Amer Sports (AS) Q2 2026 earnings summary

Executive summary

• Achieved 32% year-over-year revenue growth to $1,633 million in Q2 2026, with all regions and segments posting double-digit gains, led by Arc'teryx, Salomon Softgoods, and Wilson Tennis 360.

• Adjusted margins and EPS exceeded guidance, even excluding net tariff refund benefits, with robust momentum continuing into Q3.

• D2C channel drove 40% growth and now represents 55% of Q2 revenue, marking a record high, while wholesale grew 24%.

• Asia Pacific led geographic growth at 60%, with China up 36%, Americas up 26%, and EMEA up 20%.

Financial highlights

• Q2 sales grew 32% reported (30% ex-currency) to $1,633 million; adjusted gross margin rose 710 bps to 65.8%, including a one-time net tariff refund (390 bps impact).

• Adjusted operating margin increased 730 bps to 12.8%; adjusted EBITDA margin was 19.1%.

• Adjusted net income was $127 million (vs. $36 million prior year); adjusted diluted EPS was $0.22 (vs. $0.06), with $0.08 per share benefit from tariff refunds.

• Operating cash flow for H1 2026 was $339 million, up from $108 million last year; net cash at quarter end was $573 million.

Outlook and guidance

• Full-year 2026 guidance raised: revenue growth ~24%, gross margin 60.5–61.0%, operating margin 14.2–14.5%, and adjusted EPS $1.27–$1.30.

• Segment guidance: Technical Apparel revenue growth 25–26% (margin ~22.5%), Outdoor Performance 27–28% (16.0–16.5%), Ball & Racquet ~14% (6.7–7.2%).

• Q3 2026 guidance: revenue growth 18–20%, gross margin ~59.0%, operating margin 13.5–14.0%, adjusted EPS $0.31–$0.33.