Amer Sports, Inc. (AS): Financial results for Q2 2026
Amer Sports, Inc. (AS) furnished an SEC Form 6-K — earnings release. AMER SPORTS REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS, RAISES FULL YEAR REVENUE, MARGIN, AND EPS GUIDANCE • Strong 2Q26 results with revenues, adjust ed margins and EPS above guidance, excluding the benefit from net tariff refunds • Revenue increased 32% to $1,633 million, or
How this was made
The 30-second read
Why it matters
The earnings beat and raised guidance suggest strong demand across its brands, likely prompting short-term buying pressure.
Market read
First-report earnings release with material financial updates; high relevance for traders.
What to watch
Potential impact of Section 301 tariff changes and currency fluctuations on future margins.
Amer Sports reported 32% revenue growth to $1,633 million, substantial margin expansion and raised full-year 2026 revenue, margin and EPS guidance.
Revenue grew 32%, all three segments and all regions delivered double-digit growth, adjusted operating margin reached 12.8%, and the Company raised full-year revenue, margin and EPS guidance. Results included a 390 basis point gross-margin and operating-margin benefit from net tariff refunds.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenueother | $1,632.6 | – | 32.1 % |
| Revenue, constant currencyother | 30% | – | 30% |
| Cost of goods soldother | $(561.0) | – | – |
| Gross profitother | $1,071.6 | – | – |
| Gross marginother | 65.6% | – | increased 710 basis points |
| Adjusted gross profitnon-GAAP | $1,074.3 | – | – |
| Adjusted gross marginnon-GAAP | 65.8% | – | increased 710 basis points |
| Selling, general and administrative expensesother | $(909.2) | – | increased 30% |
| Adjusted selling, general and administrative expensesnon-GAAP | $(897.0) | – | increased 33% |
| Impairment lossesother | $(2.3) | – | – |
| Other operating incomeother | $31.6 | – | – |
| Operating profitother | $191.7 | – | increased 339% |
| Operating marginother | 11.7% | – | increased 820 basis points |
| Adjusted operating profitnon-GAAP | $208.4 | – | increased 209% |
| Adjusted operating marginnon-GAAP | 12.8% | – | increased 730 basis points |
| Net finance costother | $(30.9) | – | – |
| Income before taxother | $160.8 | – | – |
| Income tax expenseother | $(43.0) | – | – |
| Net incomeother | $117.8 | – | – |
| Net income attributable to equity holders of the Companyother | $107.2 | – | increased 489% |
| Net income attributable to non-controlling interestsother | $10.6 | – | – |
| Diluted earnings per shareother | $0.18 | – | – |
| Adjusted net income attributable to equity holders of the Companynon-GAAP | $126.8 | – | increased 252% |
| Adjusted diluted earnings per sharenon-GAAP | $0.22 | – | – |
| Adjusted EBITDAnon-GAAP | $311.9 | – | – |
| Adjusted EBITDA marginnon-GAAP | 19.1 % | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Technical ApparelGrowth reflected an omni-comp growth of 17% and was led by Arc'teryx, with broad-based strength across regions, categories and channels. | $674.2 | – | 32.5 % |
| Outdoor PerformanceGrowth was driven by excellent momentum in Salomon Softgoods. | $568.5 | – | 37.4 % |
| Ball & Racquet SportsGrowth was led by Wilson Tennis 360. | $389.9 | – | 24.3 % |
Full-year 2026 and third quarter 2026 outlook
- RevenueFull-year 2026 reported revenue growth: approximately 24%, which assumes a 200 – 250 basis point currency benefit at current exchange rates; third quarter 2026 reported revenue growth: 18 – 20%, which assumes an approximately 50 basis point currency benefit at current exchange rates
- Gross marginFull-year 2026: 60.5 — 61.0%; third quarter 2026: approximately 59.0%
- Operating expensesFull-year 2026 corporate expenses: approximately $240 million
- Tax rateFull-year 2026: approximately 28%; third quarter 2026: approximately 28%
- NoteAll guidance figures reference adjusted amounts.
- NoteFull-year 2026 operating margin: 14.2 – 14.5%
- NoteFull-year 2026 net finance cost: approximately $85 million
- NoteFull-year 2026 other operating income: approximately $43 million
- NoteFull-year 2026 non-controlling interest: approximately $30 million
- NoteFull-year 2026 fully diluted share count: approximately 585 million
- NoteFull-year 2026 fully diluted EPS: $1.27 – $1.30
- NoteFull-year 2026 D&A: approximately $450 million, including approximately $220 million of ROU depreciation
- NoteFull-year 2026 CapEx: approximately $400 million
- NoteFull-year 2026 Technical Apparel revenue growth: 25% – 26%; segment operating margin: approximately 22.5%
- NoteFull-year 2026 Outdoor Performance revenue growth: 27% – 28%; segment operating margin: 16.0% – 16.5%
- NoteFull-year 2026 Ball & Racquet revenue growth: approximately 14%; segment operating margin: 6.7% – 7.2%
- NoteThird quarter 2026 operating margin: 13.5 – 14.0%
- NoteThird quarter 2026 net finance cost: $15 – $20 million
- NoteThird quarter 2026 fully diluted share count: approximately 590 million
- NoteThird quarter 2026 fully diluted EPS: $0.31 – $0.33
- NoteGuidance assumes that the most recently announced Section 301 tariff rates remain in place for the remainder of 2026.
What drove it
- All regions and segments achieved strong double-digit revenue growth.
- DTC revenue was $896.8 million, compared with $640.9 million, a 39.9 % increase.
- Wholesale revenue was $735.8 million, compared with $595.4 million, a 23.6 % increase.
- Asia Pacific revenue increased 60.3 % to $247.6 million.
- Greater China revenue increased 35.5 % to $556.0 million.
- Net tariff refunds provided a 390 basis point benefit to gross margin and operating margin.
- Technical Apparel adjusted operating margin was 18.8 %, Outdoor Performance adjusted operating margin was 14.6 %, and Ball & Racquet Sports adjusted operating margin was 17.2 %.
Concerns
- Net income includes a benefit of $50.1 million from tariff refunds, net of the release of capitalized tariff costs, specific inventory reserves, and estimated reimbursements to vendors.
- Guidance assumes that the most recently announced Section 301 tariff rates remain in place for the remainder of 2026.
- Net finance cost was $(30.9) in the second quarter of 2026, compared with $(21.9) in the second quarter of 2025.
- The Company reported impairment losses of $(2.3) and impairment of goodwill and intangible assets of $1.8 in its adjusted reconciliations.
What to watch
- Third-quarter 2026 reported revenue growth guidance of 18 – 20% and adjusted diluted EPS guidance of $0.31 – $0.33.
- The durability of gross-margin and operating-margin performance excluding the 390 basis point benefit from net tariff refunds.
- Technical Apparel omni-comp growth of 17%, Outdoor Performance omni-comp growth of 28%, and Ball & Racquet omni-comp growth of 22%.
- Execution against full-year 2026 CapEx guidance of approximately $400 million and D&A guidance of approximately $450 million.
- Amer Sports' investor day on September 17, 2026 in Annecy, France.
Balance sheet and cash flow
- Net cash was $573 million at quarter end.
- Cash and cash equivalents totaled $720 million at quarter end.
- Inventories were $1,896.7 million as of June 30, 2026, compared with $1,622.1 million as of December 31, 2025.
- Year-over-year inventories increased 19% to $1,897 million.
- Non-current borrowings were $— as of June 30, 2026, compared with $792.3 million as of December 31, 2025.
- Other borrowings were $147.4 million as of June 30, 2026, compared with $142.8 million as of December 31, 2025.
Analysis
Amer Sports delivered a strong second quarter, with revenue of $1,632.6 compared with $1,236.3 in the second quarter of 2025, a 32.1 % increase. Constant-currency revenue increased 30%. Growth was broad-based across segments, channels and regions. DTC revenue increased 39.9 % to $896.8, outpacing wholesale revenue growth of 23.6 % to $735.8. Asia Pacific was the fastest-growing geography at 60.3 %, while Greater China increased 35.5 % to $556.0.
Outdoor Performance was the fastest-growing segment, with revenue increasing 37.4 % to $568.5, driven by Salomon Softgoods. Technical Apparel revenue increased 32.5 % to $674.2, supported by 17% omni-comp growth and broad-based Arc'teryx strength. Ball & Racquet Sports revenue increased 24.3 % to $389.9, led by Wilson Tennis 360. The Company also expanded its owned store base to 757 stores from 546 stores, with each segment reporting positive omni-comp growth.
Profitability improved substantially. Gross margin increased 710 basis points to 65.6%, while adjusted gross margin increased 710 basis points to 65.8%. Operating profit increased to $191.7 from $43.7 and adjusted operating profit increased to $208.4 from $67.4. Adjusted operating margin reached 12.8%, compared with 5.5 %. However, net tariff refunds contributed 390 basis points to both gross margin and operating margin, and net income included a $50.1 million tariff-refund benefit after specified offsets. This benefit is material to the quarter's reported margin and earnings performance.
Net income attributable to equity holders rose to $107.2 from $18.2, and adjusted net income attributable to equity holders rose to $126.8 from $36.0. Diluted earnings per share was $0.18 and adjusted diluted earnings per share was $0.22. The balance sheet showed $720.4 of cash and cash equivalents, $573 million of net cash, and $1,896.7 of inventories. Non-current borrowings were $—, while other borrowings were $147.4 million.
Management raised full-year 2026 guidance to approximately 24% reported revenue growth, adjusted gross margin of 60.5 — 61.0%, adjusted operating margin of 14.2 – 14.5%, and adjusted diluted EPS of $1.27 – $1.30. Third-quarter guidance calls for reported revenue growth of 18 – 20%, adjusted gross margin of approximately 59.0%, adjusted operating margin of 13.5 – 14.0%, and adjusted diluted EPS of $0.31 – $0.33. The outlook assumes that the most recently announced Section 301 tariff rates remain in place for the remainder of 2026.
Management, verbatim
Our global momentum continued through the second quarter with over 30% revenue growth and strong operating margin expansion. All segments, geographies, and channels achieved strong double-digit growth led by another exceptional quarter from Salomon Softgoods, a strong Arc'teryx omni-comp, and a Wilson Tennis 360 acceleration.
James Zheng, CEO
We had another great financial performance in the second quarter across the P&L, with strong sales, margins, and EPS. The investments we have been making are paying off in the form of strong momentum across our three largest opportunities: Arc'teryx, Salomon Softgoods, and Wilson Tennis 360.
Andrew Page, CFO
Not in the filing
stated, not guessed- Prior-quarter comparisons for second-quarter key metrics
- Operating cash flow
- Free cash flow
- Capital-return activity, including share repurchases and dividends
- Second-quarter effective tax rate
- Previous-release outlook for comparison with actual results
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Amer Sports is a publicly traded outdoor and sports equipment company listed on NYSE under ticker AS.
Ticker impact
Amer Sports reported Q2 2026 results with 32% revenue growth and raised full-year guidance.
upside potential in the near term as investors price in higher revenue and margin outlook
Revenue and margin beats are material; guidance lift signals continued growth, likely attracting buying interest.
Market effects
Positive for outdoor apparel and sports equipment sector, supporting peers like Columbia Sportswear.
Boosts sentiment for U.S. consumer discretionary stocks.
Highlights demand strength in premium sports market worldwide.
Counterpoint
If guidance proves overly optimistic, a pullback could occur on earnings volatility.
Key entities
- CEOJames Zheng
Commented on the strong momentum and outlook.
- CFOAndrew Page
Provided outlook and guidance details.
