The NYSE-listed outdoor group posted its strongest quarterly sales gain since listing, driven by Arc’teryx and Salomon Softgoods, and raised full-year revenue growth guidance from 16-18 percent to 20-22 percent.
Amer Sports reported first-quarter 2026 revenue of $1,945.5 million, an impressive 32 percent increase year over year and a 26 percent gain on a constant-currency basis. The result exceeded analyst forecasts by approximately $120 million. In response, the group raised its full-year 2026 revenue growth guidance from 16 – 18 percent to 20 – 22 percent. Amer Sports shares rose approximately 3 percent in premarket trading on the New York Stock Exchange (NYSE) following the announcement, reaching $34.25.
Salomon and Arc’teryx lead segment performance
The Outdoor Performance segment led the quarter, with revenue up 42 percent to $713.6 million, driven by strong demand for Salomon footwear. Adjusted operating margin for the segment expanded to 20.4 percent. Technical Apparel, which includes Arc’teryx and Peak Performance, grew 33 percent to $885.0 million. Adjusted operating margin widened to 26.4 percent.
Amer Sports Q1 2026 Segment Revenues
| Amer Sports – Segment Revenues | |||
| Q1, ended March 31 ($ millions, unaudited) | |||
| 2026 | 2025 | Change | |
| Technical Apparel | 885.0 | 663.8 | 33.3% |
| Outdoor Performance | 713.6 | 502.4 | 42.0% |
| Ball & Racquet Sports | 346.9 | 306.3 | 13.3% |
| Total | 1,945.5 | 1,472.5 | 32.1% |
Source: Amer Sports Q1 2026 earnings release, May 19, 2026. All figures in $ millions unless stated.
Ball & Racquet Sports increased 13 percent to $346.9 million, led by Wilson Tennis 360 softgoods. Adjusted operating margin declined to 3.6 percent, mainly due to continued investment in Wilson’s expansion, including new athlete signings and higher freight and tariff costs.
| Amer Sports – Income Statement | |||
| Q1, ended March 31 ($ millions, unaudited) | |||
| 2026 | 2025 | Change | |
| Revenue | 1,945.5 | 1,472.5 | 32.1% |
| Cost of goods sold | -780.1 | -621.4 | 25.5% |
| Gross profit | 1,165.4 | 851.1 | 36.9% |
| Selling, general and administrative expenses | -856.2 | -641.9 | 33.4% |
| Impairment losses | -0.7 | -0.3 | – |
| Other operating income | 12.6 | 5.3 | 137.7% |
| Operating profit | 321.1 | 214.2 | 49.9% |
| Interest expense | -24.9 | -22.0 | 13.2% |
| Foreign currency exchange losses/gains, net & other finance costs | -7.8 | 3.9 | – |
| Loss on debt extinguishment | -50.5 | – | – |
| Interest income | 2.7 | 1.5 | 80.0% |
| Net finance cost | -80.5 | -16.6 | – |
| Income before tax | 240.6 | 197.6 | 21.8% |
| Income tax expense | -70.5 | -59.5 | 18.5% |
| Net income | 170.1 | 138.1 | 23.2% |
Source: Amer Sports Q1 2026 earnings release, May 19, 2026. All figures in $ millions unless stated. En-dashes in the Change column indicate non-comparable period-on-period movements.
DTC now accounts for half of total revenue
Amer Sports reported that direct-to-consumer revenue rose 44.6 percent to $1,001.5 million in the quarter, accounting for about half of total sales. Wholesale revenue increased 21 percent. Asia Pacific, excluding Greater China, grew 52.6 percent, ahead of Greater China (44.5 percent), EMEA (26.6 percent) and the Americas (18.1 percent).
| Amer Sports – Channel Revenues | |||
| Q1, ended March 31 ($ millions, unaudited) | |||
| 2026 | 2025 | Change | |
| DTC | 1,001.5 | 692.6 | 44.6% |
| Wholesale | 944.0 | 779.9 | 21.0% |
| Total | 1,945.5 | 1,472.5 | 32.1% |
Source: Amer Sports Q1 2026 earnings release, May 19, 2026. All figures in $ millions unless stated.
| Amer Sports – Geographic Revenues | |||
| Q1, ended March 31 ($ millions, unaudited) | |||
| 2026 | 2025 | Change | |
| Greater China 1 | 644.5 | 446.0 | 44.5% |
| Americas | 548.8 | 464.7 | 18.1% |
| EMEA | 512.8 | 404.9 | 26.6% |
| Asia Pacific 2 | 239.4 | 156.9 | 52.6% |
| Total | 1,945.5 | 1,472.5 | 32.1% |
Source: Amer Sports Q1 2026 earnings release, May 19, 2026. All figures in $ millions unless stated.
1 Consists of mainland China, Hong Kong, Macau and Taiwan. 2 Excludes Greater China.
Guidance raised across all metrics
Management raised its full-year 2026 outlook across revenue, margin and earnings metrics, lifting expected revenue growth to 20–22 percent from 16–18 percent, with a 200–250-basis-point tailwind from favorable foreign exchange, while projecting a gross margin of 59.0–59.5 percent and an operating margin of 13.4–13.7 percent. The company’s guidance assumes that higher tariff rates under the International Emergency Economic Powers Act (IEEPA) will remain in effect through Q2 and for the rest of the year.
Tariff risk remains the key variable behind Amer Sports’ raised outlook
Amer Sports’ upgraded outlook comes with a notable caveat: management is still modeling elevated US tariff rates under the IEEPA through the rest of the year. The group has relatively limited direct exposure to the US consumer, but any renewed escalation in duties would pressure input costs. CFO Andrew Page said freight contracts have been locked in for 2026, offering some near-term insulation.
The quarter extends Amer Sports’ run of outperformance since its NYSE listing in early 2024, with Arc’teryx continuing to scale at high margins across regions and Salomon expanding footwear distribution, including planned growth in US wholesale through partners such as Foot Locker and JD Sports.
