Amer Sports delivered a breakout FY2025, posting $6.6 billion in revenue (+27% YoY) and adjusted EPS of $0.97. Q4 revenue surged 28% to $2.1 billion, beating consensus estimates by 5.25%, while Q4 adjusted EPS of $0.31 exceeded the Street consensus of $0.28 by ~10.7%. However, shares dipped approximately 1.5% during regular trading as the company guided for operating margin deceleration tied to accelerated Salomon investments.
About Amer Sports, Inc.
Amer Sports, Inc. (NYSE: AS) is a global sporting goods company headquartered in New York City. Originally founded in Finland in 1950 as Amer Group, the company was taken private by a consortium led by ANTA Sports in 2019 before relisting on the NYSE in early 2024. Amer Sports owns a portfolio of premium, performance-driven brands including Arc’teryx (technical apparel and gear), Salomon (footwear, winter sports, and trail running), Wilson (racquet and ball sports), and Atomic (winter sports equipment).
As of February 24, 2026, Amer Sports carries a market capitalization of approximately $22.1 billion, with shares trading near $39.87. The stock trades at a trailing P/E ratio of roughly 72.5x, reflecting the market’s premium valuation for the company’s high-growth trajectory. Amer Sports does not currently pay a dividend. The company’s 52-week range spans from $20.21 to $42.76. The firm employs a direct-to-consumer (DTC) and wholesale hybrid distribution model, operating across the Americas, EMEA, Greater China, and Asia-Pacific regions.
Key Takeaways
- Revenue beat: Q4 revenue of $2.1B topped consensus by 5.25%, and FY2025 revenue hit $6.57B (+27% YoY).
- EPS beat: Adjusted Q4 EPS of $0.31 beat the $0.28 consensus by ~10.7%.
- Arc’teryx dominance: Technical Apparel surged 34% to $1B in Q4 alone, with Salomon surpassing $2B in annual sales.
- 2026 outlook: Management guided 16–18% revenue growth and $1.10–$1.15 adjusted EPS, broadly in line with Street expectations.
- Stock reaction: Shares slipped ~1.5% intraday to $39.87 after briefly touching a 52-week high of $42.76 days earlier, though analysts maintain an average target of $46.89.
Top Financial Highlights
Fourth Quarter 2025 (vs. Q4 2024)
- Total Revenue: $2,101 million, up 28% reported (26% constant currency).
- Adjusted Gross Margin: Expanded 140 basis points to 57.8%.
- Adjusted Operating Profit: $263 million, up 18% YoY.
- Adjusted Operating Margin: 12.5%, down 110 bps due to accelerated SG&A investment.
- GAAP Net Income: $132 million ($0.23 diluted EPS), up 752%.
- Adjusted Net Income: $176 million ($0.31 adjusted diluted EPS), up 94%.
- Technical Apparel (Arc’teryx): Revenue up 34% to $1.0 billion, with 16% omni-comp growth.
- Outdoor Performance (Salomon): Revenue up 29% to $764 million.
- Ball & Racquet Sports (Wilson): Revenue up 14% to $337 million.
Full Year 2025
- Total Revenue: $6,566 million, up 27% (26% constant currency).
- Adjusted Operating Margin: 12.8%, up 170 bps YoY.
- GAAP Net Income: $427 million ($0.76 diluted EPS), up 489%.
- Adjusted Operating Margin: 12.8%, up 170 bps YoY.
- GAAP Net Income: $427 million ($0.76 diluted EPS), up 489%.
- Adjusted Diluted EPS: $0.97, up 131%.
- Operating Cash Flow: Over $700 million.
- Net Leverage: 0.3x, reflecting significant deleveraging.
- Inventory: Increased 33% YoY, flagged as a watch item by analysts.
2026 Full-Year Guidance
- Revenue growth of 16–18% (includes ~200 bps FX benefit).
- Gross margin of approximately 59.0%.
- Operating margin of 13.1–13.3%.
- Adjusted diluted EPS of $1.10–$1.15.
Beat or Miss?
Amer Sports exceeded analyst expectations on both revenue and EPS in Q4 2025. The company has now beaten consensus estimates in all four quarters since its relisting.
| Metric | Reported | Consensus Estimate | Difference |
| Q4 Revenue | $2,101M | ~$1,996M | +5.25% beat |
| Q4 Adjusted EPS | $0.31 | $0.28 | +10.7% beat |
| FY2025 Revenue | $6,566M | N/A | 27% YoY growth |
| FY2025 Adjusted EPS | $0.97 | N/A | +131% YoY |
| FY2026 EPS Guidance | $1.10–$1.15 | $1.15 (consensus) | In-line |
What Leadership Is Saying?
“Fourth quarter was a great finish to a breakout year for Amer Sports led by our flagship Arc’teryx brand and rising star Salomon, which surpassed the $2 billion sales mark. In 2025 we delivered 27% revenue growth and more than 150 basis points of operating margin expansion, with double-digit growth across all segments, regions, and channels.” – CEO James Zheng
“We had another strong performance in Q4 with healthy sales growth, gross margin expansion, and EPS despite our decision to accelerate investment behind Salomon. Ending 2025 with only 0.3x net leverage and more than $700 million operating cash flow, we believe our financial foundation has never been stronger. Looking ahead, given the continued momentum from our highest-margin Arc’teryx franchise, accelerating Salomon footwear growth, plus the solid foundation of our equipment franchises, we are confident in our ability to deliver another strong financial performance in 2026.” – CFO Andrew Page
Historical Performance
Q4 2025 vs. Q4 2024
Amer Sports demonstrated substantial improvement across all key metrics on a year-over-year basis, with the most dramatic gains in net income driven by operating leverage, lower interest expense, and tax optimization.
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Total Revenue | $2,101M | $1,636M | 28.40% |
| Gross Profit | ~$1,214M (57.8% adj. margin) | ~$922M (56.4% adj. margin) | 31.70% |
| Adjusted Operating Profit | $263M | $223M | +17.9% |
| GAAP Net Income | $132M ($0.23 EPS) | $15.5M ($0.03 EPS) | +752% |
| Adjusted Net Income | $176M ($0.31 EPS) | $90M ($0.17 EPS) | 95.60% |
| SG&A Expenses | $988M (47.0% of rev.) | $732M (44.7% of rev.) | 34.90% |
| Technical Apparel Revenue | $1,000M | $746M | 34.10% |
| Outdoor Performance Revenue | $764M | $592M | 29.10% |
| Ball & Racquet Revenue | $337M | $296M | 13.90% |
Competitor Performance Comparison
The sporting goods and athletic apparel sector showed mixed results in the most recent comparable quarter. While Amer Sports led with 28% revenue growth, competitors faced varied headwinds including brand repositioning (Nike) and macro softness (Columbia Sportswear).
| Category | Amer Sports (Q4 CY2025) | Nike (Q2 FY2026, Nov ’25) | Columbia Sportswear (Q4 CY2025) |
| Revenue | $2,101M | $12,427M | $1,070M |
| Revenue YoY Change | +28% | ~Flat | ~Flat |
| Operating Profit | $228M (GAAP) | $1,006M | $117M |
| Net Income | $132M (GAAP) | $792M | $93M |
| Market Cap | ~$22.1B | ~$95.2B | ~$3.4B |
| P/E Ratio | ~72.5x | ~37.7x | ~19.4x |
| Dividend Yield | 0% | ~2.0% | ~2.1% |
Amer Sports’ premium valuation reflects its market-leading revenue growth trajectory, particularly driven by the Arc’teryx brand, which commands luxury-level margins and pricing power in the technical apparel space. Nike, undergoing a brand reset under new leadership, showed stabilizing revenue, while Columbia Sportswear posted modest results amid weaker outdoor discretionary spending.
How the Market Reacted?
Shares of Amer Sports (NYSE: AS) traded lower by approximately 1.5% during regular trading on February 24, 2026, settling near $39.87 after pre-market declines of nearly 4.8% on early reports framing the Q4 EPS as a miss against certain elevated expectations. The stock had previously hit a fresh 52-week high of $42.76 on February 20, just days before the earnings release, suggesting some profit-taking was already underway.
Despite the muted immediate reaction, the broader analyst community remains constructive, with a consensus Buy rating (15 Buys, 2 Strong Buys, 2 Holds) and an average price target of $46.89, implying roughly 18% upside from current levels. The 2026 guidance range of $1.10–$1.15 in adjusted EPS, while broadly in line with expectations, may have disappointed investors hoping for a more aggressive outlook given the momentum in Arc’teryx and Salomon.
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