How did SPWH's Q4 2025 earnings surprise investors?

**Sportsman's Warehouse (SPWH) Q4 2025 Earnings Surprised Investors with a Loss and Revenue Beat.** 1. **Earnings Surprise**: Sportsman's Warehouse reported a loss of $8.72 million in its fiscal fourth quarter of 2025, which was a surprise to investors as the company had anticipated a lesser loss. On a per-share basis, this equated to a loss of 23 cents. This was a notable negative surprise as the company's earnings had been expected to be positive, with analysts forecasting a loss of $0.06 per share. 2. **Revenue Beat Expectations**: Despite the earnings miss, the company's revenue exceeded expectations, with Sportsman's Warehouse reporting $340.4 million in revenue for the quarter. This was a 7.9% beat over analysts' expectations, which had forecasted revenue at $328.67 million. The revenue growth was driven by strong sales in firearms and fishing categories, which saw double-digit increases. 3. **Stock Reaction**: Following the earnings release, Sportsman's Warehouse saw its stock surge by 20% in aftermarket trading, indicating investor optimism about the company's future prospects. This positive reaction suggests that despite the loss, investors may be encouraged by the company's revenue beat and strategic initiatives aimed at growth. 4. **Strategic Highlights**: The company's CEO, Paul Stone, highlighted the completion of Phase 1 of the company's transformation strategy in 2024, which included inventory management and store resets. These efforts are likely contributing to the improved revenue performance and investor confidence. In conclusion, while Sportsman's Warehouse experienced a loss in Q4 2025, the company's revenue exceeded expectations, leading to a positive stock reaction and optimism about its future performance.