||
| (c) | Represents the tax effect of the total adjustments made to arrive at Adjusted Net Income at our historical tax rate. | ||||||||||||||||||||||||||||
Adjusted Net Income and Adjusted Earnings Per Common Share, Diluted, Guidance Reconciliation (amounts in millions, except per share data)
| Low Range* | High Range* | |||||||||||||
| Fiscal Year Ending January 30, 2027 | Fiscal Year Ending January 30, 2027 | |||||||||||||
| Net Income | $ | 380.0 | $ | 415.0 | ||||||||||
Equity compensation (a) | 30.0 | $ | 30.0 | |||||||||||
| Adjusted Net Income | $ | 410.0 | $ | 445.0 | ||||||||||
| Earnings Per Common Share, Diluted | $ | 5.65 | $ | 6.15 | ||||||||||
Equity compensation (a) | 0.45 | 0.45 | ||||||||||||
| Adjusted Earnings Per Common Share, Diluted | $ | 6.10 | $ | 6.60 | ||||||||||
| * | Amounts presented have been rounded. | |||||||||||||
| (a) | Adjustments include non-cash charges related to equity-based compensation (as defined above), which may vary from period to period. | |||||||||||||
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Adjusted Free Cash Flow
We define “Adjusted Free Cash Flow” as net cash provided by (used in) operating activities less net cash used in investing activities. We describe these adjustments reconciling net cash provided by operating activities to adjusted free cash flow in the following table (amounts in thousands):
| Fiscal Quarter Ended | Fiscal Year Ended | |||||||||||||||||||||||||
| January 31, 2026 | February 1, 2025 | January 31, 2026 | February 1, 2025 | |||||||||||||||||||||||
| Net cash provided by operating activities | $ | 149,732 | $ | 140,168 | $ | 434,798 | $ | 528,082 | ||||||||||||||||||
| Net cash used in investing activities | (6,008) | (49,674) | (172,037) | (186,120) | ||||||||||||||||||||||
| Adjusted Free Cash Flow | $ | 143,724 | $ | 90,494 | $ | 262,761 | $ | 341,962 | ||||||||||||||||||
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PRESENTATION TITLE SLIDE ACADEMY SPORTS + OUTDOORS Q4 2025 EARNINGS Exhibit 99.2
SAFE HARBOR 2 • This presentation by Academy Sports and Outdoors, Inc. (the “Company”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Academy’s current expectations and are not guarantees of future performance. Forward-looking statements may incorporate words such as “believe,” “expect,” “forward,” “ahead,” “opportunities,” “plans,” “priorities,” “goals,” “future,” “short/long term,” “will,” “should,” or the negative version of these words or other comparable words. • The information is, where applicable, based on estimates, assumption, and analysis that the Company believes, as of the date hereof, provides a reasonable basis for the information contained herein. The forward-looking statements include, among other things, statements regarding the Company’s strategic plans, long range plans, goals and targets, and financial objectives, including the implementation of such plans, the growth of the Company’s business and operations, including the opening of new stores and the expansion into new markets as well as their performance, the Company's expectations regarding its future performance and financial condition, the Company’s payment of dividends, including the timing and the amount thereof, its market opportunity and other such matters. These forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory, environmental, and other factors that could affect overall consumer spending or our industry, including the possible effects of ongoing macroeconomic challenges, inflation and higher interest rates, trade policy changes or additional tariffs or changes in tariffs, geopolitical tensions, or changes to the financial health of our customers, many of which are beyond the Company’s control. These and other important factors that could cause actual results to differ materially from those in the forward-looking statements include those risks mentioned above and other risks that are set forth in the Company's filings with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2026 under the caption “Risk Factors," as may be updated from time to time in our periodic filings with the SEC. Any forward-looking statement in this presentation speaks only as of the date of this presentation. • The Company undertakes no obligation to publicly update or review 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. • The Company operates on a retail fiscal calendar pursuant to which its fiscal year consists of 52 or 53 weeks, ending on the Saturday closest to January 31 (which such Saturday may occur on a date following January 31) each year. References to any “year”, “quarter,” or “month” mean “fiscal year,” “fiscal quarter,” and “fiscal month,” respectively, unless the context requires otherwise. References to “2024” and “LY” relate to its fiscal year ended February 1, 2025, unless the context requires otherwise. References to “FY25” relate to its fiscal year ending January 31, 2026, unless the context requires otherwise. References to “Q4 FY25,” relate to its fiscal quarter ended January 31, 2026, unless the context requires otherwise.
WHO IS ACADEMY SPORTS + OUTDOORS? 3 • We are a $6 billion retailer of trending outdoor and sport categories, operating 322 stores across 21 states and counting • We have a significant growth opportunity, highlighted by our current plan to expand store footprint and omnichannel business • Deep consumer connections differentiated by strong focus on assortment, value, and experience, driving customer and community loyalties • Capturing tailwinds of lasting shift of customer spend towards outdoor activities, health and wellness, and experiences V I S I O N To be the BEST sports + outdoors retailer in the country M I S S I O N Provide FUN FOR ALL through strong assortments, value, and experience CUSTOMER focus and service EXCELLENCE in all we do Responsible LEADERSHIP INITIATIVE with urgency STUDENTS of the business INTEGRITY always Positive impact on our COMMUNITIES VA L U E S
GROWTH PLAN: STRATEGY & GOALS 4 1.Open NEW STORES to expand the store base by 50%+ in existing and new markets 2.Build a more powerful OMNI-CHANNEL business 3.Drive our EXISTING BUSINESS by: • Improving service and productivity in our stores • Strengthening our merchandising through meaningful assortment, powerful brands, and compelling value • Attracting and engaging customers through communication, content, and experiences 4.Leverage and scale our SUPPLY CHAIN to enable industry-leading growth 5.Support our growth with the BEST TEAM in Retail
NEW STORE GROWTH 5 ASO has opened 63 new stores over the past four years as part of our new store growth strategy, including expanding into 5 new states. During the fourth quarter we opened 5 stores. We opened 16 new stores in fiscal 2024 and opened 24 stores in fiscal 2025 across legacy, existing and new markets. In 2026, the Company plans to open an additional 20-25 stores. • Legacy market - High Awareness Markets (Texas/Oklahoma/Louisiana/Arkansas) • Existing market - Mississippi/Alabama/Georgia/Florida/Kansas/Missouri/Tennessee/Kentucky/North Carolina/South Carolina • New market - Low Awareness Markets (Pennsylvania/Ohio/Indiana/Illinois/West Virginia/Maryland/Virginia) New Store Targets Year One Sales: $12M - $16M FY25 Spend/store: $2.5M - $3.5M Targeted ROIC1: 20%+ 80% of the US population does not live within 10-miles of an Academy store (1) Return on Invested Capital, including approximately $1 million in net inventory per store ("ROIC") is a non-GAAP measure. We have not reconciled this ROIC estimate to the most comparable GAAP measure because it is not possible to do so without unreasonable efforts given the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management's control and could be significant.
6 JORDAN BRAND & NIKE EXPANSION On April 23, 2025, the Company launched Jordan Brand in 145 doors and online as well as expanded our Nike assortment in the majority of the stores and online. Additionally, on March 17, 2026, the Company announced that Jordan Brand shop concept will expand to an additional 55 doors this spring. This launch represents the first time the Company cross-merchandised apparel + footwear + accessories together by gender, into one branded shop concept.
SUCCESSFULLY LAUNCHED NEW REWARDS 7 In February of 2026, the Company successfully launched a multi-tiered new myAcademy Rewards program across a subset of Academy stores, followed by a phased roll out to the rest of the chain and online to be complete by the end of the second quarter.
8 Q4 FY 2025 RESULTS Source: The Company’s Q4 FY 2025 earnings release and 10-K to be filed on 3/17/206. * Adjusted earnings per common share (EPS), diluted is a non-GAAP measure. See appendix for “GAAP to Non-GAAP Reconciliations.” $1.7B Net Sales 2.5% year-over-year -1.6% Comp Sales 33.6% Gross Margin 5 New Store Openings $1.98 GAAP EPS + 4.8% v Q4 LY $1.97* Adjusted EPS • Sales growth of 2.5% • Gross Margin expansion of 140 basis points • EPS growth of 4.8% • Opened five new stores
FY 2025 ACCOMPLISHMENTS 9 E-commerce Growth: Segment grew +13.6%, and launched "Scout" AI agent Store Expansion: 24 new openings outperformed pro formas & driving mid-single-digit comps In-Stock Optimization: Improved in stocks +500bps via assortment rationalization and RFID rollout Brand Curation: Leveraged key brands (Jordan, Burlebo, Turtlebox) to drive traffic in key moments Loyalty Momentum: Scaled myAcademy Rewards to >13M members and growing Customer Mix: High-income households (>$100K) now our largest and fastest growing customer Tariff Mitigation: Diversified sourcing, pulled forward inventory, and optimized pricing/promos to offset headwinds
10 CAPITAL ALLOCATION Our strategy remains focused on generating cash flow to reinvest into growth initiatives for the business, and to return the majority of our free cash flow back to investors through dividends and stock repurchases. • During the fourth quarter, we paid $8.6 million dollars in dividends and repurchased approximately $100 million of our shares. • For the Full Year 2025, we paid $34.7 million in dividends and repurchased approximately $200 million of our shares.
11 FISCAL 2026 GUIDANCE
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PRESENTATION TITLE SLIDE FINANCIALS
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18 GAAP TO NON-GAAP RECONCILIATIONS • Adjusted Net Income, Adjusted Earnings per Common Share, Adjusted EBITDA, Adjusted EBIT and Adjusted Free Cash Flow, have been presented in this presentation as supplemental measures of financial performance that are not required by, or presented in accordance with, generally accepted accounting principles (“GAAP”). These non-GAAP measures have limitations as analytical tools. For information on these limitations, as well as information on why management believes these non-GAAP measures are useful, please see our Annual Report on Form 10-K for the fiscal year ended January 31, 2026 (the "Annual Report") filed on March 17, 2026, as such limitations and information may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at www.sec.gov. • We compensate for these limitations by primarily relying on our GAAP results in addition to using these non- GAAP measures supplementally.
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FAQ
How did Academy Sports (ASO) perform in Q4 2025?
Academy’s Q4 2025 sales and earnings grew modestly. Net sales were $1.72B , up 2.5% year over year, with comparable sales down 1.6% . Diluted EPS increased to $1.98 , a 4.8% gain, supported by gross margin expansion to 33.6% .
What were Academy Sports (ASO) full-year 2025 financial results?
For fiscal 2025, Academy delivered slight growth but lower profit. Net sales reached $6.05B , up 2.0% , while comparable sales declined 1.5% . Net income fell to $376.8M , down 9.9% , and diluted EPS decreased to $5.54 from $5.73 .
What 2026 guidance did Academy Sports (ASO) provide?
Academy expects moderate growth in fiscal 2026. It guides net sales to $6.18B–$6.36B , or 2–5% growth, comparable sales between -1% and +2% , GAAP diluted EPS of $5.65–$6.15 , and adjusted diluted EPS of $6.10–$6.60 .
How many new stores is Academy Sports (ASO) opening?
Academy is accelerating store expansion. The company opened 24 new stores in fiscal 2025, ending the year with 322 locations and about 21.9 million gross square feet. For fiscal 2026, it plans to open an additional 20–25 stores across legacy, existing, and new markets.
What dividend changes did Academy Sports (ASO) announce?
Academy increased its quarterly dividend for the fourth straight year. The board declared a quarterly cash dividend of $0.15 per share for the quarter ended January 31, 2026, approximately a 15% increase from the prior payment, payable April 10, 2026 to shareholders of record March 20, 2026.
How did Academy Sports (ASO) use cash in 2025?
Academy balanced reinvestment with shareholder returns. Fiscal 2025 operating cash flow was $434.8M . The company spent $212.7M on capital expenditures, paid $34.7M in dividends, and repurchased about $200M of stock, ending with $330.3M in cash.
What is Academy Sports (ASO) doing to drive growth beyond new stores?
Academy is investing in omni-channel, brands, and loyalty. E-commerce sales grew 13.6% in 2025, it expanded Jordan and Nike assortments, launched a new multi-tier myAcademy Rewards program, and improved in-stock levels, aiming to strengthen customer engagement and same-store performance.
Filing Exhibits & Attachments
5 documents
Academy Sports & Outdoors, Inc.