Amer Sports Lifts Full-Year Outlook as Q3 Revenue and Margins Outpace Expectations
Q3 Results Surpass Guidance on Broad-Based Strength Across Segments
Amer Sports (NYSE: AS) posted a powerful third quarter, delivering 30% revenue growth to $1.76 billion and adjusted margins ahead of previous guidance. Notably, every region and operating segment posted double-digit gains, reflecting accelerating demand for the company’s premium sports and outdoor brands.
Management credited surging sales in Greater China (+47%) and impressive omnichannel growth in Technical Apparel (+27%) for propelling performance. Salomon footwear and Winter Sports Equipment in Outdoor Performance led segment gains, while Wilson Tennis 360 powered Ball & Racquet growth.
Segment Highlights: Momentum Spreads Globally and Across Brands
| Segment | Q3 Revenue ($M) | YoY % Growth | Adjusted Op. Margin (%) |
|---|---|---|---|
| Technical Apparel | 683.3 | 31 | 19.0 |
| Outdoor Performance | 723.5 | 36 | 21.7 |
| Ball & Racquet Sports | 349.5 | 16 | 7.6 |
The Outdoor Performance segment posted standout 36% revenue growth and a sharp 4.2 percentage point jump in adjusted operating margin, while Technical Apparel notched a 31% top-line gain. Omni-comp (owned retail plus e-commerce) surged for both Technical Apparel (+27%) and Outdoor Performance (+33%).
Regional and Channel Breakdown: Greater China, DTC Drive Expansion
| Region | Q3 Revenue ($M) | YoY % Growth |
|---|---|---|
| Americas | 574.2 | 18 |
| Greater China | 461.5 | 47 |
| EMEA | 528.5 | 23 |
| Asia Pacific | 192.1 | 54 |
Geographically, Greater China revenue rose an eye-catching 47%, the Asia Pacific region expanded 54%, and both the Americas and EMEA delivered strong double-digit increases. On a channel basis, direct-to-consumer (DTC) grew 51% and now comprises nearly 41% of total revenue, outpacing the 18% growth seen in wholesale channels.
Margin Expansion Supports Upbeat Earnings Trajectory
| Key Metric | Q3 2025 | Q3 2024 |
|---|---|---|
| Gross Margin (%) | 56.8 | 55.2 |
| Adj. Gross Margin (%) | 57.9 | 55.5 |
| Operating Margin (%) | 12.3 | 13.1 |
| Adj. Operating Margin (%) | 15.7 | 14.4 |
| Adj. EBITDA Margin (%) | 20.1 | 18.9 |
| Adj. Diluted EPS ($) | 0.33 | 0.14 |
Despite some increase in SG&A costs to support expansion, Amer Sports improved its adjusted operating margin to 15.7% (up 1.3 percentage points), and boosted its adjusted EBITDA margin to 20.1%. Adjusted net income more than doubled to $185 million, or $0.33 per diluted share.
Full-Year Guidance Raised: Revenue and Earnings Projections Climb
Riding sustained momentum, management lifted 2025 adjusted guidance as follows:
- Revenue growth: 23-24% (previous guidance: lower range), with ~1% positive currency impact
- Gross margin: approximately 58%
- Operating margin: 12.5-12.7%
- Adjusted EPS: $0.88 – $0.92
| Segment | 2025 Rev. Growth (%) | Op. Margin (%) |
|---|---|---|
| Technical Apparel | 26-27 | 21 |
| Outdoor Performance | 28-29 | 13-13.5 |
| Ball & Racquet | 10-11 | 3-4 |
Looking further ahead, management expects to deliver revenue growth at the high end of its long-term target—low double digits to mid-teens—into 2026, with steady margin expansion of 30 to 70+ basis points annually.
Key Takeaways for Investors: Strength and Resilience in Core Markets
Amer Sports is demonstrating that premium, technical brands are winning share globally, backed by strong consumer demand across retail, digital, and wholesale. Surging growth in China and rapid expansion in direct-to-consumer channels underscore the company’s adaptability and brand power. With increased guidance and continued margin improvement, Amer Sports looks well-positioned as a leader in the active lifestyle and outdoor markets.
While future performance will hinge on continued demand and execution, Amer Sports’ third quarter offers investors an encouraging picture of growth, profitability, and global reach as the company heads into the critical final stretch of 2025.
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