Reported results
- Net sales increased 22.9% to $1,261.5 million from $1,026.8 million in Q2 FY2025; comparable sales increased 14.1%
- GAAP operating income was $275.4 million vs. $52.4 million in Q2 FY2025; adjusted operating income was $113.2 million vs. $55.1 million
- GAAP diluted EPS was $3.99 vs. $0.77 in Q2 FY2025; adjusted diluted EPS was $1.68 vs. $0.81
- GAAP net income was $221.4 million vs. $42.8 million in Q2 FY2025; adjusted net income was $93.4 million vs. $44.8 million
- Opened 52 net new stores, ending the quarter with 2,022 stores; effective tax rate was 23.9% vs. 26.2% in Q2 FY2025
- Repurchased approximately 311,000 shares for approximately $60.0 million; Board approved new $600 million share repurchase program on August 29, 2026
Guidance
- Q3 FY2026: Net sales $1.21–$1.23 billion; comparable sales +8% to +10%; net income $56–$63 million; diluted EPS $1.01–$1.13
- Full year FY2026: Net sales $5.63–$5.71 billion (prior: $5.40–$5.48 billion); comparable sales +10% to +12% (prior: +6% to +8%); net income $672–$698 million (prior: $480–$502 million); diluted EPS $12.10–$12.58 (prior: $8.62–$9.02); adjusted net income $546–$572 million (prior: $482–$504 million); adjusted diluted EPS $9.83–$10.31 (prior: $8.65–$9.05); gross capital expenditures $250–$260 million (prior: $230–$250 million); approximately 150 net new stores
Notes
IEEPA tariff refunds of $163.6 million reduced GAAP gross profit and operating income in Q2; adjusted measures exclude this benefit. Adjusted figures also exclude retention awards and related tax impacts from CEO transition. Year-to-date period shows 27.5% net sales growth and 18.3% comparable sales growth.
Price and volatility reaction
The stock moved -1.3% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -13.5 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 243.08 | 2026-09-02 |
| Close after release | 239.96 | 2026-09-03 |
| Realised move | -1.3% | close to close |
| 30d ATM IV change | -13.5 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-09-02 (8-K, Item 2.02). Read the original filing on sec.gov.