Short answer
Academy Sports & Outdoors, Inc. (ASO) filed its fiscal 2026 10-K annual report with the SEC on Mar 17, 2026. It reported revenue of $6.1B (+2.0% year over year) and net income of $377M.
- Top risk flagged: Tariff risk amid shifting global trade policies, prompting inventory, pricing, and sourcing adjustments to mitigate impact on merchandise margin
FY2026 key financial metrics · XBRL
- Revenue
- $6.1B
- +2.0% YoY
- Net income
- $377M
- −10.0% YoY
- Operating margin
- 8.5%
- −0.6 pp YoY
- Gross margin
- 34.8%
- +0.9 pp YoY
- EPS (diluted)
- $5.54
- −3.3% YoY
- ROE
- 17.4%
- −3.5 pp YoY
- Operating cash flow
- $435M
- −17.7% YoY
Source: XBRL data from the Academy Sports & Outdoors, Inc. (ASO) FY2026 10-K on SEC EDGAR. USD.
Academy Sports & Outdoors, Inc. FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: U.S. sporting goods and outdoor recreation retail with 322 stores in 21 states, focusing on value-based, localized merchandising
- New emphasis on omnichannel growth with BOPIS and launched myAcademy Rewards loyalty platform in July 2024
- Strategic focus on expanding footprint in southern U.S. and high-growth metro areas with significant whitespace for new stores
- Merchandise sales $6.02B in fiscal 2026, up 2% from $5.90B in fiscal 2025, with e-commerce growing to 11.7% of sales
- Private label brands represent 22% of sales with 53% customer penetration, reinforcing differentiation from competitors
Management Discussion & Analysis
- Revenue $6.05B, up 2.0% YoY from $5.93B; growth led by Sports & Recreation (+3.6%), Apparel (+2.4%), Footwear (+1.2%), Outdoor (+1.2%)
- Gross margin 34.8% vs 33.9%, up 90 bps; operating margin 8.5% vs 9.1%, down 60 bps; operating income $512.2M vs $538.6M, down 4.9%
- Best segment: Sports & Recreation merch, +3.6% sales growth; worst: Comparable store sales down 1.5% driven by all divisions except Sports & Recreation
- Cash flow: Operating cash flow $434.8M vs $528.1M; capex $212.7M, up from $199.6M; share repurchases $199.0M; dividends paid $34.7M
- Outlook: Capex guidance $200M-$240M for 2026; management notes focus on new store growth (24 opened in 2025), with 63 stores opened since 2022; risks include comparable sales decline and tariff-related cost management
Risk Factors
- Tariff risk amid shifting global trade policies, prompting inventory, pricing, and sourcing adjustments to mitigate impact on merchandise margin
- Economic exposure to inflation and consumer spending slowdown affecting sales growth amid uncertain macroeconomic environment
- Heavy operational dependence on 322 stores across 21 southern U.S. states and 3 distribution centers with 95% sales store-facilitated, risking disruption from regional events
- Market disruption risk from omnichannel competitors investing in AI-enabled shopping experiences and marketplace commerce integrations
- Rising SG&A to 26.3% of sales in 2025 driven by growth investments and 24 new stores opened, pressuring profitability and requiring careful expense management
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