Amer Sports (AS) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue rose 30% year-over-year to $1,756 million, with all regions and segments posting double-digit growth; Greater China up 47%.

• Technical Apparel, Outdoor Performance, and Ball & Racquet segments all delivered robust growth, led by Arc'teryx, Salomon, and Wilson brands.

• Direct-to-consumer channel grew 51%, led by Salomon in Greater China and Asia-Pacific.

• Adjusted margins and EPS exceeded guidance, prompting an increase in full-year revenue, margin, and EPS outlook.

Financial highlights

• Adjusted gross margin increased 240 bps to 57.9%, aided by favorable mix and one-time inventory reserve adjustments.

• Adjusted operating margin rose 130 bps to 15.7%.

• Adjusted net income reached $185 million vs. $71 million last year; adjusted diluted EPS was $0.33, up from $0.14.

• Adjusted EBITDA for Q3 was $353 million (20.1% margin), up from $255 million (18.9%) a year ago.

• Operating cash flow for the first nine months was $104 million, up from $18 million last year.

Outlook and guidance

• Raised 2025 revenue growth guidance to 23–24% (from 20–21%), with segment upgrades for technical apparel (26–27%), outdoor performance (28–29%), and ball and racket (10–11%).

• Adjusted gross margin guidance increased to ~58%; operating margin to 12.5–12.7%.

• Adjusted diluted EPS now expected at $0.88–$0.92 (prior $0.77–$0.82).

• 2026 outlook targets revenue growth at the high end of low double-digit to mid-teens range, with 30–70+ bps operating margin expansion.