Amer Sports, Inc. CEO James Zheng reported that the parent of Arc’teryx, Salomon, and Wilson saw its “excellent momentum” continue in the first quarter of 2026 with all segments, geographies, and channels performed extremely well in Q1. He said the quarter was led by “exceptional” Salomon Softgoods growth, a strong Arc’teryx omni-comp, and solid Wilson Tennis 360 growth.

“Given the continued broad-based momentum across our portfolio and the talented and ambitious teams we have in place around the world, we are very confident in the future outlook for Amer Sports,” Zheng commented.

Revenue for the 2026 first quarter increased 32 percent year-over-year (y/y) to $1.95 billion, or 26 percent on a constant-currency (cc) basis. Constant currency revenue is calculated by translating the current period reported amounts using the actual exchange rates in use during the comparative prior period, in place of the exchange rates in use during the current period.

Revenues by segment:

  • Technical Apparel (Arc’teryx) increased 33 percent to $885 million, or increased 28 percent on a constant currency basis. This reflects an omni-comp 2 growth of 19 percent. Omni-comp reflects year-over-year revenue growth from owned retail stores and e-commerce sites that have been open at least 13 months.
  • Outdoor Performance (Salomon) increased 42 percent to $714 million, or increased 33 percent on a constant currency basis.
  • Ball & Racquet Sports (Wilson) increased 13 percent to $347 million, or increased 10 percent on a constant currency basis.

Profitability & Expenses

  • Gross margin increased 210 basis points to 59.9 percent; Adjusted gross margin increased 200 basis points to 60.0 percent.
  • Selling, general and administrative expenses increased 33 percent to $856 million; Adjusted selling, general and administrative expenses increased 34 percent to $841 million.
  • Operating profit increased 50 percent to $321 million; Adjusted operating profit increased 46 percent to $339 million.
  • Operating margin increased 200 basis points to 16.5 percent. Adjusted operating margin increased 160 basis points to 17.4 percent.
  • Adjusted operating margin by segment:
    • Technical Apparel increased 250 basis points to 26.4 percent.
    • Outdoor Performance increased 480 basis points to 20.4 percent.
    • Ball & Racquet Sports decreased 370 basis points to 3.6 percent.
  • Net income attributable to equity holders of the company increased 22 percent y/y to $165 million, or 29 cents diluted earnings per share.
  • Adjusted net income attributable to equity holders of the company increased 47 percent y/y to $218 million, 38 cents Adjusted diluted earnings per share.

Balance Sheet Summary

  • Cash and cash equivalents totaled $684 million at quarter end.
  • Net cash was $539 million at quarter-end. Net cash is defined as cash and cash equivalents, less the principal value of non-current borrowings, the revolving credit facility and other borrowings.
  • Inventories increased 33 percent y/y to $1.69 billion at quarter-end.

Company CFO Andrew Page noted that Amer had a great start to the year in the first quarter, with strong sales, margin expansion, and EPS growth.

“The investments we have been making behind our biggest opportunities are paying off in terms of both sales growth and margin expansion,” he said. Page continued, saying that the company is experiencing “exceptional” trends across each of Amer’s three biggest growth engines: Arc’teryx, Salomon softgoods, and Wilson Tennis 360, which he said are “all still relatively small franchises with significant room to expand.”

He continued, “Looking ahead, given the momentum from our highest-margin Arc’teryx franchise, accelerating Salomon Softgoods growth, plus the solid foundation of our equipment franchises, we have the confidence to raise our 2026 sales, margin, and EPS guidance.”

Outlook
Amer Sports is increasing guidance for the year ending December 31, 2026. Guidance assumes that the higher IEEPA tariff rates that were in place before the February Supreme Court ruling are in place for all of Q2, and the remainder of 2026.

Full-Year 2026
(all guidance figures reference adjusted amounts)

  • Reported revenue growth: 20 — 22 percent, which assumes a 200 – 250 basis point benefit from favorable Fx impact at current exchange rates
  • Gross margin: 59.0 – 59.5 percent
  • Operating margin: 13.4 – 13.7 percent
  • Net finance cost: approximately $70 million
  • Effective tax rate: approximately 28 percent
  • Other operating income will be approximately $30 million, and non-controlling interest approximately $20 million
  • Fully diluted share count: approximately 586 million
  • Fully diluted EPS: $1.18 – 1.23
  • D&A: approximately $400 million, including approximately $200 million of ROU depreciation
  • CapEx: approximately $400 million
  • Corporate expenses: approximately $220 million

Segment Outlook

  • Technical Apparel:
    • Revenue growth of 22 percent – 24 percent
    • Segment operating margin ~22 percent
  • Outdoor Performance:
    • Revenue growth of 22 percent – 24 percent
    • Segment operating margin 15.0 percent – 15.5 percent
  • Ball & Racquet:
    • Revenue growth of 10 percent – 12 percent
    • Segment operating margin 4.7 percent – 5.0 percent

Second Quarter 2026
(all guidance figures reference adjusted amounts)

  • Reported revenue growth: 22 – 24 percent, which assumes a 200 – 250 basis point benefit from favorable Fx impact at current exchange rates
  • Gross margin: approximately 59.5 percent
  • Operating margin: 6.0 – 7.0 percent
  • Other operating income: approximately $20 million
  • Net finance cost: approximately $15 million
  • Effective tax rate: approximately 28 percent
  • Fully diluted share count: approximately 590 million
  • Fully diluted EPS: $0.08 – 0.10

Image courtesy Peak Performance/Amer Sports, Inc.