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Amer Sports (AS) investor relations material
Amer Sports Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary18 Nov, 2025
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.
Technical Apparel Q3 margin decline drivers?
Ball & Racquet's 0% omni-comp growth. Explain.
What drives the 28% inventory increase?
Why is China growth outpacing peers?
What drives 2026 margin expansion?
Salomon US channel pruning impact and timeline?
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Next Amer Sports earnings date
Q4 202525 Feb, 2026
Next Amer Sports earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
Sports and the Great Outdoors
Amer Sports Corporation is a Finnish company with global operations that specializes in the design and manufacture of sports equipment, apparel, and footwear. The company owns and operates several prestigious and well-known brands, with a split focus on apparel and equipment. Amer Sports' portfolio includes a diverse range of brands, such as Salomon, Wilson, Atomic, Arc'teryx, and several others. It provides equipment for a variety of sports and activities including tennis, baseball, golf, outdoor activities, and fitness.
From Tobacco to Sports
What we today know as Amer Sports was established as Amer-Tuppakka in 1950s Finland. Initially, it focused on tobacco products, which remained a significant part of its business for the early decades. In the 1970s and 1980s, the company started to pivot towards sporting equipment while subsequently moving away from tobacco products. However, the company did not fully exit the tobacco sector until it sold its remaining tobacco assets to Philip Morris in the mid-00s. Amer Sports journey has been made possible through strategic acquisitions of various sporting equipment manufacturers, eventually moving into outdoor and fitness apparel. The company filed for its IPO at the beginning of 2024.
Further reading: The Amer Sports IPO of 2024: Arc'teryx Owner and Much More
Apparel
Amer Sports has a strong presence in the sportswear market with its array of apparel brands. Arc'teryx is one of the crown jewels in the company’s portfolio and offers high-performance outdoor clothing, popular among both outdoor enthusiasts and city-dwellers. Salomon, historically most known for its skiing equipment (which it still produces in scale), now offers a comprehensive range of apparel for outdoor sports like trail running and hiking. Another key brand for Amer Sports is Peak Performance, which it has owned since 2018.
Sporting Equipment
Amer Sports provides equipment for three different categories: winter sports, outdoor sports, and ball sports. Some of the most notable brands in this division are Wilson, Louisville Slugger, Atomic, Salomons, and several others. The company, through these brands, provides equipment for sports such as baseball, tennis, basketball, skiing, trail running, and several others.
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