Academy Sports Outdoors Inc

Academy Sports + Outdoors is a sporting goods and outdoor recreation retailer that began as a family business in Texas in 1938. As of January 31, 2026, it ran 322 stores in 21 states, all in the U.S., along with a website and app. Its core customers are active families looking for good value. It makes money the way most retailers do: it buys goods from about 1,500 vendors and sells them for more.

In the fiscal year ended January 31, 2026, net sales were $6.05 billion. Gross margin, the share of sales left after paying for the goods, was 34.8%. Outdoor products made up about 30% of sales. These include fishing, camping and hunting gear, including firearms and ammunition. Apparel was about 27% and footwear about 20%. Sports and recreation, which covers fitness, team sports, patio furniture and bikes, was about 22%. Online sales were 11.7% of merchandise sales.

About 78% of merchandise sales came from national brands such as Nike, Under Armour, adidas, Yeti and Carhartt. No single brand accounted for more than about 12% of sales. The rest came from 19 lower-priced private label brands, including Magellan Outdoors and BCG. Most stores are in the South: Texas alone had 117.

• In Q2 FY2027 (ended Aug 1, 2026), revenue was $1.65B, up 3% from a year earlier, and net income was $137.9M (+9.9%).
• For fiscal 2026, revenue was $6.05B (+2.0% year over year; +1.2% a year from FY2021 to FY2026) with a 6.2% net margin.

• Over FY2022–FY2026: $1.67B in buybacks and $118.0M in dividends.
• At least 3 consecutive annual increases: every fiscal year in the SEC data (FY2023–FY2026) shows an increase; the true streak may be longer.
• Regular dividends per share grew +20.1% a year over 3 years (FY2023–FY2026).
• Dividends took 9.2% of earnings and 15.6% of free cash flow in the latest fiscal year.
• Shares outstanding changed -30.4% from Dec 3, 2021 to Sep 2, 2026.

Rank among 1514 US companies

Market value at each year end

Academy Sports Outdoors’s market value went from $1.86B at the end of 2020 to $3.61B on Oct 28, 2026, up 94%; since the end of 2025 it is up 8%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 7 sales ($5.6M).

Large shareholders (13G filings)

ETFs with the most weight in ASO

1. Stores clustered in Texas and the South. Most stores are in the southern U.S., and 117 of the 322 are in Texas. A regional economic slump, natural disaster or other local trouble could hurt a large share of sales at once.
2. Needs steady access to national brands. About 78% of merchandise sales come from national brands such as Nike and Under Armour. If Academy can't get them at competitive prices, or misreads shoppers' tastes, sales and profits could fall.
3. Tariffs on goods made overseas. A significant portion of what Academy sells is made in other countries. Higher tariffs raise costs. The company must either absorb them, which squeezes profit, or pass them on to value-minded shoppers.
4. New stores may not match older ones. Growth depends partly on opening stores in new and existing markets. New locations may not reach the sales or profits of established stores, yet leases typically run 15 to 20 years.
5. Shoppers cut back when money is tight. All sales are in the U.S., and most of what Academy sells is a discretionary, or optional, purchase. Inflation, job losses or higher interest rates can lead families to spend less.
6. Debt with variable interest rates. Total debt was about $494 million against $298 million in cash as of August 1, 2026. Variable-rate borrowing means higher rates raise interest costs, and loan terms restrict some company actions.

• Sep 9, 2026 Quarterly results released; Investor presentation or announcement
• Jun 9, 2026 Quarterly results released; Investor presentation or announcement
• Jun 4, 2026 Shareholder vote results; Other company announcement
• May 14, 2026 Major agreement signed; Major agreement ended; New debt or financial obligation; Investor presentation or announcement
• May 4, 2026 Investor presentation or announcement
• Apr 7, 2026 Investor presentation or announcement
• Mar 17, 2026 Quarterly results released; Investor presentation or announcement
• Dec 9, 2025 Quarterly results released; Investor presentation or announcement
• Dec 2, 2025 Executive or board change

Academy pays a dividend, but a small one. It has raised the payout every year since it started, from $0.075 to $0.13 per share in the fiscal year ended January 31, 2026. That used just 9.2% of earnings and 15.6% of free cash flow (cash left after running and investing in the business). The yield was 0.99% as of October 28, 2026, so the stock pays little cash to someone living on income. The company has returned far more through buybacks, which means buying back its own shares. Over five fiscal years it spent $1.67 billion on buybacks and $118 million on dividends. That cut the share count about 30% since late 2021.

In the 2022 stock market slump, the shares fell 37.4% from January 3 to May 24, 2022, and recovered by August 8, 2022. The worst drop in the three years to October 28, 2026, was 54.2%. The price history does not go back to the 2008 or 2020 crashes. Single stocks carry more risk than diversified funds.