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Side-by-side financial comparison of Academy Sports & Outdoors, Inc. (ASO) and Liberty Energy Inc. (LBRT). 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 1.4× Liberty Energy Inc.). Academy Sports & Outdoors, Inc. runs the higher net margin — 5.2% vs 2.2%, a 3.0% gap on every dollar of revenue. On growth, Liberty Energy Inc. posted the faster year-over-year revenue change (4.5% vs 3.0%). Over the past eight quarters, Liberty Energy Inc.'s revenue compounded faster (-6.2% CAGR vs -12.2%).
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.
Liberty Energy Inc. is a North American energy services provider specializing in hydraulic fracturing and well completion solutions for oil and gas operators. It serves clients across major U.S. shale basins, offering low-emission equipment and tailored support to optimize well productivity.
ASO vs LBRT — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $1.0B |
| Net Profit | $71.6M | $22.6M |
| Gross Margin | 35.7% | — |
| Operating Margin | 7.3% | 2.2% |
| Net Margin | 5.2% | 2.2% |
| Revenue YoY | 3.0% | 4.5% |
| Net Profit YoY | 8.8% | 64.8% |
| EPS (diluted) | $1.05 | $0.14 |
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.
| Q1 26 | — | $1.0B | ||
| Q4 25 | $1.4B | $1.0B | ||
| Q3 25 | $1.6B | $947.4M | ||
| Q2 25 | $1.4B | $1.0B | ||
| Q1 25 | $1.7B | $977.5M | ||
| Q4 24 | $1.3B | $943.6M | ||
| Q3 24 | $1.5B | $1.1B | ||
| Q2 24 | $1.4B | $1.2B |
| Q1 26 | — | $22.6M | ||
| Q4 25 | $71.6M | $13.7M | ||
| Q3 25 | $125.4M | $43.1M | ||
| Q2 25 | $46.1M | $71.0M | ||
| Q1 25 | $133.6M | $20.1M | ||
| Q4 24 | $65.8M | $51.9M | ||
| Q3 24 | $142.6M | $73.8M | ||
| Q2 24 | $76.5M | $108.4M |
| Q1 26 | — | — | ||
| Q4 25 | 35.7% | 20.6% | ||
| Q3 25 | 36.0% | 18.7% | ||
| Q2 25 | 34.0% | 22.1% | ||
| Q1 25 | 32.2% | 22.1% | ||
| Q4 24 | 34.0% | 21.4% | ||
| Q3 24 | 36.1% | 26.2% | ||
| Q2 24 | 33.4% | 27.9% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | 7.3% | 1.9% | ||
| Q3 25 | 10.8% | -0.3% | ||
| Q2 25 | 5.1% | 3.6% | ||
| Q1 25 | 9.2% | 1.9% | ||
| Q4 24 | 6.8% | 2.6% | ||
| Q3 24 | 12.3% | 9.4% | ||
| Q2 24 | 7.5% | 12.2% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | 5.2% | 1.3% | ||
| Q3 25 | 7.8% | 4.5% | ||
| Q2 25 | 3.4% | 6.8% | ||
| Q1 25 | 8.0% | 2.1% | ||
| Q4 24 | 4.9% | 5.5% | ||
| Q3 24 | 9.2% | 6.5% | ||
| Q2 24 | 5.6% | 9.3% |
| Q1 26 | — | $0.14 | ||
| Q4 25 | $1.05 | $0.08 | ||
| Q3 25 | $1.85 | $0.26 | ||
| Q2 25 | $0.68 | $0.43 | ||
| Q1 25 | $1.85 | $0.12 | ||
| Q4 24 | $0.92 | $0.31 | ||
| Q3 24 | $1.95 | $0.44 | ||
| Q2 24 | $1.01 | $0.64 |
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 | $699.1M |
| Total DebtLower is stronger | — | $7.1M |
| Stockholders' EquityBook value | $2.1B | $1.9B |
| Total Assets | $5.4B | $4.4B |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $699.1M | ||
| Q4 25 | $289.5M | $27.6M | ||
| Q3 25 | $300.9M | $13.5M | ||
| Q2 25 | $285.1M | $19.6M | ||
| Q1 25 | $288.9M | $24.1M | ||
| Q4 24 | $296.0M | $20.0M | ||
| Q3 24 | $324.6M | $23.0M | ||
| Q2 24 | $378.1M | $30.0M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | — | $246.6M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $190.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $1.9B | ||
| Q4 25 | $2.1B | $2.1B | ||
| Q3 25 | $2.1B | $2.1B | ||
| Q2 25 | $1.9B | $2.0B | ||
| Q1 25 | $2.0B | $2.0B | ||
| Q4 24 | $2.0B | $2.0B | ||
| Q3 24 | $2.0B | $2.0B | ||
| Q2 24 | $1.9B | $1.9B |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $5.4B | $3.6B | ||
| Q3 25 | $5.3B | $3.5B | ||
| Q2 25 | $5.2B | $3.4B | ||
| Q1 25 | $4.9B | $3.4B | ||
| Q4 24 | $5.1B | $3.3B | ||
| Q3 24 | $4.9B | $3.3B | ||
| Q2 24 | $4.9B | $3.2B |
| Q1 26 | — | 0.00× | ||
| Q4 25 | — | 0.12× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.10× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — |
| Free Cash FlowOCF − Capex | $-13.6M | — |
| FCF MarginFCF / Revenue | -1.0% | — |
| Capex IntensityCapex / Revenue | 4.5% | 13.1% |
| Cash ConversionOCF / Net Profit | 0.68× | — |
| TTM Free Cash FlowTrailing 4 quarters | $191.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $49.0M | $195.4M | ||
| Q3 25 | $78.6M | $51.5M | ||
| Q2 25 | $157.5M | $170.6M | ||
| Q1 25 | $140.2M | $192.1M | ||
| Q4 24 | $96.9M | $177.3M | ||
| Q3 24 | $91.3M | $244.5M | ||
| Q2 24 | $199.7M | $248.2M |
| Q1 26 | — | — | ||
| Q4 25 | $-13.6M | $-10.0M | ||
| Q3 25 | $21.8M | $-67.2M | ||
| Q2 25 | $106.6M | $33.1M | ||
| Q1 25 | $76.4M | $58.2M | ||
| Q4 24 | $34.4M | $-26.2M | ||
| Q3 24 | $50.1M | $77.9M | ||
| Q2 24 | $167.4M | $112.2M |
| Q1 26 | — | — | ||
| Q4 25 | -1.0% | -1.0% | ||
| Q3 25 | 1.4% | -7.1% | ||
| Q2 25 | 7.9% | 3.2% | ||
| Q1 25 | 4.6% | 6.0% | ||
| Q4 24 | 2.6% | -2.8% | ||
| Q3 24 | 3.2% | 6.8% | ||
| Q2 24 | 12.3% | 9.7% |
| Q1 26 | — | 13.1% | ||
| Q4 25 | 4.5% | 19.8% | ||
| Q3 25 | 3.5% | 12.5% | ||
| Q2 25 | 3.8% | 13.2% | ||
| Q1 25 | 3.8% | 13.7% | ||
| Q4 24 | 4.6% | 21.6% | ||
| Q3 24 | 2.7% | 14.6% | ||
| Q2 24 | 2.4% | 11.7% |
| Q1 26 | — | — | ||
| Q4 25 | 0.68× | 14.28× | ||
| Q3 25 | 0.63× | 1.20× | ||
| Q2 25 | 3.42× | 2.40× | ||
| Q1 25 | 1.05× | 9.55× | ||
| Q4 24 | 1.47× | 3.42× | ||
| Q3 24 | 0.64× | 3.31× | ||
| Q2 24 | 2.61× | 2.29× |
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% |
LBRT
Segment breakdown not available.
