Academy Sports and Outdoors (ASO) Cash Flow: Operating & Free Cash Flow

Academy Sports and Outdoors (ASO) Cash Flow Statement

In fiscal 2026 (fiscal year ended Jan 31, 2026), Academy Sports and Outdoors generated $434.80M of operating cash flow and spent $213.43M on capital expenditures. That left free cash flow of $221.37M, down 32.6% from $328.49M a year earlier, or 3.7% of revenue. It returned $233.63M to shareholders through $34.66M in dividends and $198.98M in share buybacks.

Academy Sports and Outdoors Cash Flow Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Academy Sports and Outdoors, Inc. (ASO) - Annual data in billions USD
Breakdown	FY 2026	FY 2025	FY 2025	FY 2024	FY 2024	FY 2023	FY 2022	FY 2020	FY 2019	FY 2018
Period ending	Jan 2026	Feb 2025	Jan 2025	Feb 2024	Jan 2024	Jan 2023	Jan 2022	Jan 2021	Jan 2020	Jan 2019
Operating Activities
Net Income	0.38	0.38	0.42	0.42	0.52	0.63	0.67	0.31	0.12	0.02
Depreciation & Amortization	0.12	0.13	0.12	0.12	0.11	0.11	0.11	0.11	0.12	0.13
Deferred Income Tax	0.04	-	0.00	-	0.00	0.04	0.08	0.00	0.00	0.00
Stock Based Compensation	0.02	0.03	0.03	0.02	0.02	0.02	0.04	0.03	0.01	0.00
Change in Working Capital	-0.16	-0.06	-0.06	-0.14	-0.14	-0.25	-0.22	0.55	0.05	0.04
Change in Accounts Receivable	-0.02	-0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Change in Inventory	-0.19	-0.19	-0.11	-0.11	0.09	-0.11	-0.18	0.11	0.03	0.09
Change in Accounts Payable	0.01	0.03	0.07	0.07	-0.12	-0.06	-0.05	0.36	0.00	-0.07
Change in Other Working Capital	0.05	0.02	-0.02	-0.02	0.02	-0.09	0.01	0.08	0.02	0.01
Other Operating Activities	0.05	0.07	0.03	0.03	0.02	0.01	0.00	0.02	-0.03	0.00
Net Cash from Operating Activities	0.43	0.53	0.53	0.54	0.54	0.55	0.67	1.01	0.26	0.20
Investing Activities
Capital Expenditures	-0.21	-0.20	-0.20	-0.21	-0.21	-0.11	-0.08	-0.04	-0.06	-0.11
Acquisitions	0.00	-	0.00	-	0.00	0.00	0.00	0.00	0.00	0.01
Sales/Maturities of Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Investing Activities	0.04	-	0.01	-	0.00	0.00	0.00	0.01	0.00	0.01
Net Cash from Investing Activities	-0.17	-0.19	-0.19	-0.21	-0.21	-0.11	-0.08	-0.03	-0.07	-0.10
Financing Activities
Debt Repayment	0.00	0.00	0.00	0.00	-0.10	-0.10	-0.10	-0.67	-0.12	-0.06
Common Stock Issued	0.01	0.01	0.00	0.01	0.00	0.00	0.00	0.21	0.00	0.00
Common Stock Repurchased	-0.20	-0.20	-0.36	-0.37	-0.20	-0.49	-0.41	0.00	0.00	0.00
Dividends Paid	-0.03	-0.03	-0.03	-0.03	-0.03	-0.02	0.00	-0.26	0.00	0.00
Other Financing Activities	0.01	-0.01	0.00	-0.01	-0.01	0.03	0.02	-0.04	0.00	0.00
Net Cash from Financing Activities	-0.22	-0.40	-0.40	-0.32	-0.32	-0.59	-0.49	-0.75	-0.12	-0.05
Summary
Net Change in Cash	0.04	-0.06	-0.06	0.01	0.01	-0.15	0.11	0.23	0.07	0.04
Cash at Beginning of Period	0.29	-	0.35	-	0.34	0.49	0.38	0.15	0.08	0.03
Cash at End of Period	0.33	-	0.29	-	0.35	0.34	0.49	0.38	0.15	0.08
Free Cash Flow	0.22	0.33	0.33	0.33	0.33	0.44	0.60	0.97	0.20	0.09
Supplemental Disclosures
Interest Paid	-	0.03	-	0.05	-	0.04	0.09	-	-	-
Income Taxes Paid	-	0.09	-	0.13	-	0.17	0.02	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Aug 1, 2026. Data sources and methodology

Frequently Asked Questions About Academy Sports and Outdoors Cash Flow

What is Academy Sports and Outdoors's free cash flow?

Academy Sports and Outdoors generated free cash flow of $221.37M in fiscal 2026 (fiscal year ended Jan 31, 2026), operating cash flow of $434.80M minus $213.43M of capital expenditures. That was down 32.6% from $328.49M a year earlier. Free cash flow equaled 3.7% of revenue.

How much does Academy Sports and Outdoors spend on capital expenditures?

Academy Sports and Outdoors spent $213.43M on capital expenditures in fiscal 2026, compared with $199.59M a year earlier. That equals 49.1% of operating cash flow.

Does Academy Sports and Outdoors pay dividends or buy back shares?

Yes. In fiscal 2026 Academy Sports and Outdoors returned $34.66M in dividends and $198.98M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition