The company continues to struggle with structural margin pressure, evidenced by a 2026Q1 gross margin of 26.2% and a net loss of $21.8 million.
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 |
|---|
| Sales/Revenue | 1.22B | 1.21B | 1.2B | 1.29B | 1.4B | 1.51B | 1.45B | 886.4M | 849.13M | 809.67M | 779.96M | 729.91M | 660M | 643.16M | 526.94M | 376.55M |
| Revenue Growth % | 1.14% | 0.96% | -7.02% | -7.97% | -7.08% | 3.74% | 63.78% | 4.39% | 4.87% | 3.81% | 6.86% | 10.59% | 2.62% | 22.06% | 39.94% | - |
| Cost of Goods Sold | 851.13M | 835.66M | 827.17M | 904.57M | 939.27M | 1.02B | 975.31M | 589.77M | 564.2M | 535.81M | 516.73M | 491.38M | 444.8M | 435.93M | 364.33M | 259.35M |
| COGS % of Revenue | - | 69.11% | 69.07% | 70.23% | 67.11% | 67.45% | 67.18% | 66.54% | 66.44% | 66.18% | 66.25% | 67.32% | 67.39% | 67.78% | 69.14% | 68.88% |
| Gross Profit | 365.03M | 373.52M | 370.47M | 383.41M | 460.24M | 490.3M | 476.45M | 296.63M | 284.93M | 273.86M | 263.23M | 238.53M | 215.21M | 207.23M | 162.62M | 117.2M |
| Gross Margin % | 30.01% | 30.89% | 30.93% | 29.77% | 32.89% | 32.55% | 32.82% | 33.46% | 33.56% | 33.82% | 33.75% | 32.68% | 32.61% | 32.22% | 30.86% | 31.12% |
| Gross Profit Growth % | - | 0.82% | -3.38% | -16.69% | -6.13% | 2.91% | 60.62% | 4.11% | 4.04% | 4.04% | 10.36% | 10.84% | 3.85% | 27.44% | 38.75% | - |
| Operating Expenses | 377.82M | 387.46M | 388.7M | 396.3M | 402.18M | 399.68M | 353.71M | 263.17M | 240.91M | 227.29M | 202.54M | 179.22M | 170.31M | 147.14M | 109.41M | 89.66M |
| OpEx % of Revenue | - | 32.04% | 32.46% | 30.77% | 28.74% | 26.54% | 24.36% | 29.69% | 28.37% | 28.07% | 25.97% | 24.55% | 25.81% | 22.88% | 20.76% | 23.81% |
| Selling, General & Admin | 312.19M | 261.71M | 384.96M | 269.34M | 402.18M | 399.68M | 353.71M | 263.17M | 238.26M | 224.13M | 202.75M | 183.34M | 167.15M | 147.14M | 109.41M | 89.66M |
| SG&A % of Revenue | - | 21.64% | 32.14% | 20.91% | 28.74% | 26.54% | 24.36% | 29.69% | 28.06% | 27.68% | 25.99% | 25.12% | 25.33% | 22.88% | 20.76% | 23.81% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 125.75M | 3.74M | 126.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -12.8M | -13.94M | -18.24M | -12.89M | 58.06M | 90.62M | 122.75M | 33.46M | 44.02M | 46.57M | 60.69M | 59.31M | 44.89M | 60.03M | 53.47M | 26.62M |
| Operating Margin % | -1.05% | -1.15% | -1.52% | -1% | 4.15% | 6.02% | 8.46% | 3.78% | 5.18% | 5.75% | 7.78% | 8.13% | 6.8% | 9.33% | 10.15% | 7.07% |
| Operating Income Growth % | - | 23.58% | -41.49% | -122.2% | -35.93% | -26.17% | 266.81% | -23.98% | -5.47% | -23.27% | 2.32% | 32.12% | -25.22% | 12.28% | 100.88% | - |
| EBITDA | 25.08M | 25.16M | 22.26M | 26.12M | 89.84M | 148.38M | 169.88M | 79.79M | 62.27M | 64.27M | 74.66M | 70.88M | 54.04M | 73.26M | 56.9M | 30.43M |
| EBITDA Margin % | 2.06% | 2.08% | 1.86% | 2.03% | 6.42% | 9.85% | 11.7% | 9% | 7.33% | 7.94% | 9.57% | 9.71% | 8.19% | 11.39% | 10.8% | 8.08% |
| EBITDA Growth % | -4.02% | 13.04% | -14.78% | -70.93% | -39.45% | -12.66% | 112.91% | 28.14% | -3.12% | -13.91% | 5.33% | 31.16% | -26.24% | 28.75% | 86.96% | - |
| D&A (Non-Cash Add-back) | 37.87M | 39.1M | 40.5M | 39.01M | 31.78M | 57.76M | 47.14M | 46.33M | 18.25M | 17.71M | 13.97M | 11.57M | 9.15M | 13.23M | 3.43M | 3.82M |
| EBIT | -35.93M | -37.44M | -18.85M | -25.34M | 58.06M | 145.62M | 124.97M | 33.46M | 44.02M | 46.57M | 60.69M | 59.31M | 44.89M | 62.42M | 53.47M | 26.62M |
| Net Interest Income | -13.36M | -13.71M | -12.28M | -12.87M | -4.2M | -1.38M | -3.51M | -8M | -13.21M | -13.74M | -13.4M | -14.16M | -22.48M | -25.45M | -6.32M | -4.39M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 13.36M | 13.71M | 12.28M | 12.87M | 4.2M | 1.38M | 3.51M | 8M | 13.21M | 13.74M | 13.4M | 14.16M | 22.48M | 25.45M | 6.32M | 4.39M |
| Other Income/Expense | -36.57M | -37.21M | -12.89M | -25.32M | -4.2M | 53.62M | -1.29M | -8M | -13.21M | -13.74M | -13.4M | -14.16M | -22.48M | -25.45M | -6.32M | -4.39M |
| Pretax Income | -49.37M | -51.15M | -31.13M | -38.21M | 53.87M | 144.24M | 121.46M | 25.47M | 30.81M | 32.83M | 47.28M | 45.16M | 22.41M | 34.59M | 47.15M | 22.23M |
| Pretax Margin % | -4.06% | -4.23% | -2.6% | -2.97% | 3.85% | 9.58% | 8.37% | 2.87% | 3.63% | 4.05% | 6.06% | 6.19% | 3.4% | 5.38% | 8.95% | 5.9% |
| Income Tax | 1.29M | -1.08M | 1.93M | -9.21M | 13.35M | 35.77M | 30.08M | 5.25M | 7.06M | 15.09M | 17.62M | 17.39M | 8.63M | 12.84M | 19.08M | -11.47M |
| Effective Tax Rate % | -2.61% | 2.12% | -6.2% | 24.1% | 24.78% | 24.8% | 24.77% | 20.63% | 22.92% | 45.96% | 37.25% | 38.5% | 38.5% | 37.12% | 40.46% | -51.59% |
| Net Income | -50.66M | -50.06M | -33.06M | -29M | 40.52M | 108.47M | 91.38M | 20.21M | 23.75M | 17.74M | 29.67M | 27.77M | 13.78M | 21.75M | 28.07M | 33.69M |
| Net Margin % | -4.17% | -4.14% | -2.76% | -2.25% | 2.9% | 7.2% | 6.29% | 2.28% | 2.8% | 2.19% | 3.8% | 3.8% | 2.09% | 3.38% | 5.33% | 8.95% |
| Net Income Growth % | -39.75% | -51.43% | -14.01% | -171.57% | -62.65% | 18.7% | 352.04% | -14.88% | 33.86% | -40.2% | 6.83% | 101.47% | -36.63% | -22.53% | -16.68% | - |
| Net Income (Continuing) | -50.66M | -50.06M | -33.06M | -29M | 40.52M | 108.47M | 91.38M | 20.21M | 23.75M | 17.74M | 29.67M | 27.77M | 13.78M | 21.75M | 28.07M | 33.69M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.31 | -1.30 | -0.87 | -0.77 | 1.00 | 2.44 | 2.06 | 0.46 | 0.55 | 0.42 | 0.70 | 0.66 | 0.34 | 0.53 | 0.68 | 0.81 |
| EPS Growth % | -35.4% | -49.43% | -12.99% | -177% | -59.02% | 18.45% | 347.83% | -16.36% | 30.95% | -40% | 6.06% | 94.12% | -35.85% | -22.06% | -16.05% | - |
| EPS (Basic) | - | -1.30 | -0.87 | -0.77 | 1.00 | 2.48 | 2.10 | 0.47 | 0.55 | 0.42 | 0.70 | 0.66 | 0.34 | 0.53 | 0.68 | 0.81 |
| Diluted Shares Outstanding | 38.76M | 38.39M | 37.81M | 37.49M | 40.72M | 44.54M | 44.43M | 43.59M | 42.98M | 42.52M | 42.48M | 42.33M | 40.14M | 41.28M | 41.53M | 41.53M |
| Basic Shares Outstanding | 38.76M | 38.39M | 37.81M | 37.49M | 40.49M | 43.83M | 43.52M | 43.17M | 42.88M | 42.5M | 42.19M | 41.97M | 39.96M | 41.28M | 41.52M | 41.52M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | 464.67% | 428.33% | - |
Liquidity and operating leverage
According to the provided quarterly income statements, SPWH has experienced inconsistent top-line performance, with revenue growth fluctuating between a 2.8% increase in 2026Q1 and an 8.7% decline in 2024Q1, suggesting that the company struggles to maintain consistent demand across its seasonal hunting and fishing categories.
The revenue trajectory appears heavily dependent on seasonal cycles rather than sustained organic growth. Investors should monitor whether the recent modest growth in 2026Q1 represents a genuine recovery or merely a temporary fluctuation in consumer spending on outdoor consumables.
As reported in financial statements, the company's gross margin has oscillated between 26.2% and 32.8% over the last ten quarters, indicating that SPWH lacks the pricing power necessary to offset the rising costs of goods sold in a competitive retail environment for outdoor gear.
The inability to consistently maintain gross margins above 30% suggests that the company's product mix, heavily weighted toward third-party branded firearms and ammunition, is highly sensitive to competitive discounting. This margin volatility complicates the path to sustainable profitability and warrants further investigation into the effectiveness of private-label initiatives.
Based on the income statement data, SPWH has failed to achieve positive operating leverage, as evidenced by the 2026Q1 operating margin of -6.8%, which highlights the company's inability to scale its fixed store-level overhead effectively against current revenue levels during periods of lower seasonal demand.
The high fixed-cost base associated with 126 retail locations appears to be a significant drag on earnings when sales volume softens. The lack of operating income scalability suggests that the current store footprint may be oversized relative to the company's ability to generate consistent, high-margin foot traffic.
Analysis of the company's historical filings reveals that SG&A expenses have remained stubbornly high, frequently exceeding $90 million per quarter, which has directly contributed to the company's inability to achieve consistent net profitability despite periodic revenue gains in the third and fourth quarters.
The erratic nature of SG&A spending, including a notable negative figure in 2024Q4, suggests potential accounting adjustments or significant volatility in operational expense management. Investors should monitor whether management can implement a more disciplined cost-control framework to protect the bottom line during non-peak seasons.
Data from recent financial disclosures indicates a precarious cash position of approximately $1.6 million, which, when contrasted with the company's negative net income of $21.8 million in 2026Q1, suggests that the firm may face significant liquidity constraints in the near term without external financing.
Short-sellers would likely focus on the mismatch between the company's capital-intensive retail model and its minimal cash reserves. This liquidity profile appears to leave little room for error, making the company highly vulnerable to any sustained downturn in consumer demand or unexpected increases in inventory carrying costs.
Quick answers to the most common questions about buying SPWH stock.
For fiscal year 2025, Sportsman's Warehouse Holdings, Inc. (SPWH) reported total revenue of $1.21B. This represents a 221.1% increase compared to $376.6M in 2011.
Sportsman's Warehouse Holdings, Inc. (SPWH) reported a net loss of $50.1M for the fiscal year ending 2025.
Sportsman's Warehouse Holdings, Inc. (SPWH) reported an operating income of $-13.9M, resulting in an operating profit margin of -1.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Sportsman's Warehouse Holdings, Inc. (SPWH) generated $373.5M in gross profit for the year, representing a gross profit margin of 30.9%. This demonstrates the company's core pricing power and production efficiency.