Amer Sports (AS) Q1 2026 earnings summary

Executive summary

• First quarter 2026 revenue rose 32% year-over-year to $1,945 million, with all four regions posting double-digit growth and momentum continuing into Q2, led by Arc'teryx, Salomon Softgoods, and Wilson Tennis 360.

• Adjusted margins and EPS exceeded guidance, driven by strong performances in Technical Apparel (+33%), Outdoor Performance (+42%), and Ball & Racquet (+13%).

• Confidence in future outlook is driven by premium, innovation-driven brands and strong performance in Greater China and APAC.

Financial highlights

• Q1 sales grew 32% reported (26% ex-currency); D2C channel up 45%, now ~50% of revenue.

• Adjusted gross margin increased 200 bps to 60%; adjusted operating margin up 160 bps to 17.4%.

• Adjusted net income was $218M (vs. $148M prior year); adjusted diluted EPS $0.38 (vs. $0.27).

• Adjusted EBITDA reached $432M (22.2% margin), up from $299M (20.3%) year-over-year.

• Operating cash flow was $172M in Q1; trailing twelve months cash flow from operations was $730M.

Outlook and guidance

• Raised 2026 revenue growth guidance to 20%-22% (from 16%-18%), with 200-250 bps FX benefit.

• Technical Apparel and Outdoor Performance 2026 revenue growth guidance increased to 22%-24%; Ball & Racquet to 10%-12%.

• Adjusted gross margin guidance raised to 59%-59.5%; operating margin to 13.4%-13.7%.

• Adjusted diluted EPS guidance raised to $1.18-$1.23 (from $1.10-$1.15); effective tax rate ~28%.

• Q2 2026 revenue growth expected at 22%-24%, adjusted EPS $0.08-$0.10.