ASO's growth appears to have normalized to a 3.0% year-over-year revenue increase in 2026Q2, while a structural shift in profitability is evident as operating margins have expanded from 7.5% in 2024Q1 to 15.0% in the latest quarter, indicating strong pricing power and SG&A discipline.
Academy Sports and Outdoors, Inc. (ASO) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 |
|---|
| Sales/Revenue | 6.19B | 6.05B | 5.93B | 6.16B | 6.4B | 6.77B | 5.69B | 4.83B | 4.78B |
| Revenue Growth % | 3.68% | 2.02% | -3.67% | -3.69% | -5.58% | 19.05% | 17.79% | 0.96% | - |
| Cost of Goods Sold | 3.98B | 3.95B | 3.92B | 4.05B | 4.18B | 4.42B | 3.96B | 3.4B | 3.42B |
| COGS % of Revenue | - | 65.22% | 66.1% | 65.74% | 65.4% | 65.29% | 69.52% | 70.37% | 71.41% |
| Gross Profit | 2.22B | 2.11B | 2.01B | 2.11B | 2.21B | 2.35B | 1.73B | 1.43B | 1.37B |
| Gross Margin % | 35.78% | 34.78% | 33.9% | 34.26% | 34.6% | 34.71% | 30.48% | 29.63% | 28.59% |
| Gross Profit Growth % | - | 4.68% | -4.68% | -4.62% | -5.89% | 35.58% | 21.16% | 4.62% | - |
| Operating Expenses | 1.62B | 1.59B | 1.47B | 1.43B | 1.37B | 1.44B | 1.31B | 1.25B | 1.24B |
| OpEx % of Revenue | - | 26.32% | 24.82% | 23.26% | 21.36% | 21.31% | 23.09% | 25.92% | 25.9% |
| Selling, General & Admin | 1.62B | 1.59B | 1.47B | 1.43B | 1.37B | 1.44B | 1.31B | 1.25B | 1.24B |
| SG&A % of Revenue | - | 26.32% | 24.82% | 23.26% | 21.36% | 21.31% | 23.09% | 25.92% | 25.9% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 2.82M | 1.65M | 2.48M | 3.1M |
| Operating Income | 591.56M | 512.18M | 538.64M | 677.86M | 846.55M | 907.95M | 420.4M | 179.42M | 128.95M |
| Operating Margin % | 9.55% | 8.46% | 9.08% | 11.01% | 13.24% | 13.41% | 7.39% | 3.71% | 2.7% |
| Operating Income Growth % | - | -4.91% | -20.54% | -19.93% | -6.76% | 115.97% | 134.31% | 39.14% | - |
| EBITDA | 714.46M | 635.05M | 656.71M | 788.79M | 953.31M | 1.01B | 525.88M | 296.68M | 261.73M |
| EBITDA Margin % | 11.54% | 10.49% | 11.07% | 12.81% | 14.91% | 14.96% | 9.24% | 6.14% | 5.47% |
| EBITDA Growth % | 17.26% | -3.3% | -16.74% | -17.26% | -5.91% | 92.67% | 77.26% | 13.35% | - |
| D&A (Non-Cash Add-back) | 122.9M | 122.87M | 118.07M | 110.94M | 106.76M | 105.27M | 105.48M | 117.25M | 132.78M |
| EBIT | 600.58M | 522.27M | 575.1M | 709.21M | 864.76M | 905.21M | 415.59M | 224.59M | 130.94M |
| Net Interest Income | -35.18M | -36.21M | -36.87M | -46.05M | -46.44M | -48.99M | -86.51M | -101.31M | -108.65M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 35.18M | 36.21M | 36.87M | 46.05M | 46.44M | 48.99M | 86.51M | 101.31M | 108.65M |
| Other Income/Expense | -86.07M | -26.13M | -414K | -14.7M | -28.23M | -48.41M | -81.28M | -56.56M | -105.56M |
| Pretax Income | 505.48M | 486.06M | 538.23M | 663.16M | 818.32M | 859.54M | 339.12M | 122.86M | 23.39M |
| Pretax Margin % | 8.16% | 8.03% | 9.07% | 10.77% | 12.8% | 12.69% | 5.96% | 2.54% | 0.49% |
| Income Tax | 109.63M | 109.29M | 119.78M | 143.97M | 190.32M | 188.16M | 30.36M | 2.82M | 1.95M |
| Effective Tax Rate % | 21.69% | 22.48% | 22.25% | 21.71% | 23.26% | 21.89% | 8.95% | 2.29% | 8.34% |
| Net Income | 395.85M | 376.77M | 418.45M | 519.19M | 628M | 671.38M | 308.76M | 120.04M | 21.44M |
| Net Margin % | 6.39% | 6.22% | 7.05% | 8.43% | 9.82% | 9.91% | 5.43% | 2.49% | 0.45% |
| Net Income Growth % | 6.72% | -9.96% | -19.4% | -17.33% | -6.46% | 117.44% | 157.21% | 459.85% | - |
| Net Income (Continuing) | 395.85M | 376.77M | 418.45M | 519.19M | 628M | 671.38M | 308.76M | 120.04M | 21.44M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.23 | 5.54 | 5.73 | 6.70 | 7.49 | 7.12 | 3.39 | 1.33 | 0.27 |
| EPS Growth % | 13.64% | -3.32% | -14.48% | -10.55% | 5.2% | 110.03% | 154.89% | 392.59% | - |
| EPS (Basic) | - | 5.66 | 5.87 | 6.89 | 7.70 | 7.38 | 3.39 | 1.33 | 0.28 |
| Diluted Shares Outstanding | 63.55M | 68.03M | 73.05M | 77.47M | 83.89M | 94.28M | 91.11M | 90.45M | 78.57M |
| Basic Shares Outstanding | 62.29M | 66.61M | 71.34M | 75.39M | 81.59M | 90.96M | 91.11M | 90.45M | 76.56M |
| Dividend Payout Ratio | - | 9.2% | 7.52% | 5.24% | 3.92% | - | 83.24% | - | - |
Quick answers to the most common questions about buying ASO stock.
For fiscal year 2025, Academy Sports and Outdoors, Inc. (ASO) reported total revenue of $6.05B. This represents a 26.5% increase compared to $4.78B in 2018.
Academy Sports and Outdoors, Inc. (ASO) is profitable, generating $376.8M in net income for the fiscal year ending 2025 with a net profit margin of 6.2%.
Academy Sports and Outdoors, Inc. (ASO) reported an operating income of $512.2M, resulting in an operating profit margin of 8.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Academy Sports and Outdoors, Inc. (ASO) generated $2.11B in gross profit for the year, representing a gross profit margin of 34.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Depressed Consumer Spending
Metrics are mathematically derived from official filings.
Growth Moderating to Pre-Pandemic Norms
After a period of post-pandemic normalization, ASO's revenue growth has stabilized at a low single-digit pace, with the most recent quarter showing 3.0% year-over-year growth.
The trajectory suggests the company has completed its post-COVID correction and is now growing at a rate more consistent with store expansion and market share gains, rather than exceptional external tailwinds. This implies that future performance will be more dependent on execution in new markets and internal productivity improvements.
Structural Margin Expansion Visible
ASO's trailing twelve-month gross margin appears to have structurally expanded to over 36%, a significant improvement from the 31-32% range observed in early 2024, indicating strong pricing power and private label execution.
This margin improvement, particularly evident in the most recent quarters, suggests the company has successfully leveraged its private label mix and promotional discipline to drive profitability even as top-line growth moderates. The current gross margin level places ASO well above Dick's Sporting Goods (32.9%) and closer to specialty players like Boot Barn (38.1%), signaling a potential shift in its competitive positioning.
Operating Leverage in SG&A
Based on recent filings, ASO demonstrates notable operating leverage, with SG&A as a percentage of revenue declining from 23.9% in 2024Q1 to 24.6% in 2026Q2 on a higher revenue base, allowing operating income to scale faster.
The data indicates that management has controlled overhead growth effectively as the business has expanded. This operational efficiency is a key driver of the strong operating margin expansion from the mid-single digits to 15.0% in the latest quarter, implying that incremental revenue flows more directly to the bottom line.
High-Quality, Cash-Generated Earnings
ASO's net income appears to be of high quality, as indicated by minimal stock-based compensation relative to earnings and a stable tax rate, with the latest quarter's net margin of 8.4% translating solidly from operating income.
The negligible SBC expense (often $0) and consistent conversion from operating income to net income suggest the reported earnings are not inflated by non-cash charges or unusual tax benefits. This clean earnings profile, combined with the low debt load, implies that cash flow from operations closely mirrors reported profitability.
Consumer Pressure & Margin Sustainability
A short-seller would likely focus on the 2.02% revenue growth set against persistent management commentary on pressured lower-income consumers, questioning whether current margin strength can be maintained if trade-down intensifies.
The latest quarter's 15.0% operating margin is exceptionally strong for a value retailer and may be susceptible to a pullback if promotional activity increases to combat weak demand. Furthermore, the company's high geographic concentration in the South could make results volatile to regional economic shifts or weather patterns that disrupt key categories like hunting and fishing.