Sportsman's Warehouse Holdings Inc

sportsmans.com

What Do They Do?

Sells hunting and shooting gear, fishing and camping products, and outdoor apparel and footwear to outdoor enthusiasts through stores and online.

How Do They Make Money?

Customers pay for store purchases when they take the goods and for online orders upon delivery; the company also receives monthly profit-share payments from banking partners for its co-branded card program.

FY2025 revenue

Who Are Their Customers?

Outdoor enthusiasts buy in the stores or on the e-commerce site, with options to pick up online orders in stores or have them shipped.

Do Revenues Turn Into Profits?

Not on paper. It lost $50.1M in FY2025, but brought in more cash than it spent: $8.9M of free cash flow.

Operating income, FY2025

−3% of revenue

▲ +105% (Loss) vs FY2024 (−$18.2M, −2%)

Net income, FY2025

−4% of revenue

▲ +51% (Loss) vs FY2024 (−$33.1M, −3%)

Free cash flow, FY2025

1% of revenue

▼ −55% vs FY2024 ($19.6M, 2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Aug 1, 2026

Revenue: ▲ +1%; vs $293.9M in Q2 FY2025
Net income: ▼ −37% (Loss); vs −$7.1M in Q2 FY2025

Sep 1, 2026 Reaffirms fiscal 2026 guidance Kept full-year same-store sales guidance at down 1.0% to up 2.0% and adjusted EBITDA guidance at $30 million to $36 million.

Shrinking. Revenue fell 20% in 4 years, from $1.5B in FY2021 to $1.2B in FY2025, about 5% a year.

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