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Side-by-side financial comparison of Academy Sports & Outdoors, Inc. (ASO) and Calumet, Inc. (CLMT). Click either name above to swap in a different company.
Academy Sports & Outdoors, Inc. is the larger business by last-quarter revenue ($1.4B vs $1.0B, roughly 1.3× Calumet, Inc.). Academy Sports & Outdoors, Inc. runs the higher net margin — 5.2% vs -3.6%, a 8.8% gap on every dollar of revenue. Calumet, Inc. produced more free cash flow last quarter ($103.8M vs $-13.6M).
Academy Sports + Outdoors is an American sporting-goods store chain with corporate offices in the Katy Distribution Center in unincorporated western Harris County, Texas, United States, near Katy and west of Houston. For 74 years, it was a privately held company owned by the Gochman family, until its May 2011 acquisition by Kohlberg Kravis Roberts. In October 2020, it was listed on NASDAQ.
Calumet, Inc. is a U.S.-headquartered specialty products firm that manufactures and distributes high-value hydrocarbon and specialty chemical products. Its offerings include specialty oils, lubricants, waxes, and renewable fuel solutions, serving industrial, consumer, and transportation segments across North America.
ASO vs CLMT — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $1.0B |
| Net Profit | $71.6M | $-37.3M |
| Gross Margin | 35.7% | -0.3% |
| Operating Margin | 7.3% | -6.2% |
| Net Margin | 5.2% | -3.6% |
| Revenue YoY | 3.0% | — |
| Net Profit YoY | 8.8% | — |
| EPS (diluted) | $1.05 | $-0.43 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.4B | $1.0B | ||
| Q3 25 | $1.6B | $1.1B | ||
| Q2 25 | $1.4B | $1.0B | ||
| Q1 25 | $1.7B | $993.9M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.5B | $1.1B | ||
| Q2 24 | $1.4B | $1.1B | ||
| Q1 24 | $1.8B | — |
| Q4 25 | $71.6M | $-37.3M | ||
| Q3 25 | $125.4M | $313.4M | ||
| Q2 25 | $46.1M | $-147.9M | ||
| Q1 25 | $133.6M | $-162.0M | ||
| Q4 24 | $65.8M | — | ||
| Q3 24 | $142.6M | $-100.6M | ||
| Q2 24 | $76.5M | $-39.1M | ||
| Q1 24 | $168.2M | — |
| Q4 25 | 35.7% | -0.3% | ||
| Q3 25 | 36.0% | 34.7% | ||
| Q2 25 | 34.0% | -4.2% | ||
| Q1 25 | 32.2% | -8.2% | ||
| Q4 24 | 34.0% | — | ||
| Q3 24 | 36.1% | 0.4% | ||
| Q2 24 | 33.4% | 5.6% | ||
| Q1 24 | 33.3% | — |
| Q4 25 | 7.3% | -6.2% | ||
| Q3 25 | 10.8% | 30.0% | ||
| Q2 25 | 5.1% | -9.8% | ||
| Q1 25 | 9.2% | -4.9% | ||
| Q4 24 | 6.8% | — | ||
| Q3 24 | 12.3% | -5.2% | ||
| Q2 24 | 7.5% | 0.5% | ||
| Q1 24 | 11.4% | — |
| Q4 25 | 5.2% | -3.6% | ||
| Q3 25 | 7.8% | 29.1% | ||
| Q2 25 | 3.4% | -14.4% | ||
| Q1 25 | 8.0% | -16.3% | ||
| Q4 24 | 4.9% | — | ||
| Q3 24 | 9.2% | -9.1% | ||
| Q2 24 | 5.6% | -3.4% | ||
| Q1 24 | 9.4% | — |
| Q4 25 | $1.05 | $-0.43 | ||
| Q3 25 | $1.85 | $3.61 | ||
| Q2 25 | $0.68 | $-1.70 | ||
| Q1 25 | $1.85 | $-1.87 | ||
| Q4 24 | $0.92 | — | ||
| Q3 24 | $1.95 | $-1.18 | ||
| Q2 24 | $1.01 | $-0.48 | ||
| Q1 24 | $2.19 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $289.5M | $125.1M |
| Total DebtLower is stronger | — | $2.1B |
| Stockholders' EquityBook value | $2.1B | $-732.7M |
| Total Assets | $5.4B | $2.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $289.5M | $125.1M | ||
| Q3 25 | $300.9M | $94.6M | ||
| Q2 25 | $285.1M | $110.6M | ||
| Q1 25 | $288.9M | $123.4M | ||
| Q4 24 | $296.0M | — | ||
| Q3 24 | $324.6M | $34.6M | ||
| Q2 24 | $378.1M | $7.0M | ||
| Q1 24 | $347.9M | — |
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.1B | $-732.7M | ||
| Q3 25 | $2.1B | $-695.3M | ||
| Q2 25 | $1.9B | $-1.0B | ||
| Q1 25 | $2.0B | $-862.3M | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.0B | $-672.2M | ||
| Q2 24 | $1.9B | $-566.4M | ||
| Q1 24 | $2.0B | — |
| Q4 25 | $5.4B | $2.7B | ||
| Q3 25 | $5.3B | $2.7B | ||
| Q2 25 | $5.2B | $2.8B | ||
| Q1 25 | $4.9B | $2.8B | ||
| Q4 24 | $5.1B | — | ||
| Q3 24 | $4.9B | $2.6B | ||
| Q2 24 | $4.9B | $100 | ||
| Q1 24 | $4.7B | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $49.0M | $116.5M |
| Free Cash FlowOCF − Capex | $-13.6M | $103.8M |
| FCF MarginFCF / Revenue | -1.0% | 10.0% |
| Capex IntensityCapex / Revenue | 4.5% | 1.2% |
| Cash ConversionOCF / Net Profit | 0.68× | — |
| TTM Free Cash FlowTrailing 4 quarters | $191.4M | $56.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.0M | $116.5M | ||
| Q3 25 | $78.6M | $23.5M | ||
| Q2 25 | $157.5M | $-1.8M | ||
| Q1 25 | $140.2M | $-29.3M | ||
| Q4 24 | $96.9M | — | ||
| Q3 24 | $91.3M | $-15.5M | ||
| Q2 24 | $199.7M | — | ||
| Q1 24 | $234.7M | — |
| Q4 25 | $-13.6M | $103.8M | ||
| Q3 25 | $21.8M | $15.1M | ||
| Q2 25 | $106.6M | $-15.4M | ||
| Q1 25 | $76.4M | $-46.9M | ||
| Q4 24 | $34.4M | — | ||
| Q3 24 | $50.1M | $-32.2M | ||
| Q2 24 | $167.4M | — | ||
| Q1 24 | $178.9M | — |
| Q4 25 | -1.0% | 10.0% | ||
| Q3 25 | 1.4% | 1.4% | ||
| Q2 25 | 7.9% | -1.5% | ||
| Q1 25 | 4.6% | -4.7% | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 3.2% | -2.9% | ||
| Q2 24 | 12.3% | — | ||
| Q1 24 | 10.0% | — |
| Q4 25 | 4.5% | 1.2% | ||
| Q3 25 | 3.5% | 0.8% | ||
| Q2 25 | 3.8% | 1.3% | ||
| Q1 25 | 3.8% | 1.8% | ||
| Q4 24 | 4.6% | — | ||
| Q3 24 | 2.7% | 1.5% | ||
| Q2 24 | 2.4% | 2.2% | ||
| Q1 24 | 3.1% | — |
| Q4 25 | 0.68× | — | ||
| Q3 25 | 0.63× | 0.07× | ||
| Q2 25 | 3.42× | — | ||
| Q1 25 | 1.05× | — | ||
| Q4 24 | 1.47× | — | ||
| Q3 24 | 0.64× | — | ||
| Q2 24 | 2.61× | — | ||
| Q1 24 | 1.40× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ASO
| Outdoors | $445.1M | 32% |
| Apparel | $349.8M | 25% |
| Footwear | $292.4M | 21% |
| Sports And Recreation | $288.7M | 21% |
| Other | $7.6M | 1% |
CLMT
| Specialty Products And Solutions | $675.9M | 65% |
| Montana Renewables | $294.2M | 28% |
| Performance Brands | $68.5M | 7% |
