# EDGAR Filing Document

**Accession Number:** 0001817358
**File Stem:** 0001817358-25-000189
**Filing Date:** 2025-12
**Character Count:** 59239
**Document Hash:** d31c1f71efa391a4207ca31bb8917ef3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001817358-25-000189.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001817358-25-000189

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20251209

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Academy Sports & Outdoors, Inc.
- **CENTRAL INDEX KEY:** 0001817358
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-MISCELLANEOUS SHOPPING GOODS STORES [5940]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 851800912
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39589
- **FILM NUMBER:** 251557670

**BUSINESS ADDRESS:**
- **STREET 1:** 1800 NORTH MASON ROAD
- **CITY:** KATY
- **STATE:** TX
- **ZIP:** 77449
- **BUSINESS PHONE:** (281) 646-5200

**MAIL ADDRESS:**
- **STREET 1:** 1800 NORTH MASON ROAD
- **CITY:** KATY
- **STATE:** TX
- **ZIP:** 77449

?xml version='1.0' encoding='ASCII'? aso-20251209

---

| | | |
|:---|:---|:---|
| **UNITED STATES** | **UNITED STATES** | **UNITED STATES** |
| **SECURITIES AND EXCHANGE COMMISSION** | **SECURITIES AND EXCHANGE COMMISSION** | **SECURITIES AND EXCHANGE COMMISSION** |
| **Washington, D.C. 20549** | **Washington, D.C. 20549** | **Washington, D.C. 20549** |
| **FORM 8-K** | **FORM 8-K** | **FORM 8-K** |
| **CURRENT REPORT** | **CURRENT REPORT** | **CURRENT REPORT** |
| **Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** | **Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** | **Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** |
| **Date of report (Date of earliest event reported): December 9, 2025** | **Date of report (Date of earliest event reported): December 9, 2025** | **Date of report (Date of earliest event reported): December 9, 2025** |
| ![Academy logo (blue).jpg](aso-20251209_g1.jpg) | ![Academy logo (blue).jpg](aso-20251209_g1.jpg) | ![Academy logo (blue).jpg](aso-20251209_g1.jpg) |
| **Academy Sports and Outdoors, Inc.** | **Academy Sports and Outdoors, Inc.** | **Academy Sports and Outdoors, Inc.** |
| (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**001-39589** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85-1800912** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(State or other jurisdiction of | (Commission | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I.R.S. Employer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;incorporation) | File No.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification No.) |
| **1800 North Mason Road** | **1800 North Mason Road** | **1800 North Mason Road** |
| **Katy, Texas 77449** | **Katy, Texas 77449** | **Katy, Texas 77449** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;***(Address of principal executive offices, including Zip Code)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;***(Address of principal executive offices, including Zip Code)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;***(Address of principal executive offices, including Zip Code)* |
| **(281) 646-5200** | **(281) 646-5200** | **(281) 646-5200** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Registrant's telephone number, including area code)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Registrant's telephone number, including area code)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Registrant's telephone number, including area code)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Not Applicable** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Not Applicable** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Not Applicable** |
| *(Former name or former address, if changed since last report)* | *(Former name or former address, if changed since last report)* | *(Former name or former address, if changed since last report)* |
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
| ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** |
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| **Common Stock, $0.01 par value per share** | **ASO** | **The Nasdaq Stock Market LLC** |
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). |
| Emerging Growth Company ☐ |  |  |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |

---

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On December 9, 2025, Academy Sports and Outdoors, Inc. (the "Company") issued a press release announcing financial results for the quarter ended November 1, 2025. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated by reference herein.

The information in this Current Report on Form 8-K, including exhibits, is being furnished to the U.S. Securities and Exchange Commission (the "SEC") pursuant to Item 2.02 of Form 8-K and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company's filings with the SEC under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

On December 9, 2025, the Company posted the Third Quarter 2025 Earnings Presentation to its website at investors.academy.com. A copy of the presentation is attached hereto as Exhibit 99.2.

The information contained under this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Exhibits.** 

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[99.1](exhibit991pressreleaseq320.htm)</u> | Academy Sports and Outdoors, Inc. Press Release, dated December 9, 2025. |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[99.2](q325earningspresentation.htm)</u> | Third Quarter 2025 Earnings Presentation, dated December 9, 2025. |
| &nbsp;&nbsp;&nbsp;104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**Signatures**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ACADEMY SPORTS AND OUTDOORS, INC.<br>

---

| | | | |
|:---|:---|:---|:---|
| Date: December 9, 2025 | By: | /s/ | Brandy Treadway |
|  | Name: | Brandy Treadway | Brandy Treadway |
|  | Title: | Executive Vice President, Chief Legal Officer and Corporate Secretary | Executive Vice President, Chief Legal Officer and Corporate Secretary |

---

## Exhibit 99.1

 **Exhibit 99.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;**![academylogoblue.jpg](academylogoblue.jpg)<br>

**Academy Sports + Outdoors Reports Third Quarter Fiscal 2025 Results**

**Updates Guidance** 

*Third Quarter Sales Increase 3.0%; Comparable Sales Decrease (0.9)%*

*eCommerce Sales Increase 22.2%; New Stores Comping High Single Digits*

*Third Quarter Diluted GAAP EPS of $1.05, +14% to last year* 

*Opened Eleven New Stores Across Ten States* 

*Narrows Sales & Gross Margin Guidance*

**KATY, TEXAS (Globe Newswire — December 9, 2025)** – Academy Sports and Outdoors, Inc. (Nasdaq: ASO) ("Academy" or the "Company") today announced its financial results for the third quarter ended November 1, 2025.

"We continue to see an acceleration in our underlying growth strategies, despite the uncertain economic backdrop the consumer is facing," said Steve Lawrence, Chief Executive Officer. "The start to holiday aligned with our expectations, capped off by a record Black Friday event. The momentum we are seeing in early holiday results reinforces that our position as the value leader in our space is resonating with consumers, and is driving market share gains."

---

| | | | |
|:---|:---|:---|:---|
| **Third Quarter Operating Results** <br>**($ in millions, except per share data)** | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Change** |
| **Third Quarter Operating Results** <br>**($ in millions, except per share data)** | **November 1, 2025** | **November 2, 2024** | **%** |
| Net sales | $1383.7 | $1343.3 | 3.0% |
| Comparable sales | (0.9)% | (4.9)% |  |
| Income before income tax | $94.0 | $88.7 | 6.0% |
| Net income | $71.6 | $65.8 | 8.8% |
| Adjusted net income <sup>(1)</sup> | $77.3 | $70.5 | 9.6% |
| Earnings per common share, diluted | $1.05 | $0.92 | 14.1% |
| Adjusted earnings per common share, diluted <sup>(1)</sup> | $1.14 | $0.98 | 16.3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Adjusted net income and Adjusted earnings per common share, diluted are non-GAAP measures. See "Non-GAAP Measures" and "Reconciliations of GAAP to Non-GAAP Financial Measures" below for reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures.

---

| | | | |
|:---|:---|:---|:---|
| **Year-to-Date Operating Results ($ in millions, except per share data)** | **Thirty-Nine Weeks Ended** | **Thirty-Nine Weeks Ended** | **Change** |
| **Year-to-Date Operating Results ($ in millions, except per share data)** | **November 1, 2025** | **November 2, 2024** | **%** |
| Net sales | $4334.9 | $4256.5 | 1.8% |
| Comparable sales | (1.4)% | (5.9)% |  |
| Income before income tax | $321.9 | $372.9 | (13.7)% |
| Net Income | $243.1 | $284.8 | (14.6)% |
| Adjusted net income <sup>(1)</sup> | $260.2 | $300.7 | (13.5)% |
| Earnings per common share, diluted | $3.57 | $3.86 | (7.5)% |
| Adjusted earnings per common share, diluted <sup>(1)</sup> | $3.82 | $4.08 | (6.4)% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Adjusted net income and Adjusted earnings per common share, diluted are non-GAAP measures. See "Non-GAAP Measures" and "Reconciliations of GAAP to Non-GAAP Financial Measures" below for reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures.

------

---

| | | | |
|:---|:---|:---|:---|
| | **As of** | **As of** | **Change** |
| **Balance Sheet ($ in millions)** | **November 1, 2025** | **November 2, 2024** | **%** |
| Cash and cash equivalents | $289.5 | $296.0 | (2.2)% |
| Merchandise inventories, net<sup>(1)</sup> | $1701.2 | $1525.0 | 11.6% |
| Long-term debt, net | $481.3 | $483.1 | (0.4)% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) As of November 1, 2025 inventory per store was down 0.3% in units and up 3.1% in dollars.

---

| | | | |
|:---|:---|:---|:---|
| | **Thirty-Nine Weeks Ended** | **Thirty-Nine Weeks Ended** | **Change** |
| **Capital Allocation ($ in millions)** | **November 1, 2025** | **November 2, 2024** | **%** |
| Share repurchases | $99.9 | $276.6 | (63.9)% |
| Dividends paid | $26.0 | $23.8 | 9.2% |

---

Subsequent to the end of the third quarter, on December 4, 2025, Academy's Board of Directors declared a quarterly cash dividend of $0.13 per share of common stock. The dividend is payable on January 15, 2026, to stockholders of record as of the close of business on December 18, 2025.

**<u>New Store Openings</u>**

Academy opened eleven new stores during the third quarter, bringing its total to 317 locations across 21 states. The Company has opened a total of 24 stores in fiscal 2025. The following table outlines the new locations opened during the year:

---

| | | | | |
|:---|:---|:---|:---|:---|
| East Harrisburg, PA | Hagerstown, MD | York, PA | NW Kansas City, MO | Pineville, NC |
| Fort Walton Beach, FL | Midlothian, VA | Morgantown, WV | Boardman, OH | Beaufort, SC |
| Virginia Beach, VA | Rome, GA | Cullman, AL | Mishawaka, IN | Lakeland, FL |
| Columbia, TN | Albany, GA | Palestine, TX | Batesville, MS | Seguin, TX |
| Russellville, AR | Ft. Wayne, IN | El Paso, TX | New Braunfels, TX | |

---

The Company also plans to open an additional 20-25 new stores in fiscal 2026.

**<u>Academy Store Footprint Update</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Time Frame | Total stores open at beginning of the period | Number of stores opened during the period | Number of stores closed during the period | Total stores open at end of period |
| FY 2024 | 282 | 16 |  | 298 |
| 1st Quarter 2025 | 298 | 5 |  | 303 |
| 2nd Quarter 2025 | 303 | 3 |  | 306 |
| 3rd Quarter 2025 | 306 | 11 |  | 317 |

---

Note: 24 new stores added LTM

---

| | | | | |
|:---|:---|:---|:---|:---|
| Time Frame  | Total gross square feet open at beginning of the period | Gross square feet for stores opened during the period | Gross square feet for stores closed during the period | Total gross square feet at the end of the period |
| FY 2024 | 19679 | 925 |  | 20604 |
| 1st Quarter 2025 | 20604 | 275 |  | 20879 |
| 2nd Quarter 2025 | 20879 | 191 |  | 21070 |
| 3rd Quarter 2025 | 21070 | 598 |  | 21668 |

---

Note: Figures in thousands

------

**<u>2025 Outlook</u>**

"The third quarter performed in-line with our expectations, and led to outperformance across our profit metrics including growth in gross margin, operating profit and net income," said Carl Ford, Chief Financial Officer. "Based on the results from the first three quarters and the expectations for the remainder of fiscal 2025, we are narrowing the low end of our sales guidance from -3.0% to -2.0% and the high end from +1.0% to flat. Additionally, we have raised the low end of our gross margin guidance to 34.3% from 34.0%. We expect the tax rate for the year to be 23.5%."

Academy is revising its previous guidance for fiscal 2025 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fiscal 2025 Guidance Q2 Update** | **Fiscal 2025 Guidance Q2 Update** | **Updated Fiscal 2025 Guidance** | **Updated Fiscal 2025 Guidance** |
|<br>**(in millions, except per share amounts)** | **Low end** | **High End** | **Low end** | **High end** |
| Net sales | $6000 | $6265 | $6025 | $6200 |
| Comparable sales <sup>(1)</sup> | (3.0)% | 1.0% | (2.0)% | —% |
| Gross margin rate | 34.0% | 34.5% | 34.3% | 34.5% |
| GAAP net income | $360 | $410 | $365 | $400 |
| Adjusted net income <sup>(2)</sup> | $380 | $430 | $385 | $420 |
| GAAP earnings per common share, diluted | $5.30 | $6.00 | $5.35 | $5.85 |
| Adjusted earnings per common share, diluted <sup>(2)</sup> | $5.60 | $6.30 | $5.65 | $6.15 |
| Diluted weighted average common shares | ~68 | ~68 | ~68 | ~68 |
| Capital Expenditures | $180 | $220 | $180 | $210 |
| Adjusted free cash flow <sup>(2), (3)</sup> | $250 | $320 | $250 | $300 |

---

(1) We define comparable sales as the percentage of period-over-period net sales increase or decrease, in the aggregate, for stores open after thirteen full fiscal months, as well as for all eCommerce sales.

(2) Adjusted net income, adjusted earnings per common share (EPS), diluted, and adjusted free cash flow are non-GAAP measures. See appendix for "GAAP to Non-GAAP Reconciliations.

(3) We have not reconciled guidance for adjusted free cash flow to the most comparable GAAP measure because it is not possible to do so without unreasonable efforts given the uncertainty and potential variability of reconciling items, which are dependent on future events often outside of management's control and could be significant; therefore, we are unable to provide an estimate of the most closely comparable GAAP measure at this time.

**<u>Conference Call Info</u>**

Academy will host a conference call today at 10:00 a.m. Eastern Time to discuss its financial results and related matters. The call will be webcast at <u>investors.academy.com.</u> The following information is provided for those who would like to participate in the conference call:

U.S. callers&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-877-407-3982

International callers&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-201-493-6780

Passcode &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13757103

A replay of the conference call will be available for approximately 30 days on the Company's website.

**<u>About Academy Sports + Outdoors</u>**

Academy is a leading full-line sporting goods and outdoor recreation retailer in the United States. Originally founded in 1938 as a family business in Texas, Academy has grown to more than 300 stores across 21 states and counting. Academy's mission is to provide "Fun for All" and Academy fulfills this mission with a localized merchandising strategy and value proposition that strongly connects with a broad range of consumers. Academy's product assortment focuses on key categories of outdoor, apparel, sports & recreation and footwear through both leading national brands and a portfolio of private label brands. For more information, visit www.academy.com.

------

**<u>Non-GAAP Measures</u>**

Adjusted EBITDA, Adjusted EBIT, Adjusted Net Income, Adjusted Earnings per Common Share, and Adjusted Free Cash Flow have been presented in this press release as supplemental measures of financial performance that are not required by, or presented in accordance with, generally accepted accounting principles ("GAAP"). The Company believes that the presentation of these non-GAAP measures is useful to investors as they provide additional information on comparisons between periods by excluding certain items that affect overall comparability. The Company uses these non-GAAP financial measures for business planning purposes, to consider underlying trends of its business, and in measuring its performance relative to others in the market, and believes presenting these measures also provides information to investors and others for understanding and evaluating trends in the Company's operating results or measuring performance in the same manner as the Company's management. Non-GAAP financial measures should be considered in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. The calculation of these non-GAAP financial measures may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. For additional information on these non-GAAP financial measures, please see our Annual Report for the fiscal year ended February 1, 2025 (the "Annual Report"), filed on March 20, 2025 and our Quarterly Report for the thirteen weeks ended November 1, 2025 to be filed on December 9, 2025 ("the Quarterly Report"), which may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at <u>www.sec.gov</u>.

*See "Reconciliations of GAAP to Non-GAAP Financial Measures" below for reconciliations of non-GAAP financial measures presented in this press release to their most directly comparable GAAP financial measures.*

**<u>Forward Looking Statements</u>**

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Academy's current expectations and are not guarantees of future performance. Forward-looking statements may incorporate words such as "believe," "expect," "anticipate," "forward," "ahead," "opportunities," "plans," "priorities," "goals," "future," "short/long term," "will," "should," or the negative version of these words or other comparable words. The forward-looking statements in this press release include, among other things, statements regarding the Company's fiscal 2025 outlook under the caption "2025 Outlook", the Company's strategic plans and financial objectives, including the implementation of such plans, the growth of the Company's business and operations, including the opening of new stores and the expansion into new markets, as well as their performance, the Company's payment of dividends, including the timing and amount thereof, share repurchases by the Company, and the Company's expectations regarding its future performance and financial condition. These forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are all difficult to predict or quantify. Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory, environmental, and other factors that could affect overall consumer spending or our industry, including the possible effects of ongoing macroeconomic challenges, inflation and higher interest rates, trade policy changes or additional tariffs or changes in tariffs, geopolitical tensions, or changes to the financial health of our customers, many of which are beyond Academy's control. These and other important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Academy's filings with the SEC, including the Annual Report and the Quarterly Report, under the caption "Risk Factors," as may be updated from time to time in our periodic filings with the SEC. Any forward-looking statement in this press release speaks only as of the date of this release. Academy undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

---

| | |
|:---|:---|
| **<u>Investor Contact</u>**  | **<u>Media Contact</u>** |
| Dan Aldridge | Meredith Klein |
| VP, Investor Relations | VP, Communications |
| 832-739-4102 | 346-823-6615 |
| dan.aldridge@academy.com | meredith.klein@academy.com |

---

------

**ACADEMY SPORTS AND OUTDOORS, INC.**

**CONSOLIDATED STATEMENTS OF INCOME**

**(Unaudited)**

**(Amounts in thousands, except per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** |
| | **November 1, 2025** | **Percentage of Sales** <sup>(1)</sup> | **November 2, 2024** | **Percentage of Sales** <sup>(1)</sup> |
| Net sales | $**1383696** | **100.0%** | $1343330 | 100.0% |
| Cost of goods sold | **890287** | **64.3%** | 886617 | 66.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross margin | **493409** | **35.7%** | 456713 | 34.0% |
| Selling, general and administrative expenses | **393017** | **28.4%** | 365239 | 27.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | **100392** | **7.3%** | 91474 | 6.8% |
| Interest expense, net | **8984** | **0.6%** | 9149 | 0.7% |
| Other income, net | **2618** | **0.2%** | 6406 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | **94026** | **6.8%** | 88731 | 6.6% |
| Income tax expense | **22464** | **1.6%** | 22968 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $**71562** | **5.2%** | $65763 | 4.9% |
| Earnings Per Common Share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $**1.07** |  | $0.94 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**1.05** |  | $0.92 |  |
| Weighted Average Common Shares Outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | **66647** |  | 70319 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | **67963** |  | 71774 |  |

---

<sup>(1)</sup> Column may not add due to rounding

------

**ACADEMY SPORTS AND OUTDOORS, INC.**

**CONSOLIDATED STATEMENTS OF INCOME**

**(Unaudited)**

**(Amounts in thousands, except per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Thirty-Nine Weeks Ended** | **Thirty-Nine Weeks Ended** | **Thirty-Nine Weeks Ended** | **Thirty-Nine Weeks Ended** |
| | **November 1, 2025** | **Percentage of Sales** <sup>(1)</sup> | **November 2, 2024** | **Percentage of Sales** <sup>(1)</sup> |
| Net sales | $**4334942** | **100.0%** | $4256530 | 100.0% |
| Cost of goods sold | **2805931** | **64.7%** | 2785299 | 65.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross margin | **1529011** | **35.3%** | 1471231 | 34.6% |
| Selling, general and administrative expenses | **1186973** | **27.4%** | 1087287 | 25.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | **342038** | **7.9%** | 383944 | 9.0% |
| Interest expense, net | **27057** | **0.6%** | 27706 | 0.7% |
| Write off of deferred loan costs | **—** | **— %** | 449 | 0.0% |
| Other income, net | **6907** | **0.2%** | 17140 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | **321888** | **7.4%** | 372929 | 8.8% |
| Income tax expense | **78808** | **1.8%** | 88113 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $**243080** | **5.6%** | $284816 | 6.7% |
| Earnings Per Common Share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $**3.64** |  | $3.95 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**3.57** |  | $3.86 |  |
| Weighted Average Common Shares Outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | **66770** |  | 72047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | **68096** |  | 73744 |  |

---

<sup>(1)</sup> Column may not add due to rounding

------

**ACADEMY SPORTS AND OUTDOORS, INC.**

**CONSOLIDATED BALANCE SHEETS**

**(Unaudited)**

**(Amounts in thousands, except per share data)**

---

| | | | |
|:---|:---|:---|:---|
| | **November 1, 2025** | **February 1, 2025** | **November 2, 2024** |
| **ASSETS** | | | |
| **CURRENT ASSETS:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**289487** | $288929 | $295996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable - less allowance for doubtful accounts of $2,195, $2,752 and $2,609, respectively | **17508** | 16759 | 18124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merchandise inventories, net | **1701163** | 1308840 | 1524978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | **64754** | 95621 | 68884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale | **20658** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | **2093570** | 1710149 | 1907982 |
| **PROPERTY AND EQUIPMENT, NET** | **591067** | 525136 | 503115 |
| **RIGHT-OF-USE ASSETS** | **1226518** | 1173075 | 1189116 |
| **TRADE NAME** | **579588** | 579007 | 578815 |
| **GOODWILL** | **861920** | 861920 | 861920 |
| **OTHER NONCURRENT ASSETS** | **61321** | 51676 | 50830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**5413984** | $4900963 | $5091778 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |
| **CURRENT LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $**793558** | $612424 | $764489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | **305786** | 230323 | 314289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current lease liabilities | **124685** | 115134 | 130236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt | **3000** | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | **1227029** | 960881 | 1212014 |
| **LONG-TERM DEBT, NET** | **481266** | 482679 | 483148 |
| **LONG-TERM LEASE LIABILITIES** | **1260067** | 1185741 | 1173158 |
| **DEFERRED TAX LIABILITIES, NET** | **272733** | 256815 | 250970 |
| **OTHER LONG-TERM LIABILITIES** | **26620** | 10812 | 10961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **3267715** | 2896928 | 3130251 |
| **COMMITMENTS AND CONTINGENCIES** |  |  |  |
| **STOCKHOLDERS' EQUITY** **:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value, authorized 50,000,000 shares; none issued and outstanding | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value, authorized 300,000,000 shares; 66,676,966, 68,332,961, and 69,932,128 issued and outstanding as of November 1, 2025, February 1, 2025, and November 2, 2024, respectively. | **667** | 683 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | **263736** | 247094 | 245511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | **1881866** | 1756258 | 1715317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stockholders' equity** | **2146269** | 2004035 | 1961527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $**5413984** | $4900963 | $5091778 |

---

------

**ACADEMY SPORTS AND OUTDOORS, INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

**(Amounts in thousands)**

---

| | | |
|:---|:---|:---|
| | **Thirty-Nine Weeks Ended** | **Thirty-Nine Weeks Ended** |
| | **November 1, 2025** | **November 2, 2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $**243080** | $284816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **92075** | 87108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease expense | **30034** | 16773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity compensation | **22724** | 20389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred loan and other costs | **1943** | 1925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **15917** | (3826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write off of deferred loan costs | **—** | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of property and equipment | **(3634)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | **(749)** | 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchandise inventories, net | **(392323)** | (330819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | **28813** | 14566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent assets | **(10751)** | (11222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **171553** | 214264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | **52812** | 48464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | **23874** | 44782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | **9698** | (1004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | **285066** | 387912 |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | **(170154)** | (135866) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of intangible assets | **(581)** | (579) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sale of property and equipment | **4706** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | **(166029)** | (136445) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Revolving Credit Facilities | **—** | 3900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of Revolving Credit Facilities | **—** | (3900) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of Term Loan | **(2250)** | (2250) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance fees | **—** | (5690) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | **3606** | 3809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock under employee stock purchase program | **2781** | 2819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes paid related to net share settlement of equity awards | **(4067)** | (4471) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock for retirement | **(99031)** | (273766) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | **(26028)** | (23842) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing activities | **6510** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | **(118479)** | (303391) |
| **NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS** | **558** | (51924) |
| **CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD** | **288929** | 347920 |
| **CASH AND CASH EQUIVALENTS AT END OF PERIOD** | $**289487** | $295996 |

---

------

**ACADEMY SPORTS AND OUTDOORS, INC.**

**RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES**

**(Unaudited)**

***Adjusted EBITDA and Adjusted EBIT***

We define "Adjusted EBITDA" as net income (loss) before interest expense, net, income tax expense and depreciation, amortization, and impairment, and other adjustments included in the table below. We define "Adjusted EBIT" as Adjusted EBITDA less depreciation and amortization. We describe these adjustments reconciling net income (loss) to Adjusted EBITDA and Adjusted EBIT in the following table (amounts in thousands).

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Thirty-Nine Weeks Ended** | **Thirty-Nine Weeks Ended** |
| | **November 1, 2025** | **November 2, 2024** | **November 1, 2025** | **November 2, 2024** |
| Net income | $**71562** | $65763 | $**243080** | $284816 |
| Interest expense, net | **8984** | 9149 | **27057** | 27706 |
| Income tax expense | **22464** | 22968 | **78808** | 88113 |
| Depreciation and amortization | **30904** | 29337 | **92075** | 87108 |
| Equity compensation (a) | **7580** | 6296 | **22724** | 20389 |
| Write off of deferred loan costs | **—** |  | **—** | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $**141494** | $133513 | $**463744** | $508581 |
| Less: Depreciation and amortization | **(30904)** | (29337) | **(92075)** | (87108) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBIT | $**110590** | $104176 | $**371669** | $421473 |
| (a) Represents non-cash charges related to equity-based compensation, which vary from period to period depending on certain factors such as timing and valuation of awards, achievement of performance targets and equity award forfeitures. | (a) Represents non-cash charges related to equity-based compensation, which vary from period to period depending on certain factors such as timing and valuation of awards, achievement of performance targets and equity award forfeitures. | (a) Represents non-cash charges related to equity-based compensation, which vary from period to period depending on certain factors such as timing and valuation of awards, achievement of performance targets and equity award forfeitures. | (a) Represents non-cash charges related to equity-based compensation, which vary from period to period depending on certain factors such as timing and valuation of awards, achievement of performance targets and equity award forfeitures. | (a) Represents non-cash charges related to equity-based compensation, which vary from period to period depending on certain factors such as timing and valuation of awards, achievement of performance targets and equity award forfeitures. |

---

------

***Adjusted Net Income and Adjusted Earnings Per Common Share***

We define "Adjusted Net Income" as net income (loss) plus other adjustments included in the table below, less the tax effect of these adjustments. We define "Adjusted Earnings per Common Share, Basic" as Adjusted Net Income divided by the basic weighted average common shares outstanding during the period and "Adjusted Earnings per Common Share, Diluted" as Adjusted Net Income divided by the diluted weighted average common shares outstanding during the period. We describe these adjustments reconciling net income (loss) to Adjusted Net Income, and Adjusted Earnings Per Common Share in the following table (amounts in thousands, except per share data):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Thirty-Nine Weeks Ended** | **Thirty-Nine Weeks Ended** |
| | **November 1, 2025** | **November 2, 2024** | **November 1, 2025** | **November 2, 2024** |
| Net income | $**71562** | $65763 | $**243080** | $284816 |
| Equity compensation (a) | **7580** | 6296 | **22724** | 20389 |
| Write off of deferred loan costs | **—** |  | **—** | 449 |
| Tax effects of these adjustments (b) | **(1816)** | (1593) | **(5561)** | (4926) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Net Income | $**77326** | $70466 | $**260243** | $300728 |
| Earnings per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $**1.07** | $0.94 | $**3.64** | $3.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**1.05** | $0.92 | $**3.57** | $3.86 |
| Adjusted earnings per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $**1.16** | $1.00 | $**3.90** | $4.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**1.14** | $0.98 | $**3.82** | $4.08 |
| Weighted average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | **66647** | 70319 | **66770** | 72047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | **67963** | 71774 | **68096** | 73744 |
| (a) Represents non-cash charges related to equity-based compensation, which vary from period to period depending on certain factors such as timing and valuation of awards, achievement of performance targets and equity award forfeitures. | (a) Represents non-cash charges related to equity-based compensation, which vary from period to period depending on certain factors such as timing and valuation of awards, achievement of performance targets and equity award forfeitures. | (a) Represents non-cash charges related to equity-based compensation, which vary from period to period depending on certain factors such as timing and valuation of awards, achievement of performance targets and equity award forfeitures. | (a) Represents non-cash charges related to equity-based compensation, which vary from period to period depending on certain factors such as timing and valuation of awards, achievement of performance targets and equity award forfeitures. | (a) Represents non-cash charges related to equity-based compensation, which vary from period to period depending on certain factors such as timing and valuation of awards, achievement of performance targets and equity award forfeitures. |
| (b) For the thirteen and thirty-nine weeks ended November 1, 2025 and November 2, 2024, this represents the estimated tax effect (by using the projected full year tax rates for the respective years) of the total adjustments made to arrive at Adjusted Net Income.  | (b) For the thirteen and thirty-nine weeks ended November 1, 2025 and November 2, 2024, this represents the estimated tax effect (by using the projected full year tax rates for the respective years) of the total adjustments made to arrive at Adjusted Net Income.  | (b) For the thirteen and thirty-nine weeks ended November 1, 2025 and November 2, 2024, this represents the estimated tax effect (by using the projected full year tax rates for the respective years) of the total adjustments made to arrive at Adjusted Net Income.  | (b) For the thirteen and thirty-nine weeks ended November 1, 2025 and November 2, 2024, this represents the estimated tax effect (by using the projected full year tax rates for the respective years) of the total adjustments made to arrive at Adjusted Net Income.  | (b) For the thirteen and thirty-nine weeks ended November 1, 2025 and November 2, 2024, this represents the estimated tax effect (by using the projected full year tax rates for the respective years) of the total adjustments made to arrive at Adjusted Net Income.  |

---

***Adjusted Net Income and Adjusted Earnings Per Common Share, Diluted, Guidance Reconciliation (amounts in millions, except per share data)***

---

| | | | |
|:---|:---|:---|:---|
| | | **Low Range\*** | **High Range\*** |
| | | **Fiscal Year Ending <br>January 31, 2026** | **Fiscal Year Ending <br>January 31, 2026** |
| Net Income | Net Income | $365.0 | $400.0 |
| Equity compensation (a) | Equity compensation (a) | $20.0 | $20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Net Income | &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Net Income | $385.0 | $420.0 |
| Earnings Per Common Share, Diluted | Earnings Per Common Share, Diluted | $5.35 | $5.85 |
| Equity compensation (a) | Equity compensation (a) | $0.30 | $0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Earnings Per Common Share, Diluted | &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Earnings Per Common Share, Diluted | $5.65 | $6.15 |
| \* | Amounts presented have been rounded. |  |  |
| (a) | Adjustments include tax-effected non-cash charges related to equity-based compensation (as defined above), which may vary from period to period. | Adjustments include tax-effected non-cash charges related to equity-based compensation (as defined above), which may vary from period to period. | Adjustments include tax-effected non-cash charges related to equity-based compensation (as defined above), which may vary from period to period. |

---

------

***Adjusted Free Cash Flow***

We define "Adjusted Free Cash Flow" as net cash provided by (used in) operating activities less net cash used in investing activities. We describe these adjustments reconciling net cash provided by operating activities to adjusted free cash flow in the following table (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Thirty-Nine Weeks Ended** | **Thirty-Nine Weeks Ended** |
| | **November 1, 2025** | **November 2, 2024** | **November 1, 2025** | **November 2, 2024** |
| Net cash provided by operating activities | $**49019** | $96891 | $**285066** | $387912 |
| Net cash used in investing activities | **(58130)** | (62707) | **(166029)** | (136445) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Free Cash Flow | $**(9111)** | $34184 | $**119037** | $251467 |

---

## Exhibit 99.2

![](q325earningspresentation001.jpg)

Third Quarter 2025 Earnings Presentation December 2025

------

![](q325earningspresentation002.jpg)

Safe Harbor/Forward Looking Statements 2 This presentation by Academy Sports and Outdoors, Inc. (the "Company") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Academy's current expectations and are not guarantees of future performance. Forward-looking statements may incorporate words such as "believe," "expect," "forward," "ahead," "opportunities," "plans," "priorities," "goals," "future," "short/long term," "will," "should," or the negative version of these words or other comparable words. The forward-looking statements include, among other things, statements regarding the Company's strategic plans, long range plans, goals and targets, and financial objectives, including the implementation of such plans, the growth of the Company's business and operations, including the opening of new stores and the expansion into new markets as well as their performance, the Company's expectations regarding its future performance and financial condition, the Company's payment of dividends, including the timing and the amount thereof, its market opportunity and other such matters. These forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory, environmental, and other factors that could affect overall consumer spending or our industry, including the possible effects of ongoing macroeconomic challenges, inflation and higher interest rates, trade policy changes or additional tariffs or changes in tariffs, geopolitical tensions, or changes to the financial health of our customers, many of which are beyond the Company's control. These and other important factors that could cause actual results to differ materially from those in the forward-looking statements include those risks mentioned above and other risks that are set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the Company's Annual Report on Form 10-K for the fiscal year ended February 1, 2025, filed on March 20, 2025, under the caption "Risk Factors," as may be updated from time to time in our periodic filings with the SEC. Any forward-looking statement in this presentation speaks only as of the date of this presentation. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. The Company operates on a retail fiscal calendar pursuant to which its fiscal year consists of 52 or 53 weeks, ending on the Saturday closest to January 31 (which such Saturday may occur on a date following January 31) each year. References to any "year", "quarter," or "month" mean "fiscal year," "fiscal quarter," and "fiscal month," respectively, unless the context requires otherwise. References to "2024" and "LY" relate to its fiscal year ended February 1, 2025, unless the context requires otherwise. References to "FY25" relate to its fiscal year ending January 31, 2026, unless the context requires otherwise. References to "Q3 FY25," relate to its fiscal quarter ended November 1, 2025, unless the context requires otherwise.

------

![](q325earningspresentation003.jpg)

Who is Academy Sports + Outdoors? 3 • We are a $6 billion retailer of trending outdoor and sport categories, operating 317 stores across 21 states1 and counting • We have a significant growth opportunity, highlighted by our current plan to expand store footprint and omnichannel business • Deep consumer connections differentiated by strong focus on assortment, value, and experience, driving customer and community loyalties • Capturing tailwinds of lasting shift of customer spend towards outdoor activities, health and wellness, and experiences V I S I O N To be the BEST sports + outdoors retailer in the country M I S S I O N Provide FUN FOR ALL through strong assortments, value, and experience CUSTOMER focus and service EXCELLENCE in all we do Responsible LEADERSHIP INITIATIVE with urgency STUDENTS of the business INTEGRITY always Positive impact on our COMMUNITIES VA L U E S (1) As of the end of Q3 2025

------

![](q325earningspresentation004.jpg)

Growth Plan: Strategy & Goals OUR STRATEGY 1.Open NEW STORES to expand the store base by 50%+ in existing and new markets 2.Build a more powerful OMNI-CHANNEL business 3.Drive our EXISTING BUSINESS by: – Improving service and productivity in our stores – Strengthening our merchandising through meaningful assortment, powerful brands, and compelling value – Attracting and engaging customers through communication, content, and experiences 4.Leverage and scale our SUPPLY CHAIN to enable industry-leading growth 5.Support our growth with the BEST TEAM in Retail 4 OUR LONG-RANGE GOALS\*

------

![](q325earningspresentation005.jpg)

New Store Growth ASO has opened 59 new stores over the past three+ years as part of our new store growth strategy, including expanding into 3 new states. During the third quarter we opened 11 new stores and opened an additional 5 stores in the fourth quarter. We opened 16 new stores in fiscal 2024 and opened 24 stores in fiscal 2025 across legacy, existing and new markets. In 2026, the Company plans to open an additional 20-25 stores. • Legacy market openings - High Awareness Markets (Texas/Oklahoma/Louisiana/Arkansas) • Existing market openings - Mississippi/Alabama/Georgia/Florida/Kansas/Missouri/Tennessee/Kentucky/North Carolina/South Carolina • New market openings - Low Awareness Markets (Pennsylvania/Ohio/Indiana/Illinois/West Virginia/Maryland/Virginia) New Store Targets Year One Sales: $12M - $16M FY 25 Spend/store1: $4M - $5M Targeted ROIC2: 20%+ There is a massive white space opportunity; 80% of the US population does not live within 10- miles of an Academy store 5 (1) Includes inventory (2) Return on Invested Capital ("ROIC") is a non-GAAP measure. We have not reconciled this ROIC estimate to the most comparable GAAP measure because it is not possible to do so without unreasonable efforts given the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management's control and could be significant; therefore, we are unable to provide an estimate of the most closely comparable GAAP measure at this time

------

![](q325earningspresentation006.jpg)

Jordan & Nike Expansion On April 23rd, the Company launched the Jordan Brand in 145 doors and online and expanded our Nike assortment in the majority of the stores and online. For the Jordan Brand, this was the first time the Company cross-merchandised apparel + footwear + accessories together by gender, into a branded shop concept. Jordan Brand football cleats and back to school accessories were launched in all stores in July/August. Nike is already the Company's number one brand by sales, and they expect Jordan Brand to be in the top 20 by the end of fiscal 2025. 6

------

![](q325earningspresentation007.jpg)

Management: Experienced Retail Leadership 7 Sam Johnson President Matt McCabe EVP, CMO Carl Ford EVP, CFO  Served as CEO and member of the Board of Directors since June 2023  Joined the Company in February 2019 as EVP and CMO  Served as President since October 2023  Joined the Company in April 2017 as EVP of Retail Operations  Served as EVP and CFO since July 2023  Joined the Company in January 2019 as SVP of Finance  Served as EVP and CMO since June 2023  Joined the Company in December 2016 as VP and DMM of Athletic & Licensed Apparel Bill Ennis EVP, CAO Chad Fox EVP, CCO Sumit Anand EVP, CIO  Served as EVP and CAO since January 2024  Joined the Company in April 2008 as Vice President of Human Resources  Served as EVP and CCO since January 2024  Prior to joining the Company, served as the SVP and Chief Marketing Officer at Dollar General  Served as SVP and CIO since March 2025  Prior to joining the Company, served as the Chief Information Officer and Head of Strategy at At Home Steve Lawrence CEO Brandy Treadway EVP, CLO & Corporate Secretary  Served as EVP and CLO since August 2025  Prior to joining the Company, served as Senior Vice President, Chief Legal Officer and Corporate Secretary for RideNow Group

------

![](q325earningspresentation008.jpg)

Q3 FY 2025 Results 8 $1.4B Net Sales 3.0% year-over-year -0.9% Comp Sales 35.7% Gross Margin 11 New Store Openings $1.05 GAAP EPS $1.14\* Adjusted EPS Source: The Company's Q3 2025 earnings release and 10-Q to be filed on 12/9/2025. \*Adjusted earnings per common share (EPS), diluted is a non-GAAP measure. See appendix for "GAAP to Non-GAAP Reconciliations. • Sales growth of 3% • Ecom sales growth of 22.2% • Gross Margin expansion of 170 basis points • EPS growth of 14% • Opened eleven new stores

------

![](q325earningspresentation009.jpg)

Capital Allocation Framework Optimize the Capital Structure Ensure Adequate Stability A Strong Balance Sheet for Strategic Priorities Optimize Stakeholder Value  Create a capital structure sustainable through all business cycles  Hold liquidity to protect against downturns and to take advantage of opportunities  Maintain financial rigor to ensure investments satisfy minimum risk- adjusted hurdle rate  Optimize distributions through share repurchases, regular dividends, and special dividends Framework Pillar ASO Action     Optimize the Capital Structure  Keep leverage metrics in line to below industry peers and ratings agencies' expectations  Consistently evaluate proper debt levels Adequate Stability  Continue to maintain ABL facility for unforeseen circumstances Strategic Priorities  Target net capital expenditures at 2% - 4% of sales  Fund store growth initiatives aligned with long term growth objectives  Invest in eCommerce, technology and existing stores  Address continuity needs by allocating sufficient funds on maintenance projects inclusive of store updates Distribute Additional Cash to Stakeholders  Utilize existing share repurchase authorization  Continue to return capital through existing dividend program  Evaluate other methods of stakeholder distribution 9

------

![](q325earningspresentation010.jpg)

Fiscal 2025 Revised Guidance Fiscal 2025 guidance has been updated to narrow the low-end of sales guidance from -3.0% to -2.0%, and the high-end form +1.0% to flat. The updated sales guidance range is -2.0% to flat. The Company expects the tax rate for the year to be 23.5%. 10

------

![](q325earningspresentation011.jpg)

Financials 11

------

![](q325earningspresentation012.jpg)

------

![](q325earningspresentation013.jpg)

------

![](q325earningspresentation014.jpg)

------

![](q325earningspresentation015.jpg)

GAAP to Non-GAAP Reconciliations Adjusted Net Income, Adjusted Earnings per Common Share, Adjusted EBITDA, Adjusted EBIT and Adjusted Free Cash Flow, have been presented in this presentation as supplemental measures of financial performance that are not required by, or presented in accordance with, generally accepted accounting principles ("GAAP"). These non- GAAP measures have limitations as analytical tools. For information on these limitations, as well as information on why management believes these non-GAAP measures are useful, please see our Annual Report on Form 10-K for the fiscal year ended February 1, 2025 (the "Annual Report") filed on March 20, 2025, as such limitations and information may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at www.sec.gov. We compensate for these limitations by primarily relying on our GAAP results in addition to using these non-GAAP measures supplementally. 15

------

![](q325earningspresentation016.jpg)

------

![](q325earningspresentation017.jpg)

------

![](q325earningspresentation018.jpg)

------