Academy Sports + Outdoors Reports First Quarter Fiscal 2026 Results
First Quarter Sales Growth of 6.7%; Comparable Sales Growth of 2.9%
eCommerce Sales Increase of 17.4%
New Stores Comp Positive High Single Digits
First Quarter Diluted GAAP EPS of $0.80; up 17.6%; Adjusted EPS of $0.93; up 22.4%
Opened Two New Stores in Ohio and Oklahoma
Company Raises Guidance Based on First Quarter Performance
KATY, TEXAS (Globe Newswire — June 9, 2026) – Academy Sports and Outdoors, Inc. (Nasdaq: ASO) (“Academy” or the “Company” ) today announced its financial results for the first quarter ended May 2, 2026.
“We were pleased with the continued improvement in our results in Q1, with total sales up 6.7%, driven by increases in both traffic and average ticket," said Steve Lawrence, Chief Executive Officer. "Based on our Q1 performance, we are raising the low end of our full-year guidance. While we expect inflationary pressures to continue impacting consumer spending for the remainder of the year, our goal is to build on the momentum in our business. We plan to accomplish this by methodically executing against our long-range strategies as we continue to offer customers compelling assortments at outstanding values.”
First Quarter Operating Results
($ in millions, except per share data)
Thirteen Weeks Ended
Change
May 2, 2026
May 3, 2025
%
Net sales
$
1,442.0
$
1,351.4
6.7%
Comparable sales
2.9
%
(3.7)
%
Income before income tax
$
68.9
$
63.0
9.4%
Net income
$
52.7
$
46.1
14.3%
Adjusted net income (1)
$
61.2
$
51.6
18.6%
Earnings per common share, diluted
$
0.80
$
0.68
17.6%
Adjusted earnings per common share, diluted(1)
$
0.93
$
0.76
22.4%
(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.
Thirteen Weeks Ended
Change
Balance Sheet ($ in millions)
May 2, 2026
May 3, 2025
%
Cash and cash equivalents
$
337.8
$
285.1
18.5%
Merchandise inventories, net(1)
$
1,654.4
$
1,560.0
6.1%
Long-term debt, net
$
480.3
$
482.2
(0.4)%
(1) As of May 2, 2026 inventory per store was down 6.8% in units and down 0.8% in dollars.
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Thirteen Weeks Ended
Change
Capital Allocation ($ in millions)
May 2, 2026
May 3, 2025
%
Share repurchases (1)
$
99.3
$
99.9
(0.6)
%
Dividends paid
$
9.6
$
8.7
10.3
%
(1) Includes excise tax fees of $0.8 million and $0.9 million for the thirteen weeks ended May 2, 2026 and May 3, 2025, respectively.
Subsequent to the end of the first quarter, Academy announced that its Board of Directors on June 4, 2026 declared a quarterly cash dividend with respect to the quarter ended May 2, 2026, of $0.15 per share of common stock. The dividend is payable on July 16, 2026, to stockholders of record as of the close of business on June 18, 2026.
New Store Openings
Academy opened two new stores during the first quarter, bringing its total to 324 locations. The Company plans to open three stores during the second quarter, with the remaining 15-20 to be opened in the second half of fiscal 2026.
Academy Store Footprint Update
Time Frame
Total stores open at beginning of the period
Number of stores opened during the period
Number of stores closed during the period
Total stores open at end of period
1st Quarter 2025
298
5
—
303
FY 2025
298
24
—
322
1st Quarter 2026
322
2
—
324
Time Frame
Total gross square 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 period
Total gross square feet at the end of the period(1)
1st Quarter 2025
20,604
275
20,879
FY 2025
20,604
1,321
—
21,925
1st Quarter 2026
21,925
112
—
22,037
(1) Figures in thousands
2026 Outlook
“The first quarter got off to a good start, and we delivered a 6.7% increase in sales, a 14.2% increase in free cash flow, a 14.3% increase in net income, and a 17.6% increase in GAAP EPS,” said Carl Ford, Executive Vice President and Chief Financial Officer. “We remain prudent about the macroenvironment and the updated fiscal 2026 guidance range reflects our belief that the consumer will remain under pressure for the duration of 2026. We're confident that our strategies will allow us to serve this consumer and deliver value to shareholders.”
Academy is providing the following updated guidance for fiscal 2026 (i.e., year ending January 30, 2027), as compared to the original guidance given on March 17, 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.
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Original Fiscal 2026 Guidance
Updated Fiscal 2026 Guidance
change (at midpoint)
(in millions, except per share amounts)
Low end
High end
Low end
High end
2025 Actuals
vs. 2025
Net sales
$6,175
$6,355
$6,230
$6,355
$6,053
4.0
%
Sales Growth
2.0
%
5.0
%
3.0
%
5.0
%
2.0
%
100.0
%
Comparable sales (1)
(1.0)
%
2.0
%
—
%
2.0
%
(1.5)
%
166.7
%
Gross margin rate
34.5
%
35.0
%
34.5
%
35.0
%
34.8
%
—
%
GAAP net income
$380
$415
$390
$415
$377
6.8
%
Adjusted net income (2)
$410
$445
$420
$445
$393
10.1
%
GAAP earnings per common share, diluted
$5.65
$6.15
$5.95
$6.35
$5.54
11.0
%
Adjusted earnings per common share, diluted (2)
$6.10
$6.60
$6.40
$6.80
$5.78
14.2
%
Diluted weighted average common shares
67
67
66
66
~68
(3.0)
%
Capital Expenditures
$200
$240
$200
$240
$213
3.3
%
Adjusted free cash flow (2), (3)
$250
$300
$250
$300
$263
4.6
%
The earnings per share estimates do not include any potential future share repurchases and assume a tax rate of 22.0% to 23.0%.
(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 ecommerce sales.
(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:
U.S. callers 1-877-407-3982
International callers 1-201-493-6780
Passcode 13760700
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
3
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 May 2, 2026 to be filed on June 10, 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 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
346-823-6615
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)
Thirteen Weeks Ended
May 2, 2026
Percentage of Sales (1)
May 3, 2025
Percentage of Sales (1)
Net sales
$
1,442,003
100.0
%
$
1,351,409
100.0
%
Cost of goods sold
962,655
66.8
%
892,540
66.0
%
Gross margin
479,348
33.2
%
458,869
34.0
%
Selling, general and administrative expenses
404,693
28.1
%
389,604
28.8
%
Operating income
74,655
5.2
%
69,265
5.1
%
Interest expense, net
8,988
0.6
%
9,044
0.7
%
Other income, net
3,222
0.2
%
2,807
0.2
%
Income before income taxes
68,889
4.8
%
63,028
4.7
%
Income tax expense
16,186
1.1
%
16,944
1.3
%
Net income
$
52,703
3.7
%
$
46,084
3.4
%
Earnings Per Common Share:
Basic
$
0.82
$
0.69
Diluted
$
0.80
$
0.68
Weighted Average Common Shares Outstanding:
Basic
64,432
67,122
Diluted
65,945
68,170
(1) Column may not add due to rounding
5
ACADEMY SPORTS AND OUTDOORS, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in thousands, except per share data)
May 2, 2026
January 31, 2026
May 3, 2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
337,810
$
330,320
$
285,104
Accounts receivable - less allowance for doubtful accounts of $1,209, $1,792 and $2,584, respectively
17,671
34,755
16,869
Merchandise inventories, net
1,654,429
1,503,756
1,560,035
Prepaid expenses and other current assets
93,249
82,457
59,757
Assets held for sale
2,957
2,957
—
Total current assets
2,106,116
1,954,245
1,921,765
PROPERTY AND EQUIPMENT, NET
602,768
584,103
551,184
RIGHT-OF-USE ASSETS
1,290,110
1,234,246
1,210,516
TRADE NAME
579,860
579,766
579,165
GOODWILL
861,920
861,920
861,920
OTHER NONCURRENT ASSETS
62,826
62,756
55,873
Total assets
$
5,503,600
$
5,277,036
$
5,180,423
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable
$
826,338
$
637,854
$
849,554
Accrued expenses and other current liabilities
274,857
243,908
272,362
Current lease liabilities
152,001
147,491
137,979
Current maturities of long-term debt
3,000
3,000
3,000
Total current liabilities
1,256,196
1,032,253
1,262,895
LONG-TERM DEBT, NET
480,320
480,793
482,209
LONG-TERM LEASE LIABILITIES
1,315,590
1,261,167
1,210,095
DEFERRED TAX LIABILITIES, NET
299,309
300,654
255,912
OTHER LONG-TERM LIABILITIES
31,219
30,792
22,080
Total liabilities
3,382,634
3,105,659
3,233,191
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; 63,507,116; 64,945,953 and 66,466,377 issued and outstanding as of May 2, 2026, January 31, 2026 and May 3, 2025, respectively.
635
649
662
Additional paid-in capital
254,512
256,351
244,388
Retained earnings
1,865,819
1,914,377
1,702,182
Stockholders' equity
2,120,966
2,171,377
1,947,232
Total liabilities and stockholders' equity
$
5,503,600
$
5,277,036
$
5,180,423
6
ACADEMY SPORTS AND OUTDOORS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Amounts in thousands)
Thirteen Weeks Ended
May 2, 2026
May 3, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
52,703
$
46,084
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
30,757
30,150
Non-cash lease expense
3,068
12,665
Equity compensation
11,100
7,542
Amortization of deferred loan and other costs
646
649
Deferred income taxes
(1,345)
(903)
Changes in assets and liabilities:
Accounts receivable, net
17,084
(110)
Merchandise inventories, net
(150,673)
(251,195)
Prepaid expenses and other current assets
(10,793)
35,863
Other noncurrent assets
(438)
(4,566)
Accounts payable
177,965
231,762
Accrued expenses and other current liabilities
12,782
24,848
Income taxes payable
17,323
16,322
Other long-term liabilities
427
8,361
Net cash provided by operating activities
160,606
157,472
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures
(38,903)
(50,830)
Purchases of intangible assets
(94)
(158)
Net cash used in investing activities
(38,997)
(50,988)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of Term Loan
(750)
(750)
Repurchase of common stock for retirement
(98,412)
(99,031)
Proceeds from exercise of stock options
715
1,516
Taxes paid related to net share settlement of equity awards
(6,026)
(3,328)
Dividends paid
(9,646)
(8,716)
Net cash used in financing activities
(114,119)
(110,309)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
7,490
(3,825)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
330,320
288,929
CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
337,810
$
285,104
7
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
May 2, 2026
May 3, 2025
Net income
$
52,703
$
46,084
Interest expense, net
8,988
9,044
Income tax expense
16,186
16,944
Equity compensation (a)
11,100
7,542
Adjusted EBIT
$
88,977
$
79,614
(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.
8
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
May 2, 2026
May 3, 2025
Net income
$
52,703
$
46,084
Equity compensation (a)
11,100
7,542
Tax effects of these adjustments (b)
(2,584)
(2,029)
Adjusted Net Income
$
61,219
$
51,597
Earnings per common share:
Basic
$
0.82
$
0.69
Diluted
$
0.80
$
0.68
Adjusted earnings per common share:
Basic
$
0.95
$
0.77
Diluted
$
0.93
$
0.76
Weighted average common shares outstanding:
Basic
64,432
67,122
Diluted
65,945
68,170
(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 Ending January 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
$
5.95
$
6.35
Equity compensation (a)
0.45
0.45
Adjusted Earnings Per Common Share, Diluted
$
6.40
$
6.80
*
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.
9
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):
