Academy Sports + Outdoors — research brief (BMC #098 on gallery, queue id 182)

Prepared 2026-10-13 (America/Chicago). Academy Sports and Outdoors, Inc. is public (Nasdaq: ASO), headquartered in Katy, Texas, and reports in US dollars on a fiscal year ending on the Saturday closest to Jan 31. FY2025 = 52 weeks ended Jan 31, 2026 (the latest full year), labeled with Academy's own fiscal year per the project's fiscal-year rule. Labels: FACT = stated by Academy in its Form 10-K or results releases filed with the SEC. SECONDARY = third-party press (none used). INFERENCE = interpretation or arithmetic by this project.

Sources (accessed 2026-10-13)

Form 10-K for fiscal 2025 (year ended Jan 31, 2026; filed Mar 17, 2026): https://www.sec.gov/Archives/edgar/data/1817358/000181735826000031/aso-20260131.htm
Fourth quarter and fiscal 2025 results release (Mar 17, 2026, Form 8-K Ex. 99.1): https://www.sec.gov/Archives/edgar/data/1817358/000181735826000026/exhibit991pressreleaseye25.htm
IR news release: https://investors.academy.com/news-releases/news-release-details/academy-sports-outdoors-reports-fourth-quarter-and-fiscal-2025
Corporate / shop: https://www.academy.com · https://investors.academy.com
Logo: project monogram ("AS" on a navy tile), not Academy's official wordmark. Trademark of its owner; identification only.

Teaching arc

Academy is a value-priced full-line sporting-goods and outdoor retailer: it sells national brands (~78% of merchandise) and 19 private-label brands (~22%) through 322 U.S. stores across 21 states, plus academy.com (BOPIS and ship). Merchandise is nearly all of revenue; other sales (gift-card breakage, credit-card bounties/royalties, shipping) are tiny. FY2025 net sales $6.05B (+2.0%), net income $376.8M (−9.9%).

Key figures, FY2025 (FACT unless labeled)

Net sales $6,053.4M vs $5,933.4M (+2.0%); comparable sales −1.5% (new stores drove the topline).
Merchandise sales $6,017.8M: Outdoors $1,831.0M; Sports & recreation $1,339.6M; Apparel $1,645.6M; Footwear $1,201.5M. Other sales $35.6M.
Merchandise mix of net sales roughly Outdoors 31% / Apparel 27% / Sports & recreation 22% / Footwear 20% (company's stated category shares).
E-commerce 11.7% of merchandise sales (vs 10.5% in 2024).
National brands ~78% of merchandise sales; private label ~22%; no single brand >~12% of sales; ~1,500 vendors.
Gross margin $2,105.6M (34.8% of sales, vs 33.9%); COGS $3,947.8M (65.2%).
SG&A $1,593.4M (26.3% of sales, vs 24.8%).
Operating income $512.2M (8.5% margin, vs 9.1%).
Interest expense, net $36.2M; income before tax $486.1M (−9.7%).
FY2025 net income $376.8M (vs $418.4M, −9.9%); diluted EPS $5.54 (adjusted $5.78, non-GAAP).
Adjusted EBITDA (non-GAAP) $666.3M; adjusted free cash flow (non-GAAP) $262.8M.
Capex $212.7M; share repurchases $200.8M (incl. excise); dividends paid $34.7M.
Balance sheet Jan 31, 2026: cash $330.3M; inventory $1,503.8M; long-term debt, net $480.8M; total assets $5,277M.
Firearms ~6% of net sales (FACT); Academy is a federally licensed firearms dealer.

Footprint & people (FACT)

322 stores at Jan 31, 2026 (opened 24 in FY2025; 0 closed); 298 at start of year. Plans 20–25 new stores in FY2026.
Across 21 contiguous U.S. states; Texas 117 stores is by far the largest market.
Stores average ~70,000 gross sq ft (~85% selling); 321 leased, 1 owned. Total gross sq ft ~21.9M.
Three distribution centers: Katy, TX; Twiggs County, GA; Cookeville, TN — each can serve up to ~150 stores.
~23,000 team members in the U.S. and Hong Kong (≈45% full-time / 55% part-time); none under collective bargaining.

Model details (FACT)

Value-based assortment for "Always Game Families": beginners to experts, good/better/best price points.
Private-label portfolio of 19 brands incl. Magellan Outdoors, Academy Sports + Outdoors, BCG, O'rageous, Game Winner, Outdoor Gourmet, Freely, Redfield, H2OX, R.O.W.; ~53% of customers bought a private-label item in 2025.
National brands incl. Nike (and Jordan), Under Armour, adidas, Winchester, Columbia, The North Face, Brooks, Skechers, Yeti, Stanley, Carhartt.
Omnichannel: BOPIS, shipping from DCs/stores; academy.com and Academy Sports + Outdoors app.
myAcademy Rewards loyalty launched July 2024; Academy Credit Card program; first-party data / Customer Data Platform for marketing.
Founded 1938 as a family business in Texas; IPO / public as ASO.

Atlas main engine

retail/DTC — merchandise sales $6.02B were 99.4% of $6.05B FY25 net sales; other sales $35.6M are add-ons (gift cards, card bounties/royalties, shipping).

# Academy Sports + Outdoors — research brief (BMC #098 on gallery, queue id 182) Prepared 2026-10-13 (America/Chicago). Academy Sports and Outdoors, Inc. is **public** (Nasdaq: ASO), headquartered in Katy, Texas, and reports in US dollars on a **fiscal year ending on the Saturday closest to Jan 31**. **FY2025 = 52 weeks ended Jan 31, 2026** (the latest full year), labeled with Academy's own fiscal year per the project's fiscal-year rule. Labels: **FACT** = stated by Academy in its Form 10-K or results releases filed with the SEC. **SECONDARY** = third-party press (none used). **INFERENCE** = interpretation or arithmetic by this project. ## Sources (accessed 2026-10-13) - Form 10-K for fiscal 2025 (year ended Jan 31, 2026; filed Mar 17, 2026): https://www.sec.gov/Archives/edgar/data/1817358/000181735826000031/aso-20260131.htm - Fourth quarter and fiscal 2025 results release (Mar 17, 2026, Form 8-K Ex. 99.1): https://www.sec.gov/Archives/edgar/data/1817358/000181735826000026/exhibit991pressreleaseye25.htm - IR news release: https://investors.academy.com/news-releases/news-release-details/academy-sports-outdoors-reports-fourth-quarter-and-fiscal-2025 - Corporate / shop: https://www.academy.com · https://investors.academy.com - Logo: project monogram ("AS" on a navy tile), **not** Academy's official wordmark. Trademark of its owner; identification only. ## Teaching arc **Academy is a value-priced full-line sporting-goods and outdoor retailer: it sells national brands (~78% of merchandise) and 19 private-label brands (~22%) through 322 U.S. stores across 21 states, plus academy.com (BOPIS and ship). Merchandise is nearly all of revenue; other sales (gift-card breakage, credit-card bounties/royalties, shipping) are tiny. FY2025 net sales $6.05B (+2.0%), net income $376.8M (−9.9%).** ## Key figures, FY2025 (FACT unless labeled) - **Net sales $6,053.4M** vs $5,933.4M (**+2.0%**); comparable sales **−1.5%** (new stores drove the topline). - Merchandise sales $6,017.8M: Outdoors $1,831.0M; Sports & recreation $1,339.6M; Apparel $1,645.6M; Footwear $1,201.5M. Other sales $35.6M. - Merchandise mix of net sales roughly Outdoors 31% / Apparel 27% / Sports & recreation 22% / Footwear 20% (company's stated category shares). - E-commerce 11.7% of merchandise sales (vs 10.5% in 2024). - National brands ~78% of merchandise sales; private label ~22%; no single brand >~12% of sales; ~1,500 vendors. - Gross margin $2,105.6M (**34.8%** of sales, vs 33.9%); COGS $3,947.8M (65.2%). - SG&A $1,593.4M (26.3% of sales, vs 24.8%). - **Operating income $512.2M** (8.5% margin, vs 9.1%). - Interest expense, net $36.2M; income before tax $486.1M (−9.7%). - **FY2025 net income $376.8M** (vs $418.4M, **−9.9%**); diluted EPS $5.54 (adjusted $5.78, non-GAAP). - Adjusted EBITDA (non-GAAP) $666.3M; adjusted free cash flow (non-GAAP) $262.8M. - Capex $212.7M; share repurchases $200.8M (incl. excise); dividends paid $34.7M. - Balance sheet Jan 31, 2026: cash $330.3M; inventory $1,503.8M; long-term debt, net $480.8M; total assets $5,277M. - Firearms ~6% of net sales (FACT); Academy is a federally licensed firearms dealer. ## Footprint & people (FACT) - 322 stores at Jan 31, 2026 (opened 24 in FY2025; 0 closed); 298 at start of year. Plans 20–25 new stores in FY2026. - Across 21 contiguous U.S. states; Texas 117 stores is by far the largest market. - Stores average ~70,000 gross sq ft (~85% selling); 321 leased, 1 owned. Total gross sq ft ~21.9M. - Three distribution centers: Katy, TX; Twiggs County, GA; Cookeville, TN — each can serve up to ~150 stores. - ~23,000 team members in the U.S. and Hong Kong (≈45% full-time / 55% part-time); none under collective bargaining. ## Model details (FACT) - Value-based assortment for "Always Game Families": beginners to experts, good/better/best price points. - Private-label portfolio of 19 brands incl. Magellan Outdoors, Academy Sports + Outdoors, BCG, O'rageous, Game Winner, Outdoor Gourmet, Freely, Redfield, H2OX, R.O.W.; ~53% of customers bought a private-label item in 2025. - National brands incl. Nike (and Jordan), Under Armour, adidas, Winchester, Columbia, The North Face, Brooks, Skechers, Yeti, Stanley, Carhartt. - Omnichannel: BOPIS, shipping from DCs/stores; academy.com and Academy Sports + Outdoors app. - myAcademy Rewards loyalty launched July 2024; Academy Credit Card program; first-party data / Customer Data Platform for marketing. - Founded 1938 as a family business in Texas; IPO / public as ASO. ## Atlas main engine - **retail/DTC** — merchandise sales $6.02B were 99.4% of $6.05B FY25 net sales; other sales $35.6M are add-ons (gift cards, card bounties/royalties, shipping).