Academy Sports And Outdoors, Inc. · NASDAQ:ASO
Academy Sports And Outdoors — Academy Sports + 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
Slide 2: Safe Harbor / Forward Looking Statements
SAFE HARB OR / FOR WARD LOOKING STATEMENTS 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 warra
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Slide 5: Presenters
PRESENTERS STEVE LAWRENCE CHAD FOX CARL FORD CHIEF EXECUTIVE CHIEF CUSTOMER CHIEF FINANCIAL OFFICER OFFICER OFFICER Introduction | 5
Slide 6: 85+ Year History of Success Providing Fun for All
YEAR HISTORY OF SUCCESS PROVIDING FUN FOR ALL 85+ P R E 20 1 9 E A R L Y 2 02 0 s T OD A Y L ONG R A NGE THE THE OUR BUSINESS FOUNDATION IPO BUSINESS GOALS 1 • Founded in 1938 in San Antonio, • Strengthened relationships with • Continued to invest in our TX leading national brands strategic initiati
Slide 7: Current State: The Best Sports + Outdoors Retailer in Our Core Geography
CURRENT STATE: THE BEST SPORTS + OUTDOORS RETAILER IN OUR CORE GEOGRAPHY ~40% Traffic Share in 47 FY25 NPS Score ~86% FY25 Overall Satisfaction Legacy Markets1 (Top of Peer Set)2 (Top 5 Retailer)3 Note(1): Source: Placer.ai; ASO Legacy Markets include AR, LA, OK, TX Note(2): NPS stands for Net Promo
Slide 8: Vision: The Best Sports + Outdoors Retailer in the Country
VISION: THE BEST SPORTS + OUTDOORS RETAILER IN THE COUNTRY 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 information abou
Slide 9: The Sports + Outdoors Space Is Large + Growing With No Dominant Player
THE SPORTS + OUTDOORS SPACE IS LARGE + GROWING WITH NO DOMINANT PLAYER $245B $ 35B 4 TOTAL ADDRESSABLE $ 40B 3 HUNTING + FISHING MARKET MARKET WORK + OUTDOOR $45B 2 RECREATION MARKET OUTDOOR + WESTERN LIFESTYLE MARKET $125B 1 SPORTING GOODS MARKET ~$245B Source: Academy Internal Research, calculatio
Slide 10: $130B Current Footprint TAM
TOTAL ADDRESSABLE MARKET WITHIN OUR FOOTPRINT 1 2 4 1 10 3 3 5 6 12 6 18 $130B 15 13 10 10 17 22 10 18 117 21 CURRENT FOOTPRINT TAM OUR FOOTPR INT AC COUNTS FOR ~ 53% OF THE $245B 2 TAM Note(1): The ASO footprint as of April 7th, 2026, spans 21 states: AL, AR, FL, GA, IL, IN, KS, KY, LA, MD, MO, MS,
Slide 11: Our Strategic Priorities Remain Unchanged
OUR STRATEGIC PRIORITIES REMAIN UNCHANGED… GROWTH PRIORITIES …TO BRING MORE “FUN” 1 Grow New Stores 2 Drive Existing Business 3 Build More Powerful Omni-Channel FOUNDATIONAL PRIORITIES 4 Leverage Supply Chain Network 5 Execute With Best Team in Retail Introduction | 11
Slide 12: The Always Game Family
THE ALWAYS GAME family
Slide 13: Introducing the Always Game Family
INTRODUCING THE ALWAYS GAME FAMILY WHO? Families who want to fill their lives with meaningful moments + lasting memories. Young parents with school PARENTS children in the household Toddlers - teens, median KIDS number of 2 kids INCOME $75K+ household Income PETS 89% own a pet REGION Mostly suburban
Slide 14: Grow New Stores
GROW NEW STORES
Slide 15: New Stores Are Our Customer-Acquisition Engine
NEW STORES ARE OUR CUSTOMER-ACQUISITION ENGINE Significant whitespace opportunity positions our team to strategically $1.1B expand our operational footprint as 800 + we continue to internally fuel growth… TOTAL SALES From 63 New Stores Opened Since FY221 + ~450 $1.9B 322 ADDTL. ANNUAL SALES 259 From
Slide 16: A Tale of Two Cities
A TALE OF TWO CITIES Demographic Dichotomy… Perimeter, GA (2022) Searcy, AR (2024) Urban, top 10 by population, Cosmopolitan… Rural, Blue Collar Total Population1 460K+ 116K+ Total Households1 199K+ 45K+ Household Income1 $100,000+ ~$50,000 Total Disposable Income1 ~$18B ~$2B Y1 Store Sales Volume ~
Slide 17: From Inside Out, To Outside In
FROM INSIDE OUT, TO OUTSIDE IN ~ 80% of the U.S. Population is NOT Within 10 Miles of an Academy INITIAL STRATEGY REFINED STRATEGY Initial growth focus …while expanding our focus ramps growth. RURAL established a baseline… EXURBS Urban + Suburban Extend into Exurb + INITIAL STRATEGY REFINED STRA
Slide 18: Strong Growth Opportunity
OUR FOOTPRINT IS CHARACTERIZED BY THE MOST ATTRACTIVE MACRO TAILWINDS NATIONWIDE… FAST-GROWING POPULATION + STRONG ECONOMIC GROWTH = HISTORICAL 10-YEAR PROJECTED 5-YEAR HISTORICAL 10-YEAR PROJECTED 5-YEAR POPULATION GROWTH RATE POPULATION GROWTH RATE JOB GROWTH RATE JOB GROWTH RATE 16.1% UNLOCKING S
Slide 19: Large Metro Markets in Legacy + Existing Markets
LARGE METRO MARKETS IN LEGACY + EXISTING MARKETS Identified Expansion Opportunity 26 Current Locations ASO’s Current Market Expansion & within Metro Footprint Original Metro Footprint Opportunity to take advantage in high-density Always Game Family areas that are underserved today… Source: Populatio
Slide 20: Midsize Markets in Legacy & Existing Markets Expand Our Growth Opportunities
MIDSIZE MARKETS IN LEGACY & EXISTING MARKETS EXPAND OUR GROWTH OPPORTUNITIES R EA L E STATE STR ATE GY PO I SED TO SU PPO R T O UR LON G R A N GE P L A N Brand Awareness in New Markets + Higher Year 1 Demand in Legacy Markets Has Shifted the Growth Profiles 1 LEGACY MARKETS 2 ILLUSTRATIVE NEW STORE
Slide 21: Drive the Existing Business
DRIVE THE EXISTING BUSINESS |
Slide 22: Customer-Centric Strategies Filtered Through Always Game Family
CUSTOMER-CENTRIC STRATEGIES FILTERED THROUGH DELIVERING AGAINST THE UNMET NEEDS OF THE ALWAYS GAME FAMILY FUEL SIMPLIFY RESPECT STRETCH THE FUN MY SHOP MY TIME MY DOLLAR “HELP ME BRING “HELP MAKE MY “HELP ME SHOP “HELP ME GET MORE FUN TO FAMILY LIFE FAST + FRICTION MORE FOR MY FAMILY” EASIER” FREE”
Slide 23: Our Diverse + Evolving Assortment of Brands Helps Us Fuel the Fun
FUEL THE FUN OUR DIVERSE + EVOLVING ASSORTMENT OF BRANDS HELPS US FUEL THE FUN FOR OUR CUSTOMERS S PO RTING G OO DS HUNTING + FISHING WO RK + OUTDOOR O UTDOOR + WESTERN ONE-STOP SHOP RE CREATION LIFES TY LE 1 2 Best NATIONAL (75%)1 1 Better Good Best PRIVATE / EXCLUSIVE 2 (25%)1 Better Good Illustra
Slide 24: Leveraging Technology to Simplify Shopping
SIMPLIFY RESPECT MY SHOP MY TIME LEVERAGING TECHNOLOGY TO SIMPLIFY SHOPPING Leveraging Technology to Enhance Delivers Operational Efficiencies Customer Experience Device for RFID Scans + Improves In-Stocks Payment + + Team Member App to Raises Customer Save the Sale Satisfaction + + Piloting Digital
Slide 25: Academy Wins on Value for Our Customer + Helps Them Stretch Their Dollar
STRETCH MY DOLLAR ACADEMY WINS ON VALUE FOR OUR CUSTOMER + HELPS THEM STRETCH THEIR DOLLAR Key Value Items1 Market Leading Prices1 Price Match Guarantee $8.99 $15.99 ASO Private Label $9.99 BCG Turbo Solid T-Shirt $39.99 $24.99 National Competitor Private Label $20.00 Moisture-Wicking T-Shirt Matchi
Slide 26: Creating Value Through Personalization
CREATING VALUE THROUGH PERSONALIZATION MILLION CUSTOMERS Drive the Existing Business | 26
Slide 27: Months After Launch
18 MONTHS AFTER LAUNCH 27
Slide 28: Capturing Customer Loyalty via Integrated Program
FUEL STRETCH THE FUN MY DOLLAR CAPTURING CUSTOMER LOYALTY VIA INTEGRATED PROGRAM COMPREHENSIVE LOYALTY PROGRAM PRIVATE LABEL CO-BRANDED BASE LOYALTY CREDIT CARD CREDIT CARD WELCOME OFFER ✓ ✓ ✓ $ 1 5 O F F BIRTHDAY REWARD ✓ ✓ ✓ FREE SHIPPING AT ACADEMY.COM ✓ $25 MINIMUM ✓ NO MINIMUM ✓ NO MINIMUM $ 2
Slide 29: Academy Sports + Outdoors
Academy’ SPORTS+OUTDOORS
Slide 30: Engagement = Productivity
ENGAGEMENT = PRODUCTIVITY Single-Activity Transactions 3x as Transactions 2x as Average Customer Shopper Average Customer AVG. ASO LOYALTY CARDHOLDER LOYALTY MEMBER CUSTOMER MEMBER ONLY ONLY + CARDHOLDER SPEND PER YEAR 1X 1.5X 2X 3.5X Source: Academy Internal Research Drive the Existing Business | 3
Slide 31: A More Powerful Omni-Channel Business
A MORE POWERFUL OMNI-CHANNEL BUSINESS
Slide 32: Building Our Omni-Channel Business Around the Customer
SIMPLIFY MY SHOP BUILDING OUR OMNI-CHANNEL BUSINESS AROUND THE CUSTOMER Customer | 32
Slide 33: Creating a Scalable Digital Foundation
CR EATI NG A SCALABLE DIGITAL FOUNDATION MASTER DATA VENDOR SETUP AI MODERNIZING MANAGEMENT + AUTOMATION ENRICHMENT SEARCH • Standard taxonomy, • Automated vendor • AI Enrichment tool • Upgrade search attributes, and data onboarding + item used to fill attribute infrastructure for governance creatio
Slide 34: Improving Customer Experience Through AI On-Model Photography
SIMPLIFY MY SHOP IMPROVING CUSTOMER EXPERIENCE X THROUGH AI ON-MODEL PHOTOGRAPHY Customer | 34
Slide 35: Improving Customer Experience with Agentic AI
SIMPLIFY MY SHOP IMPROVING CUSTOMER EXPERIENCE WITH AGENTIC AI CONVERSION RATE 1 HIGHER BASKET Source: Academy Internal Research Note(1): Conversion rate and basket metrics are based on performance during November - December 2025 Customer | 35
Slide 36: Driving Engagement Through Our App
SIMPLIFY MY SHOP DRIVING ENGAGEMENT THROUGH OUR APP THE CENTRALIZED HOME BASE FOR MYACADEMY 40% MONTHLY ACTIVE USERS1 +10% UNITS PER TRANSACTION2 CONVERSION +50% RATE2 Updated Homepage Ways to Save Toggle to Apply Credit Annual Reward Tracker System Card and Loyalty Rewards in NEW myRewards Tab Sour
Slide 37: Expanding Our Assortment Through Dropship
FUEL THE FUN EXPANDING OUR ASSORTMENT THROUGH DROPSHIP UNLOCKING MOR E CHOICE FOR THE CUSTOMER WITH ENDLESS AI SLE C APABILITIES Customer | 37
Slide 38: Extending the Sale Beyond the Shelf
SIMPLIFY MY SHOP EXTENDING THE SALE BEYOND THE SHELF Customer | 38
Slide 39: Meeting the Always Game Family Where They Are
SIMPLIFY MY SHOP MEETING THE ALWAYS GAME FAMILY WHERE THEY ARE Extending Discovery + Conversion Beyond Owned Channels Customer | 39
Slide 40: AI-Powered Intelligence for Frontline Customer Care
SIMPLIFY MY SHOP AI-POWERED INTELLIGENCE FOR FRONTLINE CUSTOMER CARE Turning Millions of Customer Interactions into Actionable Insights that Improve Speed, Resolution, and Experience CUSTOMER TRANSCRIBED + DAILY INSIGHTS CALLS + ANALYZED BY AI + REAL-TIME CHATS GUIDANCE Customer | 40
Slide 41: Unlocking New Value Through Retail Media
UNLOCKING NEW VALUE THROUGH RETAIL MEDIA Customer | 41
Slide 42: Building a Modern Academy
BUILDING A MODERN ACADEMY myAcademy eCommerce Academy Loyalty Growth Retail Media Customer | 42
Slide 43: Financial Vision + Long Range Plan
FINANCIAL VISION + LONG RANGE PLAN
Slide 44: Exceptional Track Record as a Public Company
EXCEPTIONAL TRACK RECORD AS A PUBLIC COMPANY Delivering Strong Results & Profitability Since Our IPO1 4.6% 430bps +320% Gross Margin Total Shareholder Sales CAGR2 Improvement Return3 $800M+ 63 5 Cumulative New Stores New States Investments Opened Entered YEARS OF ~$1.8B ~40% ~$1.0B PERFORMANCE Cash
Slide 45: Progress on Strategic Initiatives to Drive Improved Comparable Sales Trajectory
PROGRESS ON STRATEGIC INITIATIVES TO DRIVE IMPROVED COMPARABLE SALES TRAJECTORY LTM COMPARABLE SALES1 1 2 New Store Performance On-Trend Product ASO has driven a long-term trend of improving comparable sales from previously negative-MSD values Assortment (1.5%) (1.9%) (2.8%) 3 Omni-Channel 4 Shift T
Slide 46: Long Range Financial Outlook
LONG RANGE FINANCIAL OUTLOOK OUR STRATEGIC LONG RANGE $8B+ PILLARS ARE ALIGNED GOALS1: Sales TO OUR CHALLENGING 125+ 15%+ LONG RANGE New Stores eCom Penetration GOALS Net Income Margin 7% $9 GAAP EPS DRIVE MORE LEVERAGE 1 GROW NEW STORES 2 EXISTING BUSINESS 3 POWERFUL OMNI-CHANNEL 4 SUPPLY CHAIN 5 B
Slide 47: Clear Sight to Sustained Revenue Growth
CLEAR SIGHT TO SUSTAINED REVENUE GROWTH ~$2.0B Revenue Growth Generated1 LONG $0.3B+ $1.9B+ $0.3B+ RANGE PLAN $8.0B $0.3B $0.3B ($0.5B) Achieve Low-Single $1.2B 1 Digit Comparable Sales Growth $6.1B $0.7B 2 Drive 5% Annual Revenue Growth Open ~125 new Develop a more Drive growth in our stores at $12
Slide 48: While Generating EBIT Expansion
…WHILE GENERATING EBIT EXPANSION ~100bps of Adj. EBIT Margin1 Expansion2 LONG 0.2% RANGE PLAN 0.3% 0.5% 10.0% 1 Grow Sales (0.5%) 0.5% Invest in 2 Strategic Initiatives 9.0% Synergies Driving supply High-margin Deepening value Drive associated with sales growth chain efficiencies within our existing
Slide 49: Disciplined Capital Allocation Philosophy
DISCIPLINED CAPITAL ALLOCATION PHILOSOPHY… Generate Strong Cash …EQUALS HIGH RETURN Flow from Operations FI NA NC IAL GOVERNA NC E Invest in Strategic Initiatives 20% FY25 Return on Invested Capital1 Remaining Free Cash Flow 0.2X FY25 Net Leverage Ratio2 Share Repurchase Steady Dividend $1.8B Total
Slide 50: Fun Can Lose
FUN CAN“LOSE
Slide 51: Our Business Strategy Will Drive Our Results
OUR BUSINESS STRATEGY WILL DRIVE OUR RESULTS Strategy Strategic Actions Open New Stores in Legacy, Existing and New Target 125 stores over next 5 Years 1 40% Legacy/40% Existing/20% New Markets to expand store count within our footprint Longer Term, National Expansion to 800+ stores Leverage Custome
Slide 52: Supplemental Financial Slides
SUPPLEMENTAL FINANCIAL SLIDES | 52
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 r
Slide 54: Reconciliation Table: Adjusted EBITDA, Adjusted EBIT, and Adjusted EBIT Margin
RECONCILIATION TABLE: ADJUSTED EBITDA, ADJUSTED EBIT, AND ADJUSTED EBIT MARGIN We define “Adjusted EBITDA” as net income (loss) before interest expense, net, income tax expense and depreciation, amortization, and impairment, and other adjustments included in the table below. We define “Adjusted EBIT
Slide 55: Reconciliation Table: Adjusted Net Income + Adjusted Earnings per Share
RECONCILIATION TABLE: ADJUSTED NET INCOME + ADJUSTED EARNINGS PER SHARE We define “Adjusted Net Income” as net income (loss) plus other adjustments included in the table below, less the tax effect of these adjustments. We define “Adjusted Earnings per Share, Basic” as Adjusted Net Income divided by
Slide 56: Reconciliation Table: Adjusted Free Cash Flow
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 Flow in the
Slide 57: Reconciliation Table: Net Debt and Net Leverage
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 debt, net to net
Slide 58: Reconciliation Table: Return on Invested Capital (ROIC)
RECONCILIATION TABLE: RETURN ON INVESTED CAPITAL (“ROIC”) We define “ROIC” 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 (amounts in thousands). Fiscal Year Ended J
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