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Company Research22 May 2025
Companies That Had Their IPO in 2024: Momentum Increasing
2024 marked a steady year for IPOs, driven by strong markets, AI momentum, and high-profile listings across industries and regions.
Amer Sports
Amer Sports (AS) investor relations material
Amer Sports Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
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.
Detail Salomon Softgoods investment impact on Outdoor Performance 2026 margin
What is the strategy for managing the 33% inventory increase?
How does 2026 corporate expense reallocation affect segment profitability comparisons?
Salomon SG&A investment scaling in 2026
Arc'teryx non-apparel growth drivers outlook
Impact of 0.3x leverage on capital strategy
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Next Amer Sports earnings date
Q1 202619 May, 2026
Amer Sports
Next Amer Sports earnings date
Q1 202619 May, 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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