eCommerce Sales Increase 22.2%; New Stores Comping High Single Digits
Third Quarter Diluted GAAP EPS of $1.05, +14% to last year
Opened Eleven New Stores Across Ten States
Narrows Sales & Gross Margin Guidance
KATY, Texas, Dec. 09, 2025 (GLOBE NEWSWIRE) -- Academy Sports and Outdoors, Inc. (NASDAQ:ASO) ("Academy" or the "Company") today announced its financial results for the third quarter ended November 1, 2025.
"We continue to see an acceleration in our underlying growth strategies, despite the uncertain economic backdrop the consumer is facing," said Steve Lawrence, Chief Executive Officer. "The start to holiday aligned with our expectations, capped off by a record Black Friday event. The momentum we are seeing in early holiday results reinforces that our position as the value leader in our space is resonating with consumers, and is driving market share gains."
Third Quarter Operating Results ($ in millions, except per share data)
Thirteen Weeks Ended
Change
November 1, 2025
November 2, 2024
%
Net sales
$
1,383.7
$
1,343.3
3.0
%
Comparable sales
(0.9)%
(4.9)%
Income before income tax
$
94.0
$
88.7
6.0
%
Net income
$
71.6
$
65.8
8.8
%
Adjusted net income (1)
$
77.3
$
70.5
9.6
%
Earnings per common share, diluted
$
1.05
$
0.92
14.1
%
Adjusted earnings per common share, diluted (1)
$
1.14
$
0.98
16.3
%
(1) Adjusted net income and Adjusted earnings per common share, diluted are non-GAAP measures. See "Non-GAAP Measures" and "Reconciliations of GAAP to Non-GAAP Financial Measures" below for reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures.
Year-to-Date Operating Results ($ in millions, except per share data)
Thirty-Nine Weeks Ended
Change
November 1, 2025
November 2, 2024
%
Net sales
$
4,334.9
$
4,256.5
1.8
%
Comparable sales
(1.4)%
(5.9)%
Income before income tax
$
321.9
$
372.9
(13.7
)%
Net Income
$
243.1
$
284.8
(14.6
)%
Adjusted net income (1)
$
260.2
$
300.7
(13.5
)%
Earnings per common share, diluted
$
3.57
$
3.86
(7.5
)%
Adjusted earnings per common share, diluted (1)
$
3.82
$
4.08
(6.4
)%
(1) Adjusted net income and Adjusted earnings per common share, diluted are non-GAAP measures. See "Non-GAAP Measures" and "Reconciliations of GAAP to Non-GAAP Financial Measures" below for reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures.
As of
Change
Balance Sheet ($ in millions)
November 1, 2025
November 2, 2024
%
Cash and cash equivalents
$
289.5
$
296.0
(2.2
)%
Merchandise inventories, net(1)
$
1,701.2
$
1,525.0
11.6
%
Long-term debt, net
$
481.3
$
483.1
(0.4
)%
(1) As of November 1, 2025 inventory per store was down 0.3% in units and up 3.1% in dollars.
Thirty-Nine Weeks Ended
Change
Capital Allocation ($ in millions)
November 1, 2025
November 2, 2024
%
Share repurchases
$
99.9
$
276.6
(63.9
)%
Dividends paid
$
26.0
$
23.8
9.2
%
Subsequent to the end of the third quarter, on December 4, 2025, Academy's Board of Directors declared a quarterly cash dividend of $0.13 per share of common stock. The dividend is payable on January 15, 2026, to stockholders of record as of the close of business on December 18, 2025.
New Store OpeningsAcademy opened eleven new stores during the third quarter, bringing its total to 317 locations across 21 states. The Company has opened a total of 24 stores in fiscal 2025. The following table outlines the new locations opened during the year:
East Harrisburg, PA
Hagerstown, MD
York, PA
NW Kansas City, MO
Pineville, NC
Fort Walton Beach, FL
Midlothian, VA
Morgantown, WV
Boardman, OH
Beaufort, SC
Virginia Beach, VA
Rome, GA
Cullman, AL
Mishawaka, IN
Lakeland, FL
Columbia, TN
Albany, GA
Palestine, TX
Batesville, MS
Seguin, TX
Russellville, AR
Ft. Wayne, IN
El Paso, TX
New Braunfels, TX
The Company also plans to open an additional 20-25 new stores in fiscal 2026.
Academy Store Footprint Update
Time Frame
Total stores openat beginning of the period
Number of storesopened during the period
Number of storesclosed during the period
Total stores openat end of period
FY 2024
282
16
—
298
1st Quarter 2025
298
5
—
303
2nd Quarter 2025
303
3
—
306
3rd Quarter 2025
306
11
—
317
Note: 24 new stores added LTM
Time Frame
Total gross square feetopen at beginning of the period
Gross square feet forstores opened during the period
Gross square feet forstores closed during the period
Total gross square feetat the end of the period
FY 2024
19,679
925
—
20,604
1st Quarter 2025
20,604
275
—
20,879
2nd Quarter 2025
20,879
191
—
21,070
3rd Quarter 2025
21,070
598
21,668
Note: Figures in thousands
2025 Outlook"The third quarter performed in-line with our expectations, and led to outperformance across our profit metrics including growth in gross margin, operating profit and net income," said Carl Ford, Chief Financial Officer. "Based on the results from the first three quarters and the expectations for the remainder of fiscal 2025, we are narrowing the low end of our sales guidance from -3.0% to -2.0% and the high end from +1.0% to flat. Additionally, we have raised the low end of our gross margin guidance to 34.3% from 34.0%. We expect the tax rate for the year to be 23.5%."
Academy is revising its previous guidance for fiscal 2025 as follows:
Fiscal 2025 GuidanceQ2 Update
Updated Fiscal 2025Guidance
(in millions, except per share amounts)
Low end
High End
Low end
High end
Net sales
$6,000
$6,265
$6,025
$6,200
Comparable sales (1)
(3.0) %
1.0 %
(2.0) %
— %
Gross margin rate
34.0 %
34.5 %
34.3 %
34.5 %
GAAP net income
$360
$410
$365
$400
Adjusted net income (2)
$380
$430
$385
$420
GAAP earnings per common share, diluted
$5.30
$6.00
$5.35
$5.85
Adjusted earnings per common share, diluted (2)
$5.60
$6.30
$5.65
$6.15
Diluted weighted average common shares
~68
~68
~68
~68
Capital Expenditures
$180
$220
$180
$210
Adjusted free cash flow (2), (3)
$250
$320
$250
$300
(1) We define comparable sales as the percentage of period-over-period net sales increase or decrease, in the aggregate, for stores open after thirteen full fiscal months, as well as for all eCommerce sales.
(2) Adjusted net income, adjusted earnings per common share (EPS), diluted, and adjusted free cash flow are non-GAAP measures. See appendix for "GAAP to Non-GAAP Reconciliations.
(3) We have not reconciled guidance for adjusted free cash flow to the most comparable GAAP measure because it is not possible to do so without unreasonable efforts given the uncertainty and potential variability of reconciling items, which are dependent on future events often outside of management's control and could be significant; therefore, we are unable to provide an estimate of the most closely comparable GAAP measure at this time.
Conference Call InfoAcademy will host a conference call today at 10:00 a.m. Eastern Time to discuss its financial results and related matters. The call will be webcast at investors.academy.com. The following information is provided for those who would like to participate in the conference call:
U.S. callers
1-877-407-3982
International callers
1-201-493-6780
Passcode
13757103
A replay of the conference call will be available for approximately 30 days on the Company's website.
About Academy Sports + OutdoorsAcademy is a leading full-line sporting goods and outdoor recreation retailer in the United States. Originally founded in 1938 as a family business in Texas, Academy has grown to more than 300 stores across 21 states and counting. Academy's mission is to provide "Fun for All" and Academy fulfills this mission with a localized merchandising strategy and value proposition that strongly connects with a broad range of consumers. Academy's product assortment focuses on key categories of outdoor, apparel, sports & recreation and footwear through both leading national brands and a portfolio of private label brands. For more information, visit www.academy.com.
Non-GAAP MeasuresAdjusted EBITDA, Adjusted EBIT, Adjusted Net Income, Adjusted Earnings per Common Share, and Adjusted Free Cash Flow have been presented in this press release as supplemental measures of financial performance that are not required by, or presented in accordance with, generally accepted accounting principles ("GAAP"). The Company believes that the presentation of these non-GAAP measures is useful to investors as they provide additional information on comparisons between periods by excluding certain items that affect overall comparability. The Company uses these non-GAAP financial measures for business planning purposes, to consider underlying trends of its business, and in measuring its performance relative to others in the market, and believes presenting these measures also provides information to investors and others for understanding and evaluating trends in the Company's operating results or measuring performance in the same manner as the Company's management. Non-GAAP financial measures should be considered in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. The calculation of these non-GAAP financial measures may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. For additional information on these non-GAAP financial measures, please see our Annual Report for the fiscal year ended February 1, 2025 (the "Annual Report"), filed on March 20, 2025 and our Quarterly Report for the thirteen weeks ended November 1, 2025 to be filed on December 9, 2025 ("the Quarterly Report"), which may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at www.sec.gov.
See "Reconciliations of GAAP to Non-GAAP Financial Measures" below for reconciliations of non-GAAP financial measures presented in this press release to their most directly comparable GAAP financial measures.
Forward Looking StatementsThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Academy's current expectations and are not guarantees of future performance. Forward-looking statements may incorporate words such as "believe," "expect," "anticipate," "forward," "ahead," "opportunities," "plans," "priorities," "goals," "future," "short/long term," "will," "should," or the negative version of these words or other comparable words. The forward-looking statements in this press release include, among other things, statements regarding the Company's fiscal 2025 outlook under the caption "2025 Outlook", the Company's strategic plans and financial objectives, including the implementation of such plans, the growth of the Company's business and operations, including the opening of new stores and the expansion into new markets, as well as their performance, the Company's payment of dividends, including the timing and amount thereof, share repurchases by the Company, and the Company's expectations regarding its future performance and financial condition. These forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are all difficult to predict or quantify. Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory, environmental, and other factors that could affect overall consumer spending or our industry, including the possible effects of ongoing macroeconomic challenges, inflation and higher interest rates, trade policy changes or additional tariffs or changes in tariffs, geopolitical tensions, or changes to the financial health of our customers, many of which are beyond Academy's control. These and other important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Academy's filings with the SEC, including the Annual Report and the Quarterly Report, under the caption "Risk Factors," as may be updated from time to time in our periodic filings with the SEC. Any forward-looking statement in this press release speaks only as of the date of this release. Academy undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
Investor Contact
Media Contact
Dan Aldridge
Meredith Klein
VP, Investor Relations
VP, Communications
832-739-4102
346-823-6615
ACADEMY SPORTS AND OUTDOORS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Amounts in thousands, except per share data)
Thirteen Weeks Ended
November 1,2025
Percentage ofSales (1)
November 2,2024
Percentage ofSales (1)
Net sales
$
1,383,696
100.0
%
$
1,343,330
100.0
%
Cost of goods sold
890,287
64.3
%
886,617
66.0
%
Gross margin
493,409
35.7
%
456,713
34.0
%
Selling, general and administrative expenses
393,017
28.4
%
365,239
27.2
%
Operating income
100,392
7.3
