Academy Sports And Outdoors, Inc. · NASDAQ:ASO
Academy Sports And Outdoors — Investor Day (April 2026)
58 slides from Academy Sports And Outdoors's investor day presentation, Apr 7, 2026
Slide 1: Academy Sports + Outdoors 2026 Analyst Day
ACADEMY SPORTS + OUTDOORS 2026 ANALYST DAY APRIL 7, 2026 EXHIBIT 99.3
Slide 2: Disclaimer and Forward Looking Statements
| 2Introduction Disclaimer This presentation has been prepared by Academy Sports and Outdoors, Inc. (the “Company,” “Academy” or “ASO”). This presentation is provided for general informational purposes only and it does not purport to be complete. No representation or warranty, express or implied, is
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Slide 5: Presenters
| PRESENTERS STEVE LAWRENCE CHIEF EXECUTIVE OFFICER CHAD FOX CHIEF CUSTOMER OFFICER CARL FORD CHIEF FINANCIAL OFFICER Introduction 5
Slide 6: Year History of Success Providing Fun for All
| 6Introduction YEAR HISTORY OF SUCCESS PROVIDING FUN FOR ALL PRE 2019 THE FOUNDATION • Founded in 1938 in San Antonio, TX • Family-owned tire store pivoted to sports + outdoors • 125+ chain across Texas and Southeast by 2010 • Acquired by KKR in 2011 • Total of 259 stores by 2019 and achieved $4.8B
Slide 7: The Best Sports + Outdoors Retailer in Our Core Geography
| 7Introduction THE BEST SPORTS + OUTDOORS RETAILER IN OUR CORE GEOGRAPHY CURRENT STATE: ~40% Traffic Share in Legacy Markets1 47 FY25 NPS Score (Top of Peer Set)2 ~86% FY25 Overall Satisfaction (Top 5 Retailer)3 Note(1): Source: Placer.ai; ASO Legacy Markets include AR, LA, OK, TX Note(2): NPS stan
Slide 8: The Best Sports + Outdoors Retailer in the Country
| 8Introduction THE BEST SPORTS + OUTDOORS RETAILER IN THE COUNTRY VISION: Note: These goals are aspirational or otherwise forward-looking statements and actual performance may differ, possibly materially, and no guarantees are made that these goals will be met. See slide 2 for additional important
Slide 9: The Sports + Outdoors Space Is Large + Growing
| 9 THE SPORTS + OUTDOORS SPACE IS LARGE + GROWING WITH NO DOMINANT PLAYER $125B1 SPORTING GOODS MARKET $40B3 WORK + OUTDOOR RECREATION MARKET$45B2 OUTDOOR + WESTERN LIFESTYLE MARKET $35B4 HUNTING + FISHING MARKET ~$245B Source: Academy Internal Research, calculations include the following: Note: To
Slide 10: Total Addressable Market Within Our Footprint
|Introduction 10 117 18 1013 6 12 3 10 4 2 1 5 3 6 15 18 21 10 221710 TOTAL ADDRESSABLE MARKET WITHIN OUR FOOTPRINT1 $130B CURRENT FOOTPRINT TAM OUR FOOTPRINT ACCOUNTS FOR ~53% OF THE $245B2 TAM Note(1): The ASO footprint as of April 7th, 2026, spans 21 states: AL, AR, FL, GA, IL, IN, KS, KY, LA, MD
Slide 11: Our Strategic Priorities Remain Unchanged
|Introduction 11 Grow New Stores Drive Existing Business Build More Powerful Omni-Channel Leverage Supply Chain Network Execute With Best Team in Retail 1 2 3 4 5 OUR STRATEGIC PRIORITIES REMAIN UNCHANGED… …TO BRING MORE “FUN”GROWTH PRIORITIES FOUNDATIONAL PRIORITIES
Slide 12: The Always Game Family
THE ALWAYS GAME Family
Slide 13: Introducing the Always Game Family
|Introduction 13 Families who want to fill their lives with meaningful moments + lasting memories. UNDEFEATABLE PRICES VALUE ASSORTMENT EXPERIENCE GEAR FOR DAYS ACCESS MADE EASY INTRODUCING THE ALWAYS GAME FAMILY WHO? …Healthy lifestyle is valued. …Experiences are worth it. …Grass stains are remembe
Slide 14: Grow New Stores
GROW NEW STORES
Slide 15: Significant Whitespace Opportunity for New Stores
| 125 209 259 322 ~450 2010 2015 2020 2025 LRP TARGET WHITESPACE LEGACY MARKETS EXISTING MARKETS NEW MARKETS 5 800+ New Stores 15 $1.1B TOTAL SALES From 63 New Stores Opened Since FY221 Significant whitespace opportunity positions our team to strategically expand our operational footprint as we cont
Slide 16: A Tale of Two Cities
| Demographic Dichotomy… Total Population1 Total Households1 Household Income1 Total Disposable Income1 Y1 Store Sales Volume Market Advantages ...is Addressed by ASO’s Bespoke, Customer-Focused Strategic Priorities A TALE OF TWO CITIES Note(1): Source: Kalibrate. Reflects trade area KPI attributes
Slide 17: From Inside Out, to Outside In
|New Stores 17 EXURBS SUBURBS URBAN IN IT IA L S T R A T E G Y EXURBS SUBURBS URBAN R E F IN E D S T R A T E G Y RURAL INITIAL STRATEGY REFINED STRATEGY Urban + Suburban Visibility High Population ~63K sq. ft. Box Size Initial growth focus established a baseline… Extend into Exurb + Rural
Slide 18: Our Footprint Has the Most Attractive Macro Tailwinds
| 16.1% 5.1% 11.7% 3.6% 9.4% 3.1% 12.0% 4.3% 8.1% 3.2%3.2% 3.0% HISTORICAL 10-YEAR JOB GROWTH RATE PROJECTED 5-YEAR JOB GROWTH RATE HISTORICAL 10-YEAR POPULATION GROWTH RATE PROJECTED 5-YEAR POPULATION GROWTH RATE New Stores Source: Bureau of Economic Analysis, Seidman Research Institute, BLS CES da
Slide 19: Large Metro Markets in Legacy + Existing Markets
| 19Source: Population data sourced from Texas Census Data, neilsberg.com and prospered.com Note: Map shown is illustrative of current and future store locations 26 Current Locations within Metro Footprint Identified Expansion Opportunity ASO’s Current Market Expansion & Original Metro Footprint Opp
Slide 20: Real Estate Strategy Poised to Support Long Range Plan
| IL LU ST R AT IV E M A R K E T R A M P RAMP TO MATURITY New Stores Note(1): Legacy Markets – Highest Awareness Markets (Texas / Oklahoma / Louisiana / Arkansas) Note(2): Existing Markets (Mississippi / Alabama / Georgia / Florida / Kansas / Missouri / Tennessee / Kentucky / North Carolina / South
Slide 21: Drive the Existing Business
| DRIVE THE EXISTING BUSINESS
Slide 22: Delivering Against the Unmet Needs of the Customer
|Drive the Existing Business 22 FUEL THE FUN “HELP ME BRING MORE FUN TO MY FAMILY” SIMPLIFY MY SHOP “HELP MAKE MY FAMILY LIFE EASIER” RESPECT MY TIME “HELP ME SHOP FAST + FRICTION FREE” STRETCH MY DOLLAR “HELP ME GET MORE FOR MY MONEY” DELIVERING AGAINST THE UNMET NEEDS OF THE CUSTOMER-CENTRIC STRAT
Slide 23: Our Diverse + Evolving Assortment of Brands
|Drive the Existing Business 23 OUR DIVERSE + EVOLVING ASSORTMENT OF BRANDS HELPS US FUEL THE FUN FOR OUR CUSTOMERS FUEL THE FUN SPORTING GOODS HUNTING + FISHING WORK + OUTDOOR RECREATION OUTDOOR + WESTERN LIFESTYLE N A TI O N A L (7 5% )1 1 2 PR IV A TE / EX C LU SI VE (2 5% )1 Illustrative Value L
Slide 24: Leveraging Technology to Enhance Customer Experience
|Drive the Existing Business 24 Leveraging Technology to Enhance Customer Experience Delivers Operational Efficiencies SIMPLIFY MY SHOP RESPECT MY TIME LEVERAGING TECHNOLOGY TO SIMPLIFY SHOPPING Device for RFID Scans + Payment Team Member App to Save the Sale + + Piloting Digital Shelf Labels to Shi
Slide 25: Stretch My Dollar: Academy Wins on Value
|Drive the Existing Business 25 STRETCH MY DOLLAR ACADEMY WINS ON VALUE FOR OUR CUSTOMER + HELPS THEM STRETCH THEIR DOLLAR $20.00 $9.99ASO Private Label BCG Turbo Solid T-Shirt National Competitor Private Label Moisture-Wicking T-Shirt $32.00 $8.99 $39.99 National Brand Offering Nike Legend T-Shirt
Slide 26: Creating Value Through Personalization
|Drive the Existing Business 26 CREATING VALUE THROUGH PERSONALIZATION MILLION CUSTOMERS
Slide 27: Months After Launch
33 18 MONTHS AFTER LAUNCH
Slide 28: Capturing Customer Loyalty via Integrated Program
| CO-BRANDED CREDIT CARD PRIVATE LABEL CREDIT CARDBASE LOYALTY ✓✓✓ ✓✓✓BIRTHDAY REWARD ✓✓✓SHIPPING AT ACADEMY.COM ✓✓✓MEMBER REWARD AFTER $500 ANNUAL SPEND AT ACADEMY ✓✓—FIRST PURCHASE OF $30.01 AT ACADEMY ✓✓—EVERY PURCHASE AT ACADEMY ✓——ON ALL PURCHASES OUTSIDE ACADEMY ✓——REWARD AFTER $500 SPEND OUTS
Slide 29: Academy Sports + Outdoors
Academy’ SPORTS+OUTDOORS
Slide 30: Engagement = Productivity
| LOYALTY MEMBER + CARDHOLDER CARDHOLDER ONLY LOYALTY MEMBER ONLY AVG. ASO CUSTOMER 3.5X2X1.5X1X Source: Academy Internal Research 30 ENGAGEMENT = PRODUCTIVITY Drive the Existing Business SPEND PER YEAR Single-Activity Shopper Transactions 3x as Average Customer Transactions 2x as Average Customer
Slide 31: A More Powerful Omni-Channel Business
A MORE POWERFUL OMNI-CHANNEL BUSINESS
Slide 32: Building Our Omni-Channel Business Around the Customer
|Customer 32 BUILDING OUR OMNI-CHANNEL BUSINESS AROUND THE CUSTOMER SIMPLIFY MY SHOP
Slide 33: Creating a Scalable Digital Foundation
|Customer 33 CREATING A SCALABLE DIGITAL FOUNDATION • Standard taxonomy, attributes, and data governance • Reduced operational friction MASTER DATA MANAGEMENT VENDOR SETUP + AUTOMATION AI ENRICHMENT MODERNIZING SEARCH • Automated vendor onboarding + item creation workflows • Improve scalability for
Slide 34: Improving Customer Experience Through AI On-Model Photography
|Customer 34 X IMPROVING CUSTOMER EXPERIENCE THROUGH AI ON-MODEL PHOTOGRAPHY SIMPLIFY MY SHOP
Slide 35: Improving Customer Experience with Agentic AI
|Customer 35 CONVERSION RATE IMPROVING CUSTOMER EXPERIENCE WITH AGENTIC AI SIMPLIFY MY SHOP HIGHER BASKET Source: Academy Internal Research Note(1): Conversion rate and basket metrics are based on performance during November - December 2025 1
Slide 36: Driving Engagement Through Our App
|Source: Academy Internal Research Note(1): Monthly active user growth reflects performance over last two fiscal years (FY24 and FY25) Note(2): Units per transaction and conversion rate uplift reflects app performance versus the website over the last fiscal year 36 Updated Homepage System Ways to Sa
Slide 37: Expanding Our Assortment Through Dropship
|Customer 37 EXPANDING OUR ASSORTMENT THROUGH DROPSHIP FUEL THE FUN UNLOCKING MORE CHOICE FOR THE CUSTOMER WITH ENDLESS AISLE CAPABILITIES
Slide 38: Extending the Sale Beyond the Shelf
|Customer 38 EXTENDING THE SALE BEYOND THE SHELF SIMPLIFY MY SHOP
Slide 39: Meeting the Always Game Family Where They Are
|Customer 39 MEETING THE ALWAYS GAME FAMILY WHERE THEY ARE Extending Discovery + Conversion Beyond Owned Channels SIMPLIFY MY SHOP
Slide 40: AI-Powered Intelligence for Frontline Customer Care
|Customer 40 AI-POWERED INTELLIGENCE FOR FRONTLINE CUSTOMER CARE CUSTOMER CALLS + CHATS TRANSCRIBED + ANALYZED BY AI DAILY INSIGHTS + REAL-TIME GUIDANCE SIMPLIFY MY SHOP Turning Millions of Customer Interactions into Actionable Insights that Improve Speed, Resolution, and Experience
Slide 41: Unlocking New Value Through Retail Media
|Customer 41 UNLOCKING NEW VALUE THROUGH RETAIL MEDIA
Slide 42: Building a Modern Academy
| BUILDING A MODERN ACADEMY Customer 42 myAcademy Loyalty eCommerce Growth Academy Retail Media
Slide 43: Financial Vision + Long Range Plan
FINANCIAL VISION + LONG RANGE PLAN
Slide 44: Exceptional Track Record as a Public Company
| Note(1): From IPO in October 2020, to end of FY25 Note(2): As of January 31, 2026 Note(3): Sales CAGR since FY2019 Note(4): Includes $1.7B of share repurchases and $0.1B of dividends Long Range Plan 44 EXCEPTIONAL TRACK RECORD AS A PUBLIC COMPANY YEARS OF PERFORMANCE SINCE IPO Delivering Strong Re
Slide 45: Progress on Strategic Initiatives to Drive Comparable Sales
|Long Range Plan 45 PROGRESS ON STRATEGIC INITIATIVES TO DRIVE IMPROVED COMPARABLE SALES TRAJECTORY 1 New Store Performance On-Trend Product Assortment Omni-Channel Acceleration Shift Toward Resilient Consumer 2 3 4 (5.1%) (4.7%) (2.8%) (1.9%) (1.5%) Q4 Q1 Q2 Q3 Q4 LTM COMPARABLE SALES1 ASO has driv
Slide 46: Long Range Financial Outlook
|Note(1): These goals are aspirational or otherwise forward-looking statements and actual performance may differ, possibly materially, and no guarantees are made that these goals will be met. See slide 2 for additional important information about forward-looking statements. Long Range Plan 46 LONG R
Slide 47: Clear Sight to Sustained Revenue Growth
|Long Range Plan Note: Rounded amounts are displayed which can cause detail not to sum to totals due to rounding Note(1): These goals are aspirational or otherwise forward-looking statements and actual performance may differ, possibly materially, and no guarantees are made that these goals will be m
Slide 48: Long Range Plan EBIT Expansion
|Long Range Plan Note(1): Adjusted EBIT margin is a non-GAAP measure. See appendix for reconciliation of non-GAAP measures. Note(2): These goals are aspirational or otherwise forward-looking statements and actual performance may differ, possibly materially, and no guarantees are made that these goal
Slide 49: Disciplined Capital Allocation Philosophy
|Long Range Plan Note(1):ROIC is defined as Adjusted EBITDA before lease expense less income tax expense divided by average invested capital on a trailing thirteen-month basis, inclusive of year-end total lease liabilities. This is a non-GAAP measure, see appendix for reconciliation of non-GAAP meas
Slide 50: Fun Can't Lose
FUN CAN“:LOSE
Slide 51: Strategy and Strategic Actions
| 1 Open New Stores in Legacy, Existing and New Markets to expand store count within our footprint Build a more powerful Omni-Channel business Drive our Existing Business Leverage and scale our Supply Chain to enable industry-leading growth Support our growth with the Best Team in retail Strategy St
Slide 52: Supplemental Financial Slides
| 52 SUPPLEMENTAL FINANCIAL SLIDES
Slide 53: GAAP to Non-GAAP Reconciliations
| GAAP TO NON-GAAP RECONCILIATIONS Adjusted Net Income, Adjusted Earnings per Share, Adjusted EBITDA, Adjusted EBIT, Adjusted EBIT Margin, Adjusted Free Cash Flow, ROIC, Net Debt, and Net Leverage have been presented in this presentation as supplemental measures of financial performance that are not
Slide 54: Reconciliation: Adjusted EBITDA, Adjusted EBIT, and Adjusted EBIT Margin
|APPENDIX Note(1): Net income for the year ended February 1, 2025, includes a $15.0 million gain pertaining to a litigation settlement which occurred in the fourth quarter of fiscal year 2024. Net income for the year ended February 3, 2024, includes a $15.9 million net gain relative to a credit card
Slide 55: Reconciliation: Adjusted Net Income + Adjusted EPS
|APPENDIX Note(1): Net income for the year ended February 1, 2025, includes a $15.0 million gain pertaining to a litigation settlement which occurred in the fourth quarter of fiscal year 2024. Net income for the year ended February 3, 2024, includes a $15.9 million net gain relative to a credit card
Slide 56: Reconciliation: Adjusted Free Cash Flow
|APPENDIX 56 RECONCILIATION TABLE: 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 this adjustment by reconciling net cash provided by operating activities to Adjusted Free Cash
Slide 57: Reconciliation: Net Debt and Net Leverage
|APPENDIX 57 RECONCILIATION TABLE: NET DEBT AND NET LEVERAGE We define “Net Debt” as long-term debt, net plus current maturities of long-term debt, less cash and cash equivalents. We define “Net Leverage” as Net Debt divided by Adjusted EBITDA. We describe these adjustments reconciling long-term deb
Slide 58: Reconciliation: Return on Invested Capital (ROIC)
|APPENDIX Note(1): Net income for the year ended February 1, 2025, includes a $15.0 million gain pertaining to a litigation settlement which occurred in the fourth quarter of fiscal year 2024. Net income for the year ended February 3, 2024, includes a $15.9 million net gain relative to a credit card
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