Amer Sports (AS) Q4 2025 earnings summary

Executive summary

• Achieved 27% revenue growth to $6.6B in FY2025, with over 150 bps operating margin expansion, led by Arc'teryx and Salomon, and double-digit growth across all segments, regions, and channels.

• Q4 2025 revenue grew 28% to $2,101 million, with adjusted margins and EPS above guidance.

• Salomon surpassed $2B in sales; Arc'teryx delivered its highest growth quarter.

• All four regions posted solid double-digit revenue growth, led by APAC and Greater China.

• Carrie Ask appointed as new Wilson Brand President & CEO effective March 1, 2026.

Financial highlights

• FY2025 revenue: $6,566 million, up 27% year-over-year; Q4 revenue: $2,101 million, up 28%.

• Adjusted operating margin expanded 170 bps to 12.8% for 2025; Q4 margin declined to 12.5% due to SG&A investment.

• Adjusted gross margin was 57.8% in Q4 2025; FY2025 gross margin increased 220 bps to 57.6%.

• Adjusted net income was $176M in Q4, up from $90M last year; adjusted diluted EPS was $0.31 vs. $0.17.

• Operating cash flow reached $730M in 2025, up from $425M in 2024; net debt ended at $291M, with net leverage at 0.3x.

Outlook and guidance

• FY2026 guidance: revenue growth of 16–18% (approx. 200 bps FX benefit), gross margin ~59.0%, operating margin 13.1–13.3%, adjusted EPS $1.10–1.15.

• Q1 2026 guidance: revenue growth 22–24% (approx. 500 bps FX benefit), operating margin 14.0–14.5%, adjusted EPS $0.28–0.30.

• CapEx planned at $400M for 2026, mainly for IT and retail expansion.

• Segment FY2026 guidance: Technical Apparel revenue growth 18–20% (margin 22.0%), Outdoor Performance revenue growth 18–20% (margin 14.5–14.8%), Ball & Racquet revenue growth 7–9% (margin 4.7–5.0%).

• Adjusted diluted EPS expected at $1.10–1.15 on 564M shares.