Revenue growth remains inconsistent with a 6.7% increase in 2026Q1, while operating margins have fluctuated significantly between 5.1% and 12.3% over the last ten quarters.
| Sales/Revenue | 6.14B | 6.05B | 5.93B | 6.16B | 6.4B | 6.77B | 5.69B | 4.83B | 4.78B |
| Revenue Growth % | 3.77% | 2.02% | -3.67% | -3.69% | -5.58% | 19.05% | 17.79% | 0.96% | - |
| Cost of Goods Sold | 4.02B | 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 | 2.13B | 2.11B | 2.01B | 2.11B | 2.21B | 2.35B | 1.73B | 1.43B | 1.37B |
| Gross Margin % | 34.6% | 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 | 1.61B | 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 | 1.61B | 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 | 517.57M | 512.18M | 538.64M | 677.86M | 846.55M | 907.95M | 420.4M | 179.42M | 128.95M |
| Operating Margin % | 8.42% | 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 | 613.51M | 635.05M | 656.71M | 788.79M | 953.29M | 1.01B | 539.76M | 300.64M | 262.85M |
| EBITDA Margin % | 9.99% | 10.49% | 11.07% | 12.81% | 14.91% | 14.88% | 9.49% | 6.22% | 5.49% |
| EBITDA Growth % | -1.82% | -3.3% | -16.74% | -17.26% | -5.4% | 86.69% | 79.54% | 14.38% | - |
| D&A (Non-Cash Add-back) | 92.72M | 122.87M | 118.07M | 110.94M | 106.75M | 99.75M | 119.36M | 121.22M | 133.9M |
| EBIT | 528.07M | 522.27M | 575.1M | 709.21M | 864.76M | 905.21M | 415.59M | 224.59M | 130.94M |
| Net Interest Income | -36.16M | -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 | 36.16M | 36.21M | 36.87M | 46.05M | 46.44M | 48.99M | 86.51M | 101.31M | 108.65M |
| Other Income/Expense | -25.66M | -26.13M | -414K | -14.7M | -28.23M | -48.41M | -81.28M | -56.56M | -105.56M |
| Pretax Income | 491.92M | 486.06M | 538.23M | 663.16M | 818.32M | 859.54M | 339.12M | 122.86M | 23.39M |
| Pretax Margin % | 8.01% | 8.03% | 9.07% | 10.77% | 12.8% | 12.69% | 5.96% | 2.54% | 0.49% |
| Income Tax | 108.53M | 109.29M | 119.78M | 143.97M | 190.32M | 188.16M | 30.36M | 2.82M | 1.95M |
| Effective Tax Rate % | 22.06% | 22.48% | 22.25% | 21.71% | 23.26% | 21.89% | 8.95% | 2.29% | 8.34% |
| Net Income | 383.39M | 376.77M | 418.45M | 519.19M | 628M | 671.38M | 308.76M | 120.04M | 21.44M |
| Net Margin % | 6.24% | 6.22% | 7.05% | 8.43% | 9.82% | 9.91% | 5.43% | 2.49% | 0.45% |
| Net Income Growth % | -1.21% | -9.96% | -19.4% | -17.33% | -6.46% | 117.44% | 157.21% | 459.85% | - |
| Net Income (Continuing) | 383.39M | 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) | 5.81 | 5.54 | 5.73 | 6.70 | 7.49 | 7.12 | 3.39 | 1.33 | 0.27 |
| EPS Growth % | 5.58% | -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 | 65.94M | 68.03M | 73.05M | 77.47M | 83.89M | 94.28M | 91.11M | 90.45M | 78.57M |
| Basic Shares Outstanding | 64.43M | 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% | - | - |
Regional economic concentration
As reported in recent financial filings, ASO's revenue growth has fluctuated significantly, with the most recent quarter showing a 6.7% increase following a period of contraction, suggesting that the company is struggling to maintain a consistent upward trajectory in a post-pandemic retail environment.
The volatility in top-line performance indicates that ASO is highly sensitive to seasonal demand shifts and regional consumer spending patterns. Investors should monitor whether the recent growth uptick is a sustainable trend or merely a recovery from prior-year comparisons, as the company lacks a clear, accelerating growth narrative.
Based on historical income statements, ASO has maintained gross margins consistently between 31% and 36%, suggesting that the company's private label strategy provides a necessary buffer against the promotional pressures typically seen in the highly competitive sporting goods retail sector.
The ability to sustain these margins despite varying revenue levels implies a degree of pricing power derived from its unique product mix. However, the compression observed in certain quarters warrants further investigation into whether rising input costs or inventory clearance activities are beginning to erode this structural advantage.
According to quarterly data, ASO's operating income has shown significant swings, with operating margins ranging from 5.1% to 12.3%, indicating that the company's fixed-cost structure does not yet provide the consistent operating leverage required to drive reliable bottom-line expansion during periods of modest revenue growth.
The lack of consistent scaling suggests that SG&A expenses are not being managed with sufficient efficiency to offset revenue volatility. This variability implies that profitability is highly dependent on achieving specific sales thresholds, leaving the company vulnerable to margin contraction if top-line growth fails to materialize.
Analysis of recent income statements reveals that stock-based compensation, reaching $11.1 million in 2026Q1, periodically impacts net income, suggesting that reported EPS figures may be slightly inflated by non-cash adjustments that investors should normalize when evaluating the company's true operational profitability.
The intermittent nature of these charges makes it difficult to assess the underlying earnings power of the business without adjusting for these periodic expenses. Investors should remain cautious of how these non-operating items influence the perceived growth rate of the company's bottom line.
As indicated by the company's operational footprint, ASO's heavy reliance on a 16-state regional market creates a significant risk profile, as any localized economic downturn or adverse weather event could disproportionately impact the company's ability to meet its financial targets compared to national peers.
Short-term performance may appear stable, but the lack of geographic diversification leaves the company exposed to regional shocks that are outside of management's control. This concentration suggests that the current valuation may not fully account for the potential volatility inherent in a geographically limited retail model.
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.