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.

• D2C channel grew 40% and represented 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), with all three growth engines exceeding 20% growth.

• Adjusted gross margin rose 710 bps to 65.8%, including a one-time net tariff refund (390 bps benefit); underlying gross margin up 300+ bps.

• Adjusted operating margin increased 730 bps to 12.8% (340 bps ex-tariff refund).

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

• Operating cash flow for H1 2026 was $339M (vs. $108M prior year); net cash at quarter end was $573M.

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% (operating 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.