Academy Sports & Outdoors (ASO) Q4 2026 earnings summary

Executive summary

• FY25 net sales reached $6.05B, up 2.0% year-over-year, with Q4 net sales of $1.72B, up 2.5% year-over-year, despite a -1.6% Q4 comp sales decline.

• Opened 24 new stores in FY25, with plans for 20–25 more in FY26, and expanded major brand partnerships.

• E-commerce grew 13.6% year-over-year, driven by AI-powered digital enhancements and loyalty program expansion, now exceeding 13M members.

• Higher-income households became the largest and fastest-growing customer segment, diversifying the customer base.

• Gross margin improved to 34.8% for FY25, up 90 bps year-over-year.

Financial highlights

• FY25 net income was $376.8M, down 9.9% year-over-year; adjusted net income was $393.2M.

• Q4 net income was $133.7M ($1.98 EPS); adjusted EPS was $1.97.

• Adjusted EBITDA for FY25 was $666.3M.

• Year-end cash was $330M (+14% YoY); inventory was $1.5B (+15% YoY), with per-store inventory up 6.3%.

• Adjusted free cash flow for FY25 was $262.8M.

Outlook and guidance

• FY26 net sales guidance: $6.18B–$6.36B (+2% to +5%), with comp sales of -1% to +2%.

• Adjusted net income expected between $410M–$445M; adjusted EPS $6.10–$6.60.

• Capital expenditures planned at $200M–$240M.

• 20–25 new stores planned for FY26, with openings weighted to the back half of the year.

• Guidance assumes internal initiatives and macro events (tax refunds, World Cup, 250th anniversary) as potential tailwinds.