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Sportsman's Warehouse Holdings (SPWH) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Sep 1, 2026 · Sportsman's Warehouse Holdings (SPWH) Q2 FY27 earnings results →

Q2 FY27 Revenue up 1% year over year to $296M · 1¢ of every $1 of revenue lost · operating margin -0.4%

Sportsman's Warehouse Holdings made $296M in Q2 FY27 (+0.6% Y/Y). Operating margin -0.4%, net loss $4.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 1, 2026.

Revenue$296M
Year over year+0.6%
Operating margin-0.4%
Net earnings−$4.4M
Operating cash flow−$12.1M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $295.6M in Q2 FY27, up 1% year over year and up 15% from the previous quarter.

Gross margin was 32.5%, up 0.5 points from Q2 FY26. Operating costs exceeded revenue by $1.1M, an operating margin of -0.4%. Operating expenses fell 0% while revenue rose 1%. The quarter ended with a net loss of $4.4M, narrower than the previous quarter's $21.8M loss. Net interest and other expense of $3.3M was the main reason.

Operating cash flow was −$12.1M. Non-cash charges added back $8.6M of depreciation and amortization and $1.0M of share-based compensation. Working capital and other items used $17.2M. Capital expenditures of $3.5M exceeded it, leaving free cash flow of −$15.5M.

Quarterly history

Sportsman's Warehouse Holdings revenue by quarterSportsman's Warehouse Holdings revenue by quarter$340MQ4 FY25$249MQ1 FY26$294MQ2 FY26$331MQ3 FY26$335MQ4 FY26$256MQ1 FY27$296MQ2 FY27
Sportsman's Warehouse Holdings net earnings by quarterSportsman's Warehouse Holdings net earnings by quarter−$8.7MQ4 FY25−$21.3MQ1 FY26−$7.1MQ2 FY26$8KQ3 FY26−$21.7MQ4 FY26−$21.8MQ1 FY27−$4.4MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QSep 1, 2026$296M+0.6%-0.4%−$4.4M−$12.1M
Q1 FY2710-QJun 2, 2026$256M+3%-7.1%−$21.8M−$55.4M
Q4 FY2610-KMar 31, 2026$335M-2%-5.6%−$21.7M$102M
Q3 FY2610-QDec 4, 2025$331M+2%1.3%$8K$16.3M
Q2 FY2610-QSep 4, 2025$294M+2%-1.1%−$7.1M−$26.6M
Q1 FY2610-QJun 4, 2025$249M+2%-7.9%−$21.3M−$60.2M
Q4 FY2510-KApr 2, 2025$340M-8%1.1%−$8.7M$52.8M

Charts

Sportsman's Warehouse Holdings: revenue growth, year over year and quarter over quarterSportsman's Warehouse Holdings: revenue growth, year over year and quarter over quarterY/YQ/Q-8%Q4 FY25+2%-27%Q1 FY26+2%+18%Q2 FY26+2%+13%Q3 FY26-2%+1%Q4 FY26+3%-24%Q1 FY27+1%+15%Q2 FY27
Latest (Q2 FY27): Y/Y +1%, Q/Q +15%.
Sportsman's Warehouse Holdings: where the cash came from (+) and went (−), TTM to Q2 FY27Sportsman's Warehouse Holdings: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$50.7MNet borrowing (+) / repaid (−)−$26.1MCapital spending−$19.0MOther financing−$5.0MTaxes on employees’ shares−$459KCash drawn (+) / kept (−)−$173KAsset & business sales$8K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Sportsman's Warehouse Holdings: profit against cash, quarter by quarterSportsman's Warehouse Holdings: profit against cash, quarter by quarterNet incomeOperating cash flow−$364K−$2.5MQ3 FY25−$8.7M$52.8MQ4 FY25−$21.3M−$60.2MQ1 FY26−$7.1M−$26.6MQ2 FY26$8K$16.3MQ3 FY26−$21.7M$102MQ4 FY26−$21.8M−$55.4MQ1 FY27−$4.4M−$12.1MQ2 FY27
Latest (Q2 FY27): Net income −$4.4M, Operating cash flow −$12.1M.
Sportsman's Warehouse Holdings: diluted shares by fiscal yearSportsman's Warehouse Holdings: diluted shares by fiscal year44MFY2145MFY2241MFY2337MFY2438MFY2538MFY26
-13.6% since FY21: buybacks shrank the count.
Sportsman's Warehouse Holdings in its industry: growth against margin (6 companies, SIC 5940)Sportsman's Warehouse Holdings in its industry: growth against margin (6 companies, SIC 5940)revenue growth, year over year →↑ operating marginmedian +3%median 0%DKSASOBNEDPEWKCRDSPWH (+1%, 0%)
Retail-Miscellaneous Shopping Goods Stores; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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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 Sportsman's Warehouse Holdings

Sportsman’s Warehouse Holdings, Inc. is an outdoor specialty retailer focused on meeting the needs of the seasoned outdoor veteran, the first-time participant, and everyone in between. We provide outstanding gear and exceptional service to inspire outdoor memories. For press releases and certain additional information about the Company, visit the Investor Relations section of the Company's website at www.sportsmans.com.

In its own words, from its 8-K, filed Sep 1, 2026.

Sportsman's Warehouse Holdings against its Retail-Miscellaneous Shopping Goods Stores peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +0.6% against the peers' median +3%. Operating margin: -0.4% against the peers' median -0.4%.

CompanyQuarterRevenueY/YOp. margin
SPWH Sportsman's Warehouse HoldingsQ2 FY27$296M+0.6%-0.4%
DKS Dick's Sporting GoodsQ2 FY27$5.6B+53%7.9%
ASO Academy Sports & OutdoorsQ2 FY27$1.6B+3%15.0%
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: Sportsman's Warehouse Holdings 10-Q on SEC EDGAR · CIK 1132105 · Retail-Miscellaneous Shopping Goods Stores

13F: who owns SPWH and who is buying

Largest holders of SPWH (13F)Largest holders of SPWH (13F)Union Square Park Capital Managem…$4.0MVanguard Group$2.6MJB Capital Partners LP$2.3MArchon Capital Management LLC$2.1MVanguard Capital Management LLC$2.0MTwo Sigma Investments, LP$1.9MMackenzie Financial$1.6MGabelli Funds LLC$1.6MBridgeway Capital Management, LLC$985KBlackRock$958K
Funds' net buying of SPWH by quarter (13F)Funds' net buying of SPWH by quarter (13F)$3.5M2024-09−$13.7M2024-12−$4.3M2025-03$11.6M2025-06$5.0M2025-09−$2.8M2025-12−$3.7M2026-03−$2.5M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on SPWH

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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