Academy Sports & Outdoors, Inc.

Academy's common stock began trading on the Nasdaq Stock Market LLC, or Nasdaq, under the symbol “ASO” on October 2, 2020. Prior to that date, there was no public market for our common stock.

Performance Graph

This performance graph shall not be deemed “soliciting material” or “filed” with the SEC for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any of our filings under the Securities Act or the Exchange Act. The graph below presents the Company’s cumulative total stockholder returns relative to the performance of the Nasdaq US Benchmark Retail Index and the Russell 3000 Index commencing October 2, 2020 (the Company’s initial day of trading) through January 30, 2026. All values assume a $100 initial investment at the opening price of the Company’s common stock on Nasdaq and assume all dividends were reinvested on the date paid. The points on the graph represent fiscal quarter-end values based on the last trading day of each fiscal quarter. The comparisons are based on historical data and are not indicative of, nor intended to forecast, the future performance of our common stock.

Issuer Purchases of Equity Securities

The following table summarizes the repurchases and cancellations of our common stock during the fourth quarter of 2025:

(a) The total number of shares purchased excludes shares which were net-settled, and therefore not issued, to cover employee withholding taxes related to the vesting of certain restricted stock awards and exercise of certain stock option awards.

(b) Excludes the impact of unpaid excise taxes.

(c) On December 4, 2024, the Company's Board of Directors approved a new share repurchase program under which the Company is authorized to purchase up to $700 million of its outstanding shares during the three-year period ending December 4, 2027 (the “2024 Share Repurchase Program”), and which replaces the previously approved share repurchase program. As of January 31, 2026, approximately $436.6 million remained available for share repurchases pursuant to the 2024 Share Repurchase Program (see Note 2 to the accompanying financial statements). The 2024 Share Repurchase Program does not obligate the Company to acquire any particular number of common shares, and the program may be suspended, extended, modified or discontinued at any time.

Holders

As of March 10, 2026, there were 11 holders of record of ASO, Inc.'s common stock. The number of holders of record is based upon the actual number of holders registered at such date and does not include holders of shares in “street name” or persons, partnerships, associates, corporations or other entities identified in security position listing maintained by depositories.

Dividends

We declared and paid our first quarterly cash dividend for the fourth quarter for fiscal 2021 and have paid a quarterly cash dividend consistently thereafter. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for information regarding quarterly dividend payments for 2025. However, we are not required to declare dividends. Any determination to pay future dividends to holders of our common stock will be subject to the discretion and approval of the Board of Directors and will depend upon many factors, including the Company’s results of operations, liquidity, earnings, business strategy, legal requirements, covenant compliance, restrictions in our existing and any future debt agreements and other factors that our Board of Directors deems relevant.