Sportsman's Warehouse (SPWH) Q4 2026 earnings summary

Executive summary

• Achieved full-year same store sales growth of 1%, the first positive growth since 2020, with improved inventory productivity and positive free cash flow.

• Fourth quarter performance exceeded revised guidance, driven by strategic focus on higher-growth categories like Fishing and Personal Protection.

• Strengthened balance sheet by reducing inventory by $29.1 million (8.5%) and net debt by 6.1%.

Financial highlights

• Q4 net sales were $334.9 million, down 1.6% year-over-year; full-year net sales rose 1.0% to $1,209.2 million.

• Q4 gross profit margin declined to 28.4% from 30.4% year-over-year; full-year gross margin steady at 30.9%.

• Q4 net loss widened to $21.7 million from $8.7 million; full-year net loss increased to $50.1 million from $33.1 million.

• Adjusted Q4 net loss was $3.9 million vs. adjusted net income of $1.6 million last year; adjusted full-year net loss was $21.3 million vs. $20.2 million.

• Adjusted EBITDA for Q4 was $9.6 million (down from $14.6 million); full-year adjusted EBITDA was $27.5 million (down from $29.6 million).

Outlook and guidance

• Fiscal 2026 same store sales expected to range from -1.0% to +2.0%; adjusted EBITDA guidance is $30–36 million.

• Capital expenditures for 2026 projected at $20–25 million, focused on technology and store maintenance.

• No new store openings planned for 2026; approximately five underperforming stores expected to close after the holiday season.