2026 Outlook
"The first quarter got off to a good start, and we delivered a 6.7% increase in sales, a 14.2% increase in free cash flow, a 14.3% increase in net income, and a 17.6% increase in GAAP EPS," said Carl Ford, Executive Vice President and Chief Financial Officer. "We remain prudent about the macroenvironment and the updated fiscal 2026 guidance range reflects our belief that the consumer will remain under pressure for the duration of 2026. We're confident that our strategies will allow us to serve this consumer and deliver value to shareholders."
Academy is providing the following updated guidance for fiscal 2026 (i.e., year ending January 30, 2027), as compared to the original guidance given on March 17, 2026. This guidance takes into account various factors, both internal and external, such as the expected benefits of the Company's growth initiatives, current consumer demand, the competitive environment, and potential impacts from inflation and other economic risks; actual results may differ materially.
| Original Fiscal 2026 Guidance | Updated Fiscal 2026 Guidance | change (at midpoint) | |||||||||||||||||||||
| (in millions, except per share amounts) | Low end | High end | Low end | High end | 2025 Actuals | vs. 2025 | |||||||||||||||||
| Net sales | $ | 6,175 | $ | 6,355 | $ | 6,230 | $ | 6,355 | $ | 6,053 | 4.0 | % | |||||||||||
| Sales Growth | 2.0 | % | 5.0 | % | 3.0 | % | 5.0 | % | 2.0 | % | 100.0 | % | |||||||||||
| Comparable sales (1) | (1.0 | ) | % | 2.0 | % | — | % | 2.0 | % | (1.5 | ) | % | 166.7 | % | |||||||||
| Gross margin rate | 34.5 | % | 35.0 | % | 34.5 | % | 35.0 | % | 34.8 | % | — | % | |||||||||||
| GAAP net income | $ | 380 | $ | 415 | $ | 390 | $ | 415 | $ | 377 | 6.8 | % | |||||||||||
| Adjusted net income (2) | $ | 410 | $ | 445 | $ | 420 | $ | 445 | $ | 393 | 10.1 | % | |||||||||||
| GAAP earnings per common share, diluted | $ | 5.65 | $ | 6.15 | $ | 5.95 | $ | 6.35 | $ | 5.54 | 11.0 | % | |||||||||||
| Adjusted earnings per common share, diluted (2) | $ | 6.10 | $ | 6.60 | $ | 6.40 | $ | 6.80 | $ | 5.78 | 14.2 | % | |||||||||||
| Diluted weighted average common shares | 67 | 67 | 66 | 66 | ~68 | (3.0 | ) | % | |||||||||||||||
| Capital Expenditures | $ | 200 | $ | 240 | $ | 200 | $ | 240 | $ | 213 | 3.3 | % | |||||||||||
| Adjusted free cash flow (2), (3) | $ | 250 | $ | 300 | $ | 250 | $ | 300 | $ | 263 | 4.6 | % | |||||||||||
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