The 2.1% same-store sales growth and reaffirmed guidance provide a modest positive signal, but the company remains unprofitable with negative free cash flow and rising leverage. Watch for Q2 trends in consumer spending and inventory management; the planned store closures after holiday 2026 could improve profitability but won't impact FY2026 results materially. The stock's $54M market cap suggests limited downside but also limited upside without a clear path to sustained profitability.
Price Chart
Executive Summary
Sportsman's Warehouse reported Q1 2026 net sales of $256.1M (+2.8% YoY) and same-store sales growth of 2.1%, exceeding the low end of its full-year guidance range. However, the company remained deeply unprofitable with a GAAP net loss of $(21.8)M and negative adjusted EBITDA of $(8.1)M, while net debt surged to $148.4M from $90.0M at year-end due to seasonal inventory build. Full-year FY2026 guidance was reaffirmed (same-store sales -1% to +2%, adjusted EBITDA $30-36M), providing no upside catalyst.
Key Financial Metrics
Key Facts
- Q1 net sales $256.1M, +2.8% YoY vs $249.1M
- Same-store sales +2.1% YoY, at the high end of FY guidance range
- GAAP diluted EPS $(0.56), unchanged YoY; adjusted diluted EPS $(0.39) vs $(0.41) YoY
- Adjusted EBITDA $(8.1)M, improved from $(9.0)M YoY
- Net debt $148.4M, up from $90.0M at Jan 31, 2026, driven by seasonal inventory build to $387.1M
- Full-year FY2026 guidance reaffirmed: same-store sales -1% to +2%, adjusted EBITDA $30-36M
- No new store openings planned; expects to close ~5 underperforming stores after holiday season
- Gross margin compressed to 29.6% from 30.4% YoY due to unfavorable category mix toward lower-margin firearms/ammunition
Financial Impact
Q1 revenue beat consensus by ~1.2% ($256.1M vs $253.0M est), but GAAP EPS of $(0.56) was in line with the $(0.56) consensus; adjusted EPS of $(0.39) was better than the $(0.41) prior year but still deeply negative. Net debt increased $58.4M sequentially.
Risk Factors
- Continued consumer pressure and higher fuel prices could reverse Q1 sales momentum
- Gross margin compression from mix shift toward low-margin firearms/ammunition
- Net debt of $148.4M represents 275% of market cap, limiting financial flexibility
- Negative operating cash flow of $(55.4)M in Q1, though seasonal; full-year guidance implies H2 improvement
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-253505 |
| Document: spwh-20260602.htm | 0001193125-26-253505 |
| Document: 0001193125-26-253505-index-headers.html | 0001193125-26-253505 |
| Document: 0001193125-26-253505-index.html | 0001193125-26-253505 |
| Document: 0001193125-26-253505.txt | 0001193125-26-253505 |
| 8-K Data (Synthetic) | 0001193125-26-253505 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 1, 2026 7w ago | 8-K | $1.28 | awaiting T+60 | — | $1.04 (−18.75%) |
Sep 1, 2026 7w ago | Press Release | $1.28 | awaiting T+60 | — | $1.04 (−18.75%) |
Aug 18, 2026 9w ago | Press Release | $1.19 | awaiting T+60 | — | $1.04 (−12.61%) |
Jun 24, 2026 17w ago | 8-K | $1.22 $1.17 | ▼ −4.10% | ▼ −7.83% | $1.04 (−14.75%) |
Jun 2, 2026 20w ago | 8-K | $1.45 $1.14 | ▼ −21.38% | ▼ −23.88% | $1.04 (−28.28%) |
Jun 2, 2026 20w ago | Press Release | $1.45 $1.14 | ▲ +21.38% | ▲ +23.88% | $1.04 (+28.28%) |
Mar 31, 2026 29w ago | 8-K | $1.32 $1.35 | ▼ −2.27% | ▲ +11.11% | $1.04 (+21.21%) |
Mar 17, 2026 31w ago | Press Release | $1.38 $1.26 | ▼ −8.70% | ▼ −20.22% | $1.04 (−24.64%) |
Mar 3, 2026 33w ago | Press Release | $1.48 $1.27 | ▼ −14.19% | ▼ −24.51% | $1.04 (−29.73%) |
US Market Status
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