SPORTSMAN'S WAREHOUSE HOLDINGS (SPWH) Company Report

Sportsman's Warehouse reported Q3 2026 net sales of $331.3 million, a 2.2% increase year-over-year, driven by 2.2% same-store sales growth, marking its third consecutive quarter of positive comparable sales. Key category performance included 5% growth in hunting and shooting sports, 14% growth in fishing, and 8% growth in e-commerce.
Gross margin improved by 100 basis points to 32.8%, and adjusted EBITDA grew 13% to $18.6 million in Q3 2026. The company reduced total inventory by 3.2% to $424 million and paid down $13.2 million of debt, ending the quarter with a total debt balance of $181.9 million.
Citing macroeconomic headwinds and a challenging Q4, the company revised its full-year 2025 guidance, projecting net sales to be flat to up slightly and adjusted EBITDA between $22 million and $26 million. For 2026, the company anticipates continued progress on strategic initiatives with modest top-line growth and a focus on improved profitability.

Dec 4, 2025, 10:00 PM

Sportsman's Warehouse Reports Q3 2025 Results and Revises Full-Year Guidance

SPWH

Earnings

Guidance Update

Demand Weakening

Sportsman's Warehouse reported its third consecutive quarter of positive same-store sales growth in Q3 2025, with comps up 2.2% year-over-year, and net sales increasing 2.2% to $331.3 million. Adjusted net income was $3 million, or $0.08 per diluted share, and Adjusted EBITDA grew 13% to $18.6 million.
The company revised its full-year fiscal 2025 guidance, adjusting net sales to be flat to up slightly and adjusted EBITDA to be in the range of $22 million-$26 million, citing a pressured U.S. consumer and the prolonged effects of a government shutdown starting in mid-October.
Key categories like hunting and shooting sports increased 5%, fishing grew 14%, and e-commerce delivered 8% growth in Q3 2025, while camping sales declined. The personal protection category, including Byrna and Taser, continued to be a strong, margin-accretive growth driver.
Sportsman's Warehouse reduced total inventory by 3.2% year-over-year to $424 million at the end of Q3 2025 and paid down $13.2 million of debt, ending the quarter with a total debt balance of $181.9 million. The company expects to end fiscal year 2025 with lower inventory and debt than the prior year and be free cash flow positive.

Dec 4, 2025, 10:00 PM

Sportsman's Warehouse Holdings, Inc. Announces Q3 2025 Financial Results and Updates Full Year Outlook

SPWH

Earnings

Guidance Update

Demand Weakening

Sportsman's Warehouse Holdings, Inc. reported net sales of $331.3 million, a 2.2% increase, and same store sales growth of 2.2% for the thirteen weeks ended November 1, 2025.
The company achieved net income of $0.0 million and adjusted diluted earnings per share of $0.08 for the third quarter of fiscal year 2025.
For fiscal year 2025, the company updated its outlook, anticipating net sales to be flat to up slightly and adjusted EBITDA in the range of $22 million to $26 million.
The company reduced total inventory by $14.2 million year-over-year and $19.5 million sequentially, and paid down $13.2 million in debt during Q3 2025, ending the quarter with $111.9 million in total liquidity.
Management noted a softening in consumer spending since mid-October, contributing to a challenging retail environment and a tough fourth quarter outlook.