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Nov 01, 2025
Sportsman's Warehouse Q3 2025 Earnings Report
Sportsman's Warehouse reported flat net income and modest revenue growth in Q3 2025, supported by improved gross margin and adjusted profitability metrics.
Key Takeaways
Sportsman's Warehouse achieved modest year-over-year revenue growth and improved margins in Q3 2025, with adjusted earnings rising and same-store sales up. GAAP net income was essentially flat, but adjusted EBITDA and adjusted EPS both increased.
Revenue rose to $331.3 million, up from $324.3 million a year ago
Same-store sales grew 2.2%, outperforming adjusted NICS data
Gross margin improved 100 basis points to 32.8%
Adjusted net income reached $3.0 million; adjusted EPS was $0.08
Forward Guidance
The company lowered full-year 2025 sales guidance due to softening consumer demand, while emphasizing focus on inventory discipline, liquidity, and free cash flow.
Positive Outlook
- Inventory reduced by $14.2 million YoY and $19.5 million sequentially
- Only one new store opening planned through 2026, aiding capital efficiency
- Adjusted EBITDA guidance for FY25: $22M to $26M
- Debt paydown of $13.2 million in Q3
- Free cash flow expected to be positive by year-end
Challenges Ahead
- Consumer softness emerged mid-October, impacting Q4
- Highly promotional retail environment persists
- Full-year net sales now expected to be flat to slightly up
- No reconciliation provided for GAAP net income guidance
Historical Earnings Impact
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Avg. Return Before/After Earnings
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