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Specialty retail · Consumer Cyclical · Fiscal year ends Jan 31
Academy Sports & Outdoors reported revenue of $6.1B in the fiscal year ended Jan 2026, up 2.0% from the year before. Operating income was $512M, an operating margin of 8.5%, and net income was $377M. Operating cash flow of $435M less capital expenditure of $213M left free cash flow of $222M. Net debt was $153M.
Ranks among the 14 specialty retail companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | 6,773 | 6,395 | 6,159 | 5,933 | 6,053 |
| Cost of revenue | 4,422 | 4,183 | 4,049 | 3,922 | 3,948 |
| Gross profit | 2,351 | 2,213 | 2,110 | 2,011 | 2,106 |
| Selling, general & admin | 1,443 | 1,366 | 1,432 | 1,473 | 1,593 |
| Operating income | 908 | 847 | 678 | 539 | 512 |
| Net interest incomeBanks | −49.0 | −46.4 | −46.1 | −36.9 | −36.2 |
| Pre-tax income | 860 | 818 | 663 | 538 | 486 |
| Income tax | 188 | 190 | 144 | 120 | 109 |
| Net income | 671 | 628 | 519 | 418 | 377 |
| Diluted EPS | 7.12 | 7.49 | 6.70 | 5.73 | 5.54 |
| Diluted shares | 94.3 | 83.9 | 77.5 | 73.0 | 68.0 |
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 486 | 337 | 348 | 289 | 330 |
| Receivables | 19.7 | 16.5 | 19.4 | 16.8 | 34.8 |
| Inventory | 1,172 | 1,284 | 1,194 | 1,309 | 1,504 |
| Current assets | 1,716 | 1,687 | 1,645 | 1,710 | 1,954 |
| Net PP&E | 346 | 351 | 445 | 525 | 584 |
| Goodwill | 862 | 862 | 862 | 862 | 862 |
| Total assets | 4,585 | 4,595 | 4,677 | 4,901 | 5,277 |
| Payables | 738 | 686 | 541 | 612 | 638 |
| Deferred revenue | 88.7 | 92.6 | 96.7 | 98.6 | 102 |
| Current liabilities | 1,127 | 1,039 | 880 | 961 | 1,032 |
| Short-term debt | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 |
| Long-term debt | 684 | 584 | 485 | 483 | 481 |
| Total liabilities | 3,118 | 2,967 | 2,722 | 2,897 | 3,106 |
| Shareholders' equity | 1,467 | 1,628 | 1,955 | 2,004 | 2,171 |
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 673 | 552 | 536 | 528 | 435 |
| Capital expenditure | 75.8 | 108 | 208 | 200 | 213 |
| Free cash flow | 597 | 444 | 328 | 328 | 222 |
| Depreciation & amortisation | 105 | 107 | 111 | 118 | 123 |
| Stock-based compensation | 39.3 | 21.2 | 24.4 | 26.6 | 21.2 |
| Share buybacks | 411 | 489 | 203 | 365 | 199 |
| Dividends paid | 0.0 | 24.6 | 27.2 | 31.5 | 34.7 |
| Dividend per share | – | 0.07 | 0.09 | 0.11 | 0.13 |
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −5.6% | −3.7% | −3.7% | 2.0% |
| Operating income growth (YoY) | – | −6.8% | −19.9% | −20.5% | −4.9% |
| EPS growth (YoY) | – | 5.2% | −10.5% | −14.5% | −3.3% |
| Gross margin | 34.7% | 34.6% | 34.3% | 33.9% | 34.8% |
| Operating margin | 13.4% | 13.2% | 11.0% | 9.1% | 8.5% |
| Net margin | 9.9% | 9.8% | 8.4% | 7.1% | 6.2% |
| Return on equityBlank when equity is negative | 45.8% | 38.6% | 26.6% | 20.9% | 17.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 26.3% | 23.8% | 17.9% | 13.7% | 12.1% |
| Free cash flow margin | 8.8% | 6.9% | 5.3% | 5.5% | 3.7% |
| Cash conversion (CFO ÷ net income) | 1.00x | 0.88x | 1.03x | 1.26x | 1.15x |
| Receivable days | 1 | 1 | 1 | 1 | 2 |
| Inventory days | 97 | 112 | 108 | 122 | 139 |
| Payable days | 61 | 60 | 49 | 57 | 59 |
| Debt ÷ equity | 0.47x | 0.36x | 0.25x | 0.24x | 0.22x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 201 | 250 | 140 | 197 | 153 |
| Current ratio | 1.52x | 1.62x | 1.87x | 1.78x | 1.89x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.