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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Academy Sports & Outdoors (ASO) investor relations material
Academy Sports & Outdoors Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary9 Dec, 2025
Executive summary
Net sales for Q3 FY25 increased 3% year-over-year to $1.38 billion, with e-commerce sales up 22.2% and comparable sales down 0.9%.
Growth was driven by new store openings, strong back-to-school and holiday assortments, and premium brand expansion, especially Jordan and Nike.
High-income customers (>$100K) now represent 40% of sales, with traffic from this segment up high single digits.
Eleven new stores opened in Q3, bringing the total to 317 across 21 states, with 24 new stores opened year-to-date.
Strategic focus remains on omnichannel growth, new store expansion, and premium brand partnerships.
Financial highlights
Q3 gross margin improved to 35.7%, up 170 basis points year-over-year, driven by higher merchandise margin and lower freight and shrink.
Operating income for Q3 was ~$100 million (7.3% of sales), up from $91.5 million (6.8%), and net income was $71.6 million, up 8.8% year-over-year.
Diluted EPS rose 14% to $1.05, with adjusted EPS at $1.14.
E-commerce sales grew 22.2% year-over-year, now 10.4% of total sales.
Ended quarter with $290 million in cash and no outstanding borrowings on the $1 billion revolver.
Outlook and guidance
FY25 net sales guidance narrowed to $6.025–$6.2 billion, with comparable sales expected between -2% and flat.
Gross margin guidance raised to 34.3%–34.5% for the year.
Adjusted EPS guidance for FY25 is $5.65–$6.15.
Capital expenditures projected at $180–$210 million, with 60% allocated to new stores.
Plans to open 20–25 new stores in FY26, with 80% in legacy/existing markets.
Inventory dollar increase vs. unit decrease impact?
Capital allocation shift: lower share repurchases?
Reconcile sales guidance with market share gains
Why pivot 2026 new stores to existing markets?
Sustain higher-income customer growth
What drives Q4 gross margin outlook?
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Next Academy Sports & Outdoors earnings date
Q4 202620 Mar, 2026
Next Academy Sports & Outdoors earnings date
Q4 202620 Mar, 2026
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Frequently asked questions
A sporting and outdoor goods retailer
Academy Sports & Outdoors is a sporting goods retailer based in Katy, Texas, with over 250 stores across the United States. The company was founded in 1938 as a tire shop and has since grown to become one of the largest sporting goods retailers in the country. Some of Academy Sports & Outdoors competitors include DICK’s Sporting Goods, Frasers, and Hibbett Sports.
The business model
Academy Sports & Outdoors' business model is based on providing a wide range of sports and outdoor products to its customers, including apparel, footwear, equipment, and accessories for a variety of sports and activities. The company focuses on providing affordable and high-quality products, as well as excellent customer service, to differentiate itself from competitors.
How Academy Sports & outdoors makes money
Academy Sports & Outdoors generates revenue primarily through the sale of its products in its retail stores and online. The company's retail stores are located in major cities and towns across the United States, with a focus on providing a convenient and enjoyable shopping experience for its customers. In addition, Academy Sports & Outdoors also offers a range of services, including curbside pickup, in-store pickup, and delivery options.
A legacy of innovation and customer service
Academy Sports & Outdoors is a family-owned business, with the Katz family still actively involved in the company's operations. They have a rich history dating back over 80 years, with a legacy of innovation and customer service. The company was one of the first retailers to offer a complete line of sporting goods, as well as a "satisfaction guarantee" to its customers.
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