ASO

MKT CAP:$4B

Academy Sports and Outdoors, Inc.

Market Cap

$4B

Consumer Cyclical·Specialty Retail·🇺🇸 United States·NASDAQ

Consumer Cyc.·Specialty Retail·🇺🇸·NASDAQ

Stock Price

$56.77+$4.62 (+8.86%)

Apr 23, 2026

Company Details

Academy Sports and Outdoors, Inc., through its subsidiaries, operates as a sporting goods and outdoor recreational products retailer in the United States. The company sells coolers and drinkware, camping accessories, camping equipment, sung...

CEO

Steven Paul Lawrence

IPO Date

Oct 2, 2020

Website

www.academy.com

Key Metrics TTM

Revenue

$6.1B

-5.2% YoY

Net Income

$377M

EPS (Diluted)

$5.56

Free Cash Flow

$222M

Revenue / Share

$89.55

Gross Margin

34.8%

Operating Margin

8.5%

Net Margin

6.2%

FCF Margin

3.7%

P/S

0.6x

P/E

10.1x

Earnings Reports

FY 2025

Mar 17, 2026

$6.1B+2.0%EPS $5.54

Q4 2025

Mar 17, 2026

$1.7B+2.5%EPS $1.98

Q3 2025

Dec 9, 2025

$1.4BEPS $1.05

Q2 2025

Sep 2, 2025

$1.6B+3.3%EPS $1.85

Q1 2025

Jun 10, 2025

$1.4B-0.9%EPS $0.68

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$1.8B	$584M	$198M
Q1 22	$1.5B	$521M	$205M
Q2 22	$1.7B	$570M	$257M
Q3 22	$1.5B	$522M	$180M
Q4 22	$1.7B	$573M	$205M
Q1 23	$1.4B	$467M	$126M
Q2 23	$1.6B	$563M	$211M
Q3 23	$1.4B	$483M	$137M
Q4 23	$1.8B	$565M	$204M
Q1 24	$1.4B	$427M	$102M
Q2 24	$1.5B	$559M	$190M
Q4 24	$1.7B	$540M	$155M
Q1 25	$1.4B	$459M	$69M
Q2 25	$1.6B	$577M	$172M
Q3 25	$1.4B	$493M	$100M
Q4 25	$1.7B	$577M	$170M

Valuation

Quarter	P/S	P/E
Q4 21	0.5x	5.0x
Q1 22	0.5x	4.9x
Q2 22	0.5x	5.4x
Q3 22	0.5x	5.6x
Q4 22	0.7x	7.0x
Q1 23	0.7x	8.1x
Q2 23	0.7x	8.2x
Q3 23	0.5x	6.4x
Q4 23	0.8x	9.4x
Q1 24	0.7x	8.6x
Q2 24	0.6x	7.4x
Q4 24	0.6x	6.9x
Q1 25	0.4x	6.6x
Q2 25	0.6x	7.7x
Q3 25	0.5x	8.3x
Q4 25	0.6x	9.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$158M	$141M
Q1 22	$97M	$80M
Q2 22	$161M	$130M
Q3 22	$51M	$19M
Q4 22	$243M	$214M
Q1 23	$52M	$12M
Q2 23	$191M	$122M
Q3 23	$57M	$15M
Q4 23	$235M	$179M
Q1 24	$200M	$167M
Q2 24	$91M	$50M
Q4 24	$140M	$76M
Q1 25	$157M	$106M
Q2 25	$79M	$22M
Q3 25	$49M	-$14M
Q4 25	$150M	$107M

Capital Expenditures

Quarter	CapEx
Q4 21	$17M
Q1 22	$17M
Q2 22	$31M
Q3 22	$32M
Q4 22	$29M
Q1 23	$41M
Q2 23	$69M
Q3 23	$42M
Q4 23	$56M
Q1 24	$32M
Q2 24	$41M
Q4 24	$64M
Q1 25	$51M
Q2 25	$57M
Q3 25	$63M
Q4 25	$43M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+13.2%	+10.6%
Q1 22	-7.1%	-5.9%
Q2 22	-5.8%	-6.9%
Q3 22	-6.2%	-4.5%
Q4 22	-3.4%	-4.3%
Q1 23	-5.7%	-0.4%
Q2 23	-6.2%	-4.1%
Q3 23	-6.4%	-4.1%
Q4 23	+2.8%	+3.2%
Q1 24	-1.4%	+0.4%
Q2 24	-2.2%	-1.0%
Q4 24	+20.0%	+20.7%
Q1 25	-24.7%	-19.4%
Q2 25	+17.3%	+13.1%
Q3 25	-10.7%	-5.6%
Q4 25	+2.5%	+1.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$3M	—
Q1 22	$3M	0.2%
Q2 22	$6M	0.4%
Q3 22	$6M	0.4%
Q4 22	$6M	—
Q1 23	$11M	0.8%
Q2 23	$9M	0.5%
Q3 23	$6M	0.4%
Q4 23	-$2M	—
Q1 24	$6M	0.4%
Q2 24	$8M	0.5%
Q4 24	$6M	—
Q1 25	$8M	0.6%
Q2 25	$8M	0.5%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q4 21	—	—	$386M
Q1 22	—	—	$316M
Q2 22	—	—	$313M
Q3 22	—	—	$343M
Q4 22	—	—	$368M
Q1 23	—	—	$341M
Q2 23	—	—	$352M
Q3 23	—	—	$346M
Q4 23	$208M	$154M	—
Q1 24	—	—	$325M
Q2 24	—	—	$369M
Q4 24	—	—	$393M
Q1 25	—	—	$390M
Q2 25	—	—	$404M
Q3 25	—	—	$393M
Q4 25	—	—	$406M

Revenue Segments

Quarter	Apparel	Footwear	Outdoors	Product and Service, Other	Sports And Recreation
Q1 22	$342M	$303M	$458M	$10M	$354M
Q2 22	$464M	$323M	$493M	$8M	$400M
Q3 22	$402M	$336M	$473M	$8M	$274M
Q1 23	$345M	$296M	$366M	$9M	$344M
Q2 23	$446M	$308M	$388M	$7M	$390M
Q3 23	$374M	$309M	$440M	$8M	$267M
Q1 24	$336M	$292M	$375M	$11M	$351M
Q2 24	$437M	$312M	$392M	$7M	$402M
Q1 25	$333M	$293M	$372M	$8M	$346M
Q2 25	$451M	$323M	$449M	$7M	$370M
Q3 25	$350M	$292M	$445M	$8M	$289M
Q4 25	$512M	$293M	$565M	$13M	$335M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$472M	$0	$472M
Q2 22	$400M	$0	$400M
Q3 22	$318M	$0	$318M
Q4 22	$337M	$0	$337M
Q1 23	$296M	$0	$296M
Q2 23	$311M	$0	$311M
Q3 23	$275M	$0	$275M
Q4 23	$348M	$0	$348M
Q1 24	$378M	$0	$378M
Q2 24	$325M	$0	$325M
Q3 24	$296M	$0	$296M
Q4 24	$289M	$0	$289M
Q1 25	$285M	$0	$285M
Q2 25	$301M	$0	$301M
Q3 25	$289M	$0	$289M
Q4 25	$330M	$0	$330M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	90M	-3.6%	-4.1%
Q1 22	89M	-2.1%	-8.1%
Q2 22	85M	-4.2%	-11.5%
Q3 22	81M	-4.2%	-13.3%
Q4 22	80M	-1.6%	-11.5%
Q1 23	79M	-1.0%	-10.5%
Q2 23	78M	-1.5%	-8.0%
Q3 23	76M	-2.6%	-6.5%
Q4 23	76M	-0.0%	-5.0%
Q1 24	76M	-0.3%	-4.4%
Q2 24	73M	-3.3%	-6.1%
Q4 24	71M	-3.5%	-7.1%
Q1 25	68M	-3.6%	-10.3%
Q2 25	68M	-0.7%	-10.7%
Q3 25	68M	+0.4%	-7.3%
Q4 25	68M	-0.5%	-4.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$82.2K	22K
Q1 22	$66.7K	22K
Q2 22	$76.7K	22K
Q3 22	$67.9K	22K
Q4 22	$79.4K	22K
Q1 23	$62.9K	22K
Q2 23	$72.0K	22K
Q3 23	$63.5K	22K
Q4 23	$81.6K	22K
Q1 24	$62.0K	22K
Q2 24	$70.4K	22K
Q4 24	$76.2K	22K
Q1 25	$61.4K	22K
Q2 25	$72.7K	22K
Q3 25	$62.9K	22K
Q4 25	$74.7K	23K

Revenue / Employee