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Academy Sports & Outdoors (ASO) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Sep 9, 2026 · Academy Sports & Outdoors (ASO) Q2 FY27 earnings results →

Q2 FY27 Revenue up 3% year over year to $1.6B · 8¢ of every $1 of revenue kept as net profit · operating margin 15.0%

Academy Sports & Outdoors made $1.6B in Q2 FY27 (+3% Y/Y): Total merchandise sales $1.6B, Other sales $13.7M. Operating margin 15.0%, net earnings $138M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 9, 2026.

Revenue$1.6B
Year over year+3%
Operating margin15.0%
Net earnings$138M
Operating cash flow$188M

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Academy Sports & Outdoors Q2 FY27 revenue breakdown: Sankey diagram of revenue (Total merchandise sales, Other sales), costs, profit and cash flow
Academy Sports & Outdoors Q2 FY27 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.6B in Q2 FY27, up 3% year over year and up 14% from the previous quarter. Outdoors was the largest line at 28% of revenue. Sports and recreation added $0.02B year over year (up 6%), 49% of the total change. Footwear declined 1%.

Gross margin was 40.4%, up 4.4 points from Q2 FY26. Operating profit was $0.25B, a 15.0% margin (up 4.2 points year over year). Of the extra revenue versus Q2 FY26, 156% reached operating profit, above the 11% margin then. Operating expenses grew 4% against revenue growth of 3%. Net earnings were $0.14B, up 10% year over year. The effective tax rate was 22.7%.

Operating cash flow was $0.19B (up 140% year over year), 137% of net earnings. Non-cash charges added back $0.03B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.01B. After net cash used in investing activities ($0.07B), adjusted free cash flow as the company reports it was $0.12B.

Quarterly history

Academy Sports & Outdoors revenue by quarterAcademy Sports & Outdoors revenue by quarter$1.7BQ4 FY25$1.4BQ1 FY26$1.6BQ2 FY26$1.4BQ3 FY26$1.7BQ4 FY26$1.4BQ1 FY27$1.6BQ2 FY27
Academy Sports & Outdoors net earnings by quarterAcademy Sports & Outdoors net earnings by quarter$134MQ4 FY25$46.1MQ1 FY26$125MQ2 FY26$71.6MQ3 FY26$134MQ4 FY26$52.7MQ1 FY27$138MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QSep 9, 2026$1.6B+3%15.0%$138M$188M
Q1 FY2710-QJun 10, 2026$1.4B+7%5.2%$52.7M$161M
Q4 FY2610-KMar 17, 2026$1.7B+2%9.9%$134M$150M
Q3 FY2610-QDec 9, 2025$1.4B+3%7.3%$71.6M$49.0M
Q2 FY2610-QSep 2, 2025$1.6B+3%10.8%$125M$78.6M
Q1 FY2610-QJun 10, 2025$1.4B-0.9%5.1%$46.1M$157M
Q4 FY2510-KMar 20, 2025$1.7B-7%9.2%$134M$140M

Charts

Academy Sports & Outdoors: revenue growth, year over year and quarter over quarterAcademy Sports & Outdoors: revenue growth, year over year and quarter over quarterY/YQ/Q-7%Q4 FY25-1%-19%Q1 FY26+3%+18%Q2 FY26+3%-14%Q3 FY26+2%+24%Q4 FY26+7%-16%Q1 FY27+3%+14%Q2 FY27
Latest (Q2 FY27): Y/Y +3%, Q/Q +14%.
Academy Sports & Outdoors: where the cash came from (+) and went (−), TTM to Q2 FY27Academy Sports & Outdoors: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$548MBuybacks−$280MCapital spending−$216MNet borrowing (+) / repaid (−)−$87.2MOther investing$40.7MDividends−$36.2MOther financing$34.1MTaxes on employees’ shares−$7.5MCash drawn (+) / kept (−)$2.6MShares issued$2.6M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Academy Sports & Outdoors: profit against cash, quarter by quarterAcademy Sports & Outdoors: profit against cash, quarter by quarterNet incomeOperating cash flow$65.8M$96.9MQ3 FY25$134M$140MQ4 FY25$46.1M$157MQ1 FY26$125M$78.6MQ2 FY26$71.6M$49.0MQ3 FY26$134M$150MQ4 FY26$52.7M$161MQ1 FY27$138M$188MQ2 FY27
Latest (Q2 FY27): Net income $138M, Operating cash flow $188M.
Academy Sports & Outdoors: diluted shares by fiscal yearAcademy Sports & Outdoors: diluted shares by fiscal year81MFY2194MFY2284MFY2377MFY2473MFY2568MFY26
-16.5% since FY21: buybacks shrank the count.
Academy Sports & Outdoors: long-term debt falling due (FY26)Academy Sports & Outdoors: long-term debt falling due (FY26)$3.0M2027$483M2028
Cash $330M, short-term investments —, long-term debt — at 2026-01-31.
Academy Sports & Outdoors in its industry: growth against margin (6 companies, SIC 5940)Academy Sports & Outdoors in its industry: growth against margin (6 companies, SIC 5940)revenue growth, year over year →↑ operating marginmedian +3%median 0%DKSSPWHBNEDPEWKCRDASO (+3%, 15%)
Retail-Miscellaneous Shopping Goods Stores; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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🔄Rotation against the market and its industry (RRG)interactive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Academy Sports & Outdoors

The following discussion and analysis of our financial condition and results of operations should be read together with our financial statements and related notes included elsewhere in this Annual Report for the fiscal year ended January 31, 2026. This discussion contains forward-looking statements that involve risks and uncertainties. See the section of this Annual Report entitled “Cautionary Statement Regarding Forward-Looking Statements.” When reviewing the discussion below, you should keep in mind the substantial risks and uncertainties that characterize our business.

In its own words, from its 10-K, filed Mar 17, 2026.

Academy Sports & Outdoors against its Retail-Miscellaneous Shopping Goods Stores peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +3% against the peers' median +3%. Operating margin: 15.0% against the peers' median -0.4%.

CompanyQuarterRevenueY/YOp. margin
ASO Academy Sports & OutdoorsQ2 FY27$1.6B+3%15.0%
DKS Dick's Sporting GoodsQ2 FY27$5.6B+53%7.9%
SPWH Sportsman's Warehouse HoldingsQ2 FY27$296M+0.6%-0.4%
BNED Barnes & Noble EducationQ1 FY27$291M+0.8%-5.9%
PEW GrabAGun Digital HoldingsQ2 2026$23.2M+9%-11.1%
KCRD KindcardQ2 FY27$73K-20%-74.5%

Source: Academy Sports & Outdoors 10-Q on SEC EDGAR · CIK 1817358 · Retail-Miscellaneous Shopping Goods Stores

13F: who owns ASO and who is buying

Largest holders of ASO (13F)Largest holders of ASO (13F)BlackRock$468MFMR LLC$438MVanguard Group$363MDimensional Fund Advisors LP$193MVanguard Portfolio Management LLC$180MVanguard Capital Management LLC$137MState Street$129MAmerican Century Companies$112MGeode Capital Management, LLC$104MWestwood Holdings Group$71.0M
Funds' net buying of ASO by quarter (13F)Funds' net buying of ASO by quarter (13F)$57.2M2024-09$202M2024-12−$103M2025-03−$34.9M2025-06$21.3M2025-09−$39.2M2025-12−$150M2026-03$41.6M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on ASO

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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