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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
PUMA
PUMA (PUM) investor relations material
PUMA Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary30 Oct, 2026
Executive summary
Q3 sales fell 6.3% currency-adjusted to €1,776.2m amid reset measures and softer demand; performance improved sequentially from Q2, while APAC grew 10%.
The transition plan remains on track, with a gradual return to growth expected in 2027; no quantified 2027 guidance was provided.
Financial highlights
Q3 reported sales declined 5.0% to €1,776.2m; currency movements added ~130 bps to the currency-adjusted decline.
Reported EBIT was -€11.4m versus €16.2m a year earlier; adjusted EBIT was €0.4m versus €26.3m.
Q3 net loss was €54.9m versus €62.3m; continuing-operations EPS was -€0.37 versus -€0.42.
Free cash flow was €92.0m versus -€43.0m a year earlier, supported by working capital, lower tax payments and lower capex.
Outlook and guidance
FY2026 currency-adjusted sales outlook remains a low- to mid-single-digit decline; Q4 sales performance is expected to improve versus Q3.
FY2026 EBIT guidance narrowed to -€80m to -€130m from -€50m to -€150m; substantial gross-margin improvement and lower one-time effects are expected.
FY2026 capex is expected below €150m, versus prior guidance of ~€200m, focused on digital infrastructure and DTC.
Positive free cash flow is expected for FY2026, with inventory normalization targeted by year-end.
The ambition to grow above industry remains; Asian markets, running and training are expected to support Q4, while seasonality and investment weigh on OpEx leverage.
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Latest events from PUMA
- Strong H1 growth drove higher FY guidance, while supply-chain risks persist.PUM
Q2 2021 - Record FY sales and EBIT, with 2022 growth guided amid cost and supply pressures.PUMQ4 2021
- Record Q2 sales and stronger earnings lift FY growth outlook despite margin and supply pressures.PUMQ2 2022
- Record FY sales and EBIT; 2023 growth guidance tempered by margin and market risks.PUMQ4 2022
- Strong H1 sales growth met a maintained FY23 outlook despite lower EBIT and net income.PUMQ2 2023
- Sales fell 9.4% but gross margin rose and free cash flow surged; FY 2026 outlook confirmed.PUMQ2 2026
- Q3 sales fell 15.3% amid restructuring, with growth targeted to resume in 2027.PUMQ3 2025
- H1 net loss and falling sales drove a low double-digit FY sales-decline outlook.PUMQ2 2025
- Q2 sales and margins improved as DTC grew, despite persistent market headwinds.PUMQ2 2024
Next PUMA earnings date
Q4 202624 Feb, 2027
PUMA
Next PUMA earnings date
Q4 202624 Feb, 2027
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Frequently asked questions
The Leaping Cat
Puma is a brand that has etched its presence in the minds of sports enthusiasts and fashion aficionados alike. Founded in Germany in 1948, Puma has catapulted itself into a premier position in the sportswear industry, offering products that range from football to running, golf, and lifestyle accessories. Its distinctive leaping cat logo is synonymous with the brand is instantly recognizable.
Born From a Sibling Rivalry
The birth of the company is a tale deeply interwoven with family competition and innovation, and one can’t mention Puma without also mentioning their bitter rival: Adidas. Rudolf Dassler, along with his brother Adolf, initially worked together to create athletic footwear, such as those worn by Jesse Owens during the 1936 Olympics. Following a bitter fallout, Rudolf founded Puma, while his brother created Adidas. Both situated in Herzogenaurach, Germany, this rivalry ignited a battle for athletic supremacy that lasted decades, transforming the small German town into the world's center for sportswear innovation. Even if the bad blood has cooled down from the most intense periods of the companies' rivalry, they’re still fierce competitors and both Adidas and Puma headquarters are still located in Herzogenaurach.
An Iconic Logo
Just as the three stripes define Adidas, Puma's leaping cat has become an integral emblem of the brand. Meant to symbolize dynamism and elegance, the logo was first introduced in 1968 and quickly became an iconic image. Today, the leaping cat is synonymous with the Puma brand and identity and it’s an incredibly recognizable symbol.
Extensive Product Offerings
Puma's range of products is expansive and tailored to meet the demands of various sports and lifestyle needs. From football boots crafted for precision and control to athletic wear designed for performance and comfort, Puma’s selection serves both professional athletes and everyday individuals. The brand reaches its customers through its own retail stores, e-commerce platforms, and collaborations with other online and physical retailers. Just like their competitors like Nike and Under Armour, the company today isn’t just producing sportswear and equipment. They also produce sneakers and clothes meant to be worn outside of athletic circumstances, such as regular T-shirts, accessories, sweatshirts, and similar products.