Amer Sports Reports Fourth Quarter and Fiscal Year 2025 Financial Results and Provides 2026 Outlook

Amer Sports, Inc. (NYSE: AS) (“Amer Sports” or the “Company”) today announced its financial results for the fourth quarter and fiscal year 2025.

• Strong full year 2025 performance with 27% revenue growth and more than 150 bps of operating margin expansion

• Strong Q4 results with Group revenues, adjusted margins and EPS above guidance

  • Revenue grew 28% to $2,101 million, and strong momentum continues into 1Q26

  • Operating margin declined approximately 100 bps due to accelerated SG&A investment supporting key growth opportunities, particularly Salomon Softgoods

  • All four regions achieved solid double-digit revenue growth

  • Technical Apparel grew 34%, with broad-based strength across regions, categories and channels

  • Outdoor Performance grew 29% driven by continued excellent momentum in Salomon footwear and a strong performance from Winter Sports Equipment

  • Ball & Racquet grew 14% led by Softgoods and Baseball

• Wilson announces Carrie Ask as new Brand President and CEO effective March 1

CEO James Zheng commented, “Fourth quarter was a great finish to a breakout year for Amer Sports led by our flagship Arc'teryx brand and rising star Salomon, which surpassed the $2 billion sales mark. In 2025 we delivered 27% revenue growth and more than 150 basis points of operating margin expansion, with double-digit growth across all segments, regions, and channels.”

"I am also pleased to announce Carrie Ask as the next Wilson President & CEO. Carrie is a proven brand leader and C-suite executive with very strong prior experience, including Helly Hansen, Levi’s, and Nike.”

“Looking forward, we believe our unique portfolio of technical sports and outdoor brands is very well positioned for strong and profitable growth within the premium sports and outdoor market, which continues to be one of the healthiest segments across the global consumer landscape.”

FOURTH QUARTER 2025 RESULTS

For the fourth quarter of 2025, compared to the fourth quarter of 2024:

• Revenue increased 28% to $2,101 million, or 26% on a constant currency basis ¹_. Revenues by segment:

  • Technical Apparel increased 34% to $1.0 billion, or increased 34% on a constant currency basis. This reflects an omni-comp ² growth of 16%.

  • Outdoor Performance increased 29% to $764 million, or increased 23% on a constant currency basis.

  • Ball & Racquet Sports increased 14% to $337 million, or increased 13% on a constant currency basis.

• Gross margin increased 160 basis points to 57.7%; Adjusted gross margin increased 140 basis points to 57.8%.

• Selling, general and administrative expenses increased 35% to $988 million; Adjusted selling, general and administrative expenses increased 35% to $956 million.

• Operating profit increased 18% to $228 million; Adjusted operating profit increased 18% to $263 million.

• Operating margin decreased 90 basis points to 10.9%. Adjusted operating margin decreased 110 basis points to 12.5%. Adjusted operating margin by segment:

  • Technical Apparel increased 160 basis points to 25.9%.

  • Outdoor Performance decreased 490 basis points to 6.2%.

  • Ball & Racquet Sports increased 110 basis points to (2.6)%.

• Net income attributable to equity holders of the Company increased 752% to $132 million, which is $0.23 diluted earnings per share; Adjusted net income attributable to equity holders of the Company increased 94% to $176 million, which is $0.31 diluted earnings per share.

FISCAL YEAR 2025 RESULTS

For the fiscal year 2025, compared to fiscal year 2024:

• Revenue increased 27% to $6,566 million, or 26% on a constant currency basis. Revenues by segment:

  • Technical Apparel increased 30% to $2,856 million, or increased 31% on a constant currency basis. This reflects an omni-comp growth of 19%.

  • Outdoor Performance increased 31% to $2,404 million, or increased 29% on a constant currency basis.

  • Ball & Racquet Sports increased 13% to $1,307 million, or increased 13% on a constant currency basis.

• Gross margin increased 220 basis points to 57.6%; Adjusted gross margin increased 230 basis points to 58.0%.

• Selling, general and administrative expenses increased 28% to $3,105 million; Adjusted selling, general and administrative expenses increased 28% to $3,002 million.

• Operating profit increased 49% to $702 million; Adjusted operating profit increased 45% to $838 million.

• Operating margin increased 160 basis points to 10.7%. Adjusted operating margin increased 170 basis points to 12.8%. Adjusted operating margin by segment:

  • Technical Apparel increased 60 basis points to 21.6%.

  • Outdoor Performance increased 310 basis points to 12.5%.

  • Ball & Racquet Sports increased 155 basis points to 3.6%.

• Net income attributable to equity holders of the Company increased 489% to $427 million, or $0.76 diluted earnings per share; Adjusted net income attributable to equity holders of the Company increased 131% to $545 million, or $0.97 diluted earnings per share.

Balance sheet. Year-over-year inventories increased 33% to $1,622 million. Net debt³ was $291 million, and cash and cash equivalents totaled $652 million at year end.

OUTLOOK

CFO Andrew Page noted, “We had another strong performance in Q4 with healthy sales growth, gross margin expansion, and EPS despite our decision to accelerate investment behind Salomon. The strong sales and profitability profile of the broader Amer portfolio gives us the flexibility to accelerate resources behind the large Salomon Softgoods opportunity, while still delivering great results at the Group level.

“Ending 2025 with only 0.3x net leverage and more than $700 million operating cash flow, we believe our financial foundation has never been stronger. Looking ahead, given the continued momentum from our highest-margin Arc'teryx franchise, accelerating Salomon footwear growth, plus the solid foundation of our equipment franchises, we are confident in our ability to deliver another strong financial performance in 2026.”

FULL-YEAR 2026

Note: Beginning in 2026 we will discontinue allocating certain corporate expenses that are not directly attributable to the operating performance of our reportable segments. This will not impact overall Group adjusted operating profit margin, it simply reflects a cost reallocation from Segments to Corporate. For full year 2026, we expect Group corporate expenses to increase by approximately 60 basis points, or approximately $50 million, related to these reallocations.

Amer Sports is providing the following guidance for the year ending December 31, 2026 (all guidance figures reference adjusted amounts):

• Reported revenue growth: 16 – 18%, which assumes an approximate 200 basis point benefit from favorable Fx impact at current exchange rates

• Gross margin: approximately 59.0%

• Operating margin: 13.1 – 13.3%

• Other operating income: approximately $20 million

• Non-controlling interest: approximately $15 million

• Net finance cost: $105 – 110 million

• Effective tax rate: approximately 28%

• Fully diluted share count: approximately 564 million

• Fully diluted EPS: $1.10 – 1.15

• D&A: approximately $400 million, including approximately $170 million of ROU depreciation

• CapEx: approximately $400 million

• Corporate expense: approximately $225 million

• Technical Apparel:

  • Revenue growth of 18 – 20%

  • Segment operating margin 22.0%

• Outdoor Performance:

  • Revenue growth of 18 – 20%

  • Segment operating margin 14.5 – 14.8%

• Ball & Racquet:

  • Revenue growth of 7 – 9%

  • Segment operating margin 4.7 – 5.0%

FIRST QUARTER 2026

Amer Sports is providing the following guidance for the first quarter ending March 31, 2026 (all guidance figures reference adjusted amounts):

• Reported revenue growth: 22 – 24%, which assumes an approximate 500 basis point benefit from favorable Fx impact at current exchange rates

• Gross margin: approximately 59.0%

• Operating margin: 14.0 – 14.5%

• Net finance cost: approximately $27 million

• Effective tax rate: approximately 28%

• Fully diluted share count: approximately 564 million

• Fully diluted EPS: $0.28 – 0.30

Other than with respect to revenue, Amer Sports only provides guidance on a non-IFRS basis. The Company does not provide a reconciliation of forward-looking non-IFRS measures to the most directly comparable IFRS Accounting Standards measures due to the difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations without unreasonable efforts. The Company is unable to address the probable significance of the unavailable reconciling items, which could have a potentially significant impact on its future IFRS financial results. The above outlook reflects the Company’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change. Actual results may differ materially from these forward-looking statements, including as a result of, among other things, the factors described under “Forward-Looking Statements” below and in our filings with the SEC.