SPWH SPORTSMAN'S WAREHOUSE HOLDINGS, INC.
Price Chart
Executive Summary
Sportsman's Warehouse reported Q1 2026 net sales of $256.1M (+2.8% YoY) and same-store sales growth of 2.1%, exceeding the low end of its full-year guidance range. However, the company remained deeply unprofitable with a GAAP net loss of $(21.8)M and negative adjusted EBITDA of $(8.1)M, while net debt surged to $148.4M from $90.0M at year-end due to seasonal inventory build. Full-year FY2026 guidance was reaffirmed (same-store sales -1% to +2%, adjusted EBITDA $30-36M), providing no upside catalyst.
Key Financial Metrics
Actionable Insight
The 2.1% same-store sales growth and reaffirmed guidance provide a modest positive signal, but the company remains unprofitable with negative free cash flow and rising leverage. Watch for Q2 trends in consumer spending and inventory management; the planned store closures after holiday 2026 could improve profitability but won't impact FY2026 results materially. The stock's $54M market cap suggests limited downside but also limited upside without a clear path to sustained profitability.
Key Facts
- Q1 net sales $256.1M, +2.8% YoY vs $249.1M
- Same-store sales +2.1% YoY, at the high end of FY guidance range
- GAAP diluted EPS $(0.56), unchanged YoY; adjusted diluted EPS $(0.39) vs $(0.41) YoY
- Adjusted EBITDA $(8.1)M, improved from $(9.0)M YoY
- Net debt $148.4M, up from $90.0M at Jan 31, 2026, driven by seasonal inventory build to $387.1M
- Full-year FY2026 guidance reaffirmed: same-store sales -1% to +2%, adjusted EBITDA $30-36M
- No new store openings planned; expects to close ~5 underperforming stores after holiday season
- Gross margin compressed to 29.6% from 30.4% YoY due to unfavorable category mix toward lower-margin firearms/ammunition
Financial Impact
Q1 revenue beat consensus by ~1.2% ($256.1M vs $253.0M est), but GAAP EPS of $(0.56) was in line with the $(0.56) consensus; adjusted EPS of $(0.39) was better than the $(0.41) prior year but still deeply negative. Net debt increased $58.4M sequentially.
Risk Factors
- Continued consumer pressure and higher fuel prices could reverse Q1 sales momentum
- Gross margin compression from mix shift toward low-margin firearms/ammunition
- Net debt of $148.4M represents 275% of market cap, limiting financial flexibility
- Negative operating cash flow of $(55.4)M in Q1, though seasonal; full-year guidance implies H2 improvement
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-253505 |
| Document: spwh-20260602.htm | 0001193125-26-253505 |
| Document: 0001193125-26-253505-index-headers.html | 0001193125-26-253505 |
| Document: 0001193125-26-253505-index.html | 0001193125-26-253505 |
| Document: 0001193125-26-253505.txt | 0001193125-26-253505 |
| 8-K Data (Synthetic) | 0001193125-26-253505 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 2, 2026
12d ago
|
8-K
| $1.45 $1.40 | ▼ −3.45% | ▼ −3.85% | $1.23 (−15.17%) |
|
Jun 2, 2026
12d ago
|
Press Release
| $1.45 $1.40 | ▲ +3.45% | ▲ +3.85% | $1.23 (+15.17%) |
|
Mar 31, 2026
10w ago
|
8-K
| $1.32 $1.28 | ▲ +3.03% | ▲ +3.11% | $1.23 (+6.82%) |
|
Mar 17, 2026
12w ago
|
Press Release
| $1.38 $1.36 | ▼ −1.45% | ▼ −1.18% | $1.23 (−10.87%) |
|
Mar 3, 2026
14w ago
|
Press Release
| $1.48 $1.44 | ▼ −2.70% | ▼ −3.46% | $1.23 (−16.89%) |
US Market Status
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