[Form 4] Academy Sports and Outdoors, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Matthew M. McCabe, EVP & CMO of Academy Sports & Outdoors, had restricted stock units vest and completed a partial sale in early September 2025. On September 6, 2025, 1,621 restricted stock units converted into 1,621 common shares (RSUs convert one-for-one) under the Company’s 2020 Omnibus Incentive Plan. Two days later, on September 8, 2025, the reporting person sold 638 common shares at $50.86 per share.

Following these reported transactions the filing shows the reporting person beneficially owned 18,867 common shares. The form was signed by an attorney-in-fact on behalf of the reporting person and includes the disclosure that the original grant consisted of 4,863 time-based RSUs granted on September 6, 2023, which vest in three equal installments.

Positive

• 1,621 RSUs converted to 1,621 common shares on 09/06/2025 under the 2020 Omnibus Incentive Plan
• Sale of 638 shares was disclosed with price ($50.86) on 09/08/2025
• Beneficial ownership after transactions documented: 18,867 common shares

Negative

• Disposition of 638 shares reduced the reporting person's holdings

Insights

Securities Analyst

TL;DR: Routine executive vesting and a small, disclosed sale; no material change to overall ownership.

The Form 4 reports a standard vesting event where 1,621 RSUs converted to shares and a contemporaneous open-market sale of 638 shares at $50.86. These actions are consistent with scheduled vesting under the 2020 Omnibus Incentive Plan and a partial disposition. Reported beneficial ownership after the transactions is 18,867 shares, which suggests the sale was a modest reduction of total holdings rather than a large, unexpected divestiture. Impact on investor valuation is minimal based solely on these disclosed amounts.

Corporate Governance Expert

TL;DR: Disclosure appears complete for a routine insider vesting and sale; filing follows Section 16 reporting norms.

The filing documents that the RSUs were granted under the Company’s 2020 Omnibus Incentive Plan and notes the original grant of 4,863 RSUs (2023 grant) vesting in three equal installments, of which 1,621 vested and converted on September 6, 2025. The signature by an attorney-in-fact and the detailed transaction codes align with standard Form 4 practice. From a governance perspective, these are routine compensatory and liquidity events and the disclosure supports transparency to shareholders.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

McCabe Matthew M.

(Last) (First) (Middle)

C/O ACADEMY SPORTS AND OUTDOORS, INC.

1800 NORTH MASON ROAD

(Street)

KATY TX 77449

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Academy Sports & Outdoors, Inc. [ ASO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & CMO

3. Date of Earliest Transaction (Month/Day/Year)
09/06/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/06/2025		M		1,621	A	(1)	19,505	D
Common Stock	09/08/2025		F		638	D	$50.86	18,867	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units(2)	(1)	09/06/2025		M			1,621	(3)	(3)	Common Stock	1,621	$0	1,621	D

Explanation of Responses:

1. Restricted stock units convert into Common Stock on a one-for-one basis.

2. Granted under the Company's 2020 Omnibus Incentive Plan.

3. On September 6, 2023, subject to the Reporting Person's continued service, the Reporting Person was granted 4,863 time-based restricted stock units that vest in three equal installments beginning on the first anniversary of the grant date.

Remarks:

	/s/ Gary Holland, Attorney-in-Fact	09/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Matthew M. McCabe report on Form 4 for ASO?

The Form 4 reports that 1,621 RSUs converted into 1,621 common shares on 09/06/2025 and that 638 shares were sold on 09/08/2025 at $50.86 per share.

How many shares does the reporting person own after the transactions (ASO)?

Following the reported transactions the filing shows 18,867 common shares beneficially owned.

Under what plan were the restricted stock units granted?

The RSUs were granted under the Company’s 2020 Omnibus Incentive Plan.

When was the original RSU grant made and how does it vest?

The filing states an original grant of 4,863 time-based RSUs on 09/06/2023, which vest in three equal installments beginning on the first anniversary of the grant date.

What price did the reporting person receive for the shares sold?

The reported sale price for the 638 shares sold on 09/08/2025 was $50.86 per share.