Academy Sports & Outdoors (ASO): what its 10-K says it depends on

Suppliers

Largest vendor (unnamed)

depends on · approximately 12% of our total inventory purchasesnamed as a risk

In 2025, purchases from our largest vendor represented approximately 12% of our total inventory purchases.Risk factors (Item 1A)

Also named by HLMN

Nike

depends on

We have preferred access to hundreds of well-recognized national brands, such as Nike, including its Jordan Brand, Under Armour, adidas, Winchester, Columbia Sportswear, The North Face, Brooks, Skechers, Yeti, Stanley and Carhartt, which are critical to our market penetration.Business (Item 1)

Also named by DKS, PVH

Partners and platforms

Payment card networks (PCI-DSS)

subject tonamed as a risk

We are also subject to payment card association operating rules and agreements, including data security rules and agreements, certification requirements and rules governing electronic funds transfers, which could change or be reinterpreted to make it difficult or impossible for us to comply or increase our costs of compliance.Risk factors (Item 1A)

Also named by ABNB, CSGP, INTU, PYPL, TFC, UBER

Other companies

ABL Facility

depends on · approximately $992.4 millionnamed as a risk

If any participant or group of participants with a significant portion of the commitments under the ABL Facility fails to satisfy its or their respective obligations to extend credit under the facility and we are unable to find a replacement for such participant or participants on a timely basis (or at all), our liquidity may be adversely affected.Risk factors (Item 1A)

Also named by AAP, CTOS, FND, KGS, SUNB, URI

Term Loan

exposed to its price · approximately $0.9 millionnamed as a risk

The detrimental effect of a hypothetical 100 basis point increase in interest rates on current borrowings under the Term Loan and ABL Facility would increase our interest expense by approximately $0.9 million.Market risk (Item 7A)

Also named by DVN, SNPS, VNOM

Places

Texas

concentrated in · 117

Originally founded in 1938 as a family business in Texas, we now operate 322 stores across 21 contiguous states as of January 31, 2026.Business (Item 1)

Also named by ABR, AFRM, ALLY, AN, ASTS, ATO, AXP, AZO and 70 more

China

depends onnamed as a risk

In addition, the increases in the costs of labor and other costs of doing business in China could significantly increase our costs to produce our merchandise and could have a negative impact on our net sales, operating income and net income.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Brazil

depends onnamed as a risk

A significant portion of the merchandise that we sell, including merchandise we purchase from domestic suppliers and much of our private label brand merchandise, is manufactured in countries such as China, Bangladesh, Vietnam, Cambodia, and Brazil.Risk factors (Item 1A)

Also named by ADM, AZO, BALL, CPAY, CPRT, CTVA, DE, DOV and 32 more

Vietnam

depends onnamed as a risk

A significant portion of the merchandise that we sell, including merchandise we purchase from domestic suppliers and much of our private label brand merchandise, is manufactured in countries such as China, Bangladesh, Vietnam, Cambodia, and Brazil.Risk factors (Item 1A)

Also named by AAPL, AMKR, ANET, BBW, CGNX, CIEN, CROX, CSW and 16 more

Cambodia

depends onnamed as a risk

A significant portion of the merchandise that we sell, including merchandise we purchase from domestic suppliers and much of our private label brand merchandise, is manufactured in countries such as China, Bangladesh, Vietnam, Cambodia, and Brazil.Risk factors (Item 1A)

Also named by LULU, NKE, RL, TPR

Bangladesh

depends onnamed as a risk

A significant portion of the merchandise that we sell, including merchandise we purchase from domestic suppliers and much of our private label brand merchandise, is manufactured in countries such as China, Bangladesh, Vietnam, Cambodia, and Brazil.Risk factors (Item 1A)

Also named by LULU, TGT, TPR

Southern United States

concentrated innamed as a risk

Because our stores are located primarily in the southern United States, we are subject to regional risks, such as the regional economy, weather conditions and natural disasters such as floods, droughts, tornadoes and hurricanes.Risk factors (Item 1A)

Also named by DG, GAIN

Katy, Texas distribution center

operates innamed as a risk

We operate three distribution centers located in Katy, Texas; Twiggs County, Georgia; and Cookeville, Tennessee, to manage the receipt, storage, sorting, packing and distribution of our merchandise to the appropriate stores or to the customer directly.Risk factors (Item 1A)

Twiggs County, Georgia distribution center

operates innamed as a risk

We operate three distribution centers located in Katy, Texas; Twiggs County, Georgia; and Cookeville, Tennessee, to manage the receipt, storage, sorting, packing and distribution of our merchandise to the appropriate stores or to the customer directly.Risk factors (Item 1A)

Cookeville, Tennessee distribution center

operates innamed as a risk

We operate three distribution centers located in Katy, Texas; Twiggs County, Georgia; and Cookeville, Tennessee, to manage the receipt, storage, sorting, packing and distribution of our merchandise to the appropriate stores or to the customer directly.Risk factors (Item 1A)

West Coast ports of North America

depends onnamed as a risk

Factors that could negatively affect our business include a potential significant revaluation of the Chinese Yuan, which may result in an increase in the cost of producing products in China, labor shortages and increases in labor costs in China, and difficulties in moving products manufactured in China through the ports on the western coast of North America, whether due to port congestion, labor disputes, product regulations and/or inspections or other factors, and natural disasters or health pandemics impacting China.Risk factors (Item 1A)

Xinjiang Uyghur Autonomous Region

subject tonamed as a risk

For example, in late 2021, the United States government enacted the Uyghur Forced Labor Prevention Act (“UFLPA”), which presumes goods produced in the Xinjiang Uyghur Autonomous Region of China, or with labor linked to specified Chinese government-sponsored labor programs, were produced using forced labor and prohibits importation of such goods into the United States absent clear and convincing evidence proving otherwise.Risk factors (Item 1A)

Hazards

Hurricanes

concentrated innamed as a risk

We have significant operations in certain states where natural disasters are more prevalent.Risk factors (Item 1A)

Also named by AIG, AN, BAC, BBY, BJ, BPOP, BRO, CAVA and 89 more

Gulf Coast oil spill

operates innamed as a risk

Man-made disasters, such as an oil spill impacting the Gulf Coast region of the United States, a nuclear power plant crisis or other events, may also impact our regional area.Risk factors (Item 1A)

Commodities and inputs

Firearms

earns from · approximately 6% of our net sales in 2025named as a risk

Firearms represented approximately 6% of our net sales in 2025.Risk factors (Item 1A)

Fuel

exposed to its pricenamed as a risk

Consequently, our results can vary depending upon numerous factors affecting transportation, including the price of fuel and the availability of trucks and ships.Risk factors (Item 1A)

Also named by CARR, COR, CPNG, CPRT, DDS, DKS, DY, ECG and 16 more

Chinese Yuan

exposed to its pricenamed as a risk

Factors that could negatively affect our business include a potential significant revaluation of the Chinese Yuan, which may result in an increase in the cost of producing products in China, labor shortages and increases in labor costs in China, and difficulties in moving products manufactured in China through the ports on the western coast of North America, whether due to port congestion, labor disputes, product regulations and/or inspections or other factors, and natural disasters or health pandemics impacting China.Risk factors (Item 1A)

Also named by ABT, BEN, CHRW, CROX, CYRX, DORM, ESI, EXPD and 13 more

Regulators

U.S. Department of Justice

subject tonamed as a risk

In June 2021, the DOJ announced a policy emphasizing “zero tolerance” for willful violations of the law by federally licensed firearms dealers; in 2025 that policy was repealed.Risk factors (Item 1A)

Also named by AAPL, ACN, AMAT, BEN, BSX, CAH, CDNA, CDW and 21 more

U.S. Consumer Product Safety Commission

subject tonamed as a risk

We are subject to regulation by numerous federal, state and local regulatory agencies and authorities, including the U.S. Consumer Product Safety Commission, Equal Employment Opportunity Commission, Department of Labor, Occupational Safety and Health Administration, Department of Justice (DOJ), Department of Treasury, Federal Trade Commission, Customs and Border Protection, Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), Securities and Exchange Commission (SEC), Internal Revenue Service, or IRS, and Environmental Protection Agency and comparable state and local agencies.Risk factors (Item 1A)

Also named by AXON, BBW, CHD, DORM, GNRC, HAS, KVUE, PG and 8 more

Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF)

subject tonamed as a risk

A failure by us to follow these laws or regulations may subject us to claims, lawsuits, fines, penalties, adverse publicity and government action (up to and including the possible revocation of licenses and permits allowing the sale of firearms and ammunition), which could have a material adverse effect on our business and results of operations.Risk factors (Item 1A)

Also named by AXON, CDRE, EZPW

Laws and programs

Uyghur Forced Labor Prevention Act (UFLPA)

subject tonamed as a risk

As a result, we may experience shipment delays, seizures, supply disruptions, increased compliance and documentation costs, or the need to source alternative suppliers, any of which could have a material adverse effect on our business, financial condition, and results of operations.Risk factors (Item 1A)

Also named by AMRC, ANET, CROX, DDS, FND, FSLR, LULU, MPWR and 7 more

Steel and aluminum tariffs

subject tonamed as a risk

Such actions may be implemented with limited advance notice and may apply to a broad range of countries, materials, and products, including steel, aluminum, and other derivative products, and may be subject to retaliation by affected countries.Risk factors (Item 1A)

Also named by EQT