NASDAQ: ASO

We believe the following attributes differentiate us from our competitors:

•Value-based assortment that enables our customers to participate and have fun, no matter their budget.

•Broad assortment that extends beyond sporting goods and apparel to outdoor recreation and is localized for individual stores.

•Emerging, growing and profitable omnichannel strategy that leverages our buy-online-pickup-in-store program (“BOPIS”) and shipping fulfillment capabilities.

•Strong customer loyalty, with opportunities to increase penetration in existing markets.

•Regional focus primarily in the southern United States with a growing presence in some of the fastest-growing Metropolitan Statistical Areas (or “MSAs”).

•Core customers comprising active families that we support with one-stop shop convenience.

•Significant whitespace opportunity for new stores for both existing and adjacent geographies and new markets.

We believe we sit in a sweet-spot of consumer demand, offering a broad, value-based assortment of sporting goods and outdoor recreation products, so our customers can participate and have fun, no matter their budget. We carefully curate our products to provide the right assortment that appeals to customers from beginners to experts, including families and casual participants.

Our access to national brand and private label brand merchandise creates a comprehensive portfolio of value-based and diversified products, spanning various price-points, that differentiates our assortment from our peers. Our category, brand and price-point mix is unique to Academy and difficult to replicate at other retailers. Approximately 78% of our 2025 merchandise sales was comprised of national brand products, with the remainder coming from exclusive products in our portfolio of private label brands. No single brand we carry accounted for more than approximately 12% of our 2025 sales.

We endeavor to offer products for customers of all ages, incomes and aspirations across sporting and outdoor recreation activities, seasons and experience levels. As such, we have a balanced, year-round business and a large customer base. Our average customer visits our stores anywhere from two to three times per year.

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Merchandising

Our merchandise consists of a full range of industry-leading national brands and strong private brands providing our customers with diversified product categories of good, better, and best price points. We deliver Academy’s unique product assortment through our strong partnerships with our vendors. In 2025, we purchased merchandise from approximately 1,500 vendors. For 2025, 2024 and 2023 no vendor represented more than 12% of our total purchases. Our relationships with key brands, on-trend private brands, and exclusive product offerings differentiates our assortment from our peers.

We have preferred access to hundreds of well-recognized national brands, such as Nike, including its Jordan Brand, Under Armour, adidas, Winchester, Columbia Sportswear, The North Face, Brooks, Skechers, Yeti, Stanley and Carhartt, which are critical to our market penetration. These and some of our other national brands rely on us to broaden their consumer reach, which fosters a mutually beneficial relationship when it comes to pricing and assortment. We play a critical role in delivering customer volume for these brands. We complement our national brand assortment with our private label brand assortment, which is priced below the national brand price spectrum. As such, we receive favorable product allocations from leading suppliers.

Our private label brand portfolio consists of 19 brands, including Magellan Outdoors, Academy Sports + Outdoors, BCG, O'rageous, Game Winner, Outdoor Gourmet, Freely, Redfield, H2OX, and R.O.W. Our private label brand strategy focuses on in-filling categories and price points that our national brand products may not satisfy. Our private label brand offerings support and complement our overall merchandising strategy due to limited price-point overlap with national brands. Additionally, our private label brands generate strong brand equity and drive significant customer loyalty. Approximately 53% of our customers purchased a private label brand from us in 2025 and approximately 22% of our 2025 merchandise sales was comprised of private brand products.

As of January 31, 2026, we generally organized our merchandise in four divisions made up of sixteen categories as follows:

Division Category Primary product types

Outdoors Camping Coolers and drinkware, camping accessories, camping equipment, watersports and equipment

Fishing Marine equipment and fishing rods, reels, baits and equipment

Hunting
Firearms, ammunition, archery and archery equipment, camouflage apparel, waders, shooting accessories, gun safes, optics, airguns and hunting equipment

Sports and Recreation Fitness Fitness equipment, fitness accessories and nutrition supplies

Team sports
Team and specialty sports equipment, including baseball, football, basketball, soccer, golf, racket sports, volleyball, backpacks and sports bags

Recreation Patio furniture, outdoor cooking, wheeled goods (bicycles, skateboards and other ride-on toys), trampolines and play sets

Front end Sunglasses and front-end (consumables, batteries, etc.), electronics and watches

Apparel Outdoor and seasonal apparel Outdoor apparel, denim, work apparel, graphic t-shirts, accessories and outerwear

Youth apparel/Swim Boys and girls outdoor and athletic apparel and swimwear

Athletic apparel Sporting apparel and apparel for fitness

Licensed apparel Professional and collegiate team licensed apparel and accessories

Footwear Casual and seasonal footwear Casual shoes, slippers, seasonal footwear and socks

Work footwear Work and western boots, shoes and hunting footwear

Youth footwear Boys and girls footwear

Athletic footwear Running shoes, athletic lifestyle and training shoes

Team sports footwear Team and specialty sports footwear and slides

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The following table sets forth the approximate amount of sales (all of which are based in the U.S.) by merchandise divisions for the periods presented (amounts in thousands):

Fiscal Year Ended

January 31, 2026 February 1, 2025 February 3, 2024

Merchandise sales (1)

Outdoors $ 1,831,038 $ 1,809,653 $ 1,807,664

Sports and recreation 1,339,608 1,293,135 1,376,777

Apparel 1,645,642 1,606,333 1,705,791

Footwear 1,201,545 1,187,606 1,235,644

Total merchandise sales (2)
6,017,833 5,896,727 6,125,876

Other sales (3)
35,581 36,723 33,415

Net sales $ 6,053,414 $ 5,933,450 $ 6,159,291

(1)Certain products and categories were recategorized in the current fiscal year amongst various categories and divisions, respectively, to better align with our current merchandising strategy and view of the business. As a result, we have reclassified sales between divisions for 2024 and 2023 for comparability purposes. This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed.

(2)E-commerce sales represented 11.7%, 10.5% and 10.7% of merchandise sales for 2025, 2024 and 2023, respectively.

(3) Other sales consisted primarily of gift card breakage income, credit card bounties and royalties, shipping income, sales return allowance and other items.

Stores

Our stores, all of which are based in the U.S., are designed to provide our customers with an easy-in, easy-out shopping experience. The interior of most of our stores are built around a central “racetrack” aisle that allows customers to efficiently navigate our selling floor. Additionally, our stores generally have consistent store layouts providing our customers familiarity across our entire store base. We seek to offer our customers a strong merchandise assortment and a localized customer experience, which is facilitated by various types of merchandise fixtures and our large selling floor. Our central “racetrack” aisle and adjacent end-cap merchandising space allows us to adjust our inventory presentations throughout our various selling seasons.

Our stores average approximately 70,000 gross square feet, of which approximately 85% is dedicated to selling space. Our store locations are typically positioned adjacent to major highways or thoroughfares, allowing customers to easily locate our stores. We seek to position our stores in areas with certain population densities, demographics and other characteristics to maximize sales. These markets consist of metropolitan, suburban and smaller cities. Additionally, our stores are typically placed in retail centers adjacent to co-tenants who drive significant traffic. At this time, no stores are connected to malls. We seek to lease all of our stores in long-term lease agreements with third-party landlords, which typically range from 15 to 20 years with various renewal options and lease escalation structures. Of the 322 stores operated as of January 31, 2026, 321 are leased from third parties and one store is owned by the Company.

We are active members of the communities in which we operate, and our long-time customers have grown up with Academy and have passed their passion for us on to the next generation, enabling us to benefit from strong customer loyalty and shopping frequency.

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As of January 31, 2026, the number of stores that we operated, exclusively in the U.S., by state was as follows:

State Number of Stores

Texas 117

Georgia 22

Florida 21

Louisiana 18

North Carolina 18

Alabama 17

Tennessee 15

Oklahoma 13

Missouri 12

South Carolina 10

Arkansas 10

Mississippi 10

Indiana 10

Kansas 6

Kentucky 6

Virginia 5

Illinois 3

West Virginia 3

Ohio 3

Pennsylvania 2

Maryland 1

322

We believe our real estate strategy has positioned us well for further expansion, and our track record has demonstrated that we can open and operate stores profitably. We believe there is significant near-term opportunity for expansion in both new and existing markets.

Marketing

Our marketing approach is anchored in helping Always Game Families have fun in their pursuit of sports and outdoors activities. The strategy is designed to generate awareness and consideration for the Academy brand while improving intent to purchase across our broad selection of fun categories of top national and private brands at a compelling value within our assortment. We analyze first-party data from across our customer data ecosystem, inclusive of our data lake for analysis/model-building and our Customer Data Platform for audience creation and activation. We combine insights from our customer data ecosystem with customer research studies and retail industry market share data sources to develop annual and seasonal go-to-market strategies that lead to the creation of engaging content and customer experiences that are communicated across a diverse range of owned and paid media channels.

Furthermore, using data from our data lake, we leverage our Customer Data Platform to generate first-party data audiences for targeted customer lifecycle management campaigns designed to retain current customers and encourage omnichannel shopping behaviors. First-party data is also used to inform creation of third-party data audiences across a mix of media channels to drive engagement and acquisition of new customers through the use of brand design, influencer and customer created content. These campaigns are executed across a blend of digital and traditional media, including paid search, email, text message, mobile app, digital advertising networks, affiliates, and social media along with linear and digital video, audio, print, outdoor and direct mail.

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We are focused on implementing and continually improving our customer centric marketing technologies, omnichannel services and experiences to save customers time and money while improving the long-term health of our customer portfolio. In July 2024, we launched our loyalty platform, myAcademy Rewards, which provides us a powerful tool to build a deeper connection and understanding of our customers. The Academy Credit Card program, myAcademy Rewards, and Academy Sports + Outdoors app are foundational to build loyalty among customers while providing a seamless omnichannel shopping experience.

We are committed to making a positive impact on the communities we serve and partner with over 523 organizations, including youth sports leagues that reach approximately 1.1 million participants. We also partner with school districts, professional sports properties, local parks, hunting and fishing organizations, military bases and local first responders.

Distribution Centers

We operate three distribution centers in Katy, Texas; Twiggs County, Georgia; and Cookeville, Tennessee. The distribution centers receive and store products from vendors and use sophisticated sorting and logistical equipment to fill the product needs of the retail store locations they serve, as well as to fulfill e-commerce orders from customers. Our distribution centers are leased under long-term agreements. Third-party trucking companies are used to disburse inventory from the distribution centers to and from our stores. These distribution centers are strategically located throughout our footprint to efficiently serve our retail locations and have the capacity to service up to approximately 150 stores per distribution center.

Competition

The retail sporting goods and outdoor industry is highly competitive based on many variables including price, product assortment, customer service, omnichannel experience and store locations. We compete with mass merchants, department stores, large format sporting goods and outdoor stores, traditional sporting goods and outdoor stores, specialty retailers, and online retailers. We seek to attract a broad range of consumers by providing sporting goods and outdoor recreation products that appeal to customers of all experience levels, including families and casual participants. We differentiate ourselves from our competitors by providing a value-based assortment through both leading national brands and our private label brands. For additional information related to our competitors, see the risk factors herein in “