Business Description
Academy Sports and Outdoors, Inc. is a full-line sporting goods and outdoor recreation retailer operating over 300 stores across the United States. The company offers a wide range of products including outdoor gear, apparel, footwear, and sports equipment for families, athletes, and outdoor enthusiasts. It differentiates itself through a localized merchandising strategy and a mix of national and private label brands.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 6,053,414 | 5,933,450 | 6,159,291 | 6,395,073 |
| Cost of Sales | 3,947,801 | 3,921,990 | 4,049,080 | 4,182,571 |
| Gross Profit | 2,105,613 | 2,011,460 | 2,110,211 | 2,212,502 |
| Selling, General & Administrative Expenses | 1,593,429 | 1,472,821 | 1,432,356 | 1,365,953 |
| Operating Profit | 512,184 | 538,639 | 677,855 | 846,549 |
| Interest Expense | (36,214) | (36,873) | (46,051) | (46,441) |
| Non-Operating Income | 10,087 | 36,459 | 31,352 | (22,138) |
| Total Non-Operating Income | (26,127) | (414) | (14,699) | (68,579) |
| Income Before Provision for Income Taxes | 486,057 | 538,225 | 663,156 | 818,320 |
| Provision for Income Taxes | 109,289 | 119,778 | 143,966 | 190,319 |
| Consolidated Net Income | 376,768 | 418,447 | 519,190 | 628,001 |
| Net Income Attributable to Common Shareholders | 376,768 | 418,447 | 519,190 | 628,001 |
| Basic EPS | 5.66 | 5.87 | 6.89 | 7.70 |
| Diluted EPS | 5.54 | 5.73 | 6.70 | 7.49 |
| Basic Weighted Average Shares Outstanding | 66,612 | 71,343 | 75,389 | 81,590 |
| Diluted Weighted Average Shares Outstanding | 68,034 | 73,048 | 77,469 | 83,895 |
| Shares Outstanding | 64,946 | 68,333 | 74,350 | 76,712 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 330,320 | 288,929 | 347,920 | 337,145 |
| Total Cash and Cash Equivalents | 330,320 | 288,929 | 347,920 | 337,145 |
| Accounts Receivable | 34,755 | 16,759 | 19,371 | 16,503 |
| Total Trade Receivables | 34,755 | 16,759 | 19,371 | 16,503 |
| Inventories | 1,503,756 | 1,308,840 | 1,194,159 | 1,283,517 |
| Other Current Assets | 85,414 | 95,621 | 83,450 | 49,510 |
| Total Current Assets | 1,954,245 | 1,710,149 | 1,644,900 | 1,686,675 |
| Net Property, Plant & Equipment | 1,818,349 | 1,698,211 | 1,556,446 | 1,451,509 |
| Net Intangible Assets | 579,766 | 579,007 | 578,236 | 577,716 |
| Goodwill | 861,920 | 861,920 | 861,920 | 861,920 |
| Other Long-Term Assets | 62,756 | 51,676 | 35,211 | 17,619 |
| Total Assets | 5,277,036 | 4,900,963 | 4,676,713 | 4,595,439 |
| Accounts Payable | 637,854 | 612,424 | 541,077 | 686,472 |
| Current Portion of Long-Term Debt | 3,000 | 3,000 | 3,000 | 3,000 |
| Current Portion of Leases | 147,491 | 115,134 | 117,849 | 109,075 |
| Other Current Liabilities | 243,908 | 230,323 | 217,932 | 240,169 |
| Total Current Liabilities | 1,032,253 | 960,881 | 879,858 | 1,038,716 |
| Long-Term Debt | 480,793 | 482,679 | 484,551 | 584,456 |
| Leases | 1,261,167 | 1,185,741 | 1,091,294 | 1,072,192 |
| Other Long-Term Liabilities | 331,446 | 267,627 | 266,360 | 271,769 |
| Total Long-Term Liabilities | 2,073,406 | 1,936,047 | 1,842,205 | 1,928,417 |
| Total Liabilities | 3,105,659 | 2,896,928 | 2,722,063 | 2,967,133 |
| Common Stock | 649 | 683 | 743 | 767 |
| Additional Paid-in Capital | 256,351 | 247,094 | 242,098 | 216,209 |
| Retained Earnings | 1,914,377 | 1,756,258 | 1,711,809 | 1,411,330 |
| Total Common Shareholders' Equity | 2,171,377 | 2,004,035 | 1,954,650 | 1,628,306 |
| Total Shareholders' Equity | 2,171,377 | 2,004,035 | 1,954,650 | 1,628,306 |
| Total Liabilities and Shareholders' Equity | 5,277,036 | 4,900,963 | 4,676,713 | 4,595,439 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 376,768 | 418,447 | 519,190 | 628,001 |
| Depreciation & Amortization | 125,456 | 120,644 | 113,675 | 109,816 |
| Share-Based Compensation Expense | 21,176 | 26,629 | 24,377 | 21,175 |
| Other Adjustments | 74,634 | 25,702 | 13,613 | 43,778 |
| Changes in Trade Receivables | (17,995) | 2,611 | (2,868) | 3,215 |
| Changes in Inventories | (194,916) | (114,681) | 89,358 | (111,709) |
| Changes in Accounts Payable | 27,335 | 65,761 | (142,346) | (55,400) |
| Changes in Accrued Expenses | 17,128 | 11,952 | (26,712) | (58,395) |
| Changes in Income Taxes Payable | (19,062) | (5,277) | 17,640 | (3,407) |
| Changes in Other Operating Activities | 24,274 | (23,706) | (70,148) | (25,069) |
| Cash from Operating Activities | 434,798 | 528,082 | 535,779 | 552,005 |
| Capital Expenditure | (212,668) | (199,589) | (207,770) | (108,304) |
| Proceeds from Sale of Property, Plant & Equipment | 41,390 | 14,240 | 2,151 | — |
| Purchases of Intangible Assets | (759) | (771) | (520) | (502) |
| Cash from Investing Activities | (172,037) | (186,120) | (206,139) | (108,806) |
| Issuance of Short-Term Debt | — | 3,900 | — | — |
| Repayments of Short-Term Debt | — | (3,900) | — | — |
| Net Issuance / (Repayments) of Short-Term Debt | — | 0 | — | — |
| Repayments of Long-Term Debt | (3,000) | (3,000) | (103,000) | (103,000) |
| Net Issuance / (Repayments) of Long-Term Debt | (3,000) | (3,000) | (103,000) | (103,000) |
| Issuance of Common Shares | 9,584 | 9,571 | 22,120 | 26,292 |
| Repurchases of Common Shares | (203,762) | (370,372) | (210,767) | (490,711) |
| Net Issuance / (Repurchases) of Common Shares | (194,178) | (360,801) | (188,647) | (464,419) |
| Common Share Dividends Paid | (34,657) | (31,463) | (27,218) | (24,633) |
| Other Financing Activities | 10,465 | (5,689) | — | — |
| Cash from Financing Activities | (221,370) | (400,953) | (318,865) | (592,052) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 41,391 | (58,991) | 10,775 | (148,853) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $3.57B |
| P/E | 9.93x |
| P/S | 0.59x |
| EV/EBITDA | 8.05x |
| Return on Equity | 18.0% |
| Return on Invested Capital | 10.1% |
| Current Ratio | 1.89x |
| Dividend Yield | 0.9% |
| Free Cash Flow Margin | 3.7% |
Margins
Gross margin
34.8%
Operating margin
8.5%
Net margin
6.2%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $1.44B | +6.7% | 5.2% | $75M |
| Q4 2025 | $1.72B | +2.5% | 9.9% | $170M |
| Q3 2025 | $1.38B | +3.0% | 7.3% | $100M |
| Q2 2025 | $1.60B | +3.3% | 10.8% | $172M |
| Q1 2025 | $1.35B | — | 5.1% | $69M |
| Q4 2024 | $1.68B | — | 9.2% | $155M |
| Q3 2024 | $1.34B | — | 6.8% | $91M |
| Q2 2024 | $1.55B | — | 12.3% | $190M |
More on Academy Sports and Outdoors, Inc.
Figures compiled from public company filings.
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