Second Quarter Sales Growth of 3.0%; Comparable Sales of (0.4)%
eCommerce Sales Increase of 12.8%
New Stores Comp Positive Mid Single Digits
Second Quarter Diluted GAAP EPS of $2.17; up 17.3%; Adjusted EPS of $2.31; up 19.1%
(Net Tariff Refund Impact to EPS of $0.06, including reinvestments)
Opened Three New Stores Across Pennsylvania and Tennessee
Company Affirms Sales and Raises EPS Guidance
KATY, Texas, Sept. 09, 2026 (GLOBE NEWSWIRE) -- Academy Sports and Outdoors, Inc. (Nasdaq: ASO) (“Academy” or the “Company” ) today announced its financial results for the second quarter ended August 1, 2026.
“We delivered another quarter of profitable growth, with net sales increasing 3.0%. While consumer spending remains pressured, particularly among lower-income households, our team has continued to execute at a high level by focusing on the key events and categories that matter most to our customers," said Steve Lawrence, Chief Executive Officer. "We are reinvesting tariff-related benefits into value, expanding compelling new brands and categories, and accelerating initiatives across stores, omni-channel and loyalty. These actions are helping us gain market share, strengthen customer engagement and reinforce our confidence in achieving our fiscal 2026 sales and earnings objectives."
Second Quarter Operating Results($ in millions, except per share data)Thirteen Weeks EndedChangeAugust 1, 2026 August 2, 2025%Net sales$1,647.3 $1,599.8 3.0%Comparable sales(0.4) % 0.2% Income before income tax$178.4 $164.8 8.3%Net income$137.9 $125.4 10.0%Adjusted net income (1)$146.5 $131.3 11.6%Earnings per common share, diluted$2.17 $1.85 17.3%Adjusted earnings per common share, diluted (1)$2.31 $1.94 19.1%
(1) Adjusted net income and adjusted earnings per common share (EPS), diluted are non-GAAP measures. See "Non-GAAP Measures" and "Reconciliations of GAAP to Non-GAAP Financial Measures" below for reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures.
Year-to-Date Operating Results($ in millions, except per share data)Twenty-Six Weeks Ended ChangeAugust 1, 2026August 2, 2025 %Net sales$3,089.3 $2,951.2 4.7%Comparable sales 1.1%(1.7) % Income before income tax$247.3 $227.9 8.5%Net Income$190.6 $171.5 11.1%Adjusted net income (1)$207.7 $182.9 13.6%Earnings per common share, diluted$2.94 $2.52 16.7%Adjusted earnings per common share, diluted (1)$3.20 $2.69 19.0%(1) Adjusted net income and Adjusted earnings per common share, diluted, are non-GAAP measures. See "Non-GAAP Measures" and "Reconciliations of GAAP to Non-GAAP Financial Measures" below for reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures.
Twenty-Six Weeks EndedChangeBalance Sheet ($ in millions)August 1, 2026August 2, 2025%Cash and cash equivalents$298.2$300.9(0.9)%Merchandise inventories, net (1)$1,657.4$1,587.64.4%
Long-term debt, net$494.2$481.72.6%
(1) As of August 1, 2026 inventory per store was down 5.6% in units and down 2.3% in dollars.
Twenty-Six Weeks EndedChangeCapital Allocation ($ in millions)August 1, 2026August 2, 2025%Share repurchases (1)$182.1$99.982.3%Dividends paid$19.0$17.49.2%(1) Includes excise tax fees of $1.6 million for the twenty-six weeks ended August 1, 2026 and $0.9 million for the twenty-six weeks ended August 2, 2025.
Subsequent to the end of the second quarter, Academy announced that its Board of Directors on September 2, 2026 declared a quarterly cash dividend with respect to the quarter ended August 1, 2026, of $0.15 per share of common stock. The dividend is payable on October 14, 2026, to stockholders of record as of the close of business on September 16, 2026.
New Store Openings
Academy opened three new stores during the second quarter, bringing its total to 327 locations. The Company plans to open eleven stores during the third quarter, with the remaining locations to be opened in the fourth quarter of fiscal 2026.
Academy Store Footprint Update
Time FrameTotal stores open atbeginning of the
periodNumber of stores
opened during the
periodNumber of stores
closed during the
periodTotal stores open at
end of period2nd Quarter 20253033—306FY 202529824—3222nd Quarter 20263243—327
feet open at
beginning of the
period(1)Gross square feet
for stores opened
during the period(1)Gross square feet
for stores closed
during the periodTotal gross square
feet at the end of
the period(1)2nd Quarter 202520,879191 21,070FY 202520,6041,321—21,9252nd Quarter 202622,037154—22,191
(1) Figures in thousands
2026 Outlook
“Our second quarter results demonstrate the strength of the business and the discipline of our operating model. We delivered double digit EPS growth, produced strong free cash flow and continued returning capital to shareholders through both share repurchases and dividends. Importantly, we accomplished this while investing in strategic growth initiatives designed to support sustainable long-term growth,” said Carl Ford, Executive Vice President and Chief Financial Officer. “As we enter the second half of the year, our balance sheet remains strong, our growth drivers are performing well and we are well positioned to deliver within our fiscal 2026 outlook."
Academy is providing the following updated guidance for fiscal 2026 (i.e., year ending January 30, 2027), as compared to the guidance given on June 9, 2026. 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, and potential impacts from inflation and other economic risks; actual results may differ materially.
Fiscal 2026 GuidanceJune 9Updated Fiscal 2026
Guidance change
(at midpoint)(in millions, except per share amounts)Low endHigh endLow endHigh end2025
Actuals vs. 2025Net sales$6,230 $6,355 $6,230 $6,355 $6,053 4.0% Sales Growth3.0%5.0%3.0%5.0%2.0% 100.0% Comparable sales (1)—%2.0%—%2.0%(1.5)% 166.7% Gross margin rate34.5%35.0%35.5%36.0%34.8% 3.0% GAAP net income$390 $415 $390 $415 $377 6.8% Adjusted net income (2)$420 $445 $420 $445 $393 10.1% GAAP earnings per common share, diluted$5.95 $6.35 $6.05 $6.45 $5.54 12.8% Adjusted earnings per common share, diluted (2)$6.40 $6.80 $6.50 $6.90 $5.78 15.9% Diluted weighted average common shares66 66 64.5 64.5 ~68 (5.2)% Capital Expenditures$200 $240 $200 $240 $213 3.3% Adjusted free cash flow (2), (3)$250 $300 $300 $350 $263 23.6%
The earnings per share estimates do not include any potential future share repurchases and assume a tax rate of approximately 22.0%.
(1) Comparable sales include stores open after thirteen full fiscal months, all e-commerce sales, and credit card revenue.
(2) Adjusted net income, adjusted earnings per common share (EPS), diluted, and adjusted free cash flow 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.
(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 and 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 and related matters. 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:
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, sports & recreation and footwear through both leading national brands and a portfolio of private label brands. For more information, visit www.academy.com.
Non-GAAP Measures
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 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"), filed on March 17, 2026 and our Quarterly Report for the thirteen weeks ended August 1, 2026 to be filed on September 9, 2026 ("the Quarterly Report"), 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 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 ContactMedia ContactDan AldridgeMeredith KleinVP, Investor RelationsVP, Communications832-739-4102346-823-6615dan.aldridge@[email protected]Sales(1) August 2, 2025 Percentage of
Sales (1)Net sales$1,647,285 100.0% $1,599,838 100.0%Cost of goods sold 981,383 59.6% 1,023,105 64.0%Gross margin 665,902 40.4% 576,733 36.0%Selling, general and administrative expenses 419,539 25.5% 404,352 25.3%Operating income 246,363 15.0% 172,381 10.8%Interest expense, net 8,056 0.5% 9,028 0.6%Loss on early retirement of debt 1,902 0.1% — —%Other expense (income), net 58,006 3.5% (1,480) (0.1)%Income before income taxes 178,399 10.8% 164,833 10.3%Income tax expense 40,502 2.5% 39,399 2.5%Net income$137,897 8.4% $125,434 7.8% Earnings Per Common Share: Basic$2.21 $1.89 Diluted$2.17 $1.85 Weighted Average Common Shares Outstanding: Basic 62,292 66,539 Diluted 63,551 67,689
(1) Column may not add due to rounding
ACADEMY SPORTS AND OUTDOORS, INC.CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Amounts in thousands, except per share data)
Twenty-Six Weeks Ended August 1, 2026 Percentage of
Sales(1) August 2, 2025 Percentage of
Sales (1)Net sales$3,089,288 100.0% $2,951,247 100.0%Cost of goods sold 1,944,038 62.9% 1,915,645 64.9%Gross margin 1,145,250 37.1% 1,035,602 35.1%Selling, general and administrative expenses 824,232 26.7% 793,956 26.9%Operating income 321,018 10.4% 241,646 8.2%Interest expense, net 17,043 0.6% 18,072 0.6%Loss on early retirement of debt 1,902 0.1% — —%Other expense (income), net 54,785 1.8% (4,287) (0.1)%Income before income taxes 247,288 8.0% 227,861 7.7%Income tax expense 56,688 1.8% 56,343 1.9%Net income$190,600 6.2% $171,518 5.8% Earnings Per Common Share: Basic$3.01 $2.57 Diluted$2.94 $2.52 Weighted Average Common Shares Outstanding: Basic 63,362 66,831 Diluted 64,892 68,043
(1) Column may not add due to rounding
ACADEMY SPORTS AND OUTDOORS, INC.CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in thousands, except per share data)
August 1, 2026 January 31, 2026 August 2, 2025ASSETS CURRENT ASSETS: Cash and cash equivalents$298,213 $330,320 $300,860Accounts receivable - less allowance for doubtful accounts of $1,592, $1,792 and $1,874, respectively 22,955 34,755 19,181Merchandise inventories, net 1,657,442 1,503,756 1,587,624Prepaid expenses and other current assets 89,897 82,457 78,257Assets held for sale 2,957 2,957 —Total current assets 2,071,464 1,954,245 1,985,922 PROPERTY AND EQUIPMENT, NET 631,834 584,103 584,045RIGHT-OF-USE ASSETS 1,292,724 1,234,246 1,206,207TRADE NAME 579,972 579,766 579,330GOODWILL 861,920 861,920 861,920OTHER NONCURRENT ASSETS 70,234 62,756 58,559Total assets$5,508,148 $5,277,036 $5,275,983 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable$751,560 $637,854 $803,309Accrued expenses and other current liabilities 302,513 243,908 266,021Current lease liabilities 134,390 147,491 139,678Current maturities of long-term debt — 3,000 3,000Total current liabilities 1,188,463 1,032,253 1,212,008 LONG-TERM DEBT, NET 494,158 480,793 481,738LONG-TERM LEASE LIABILITIES 1,340,337 1,261,167 1,217,217DEFERRED TAX LIABILITIES, NET 285,589 300,654 270,502OTHER LONG-TERM LIABILITIES 21,168 30,792 19,368Total liabilities 3,329,715 3,105,659 3,200,833 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; 62,028,664; 64,945,953 and 66,625,266 issued and outstanding as of August 1, 2026, January 31, 2026 and August 2, 2025, respectively. 620 649 666Additional paid-in capital 258,973 256,351 255,517Retained earnings 1,918,840 1,914,377 1,818,967Stockholders' equity 2,178,433 2,171,377 2,075,150Total liabilities and stockholders' equity$5,508,148 $5,277,036 $5,275,983
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Amounts in thousands)
Twenty-Six Weeks Ended August 1, 2026 August 2, 2025CASH FLOWS FROM OPERATING ACTIVITIES: Net income$190,600 $171,518 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 61,205 61,171 Non-cash lease expense 7,591 22,487 Equity compensation 20,419 15,144 Amortization of deferred loan and other costs 1,305 1,292 Deferred income taxes (15,065) 13,686 Loss on early retirement of debt 1,902 — Loss on tariff refund monetization 61,759 — Changes in assets and liabilities: Accounts receivable, net 11,799 (2,421)Merchandise inventories, net (153,686) (278,784)Prepaid expenses and other current assets (18,995) 15,311 Other noncurrent assets (5,205) (7,617)Accounts payable 116,027 178,381 Accrued expenses and other current liabilities 21,534 29,395 Income taxes payable 46,991 7,526 Other long-term liabilities 841 8,958 Net cash provided by operating activities 349,022 236,047 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (111,258) (107,576)Purchases of intangible assets (206) (323)Net cash used in investing activities (111,464) (107,899) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of Term Loan (85,750) (1,500)Proceeds from Senior Notes 500,000 — Repayment of Senior Notes (400,000) — Debt refinancing fees (9,364) — Proceeds from exercise of stock options 805 2,646 Proceeds from issuance of common stock under employee stock purchase 2,828 2,781 Taxes paid related to net share settlement of equity awards (6,499) (3,748)Repurchase of common stock for retirement (180,505) (99,031)Dividends paid (18,956) (17,365)Remittance of tariff refund claims (72,224) — Net cash used in financing activities (269,665) (116,217) NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (32,107) 11,931 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 330,320 288,929 CASH AND CASH EQUIVALENTS AT END OF PERIOD$298,213 $300,860
ACADEMY SPORTS AND OUTDOORS, INC.
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited)
(Amounts in thousands)
Adjusted EBIT
We define “Adjusted EBIT” as net income (loss) before interest expense, net, income tax expense and other adjustments included in the table below. We describe these adjustments reconciling net income (loss) to Adjusted EBIT in the following table (amounts in thousands):
Thirteen Weeks Ended Twenty-Six Weeks Ended August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025 Net income$137,897 $125,434 $190,600 $171,518 Interest expense, net
8,056 9,028 17,043 18,072 Income tax expense
40,502 39,399 56,688 56,343 Equity compensation (a)
9,319 7,602 20,419 15,144 Loss on early retirement of debt
1,902 — 1,902 — Adjusted EBIT
$197,676 $181,463 $286,652 $261,077 (a)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.
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):
Thirteen Weeks Ended Twenty-Six Weeks Ended August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025 Net income$137,897 $125,434 $190,600 $171,518 Equity compensation (a) 9,319 7,602 20,419 15,144 Loss on early retirement of debt 1,902 — 1,902 — Tax effects of these adjustments (b) (2,612) (1,717) (5,196) (3,745) Adjusted Net Income$146,506 $131,319 $207,725 $182,917 Earnings per common share: Basic$2.21 $1.89 $3.01 $2.57 Diluted$2.17 $1.85 $2.94 $2.52 Adjusted earnings per common share: Basic$2.35 $1.97 $3.28 $2.74 Diluted$2.31 $1.94 $3.20 $2.69 Weighted average common shares outstanding: Basic 62,292 66,539 63,362 66,831 Diluted 63,551 67,689 64,892 68,043 (a)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.(b)Represents the estimated tax effect of the total adjustments made to arrive at Adjusted Net Income.
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 EndingJanuary 31, 2027 Fiscal Year Ending
January 31, 2027 Net Income$390 $415 Equity compensation (a) 30 30 Adjusted Net Income$420 $445 Earnings Per Common Share, Diluted$6.05 $6.45 Equity compensation (a) 0.45 0.45 Adjusted Earnings Per Common Share, Diluted$6.50 $6.90 *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. These amounts are also tax affected.
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):
Thirteen Weeks Ended Twenty-Six Weeks Ended August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025 Net cash provided by operating activities (a)$188,416 $78,575 $349,022 $236,047 Net cash used in investing activities (72,467) (56,911) (111,464) (107,899) Adjusted Free Cash Flow$115,949 $21,664 $237,558 $128,148 (a)Net cash provided by operating activities includes the impact of tariff refunds in the 2026 second quarter.