Academy Sports + Outdoors Reports Second Quarter Fiscal 2026 Results
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 $0.06, including reinvestments)
Opened Three New Stores Across Pennsylvania and Tennessee
Company Affirms Sales and Raises EPS Guidance
KATY, TEXAS (Globe Newswire — September 9, 2026) – Academy Sports and Outdoors, Inc. (Nasdaq: ASO) (“Academy” or the “Company” ) today announced its financial results for the second quarter ended August 1, 2026.
“We delivered another quarter of profitable growth, with net sales increasing 3.0%. While consumer spending remains pressured, particularly among lower-income households, our team has continued to execute at a high level by focusing on the key events and categories that matter most to our customers," said Steve Lawrence, Chief Executive Officer. "We are reinvesting tariff-related benefits into value, expanding compelling new brands and categories, and accelerating initiatives across stores, omni-channel and loyalty. These actions are helping us gain market share, strengthen customer engagement and reinforce our confidence in achieving our fiscal 2026 sales and earnings objectives."
Second Quarter Operating Results
($ in millions, except per share data)
Thirteen Weeks Ended
Change
August 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.
1
Year-to-Date Operating Results ($ in millions, except per share data)
Twenty-Six Weeks Ended
Change
August 1, 2026
August 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 Ended
Change
Balance Sheet ($ in millions)
August 1, 2026
August 2, 2025
%
Cash and cash equivalents
$
298.2
$
300.9
(0.9)%
Merchandise inventories, net(1)
$
1,657.4
$
1,587.6
4.4%
Long-term debt, net
$
494.2
$
481.7
2.6%
(1) As of August 1, 2026 inventory per store was down 5.6% in units and down 2.3% in dollars.
Twenty-Six Weeks Ended
Change
Capital Allocation ($ in millions)
August 1, 2026
August 2, 2025
%
Share repurchases (1)
$
182.1
$
99.9
82.3
%
Dividends paid
$
19.0
$
17.4
9.2
%
(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 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
2nd Quarter 2025
303
3
—
306
FY 2025
298
24
—
322
2nd Quarter 2026
324
3
—
327
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)
2nd Quarter 2025
20,879
191
21,070
FY 2025
20,604
1,321
—
21,925
2nd Quarter 2026
22,037
154
—
22,191
(1) Figures in thousands
2
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 Guidance June 9
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
$6,230
$6,355
$6,230
$6,355
$6,053
4.0
%
Sales Growth
3.0
%
5.0
%
3.0
%
5.0
%
2.0
%
100.0
%
Comparable sales (1)
—
%
2.0
%
—
%
2.0
%
(1.5)
%
166.7
%
Gross margin rate
34.5
%
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 shares
66
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.
3
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 13762096
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.
4
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
5
ACADEMY SPORTS AND OUTDOORS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Amounts in thousands, except per share data)
Thirteen Weeks Ended
August 1, 2026
Percentage of 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
6
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
7
ACADEMY SPORTS AND OUTDOORS, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in thousands, except per share data)
August 1, 2026
January 31, 2026
August 2, 2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
298,213
$
330,320
$
300,860
Accounts receivable - less allowance for doubtful accounts of $1,592, $1,792 and $1,874, respectively
22,955
34,755
19,181
Merchandise inventories, net
1,657,442
1,503,756
1,587,624
Prepaid expenses and other current assets
89,897
82,457
78,257
Assets 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
584,045
RIGHT-OF-USE ASSETS
1,292,724
1,234,246
1,206,207
TRADE NAME
579,972
579,766
579,330
GOODWILL
861,920
861,920
861,920
OTHER NONCURRENT ASSETS
70,234
62,756
58,559
Total assets
$
5,508,148
$
5,277,036
$
5,275,983
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable
$
751,560
$
637,854
$
803,309
Accrued expenses and other current liabilities
302,513
243,908
266,021
Current lease liabilities
134,390
147,491
139,678
Current maturities of long-term debt
—
3,000
3,000
Total current liabilities
1,188,463
1,032,253
1,212,008
LONG-TERM DEBT, NET
494,158
480,793
481,738
LONG-TERM LEASE LIABILITIES
1,340,337
1,261,167
1,217,217
DEFERRED TAX LIABILITIES, NET
285,589
300,654
270,502
OTHER LONG-TERM LIABILITIES
21,168
30,792
19,368
Total 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
666
Additional paid-in capital
258,973
256,351
255,517
Retained earnings
1,918,840
1,914,377
1,818,967
Stockholders' equity
2,178,433
2,171,377
2,075,150
Total liabilities and stockholders' equity
$
5,508,148
$
5,277,036
$
5,275,983
8
ACADEMY SPORTS AND OUTDOORS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Amounts in thousands)
Twenty-Six Weeks Ended
August 1, 2026
August 2, 2025
CASH 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 program
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
9
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.
10
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 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
$
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.
11
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 IEEPA tariff refunds in the 2026 second quarter.
