Academy Sports & Outdoors, Inc. ASO
Academy Sports + Outdoors 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, we now operate 322 stores across 21 contiguous states as of January 31, 2026. Our mission is to provide "Fun for All" and we fulfill this mission with a localized merchandising strategy and value proposition that deeply connect with a broad range of consumers. Our product assortment focuses on key categories of outdoor, sports & recreation, apparel, and footwear (representing 31%, 22%, 27% and 20% of our 2025 net sales, respectively) through both leading national brands and a portfolio of 19 private label brands, which go well beyond traditional sporting goods and apparel offerings.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.05B | $5.93B | $6.16B | $6.40B | $6.77B | $5.69B | $4.83B | $4.78B | — |
| Cost of revenue | $3.95B | $3.92B | $4.05B | $4.18B | $4.42B | $3.96B | $3.40B | $3.42B | — |
| Gross profit | $2.11B | $2.01B | $2.11B | $2.21B | $2.35B | $1.73B | $1.43B | $1.37B | — |
| SG&A | $1.59B | $1.47B | $1.43B | $1.37B | $1.44B | $1.31B | $1.25B | $1.24B | — |
| Operating income | $512.2M | $538.6M | $677.9M | $846.5M | $907.9M | $420.4M | $179.4M | $128.9M | — |
| Interest expense | $36.2M | $36.9M | $46.1M | $46.4M | $49.0M | $86.5M | $101.3M | $108.7M | — |
| Pre-tax income | $486.1M | $538.2M | $663.2M | $818.3M | $859.5M | $339.1M | $122.9M | $23.4M | — |
| Income tax | $109.3M | $119.8M | $144.0M | $190.3M | $188.2M | $30.4M | $2.8M | $2.0M | — |
| Net income | $376.8M | $418.4M | $519.2M | $628.0M | $671.4M | $308.8M | $120.0M | $21.4M | — |
| EPS, basic | 5.66 | 5.87 | 6.89 | 7.70 | 7.38 | 3.96 | 1.66 | 0.30 | — |
| EPS, diluted | 5.54 | 5.73 | 6.70 | 7.49 | 7.12 | 3.79 | 1.60 | 0.29 | — |
| Shares, diluted (wtd. avg.) | $68.0M | $73.0M | $77.5M | $83.9M | $94.3M | $81.4M | $74.8M | $75.2M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $330.3M | $288.9M | $347.9M | $337.1M | $486.0M | $377.6M | $149.4M | $75.7M | $31.0M |
| Receivables | $34.8M | $16.8M | $19.4M | $16.5M | $19.7M | $17.3M | $14.0M | — | — |
| Inventory | $1.50B | $1.31B | $1.19B | $1.28B | $1.17B | $990.0M | $1.10B | — | — |
| Total current assets | $1.95B | $1.71B | $1.64B | $1.69B | $1.72B | $1.42B | $1.29B | — | — |
| Property, plant and equipment | $584.1M | $525.1M | $445.2M | $351.4M | $345.8M | $378.3M | $441.4M | — | — |
| Goodwill | $861.9M | $861.9M | $861.9M | $861.9M | $861.9M | $861.9M | $861.9M | — | — |
| Other intangibles | $579.8M | $579.0M | $578.2M | $577.7M | $577.2M | $577.0M | $577.0M | — | — |
| Total assets | $5.28B | $4.90B | $4.68B | $4.60B | $4.58B | $4.38B | $4.33B | — | — |
| Accounts payable | $637.9M | $612.4M | $541.1M | $686.5M | $737.8M | $791.4M | $428.8M | — | — |
| Short-term debt | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $4.0M | $34.1M | — | — |
| Total current liabilities | $1.03B | $960.9M | $879.9M | $1.04B | $1.13B | $1.17B | $750.6M | — | — |
| Long-term debt | $480.8M | $482.7M | $484.6M | $584.5M | $683.6M | $781.5M | $1.43B | — | — |
| Total liabilities | $3.11B | $2.90B | $2.72B | $2.97B | $3.12B | $3.27B | $3.34B | — | — |
| Retained earnings | $1.91B | $1.76B | $1.71B | $1.41B | $1.27B | $987.2M | — | — | — |
| Total equity | $2.17B | $2.00B | $1.95B | $1.63B | $1.47B | $1.11B | — | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $434.8M | $528.1M | $535.8M | $552.0M | $673.3M | $1.01B | $263.7M | $198.5M | — |
| Depreciation and amortisation | $122.9M | $118.1M | $110.9M | $106.8M | $105.3M | $105.5M | $117.3M | $132.8M | — |
| Stock-based compensation | $21.2M | $26.6M | $24.4M | $21.2M | $39.3M | $24.9M | $7.9M | $4.6M | — |
| Capital expenditure | $212.7M | $199.6M | $207.8M | $108.3M | $75.8M | $41.3M | $62.8M | $107.9M | — |
| Investing cash flow | -$172.0M | -$186.1M | -$206.1M | -$108.8M | -$76.0M | -$33.1M | -$66.8M | -$99.0M | — |
| Financing cash flow | -$221.4M | -$401.0M | -$318.9M | -$592.1M | -$488.9M | -$750.2M | -$123.2M | -$54.8M | — |
| Dividends paid | $34.7M | $31.5M | $27.2M | $24.6M | $0 | $0 | — | — | — |
| Buybacks | $199.0M | $364.9M | $202.8M | $489.5M | $411.4M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001817358-26-000063.
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