Amer Sports Ups Full-Year Guidance After Strong Q1 Growth Across All Segments
Robust Q1 Results Drive Upgraded Outlook
Amer Sports (NYSE: AS) started 2026 on a high note, reporting a 32% jump in revenue to $1.95 billion for the first quarter. This momentum was felt across all regions and business segments, including Technical Apparel, Outdoor Performance, and Ball & Racquet Sports—each posting double-digit growth. The strong early performance has led management to increase sales, margin, and earnings guidance for the remainder of the year.
Margin Expansion and Earnings on the Rise
The company’s operating profit climbed 50% to $321.1 million, while adjusted operating profit expanded by 46% to $339 million, elevating the adjusted operating margin by 160 basis points to 17.4%. Net income attributable to equity holders reached $164.6 million, translating to $0.29 diluted EPS, while adjusted net income grew 47% to $218 million or $0.38 per share. The gross margin saw a notable gain as well, rising 210 basis points to 59.9%.
| Metric | Q1 2026 | Q1 2025 | % Change |
|---|---|---|---|
| Revenue ($M) | 1,945.5 | 1,472.5 | +32.1% |
| Adjusted Operating Profit ($M) | 339.0 | 232.2 | +46.0% |
| Adjusted Net Income ($M) | 218.0 | 148.1 | +47.2% |
| Adjusted Diluted EPS ($) | 0.38 | 0.27 | +40.7% |
| Gross Margin | 59.9% | 57.8% | +2.1 pts |
| Adjusted Operating Margin | 17.4% | 15.8% | +1.6 pts |
Broad-Based Strength Across All Regions and Channels
Every region contributed to the surge, with Greater China revenue up 44.5%, Asia Pacific rising 52.6%, EMEA growing 26.6%, and the Americas advancing 18.1%. Segment-wise, Outdoor Performance stood out with a 42% gain and a 480 basis point jump in margin. Technical Apparel rose 33% with a 250 bp margin boost, while Ball & Racquet Sports was up 13%.
| Segment | Revenue Q1 2026 ($M) | YoY Growth | Adj. Op. Margin | Margin YoY ? |
|---|---|---|---|---|
| Technical Apparel | 885.0 | +33.3% | 26.4% | +2.5 pts |
| Outdoor Performance | 713.6 | +42.0% | 20.4% | +4.8 pts |
| Ball & Racquet Sports | 346.9 | +13.3% | 3.6% | -3.7 pts |
Direct-to-consumer (DTC) revenues grew 44.6%, outpacing wholesale’s 21% gain and reflecting Amer Sports’ strategy to expand higher-margin, consumer-facing channels.
Guidance Raised for 2026: Confidence in Sustained Growth
On the heels of its strong start, Amer Sports raised its full-year 2026 guidance. Adjusted revenue growth is now expected between 20%-22%. Management now forecasts gross margin between 59.0%-59.5% and operating margin in the 13.4%-13.7% range. Full-year adjusted EPS is projected at $1.18-$1.23.
| Guidance Metric | 2026 Guidance |
|---|---|
| Revenue Growth | 20% – 22% |
| Gross Margin | 59.0% – 59.5% |
| Operating Margin | 13.4% – 13.7% |
| Fully Diluted EPS | $1.18 – $1.23 |
Key growth engines—including Arc'teryx, Salomon Softgoods, and Wilson Tennis 360—are still considered early in their expansion, providing additional runway for outperformance through the rest of the year.
Takeaway: Amer Sports’ Growth Story Accelerates with Broad-Based Momentum
Amer Sports’ Q1 performance showcases exceptional demand strength across brands, geographies, and sales channels, paired with disciplined cost management. The raised full-year outlook and broad-based gains highlight a company firing on all cylinders and positioned to build on its premium brand momentum. With omnichannel and regional strategies both contributing to top-line and bottom-line results, investors and industry watchers will be watching closely to see if Amer Sports can continue executing at this level through 2026.
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