ASICS delivered its strongest quarterly result on record in Q1 2026 — net sales up 29.7 percent, operating profit up 36.5 percent — yet shares fell 6.05 percent as management left full-year ordinary profit guidance 3.1 percent below consensus.
The headline is counterintuitive on two levels: ASICS Corporation posted its strongest quarterly earnings in company history even as US tariff costs ate into gross margins – and its shares still fell 6.05 percent on the day.
Net sales for the three months ended March 31, 2026 rose 29.7 percent to ¥270.2 billion (approximately €1.47bn ), with operating profit climbing 36.5 percent to ¥60.7 billion (approx. €331m) and net profit attributable to shareholders up 47.2 percent to ¥46.6 billion (€254m) – all three at quarterly records.
The gross margin contracted 1.2 percentage points to 54.6 percent, a direct consequence of US import tariff exposure the company acknowledged in its investor presentation. Yet the operating margin still expanded 1.1 percentage points to 22.5 percent.
| ASICS Corporation – Consolidated Income Statement | ||||
| Q1, three months ended March 31 (¥ millions) | ||||
| FY2026 | FY2025 | Change | FY2026 (€m)* | |
| Net sales | 270,265 | 208,313 | 29.7% | 1,472 |
| Cost of sales | 122,746 | 91,990 | 33.4% | 668 |
| Gross profit | 147,518 | 116,322 | 26.8% | 803 |
| Gross margin | 54.6% | 55.8% | -1.2 ppt | – |
| SG&A expenses | 86,755 | 71,810 | 20.8% | 472 |
| Operating profit | 60,762 | 44,511 | 36.5% | 331 |
| Operating margin | 22.5% | 21.4% | +1.1 ppt | – |
| Ordinary profit | 58,775 | 43,376 | 35.5% | 320 |
| Profit before income taxes | 61,869 | 43,382 | 42.6% | 337 |
| Income taxes | 15,198 | 11,654 | 30.4% | 83 |
| Net profit | 46,671 | 31,727 | 47.1% | 254 |
| Profit attributable to owners of parent | 46,569 | 31,647 | 47.2% | 254 |
Source: ASICS Corporation, Consolidated Financial Statements Q1 2026 (Japan GAAP), May 13, 2026. Yen figures rounded down to millions per ASICS reporting convention. *Euro equivalents converted at Q1 2026 average rate of ¥183.62/€; verify at publication date.
SportStyle and Onitsuka Tiger are now setting the pace
The brand’s two fastest-growing segments again outpaced the overall business. The SportStyle division – ASICS’s lifestyle and fashion footwear category – posted ¥59.6 billion (approx. €325m) in revenue, up 69.6 percent year on year (+56.3 percent on a currency-neutral basis), with category profit margin improving 1.2 percentage points to 32.9 percent. North America and Europe each grew SportStyle sales by more than 80 percent in the quarter.
The Onitsuka Tiger sub-brand reached ¥37.9 billion (approx. €206m), up 33.8 percent (+29.0 percent currency-neutral). Gross margins remained at an elevated 74.7 percent, and the category profit margin advanced 3.2 percentage points to 39.6 percent – the highest in the group. Inbound tourist demand in Japan set a first-quarter record at ¥11.2 billion, up 43.1 percent year on year.
Performance Running, still the largest category at ¥116.7 billion (approx. €636m) (+19.1 percent), was partly weighted by US tariff pressure on gross margins and higher advertising costs tied to marathon activations in Europe.
| ASICS Corporation – Consolidated Net Sales by Category | ||||
| Q1, three months ended March 31 (¥ millions) | ||||
| FY2026 | FY2025 | Change | FY2026 (€m)** | |
| Performance Running* | 116,743 | 98,003 | 19.1% | 636 |
| Core Performance Sports | 30,551 | 25,497 | 19.8% | 166 |
| Apparel‡ | 14,426 | 10,339 | 39.5% | 79 |
| SportStyle* | 59,621 | 35,144 | 69.6% | 325 |
| Onitsuka Tiger | 37,891 | 28,325 | 33.8% | 206 |
| Walking§ | 4,311 | 3,719 | 15.9% | 23 |
| Others | 6,722 | 7,286 | -7.7% | 37 |
| Total net sales | 270,265 | 208,313 | 29.7% | 1,472 |
Source: ASICS Corporation, Consolidated Financial Statements Q1 2026 (Japan GAAP), May 13, 2026. Yen figures rounded down to millions per ASICS reporting convention. **Euro equivalents converted at Q1 2026 average rate of ¥183.62/€; verify at publication date. Euro column totals may differ from sum of rows due to rounding. * Effective Q1 2026, a portion of products transferred from Performance Running to SportStyle; prior-year figures not restated. ‡ Previously reported as Apparel & Equipment; renamed Apparel from Q1 2026. § Walking disclosed as a standalone category for the first time in Q1 2026; prior-year figure is a reclassification for comparability.
Regional breakdown: Europe leads revenue, while Japan sets the margin benchmark
Europe leads group revenue, delivering ¥84.5 billion (approx. €460m) in sales (+43.8 percent, +27.2 percent currency-neutral), driven by SportStyle growth of 85.6 percent and Onitsuka Tiger growth of 55.8 percent. Japan generated ¥38.6 billion (approx. €210m) (+22.0 percent) and posted an operating margin of 31.7 percent, up 3.2 percentage points and the highest of any segment, supported by inbound tourism and Onitsuka Tiger retail.
Greater China rose 28.2 percent to ¥37.2 billion (approx. €203m) (+20.0 percent currency-neutral), while segment profit increased 62.9 percent and the operating margin improved 6.3 percentage points to 29.7 percent. Southeast and South Asia grew 34.6 percent, with a 26.3 percent operating margin, led by Vietnam (+201.0 percent currency-neutral), India (+42.0 percent) and Indonesia (+28.7 percent). North America was up 23.0 percent in yen terms, but its operating margin fell 1.5 percentage points to 13.3 percent as tariff costs and investment in the Running Specialty channel weighed on profitability.
| ASICS Corporation – Consolidated Net Sales by Region | ||||
| Q1, three months ended March 31 (¥ millions) | ||||
| FY2026 | FY2025 | Change | FY2026 (€m)* | |
| Japan* | 59,274 | 50,559 | 17.2% | 323 |
| North America | 48,153 | 39,133 | 23.0% | 262 |
| Europe | 84,572 | 58,797 | 43.8% | 461 |
| Greater China | 37,196 | 29,011 | 28.2% | 203 |
| Oceania | 15,906 | 12,480 | 27.4% | 87 |
| Southeast and South Asia | 16,870 | 12,536 | 34.6% | 92 |
| Others‡ | 15,916 | 12,900 | 23.4% | 87 |
| Consolidation adjustments§ | -7,622 | -6,993 | – | -42 |
| Total net sales | 270,265 | 208,313 | 29.7% | 1,472 |
Source: ASICS Corporation, Consolidated Financial Statements Q1 2026 (Japan GAAP), May 13, 2026. Yen figures rounded down to millions per ASICS reporting convention. *Euro equivalents converted at Q1 2026 average rate of ¥183.62/€; verify at publication date. Euro column totals may differ from sum of rows due to rounding. * Japan segment includes ASICS Japan Corporation and other Japan-based entities (ASICS Trading, Nishi Athletic Goods); ASICS Japan alone reported net sales of ¥38,600m (+22.0%). ‡ Others segment covers South America, Korea and additional markets. § Consolidation adjustments include intercompany eliminations (primarily Japan intersegment sales of ¥12,782m) and non-reportable segment revenue.
Full-year targets held steady as management stays cautious
ASICS maintained its full-year 2026 guidance despite a record first quarter, keeping forecasts unchanged for consolidated net sales of ¥950.0 billion (approximately €5.46bn), up 17.2 percent, operating profit of ¥171.0 billion (+20.0 percent) and an operating margin of 18.0 percent. Management pointed to an uncertain global outlook in explaining the decision, and said current projections assume no material impact from conditions in the Middle East.
Investors wanted more than a record quarter
ASICS shares closed at ¥4,600 on May 13, down ¥296 or 6.05 percent, even as the Nikkei 225 ended the session up 0.79 percent. The decline was less a verdict on the quarter than on the outlook: while IFIS consensus data show Q1 ordinary profit of ¥58.8 billion, 10.6 percent above analysts’ ¥53.1 billion forecast, management left its full-year ordinary profit target unchanged at ¥165.0 billion.
That figure is 3.1 percent below the ¥170.2 billion consensus, and the gap appears to have driven the day’s profit-taking. For a stock that had run on expectations of accelerating momentum, investors looked for guidance to follow the earnings beat. It did not, and the shares adjusted accordingly.
| ASICS Corporation – Footwear Share at Major Marathons | ||||
| January – April 2026 | ||||
| Event | Date | ASICS share | Rank | Participants |
| Mumbai Marathon | January 2026 | 35% | No.1 | approx. 70,000 |
| Osaka Marathon | February 2026 | 38% | No.1 | approx. 34,000 |
| Tokyo Marathon | March 2026 | 34% | No.1 | approx. 39,000 |
| Los Angeles Marathon | March 2026 | 19% | No.2 | approx. 23,000 |
| Paris Marathon | April 2026 | 24% | No.1 | approx. 57,000 |
Source: ASICS Corporation, Consolidated Financial Summary Q1 2026 (IR presentation), May 13, 2026. Footwear share data sourced from Jewell Running Group. Participant counts are approximate figures as stated in ASICS materials. Share reflects ASICS-branded footwear worn by finishers at each event.
