What is Sportsman's Warehouse's operating margin?

Sportsman's Warehouse (SPWH) reported operating margin of -2.9% in Q1 2026.

What is the long-term trend for Sportsman's Warehouse's operating margin?

Over 4 years (2020 to 2025), Sportsman's Warehouse's operating margin has grown at a -28.3% compound annual growth rate (CAGR), from 11.7% to -3.1%.

What does operating margin mean?

Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.

Sportsman's Warehouse SPWH Operating margin

Operating margin at other companies

Dick's Sporting GoodsDKS

6.1%-5.0pp

Academy Sports and OutdoorsASO

8.4%-0.1pp

American Outdoor Brands, Inc.AOUT

-4.7%-4.8pp

Tractor Supply CompanyTSCO

9.3%-0.4pp

Johnson OutdoorsJOUT

1%+0.5pp

PEW

GrabAGun Digital Holdings Inc.PEW

-7.1%—

Other financials

Income statement

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Revenue$256.1M+2.8%

Gross profit$75.8M+0.2%

Operating income-$18.1M+7.7%

Net income-$21.8M-2.8%

EPS (diluted)-$0.560.0%

Balance sheet

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Cash & equivalents$2.1M-42.3%

Total debt$377.2M-2.4%

Total equity$167.2M-22.3%

Total assets$838.0M-9.9%

Cash flow

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Operating cash flow-$55.4M+8.1%

CapEx$4.2M+11.2%

Free cash flow-$59.6M+6.9%

Valuation

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Market cap$51.9M-58.8%

Enterprise value$427.07M-16.1%

P/S0×-0.1×

Profitability

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Gross margin30.7%-0.2pp

Net margin-4.2%+2.6pp

FCF margin1.1%+0.8pp

Returns & leverage

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Return on equity-26.5%+59.3pp

Debt / equity2.3×+0.5×

Current ratio1.2×0.0×

Where this comes from

Calculated from Sportsman's Warehouse’s reported figures.

operating income/total revenue=-2.9%

Based on trailing twelve months.

The official record: Sportsman's Warehouse’s 10-Q, filed June 2, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Sportsman's Warehouse's operating margin?: Sportsman's Warehouse (SPWH) reported operating margin of -2.9% in Q1 2026.
What is the long-term trend for Sportsman's Warehouse's operating margin?: Over 4 years (2020 to 2025), Sportsman's Warehouse's operating margin has grown at a -28.3% compound annual growth rate (CAGR), from 11.7% to -3.1%.
What does operating margin mean?: Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.