Academy Sports & Outdoors, Inc. (ASO) FY2026 10-K Annual Report
Academy Sports & Outdoors, Inc. (ASO) 10-K annual report for fiscal year 2026, filed with SEC EDGAR on Mar 17, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Academy Sports & Outdoors, Inc. FY2026 10-K Analysis
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
Academy Sports & Outdoors, Inc. FY2026 Key Financial MetricsXBRL
Revenue
$6.1B
▲ +2.0% YoY
Net Income
$377M
▼ -10.0% YoY
Gross Margin
34.8%
▲ +88bp YoY
Operating Margin
8.5%
▼ -62bp YoY
Net Margin
6.2%
▼ -83bp YoY
ROE
17.4%
▼ -353bp YoY
Total Assets
$5.3B
▲ +7.7% YoY
EPS (Diluted)
$5.54
▼ -3.3% YoY
Operating Cash Flow
$435M
▼ -17.7% YoY
Source: XBRL data from Academy Sports & Outdoors, Inc. FY2026 10-K filing on SEC EDGAR. All figures in USD.
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