Amer Sports Posts 32% Revenue Growth, Raises Full-Year Outlook as Arc'teryx, Salomon and Wilson All Fire at Once

A quarter that beat across the board

Revenue increased 32% year-over-year to $1.63 billion in the second quarter, representing 30% growth on a constant-currency basis. The figure comfortably cleared Wall Street's expectations: analysts had been forecasting revenue of roughly $1.55 billion, a 25.5% year-over-year increase.

CEO James Zheng, who leads the parent company of Arc'teryx, Salomon, Peak Performance and Wilson Sports, said global momentum continued through the quarter with over 30% revenue growth and strong operating margin expansion, adding that "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." Zheng said the broad-based momentum, combined with a healthy and growing premium sports and outdoor market, left him "very confident in the future outlook for Amer Sports."

How each brand performed

Technical Apparel — anchored by Arc'teryx — grew 32% (30% constant-currency) to $674 million, with omni-channel comparable growth of 17%. Outdoor Performance, dominated by Salomon, grew even faster: 37% (35% CC) to $569 million. Ball & Racquet Sports, essentially the Wilson business, rose 24% (23% CC) to $390 million.

Profitability improved just as sharply. Gross margin rose 710 basis points year-over-year to 65.6% of revenue, helped by a 390-basis-point benefit from net tariff refunds. Operating profit jumped 339% to $192 million, lifting operating margin by 820 basis points to 11.7%. Net income attributable to shareholders soared 489% to $107 million, or 18 cents per diluted share, while adjusted net income rose 252% to $127 million, or 22 cents per share — far above the roughly 10-cent adjusted EPS analysts had penciled in ahead of the report.

The balance sheet also strengthened, with cash and cash equivalents of $720 million and net cash of $573 million at quarter-end, even as inventories grew 19% year-over-year to $1.9 billion to support continued expansion.

Guidance moves higher again

On the back of the results, CFO Andrew Page said the company's investments were "paying off in the form of strong momentum across our three largest opportunities: Arc'teryx, Salomon Softgoods, and Wilson Tennis 360," and that the company would "continue to reinvest behind these early-stage growth engines to ensure high quality long-duration growth."

Amer Sports now expects full-year reported revenue growth of roughly 24%, gross margin of 60.5–61.0%, operating margin of 14.2–14.5%, and adjusted diluted EPS of $1.27–$1.30 — up from prior targets. By segment, it is guiding to 25–26% revenue growth and roughly 22.5% operating margin in Technical Apparel; 27–28% growth and 16.0–16.5% margin in Outdoor Performance; and roughly 14% growth with 6.7–7.2% margin in Ball & Racquet. For the third quarter, the company expects reported revenue growth of 18–20% and adjusted EPS of 31–33 cents.

A pattern of beat-and-raise

Tuesday's report extends what has become a defining feature of Amer Sports' run as a public company: consistently outrunning its own targets. First-quarter 2026 revenue had already risen 32% to $1.945 billion, with all four regions posting double-digit growth, direct-to-consumer sales up 45% and now roughly half of total revenue, and adjusted operating margin up 160 basis points to 17.4%. That built on a fiscal 2025 in which full-year revenue grew 27% with strong margin gains, and a third quarter of 2025 in which 30% revenue growth again triggered raised full-year guidance.

The Arc'teryx-led growth story has been rewarded, if unevenly, by investors along the way. Some analysts have flagged that Arc'teryx's premium pricing and rapid comp growth generate luxury-like margins that may be difficult to sustain indefinitely, and have questioned the current valuation even amid strong fundamentals. The company raised roughly $750 million in a follow-on equity offering in March 2026, capital management has earmarked to help fund continued Arc'teryx-led expansion and direct-to-consumer investment — even as that same rapid store rollout carries execution and return-on-investment risk. More recently, the stock has also had to contend with broader macro pressure, including spikes in global freight costs and elevated Treasury yields, which pose supply-chain and margin risks across Amer's international retail network for Arc'teryx, Salomon and Wilson alike.

China remains the engine

On the Q1 earnings call, Zheng told analysts the company continued to see strong momentum across global regions for all three brands heading into the second quarter, pointing specifically to strength around China's Labor Day holiday period, and said he remained "a bit bullish on the overall development for our business in China market." Arc'teryx CEO Stuart Haselden echoed that confidence regarding the brand's omni-channel comparable sales trends, telling analysts that the strong first-quarter trends had directly extended into the second quarter across all regions. Ahead of Tuesday's report, analysts had projected Greater China revenue of roughly $532.6 million for the quarter, up nearly 30% year-over-year, alongside even faster growth of over 63% forecast for the wider Asia-Pacific region — underscoring how central the Chinese premium outdoor consumer has become to Amer's growth narrative. 

The bigger picture

Amer Sports has built its recent identity around a simple thesis: that a portfolio of premium, technically differentiated brands — Arc'teryx's high-end mountain apparel, Salomon's footwear and softgoods push beyond its ski-boot roots, and Wilson's tennis-led sports equipment business — can keep compounding growth even as broader consumer spending faces pressure elsewhere. Three consecutive quarters of double-digit growth across every segment, every region and every sales channel suggest that thesis is, for now, holding up. Whether that momentum can be sustained into a fourth straight guidance raise — against a backdrop of tariff uncertainty, rising freight costs and the inherent challenge of scaling a luxury-adjacent outdoor brand without diluting its exclusivity — is the question investors and analysts will be watching most closely as the back half of 2026 unfolds.