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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
Third quarter net sales rose 3% year-over-year to $1.38 billion, driven by strong e-commerce growth of 22.2% and high single-digit comps in new stores, despite a 0.9% decline in comparable sales.
Diluted GAAP EPS increased 14% to $1.05, with adjusted EPS at $1.14; net income for Q3 was $71.6 million, up 8.8% year-over-year.
Eleven new stores opened in Q3, bringing the year-to-date total to 24, with expansion plans for 20–25 new stores in 2026.
Higher-income customers now represent 40% of sales, while lower-income traffic declines moderated.
Strategic focus on omnichannel investments, premium brand partnerships, and expanding Jordan and Nike assortments.
Financial highlights
Q3 gross margin improved 170 basis points to 35.7%, driven by higher merchandise margin, lower freight, and reduced shrink.
Operating income for Q3 was $100.4 million (7.3% of sales), up from $91.5 million (6.8%), and adjusted EBITDA was $141.5 million.
Year-to-date net sales increased 1.8% to $4.33 billion, with net income of $243.1 million and diluted EPS of $3.57.
SG&A expenses rose to 28.4% of sales, reflecting investments in new stores and technology.
Adjusted free cash flow year-to-date was $119.0 million, down from $251.5 million last year.
Outlook and guidance
Fiscal 2025 net sales guidance narrowed to $6.025–$6.2 billion, with comparable sales expected between -2.0% 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.
Plan to open 20–25 new stores in 2026, with 80% in legacy/existing markets.
Tax rate for the year expected at 23.5%.
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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