Academy Sports and Outdoors, Inc. (NASDAQ:ASO) released fourth-quarter results for the period ended January 31, 2026, that came in below Wall Street expectations, with both adjusted earnings per share and top-line revenue missing analyst projections. The sporting goods retailer reported adjusted EPS of $1.97, compared with a consensus estimate of $2.05.
Revenue for the quarter totaled $1.72 billion, shy of the $1.75 billion forecast, although it represented a 2.5% increase from $1.68 billion a year earlier. Comparable store sales declined 1.6% during the quarter, an improvement from a 3.0% comparable decline in the same period a year ago. Shares of the company fell 5.3% following the publication of the results.
Management commentary
Steve Lawrence, Chief Executive Officer, framed the year as a turning point for the business. "This past year marked an inflection point for Academy as we continued to gain market share and moved back to topline growth," he said. "While we believe many of the macro-economic pressures that the customer faced in the back half of the year will continue into 2026, we are optimistic the strategies we have in place should enable us to return to consistent comp sales growth."
Full fiscal year results and outlook
For the full fiscal year 2025, Academy reported net sales of $6.05 billion, up 2.0% year-over-year, while adjusted EPS totaled $5.78, down 4.0% from the prior year. Looking ahead, the company provided guidance for fiscal 2026, projecting net sales in a range of $6.18 billion to $6.36 billion, which represents growth of 2.0% to 5.0%. The midpoint of that range - $6.27 billion - implies 3.5% growth versus fiscal 2025.
On profitability, Academy expects adjusted EPS for fiscal 2026 to fall between $6.10 and $6.60. The midpoint of $6.35 corresponds to 9.9% growth over the company’s adjusted EPS for fiscal 2025.
Capital returns
The company’s board approved a 15% increase to the quarterly dividend, raising it to $0.15 per share.
Implications for markets and sector
The miss in the quarter and the modest guidance highlight ongoing demand pressures in the consumer discretionary and specialty retail segments, particularly among sporting goods retailers. Investors reacted negatively in the near term, as reflected in the stock's decline immediately after the results were released.