The EPS beat and guidance raise (fueled by margin expansion and aggressive buybacks) are positive, but comp sales turning negative (-0.4%) signals top-line pressure from the pressured consumer. Monitor Q3 same-store sales and gross margin sustainability post tariff-refund benefits. The heavy buyback pace ($182M in H1 vs $100M last year) is masking modest underlying revenue growth.
Price Chart
Executive Summary
Academy Sports & Outdoors reported Q2 FY2026 results with net sales of $1.647B (+3.0% YoY), GAAP diluted EPS of $2.17 (+17.3% YoY), and adjusted diluted EPS of $2.31 (+19.1% YoY). Comparable sales were slightly negative at -0.4%, but strong margin expansion and aggressive share repurchases ($182.1M YTD) drove double-digit EPS growth. The company affirmed its sales guidance while raising its EPS guidance, citing gross margin improvement, tariff refund benefits, and disciplined capital allocation.
Key Financial Metrics
Key Facts
- Q2 net sales $1.647B, +3.0% YoY
- Comparable sales (0.4)% vs +0.2% prior year
- GAAP diluted EPS $2.17, +17.3% YoY
- Adjusted diluted EPS $2.31, +19.1% YoY
- Gross margin 40.4%, up 440 bps YoY from tariff refund benefits (net 30 bps impact to EPS of $0.06)
- Operating income $246.4M (15.0% of sales) vs $172.4M (10.8%) prior year
- Share repurchases $182.1M YTD, up 82.3% vs prior year
- Opened 3 new stores, total 327 locations
- Raised FY2026 GAAP EPS guidance to $6.05-$6.45 from $5.95-$6.35; reaffirmed sales guidance $6.23B-$6.355B
- Raised adjusted free cash flow guidance to $300M-$350M from $250M-$300M
Financial Impact
EPS beat by +11.0% vs consensus; raised full-year EPS guidance by ~$0.10 midpoint
Risk Factors
- Negative comparable sales (-0.4%) despite 3.0% total sales growth from new stores
- Consumer spending remains pressured, particularly among lower-income households
- Tariff refund benefits are non-recurring; core gross margin trends need monitoring
- Heavy share repurchases reduce share count but also reduce financial flexibility
- eCommerce penetration not disclosed for Q2 (was ~12% in FY2025)
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001817358-26-000146 |
| Document: aso-20260909.htm | 0001817358-26-000146 |
| Document: q22026earningspresentati.htm | 0001817358-26-000146 |
| Document: 0001817358-26-000146-index-headers.html | 0001817358-26-000146 |
| Document: 0001817358-26-000146-index.html | 0001817358-26-000146 |
| Document: 0001817358-26-000146.txt | 0001817358-26-000146 |
| 8-K Data (Synthetic) | 0001817358-26-000146 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 17d ago | 144 | $50.44 $49.50 | ▼ −1.86% | ▼ −2.68% | $48.73 (−3.39%) |
Sep 14, 2026 18d ago | 144 | $54.25 $48.49 | ▼ −10.62% | ▼ −10.72% | $48.73 (−10.18%) |
Sep 9, 2026 23d ago | 8-K | $51.15 $50.42 | ▼ −1.43% | ▼ −0.33% | $48.73 (−4.73%) |
Sep 4, 2026 28d ago | Press Release | $44.94 $54.25 | ▲ +20.72% | ▲ +21.93% | $48.73 (+8.43%) |
Sep 3, 2026 29d ago | Press Release | $43.68 $55.36 | ▲ +26.74% | ▲ +27.89% | $48.73 (+11.56%) |
Aug 21, 2026 6w ago | Institutional Cluster | $45.83 $43.50 | ▼ −5.08% | ▼ −5.56% | $48.73 (+6.33%) |
Jun 11, 2026 16w ago | Institutional Cluster | $52.33 $49.62 | ▼ −5.18% | ▼ −5.61% | $48.73 (−6.88%) |
Jun 9, 2026 16w ago | 8-K | $50.37 $49.25 | ▼ −2.22% | ▼ −4.64% | $48.73 (−3.26%) |
Jun 9, 2026 16w ago | Press Release | $50.37 $49.25 | ▼ −2.22% | ▼ −4.64% | $48.73 (−3.26%) |
Jun 4, 2026 17w ago | 8-K | $51.75 $51.01 | ▼ −1.43% | ▼ −2.00% | $48.73 (−5.84%) |
US Market Status
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