Academy Sports & Outdoors (ASO): 2Q26 Earnings Beat & Raised FY26 Guidance – Goldman Sachs Research

Key Takeaways

• 1.Academy Sports & Outdoors reported 2Q26 adj. EPS of $2.31, substantially beating consensus of $2.07 and GS estimate of $2.11, driven by a strong gross margin of 40.4% (+437 bps y/y).
• 2.Management raised full-year FY26 adjusted EPS guidance to $6.50-$6.90 (from $6.40-$6.80) and gross margin guidance to 35.5-36.0%, while reiterating sales and SSS targets.
• 3.Goldman Sachs reiterates a Buy rating and a 12-month price target of $60.00, representing 34.2% potential upside.

Table of Contents

• Analysis
• Implications
• Valuation & Risks
• Downside risks
• GS Factor Profile
• M&A Rank
• Quantum
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Ratings, coverage universe and related definitions
• Global product; distributing entities

Report data

Exhibit 2: ASO variance vs. estimates — as of September 8, 2026.

Reports in this series

First Take is shown in chronological order through this edition, published on September 9, 2026.

Part of the First Take series — view all 11 editions

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