Academy Sports & Outdoors (ASO) Investor Day 2026 summary

Financial outlook and targets

• Five-year plan targets $8 billion in sales, 7% net income, and $9 GAAP EPS, driven by 5% CAGR, 125+ new stores, and 70% e-commerce growth to reach 15%+ penetration.

• Margin expansion of 100 basis points expected through supply chain efficiencies, sales leverage, private label growth, and retail media network.

• Capital allocation focuses on stability, reinvestment in growth, share repurchases, and steady dividends.

• CapEx to remain below 4% of sales, with FY25 return on invested capital at 20% and net leverage ratio at 0.2x.

• Revenue growth to be driven by new stores ($1.9B), omni-channel ($0.3B), and existing business ($0.3B), with low single-digit comps and mid-single digit new store comps.

Strategic growth initiatives

• Store expansion prioritizes underserved, fast-growing exurban and rural markets, with a long-term vision of 800+ stores nationwide.

• Real estate strategy shifted from dense urban centers to outer suburbs and satellite markets, leveraging smaller, value-engineered store formats.

• Enhanced assortment planning, inventory management, and technology adoption (RFID, AI, electronic shelf labels) to improve in-stocks, pricing, and customer experience.

• Focus on value through private brands, competitive pricing, and a robust loyalty and credit card program, including a new Mastercard with 2% cashback.

• E-commerce and omni-channel growth driven by improved data, AI-powered content, expanded drop ship, partnerships (Google, DoorDash), and app engagement.

Customer and market positioning

• Target customer is the "Always Game Family": active, value-focused, seeking convenience and quality, with a mix of sporting families and outdoor enthusiasts, typically suburban/rural with $75K+ income.

• Market share within legacy footprint is 5%, with significant opportunity to capture more of the $130 billion TAM in core states and a total addressable market of $245B.

• Loyalty program has reached 13 million members in 18 months, representing 45% of sales, with plans to further integrate and expand membership and cardholder engagement.

• Brand expansion includes premium and emerging brands, with private label targeted to reach 25% of sales organically, and openness to M&A for acceleration.

• Commitment to maintaining value positioning while broadening appeal to higher-income cohorts through expanded assortment and brand partnerships.