Academy Sports & Outdoors (ASO) Q2 FY2026 earnings: revenue $1.6 billion, up 3.0% on the year

Academy Sports & Outdoors, Inc. (ASO) reported revenue of $1.6 billion for Q2 FY2026, the quarter ended 1 August 2026, up 3.0% on the same quarter a year earlier. Net income was $138 million, up 9.9% on the year, and diluted earnings per share $2.17. The figures are the company's own, from the 10-Q it filed with the SEC on 9 September 2026.

Revenue$1.6 billionup 3.0%

Net income$138 millionup 9.9%

Diluted EPS$2.17

QuarterQ2 FY2026ended 1 August 2026

What management said

Guidance figures: 3 raised, 1 lowered, 1 new, 2 kept.

Second quarter sales growth moderates to 3.0%: Net sales increased $47.5 million or 3.0% to $1,647.3 million in Q2, compared to 6.7% growth in Q1, as management noted consumer spending remains pressured, particularly among lower-income households.
Comparable sales turned negative in quarter: Comparable store sales declined 0.4% in Q2, a reversal from the prior year gain of 0.2% and representing a deterioration from Q1's positive 2.9% comparable sales growth.
Gross margin expanded 440 basis points: Gross margin rate was 40.4% in Q2 versus 36.0% in the prior year, an expansion of 440 basis points driven by tariff refunds and operational improvements in cost of goods sold.

Read the earnings call summary

The quarter, against the one before and a year earlier

Line	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Revenue	1,647	1,442	1,600	+3.0%
Cost of revenue	981	963	1,023	-4.1%
Gross profit	666	479	577	+15.5%
Gross margin	40.4%	33.2%	36.0%
Selling, general and administrative	420	405	404	+3.8%
Operating income	246	74.7	172	+42.9%
Operating margin	15.0%	5.2%	10.8%
Pre-tax income	178	68.9	165	+8.2%
Income tax	40.5	16.2	39.4	+2.8%
Effective tax rate	22.7%	23.5%	23.9%
Net income	138	52.7	125	+9.9%
Net margin	8.4%	3.7%	7.8%
Diluted EPS	$2.17	$0.80	$1.85	+17.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Operating cash flow	188	161	78.6	+139.8%
Capital expenditure	72.4	38.9	56.7	+27.5%
Free cash flow	116	122	21.8	+431.7%
Free cash flow margin	7.0%	8.4%	1.4%
Cash from investing	-72.5	-39.0	-56.9	n/a
Cash from financing	-156	-114	-5.9	n/a
Depreciation and amortisation	30.4	30.8	31.0	-1.8%
Share-based compensation	9.3	11.1	7.6	+22.4%
Buybacks	82.1	98.4	0.0	n/a
Dividends paid	9.3	9.6	8.6	+7.6%
Dividend per share	$0.15	$0.15	$0.13	+15.4%
Diluted shares, weighted	64m	66m	68m	-6.1%
Shares outstanding at period end	62m	64m	67m	-6.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Shareholders' equity	2,178	2,121	2,075	+5.0%
Debt	494	480	482	+2.6%
Operating lease liabilities	1,340	1,316	1,217	+10.1%
Other liabilities	1,495	1,587	1,502	-0.4%
Total liabilities and equity	5,508	5,504	5,276	+4.4%
Fixed assets	632	603	584	+8.2%
Goodwill	862	862	862	+0.0%
Intangible assets	580	580	579	+0.1%
Cash and equivalents	298	338	301	-0.9%
Receivables	23.0	17.7	19.2	+19.7%
Inventory	1,657	1,654	1,588	+4.4%
Other assets	1,456	1,449	1,343	+8.4%
Total assets	5,508	5,504	5,276	+4.4%

Questions

What was Academy Sports & Outdoors' revenue in Q2 FY2026?

Academy Sports & Outdoors (ASO) reported revenue of $1.6 billion for Q2 FY2026, the quarter ended 1 August 2026, up 3.0% on the same quarter a year earlier.

How much did Academy Sports & Outdoors earn in Q2 FY2026?

Net income for Q2 FY2026 was $138 million, up 9.9% on the year, and diluted earnings per share $2.17.

When did Academy Sports & Outdoors report Q2 FY2026 results?

Academy Sports & Outdoors filed its 10-Q for the quarter ended 1 August 2026 with the SEC on 9 September 2026.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,398	1,795	1,364	1,549	1,343	1,677	1,351	1,600	1,384	1,718	1,442	1,647
Cost of revenue	915	1,198	908	990	887	1,137	893	1,023	890	1,142	963	981
Gross profit	483	597	456	559	457	540	459	577	493	577	479	666
Gross margin	35%	33%	33%	36%	34%	32%	34%	36%	36%	34%	33%	40%
SG&A	346	393	353	369	365	386	390	404	393	406	405	420
Operating income	137	204	102	190	91.5	155	69.3	172	100	170	74.7	246
Operating margin	10%	11%	8%	12%	7%	9%	5%	11%	7%	10%	5%	15%
Pre-tax income	130	211	97.7	187	88.7	165	63.0	165	94.0	164	68.9	178
Tax rate	23%	20%	22%	24%	26%	19%	27%	24%	24%	19%	23%	23%
Net income	100.0	168	76.5	143	65.8	134	46.1	125	71.6	134	52.7	138
Net margin	7%	9%	6%	9%	5%	8%	3%	8%	5%	8%	4%	8%
Diluted EPS	$1.31	$2.21	$1.01	$1.95	$0.92	$1.89	$0.68	$1.85	$1.05	$1.98	$0.80	$2.17
Operating cash flow	57.5	235	200	91.3	96.9	140	157	78.6	49.0	150	161	188
Capital expenditure	42.2	55.8	32.2	41.2	62.4	63.7	50.8	56.7	62.6	42.5	38.9	72.4
Free cash flow	15.3	179	167	50.1	34.4	76.4	107	21.8	-13.6	107	122	116
Buybacks	43.6	2.7	122	97.9	53.4	91.1	99.0	0.0	0.0	99.9	98.4	82.1
Dividends paid	6.7	6.7	8.2	7.9	7.7	7.6	8.7	8.6	8.7	8.6	9.6	9.3
Shares outstanding	74m	74m	73m	71m	70m	68m	66m	67m	67m	65m	64m	62m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 1 August 2026, filed 9 September 2026, accession 0001817358-26-000149: the filing on EDGAR. All of Academy Sports & Outdoors, Inc.'s filings: EDGAR company page.

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