Amer Sports, Inc.

Amer Sports reported Q2 revenue growth of 32% on a reported basis, or 30% ex currency. Adjusted gross margin was 65.8%, up 710 basis points year over year, with a $64.3 million net tariff refund benefit; excluding that benefit, gross margin still expanded more than 300 basis points. Adjusted operating margin rose to 12.8% from 5.5%, adjusted net income was $127 million versus $36 million last year, and adjusted diluted EPS was $0.22 versus $0.06. For the full year 2026, the company raised revenue growth guidance to about 24%, adjusted gross margin to 60.5% to 61%, adjusted operating margin to 14.2% to 14.5%, and adjusted diluted EPS to $1.27 to $1.30. For Q3, it guided to revenue growth of 18% to 20%, adjusted gross margin of about 59%, adjusted operating margin of 13.5% to 14%, and adjusted diluted EPS of $0.31 to $0.33.

James Zheng struck an upbeat tone, saying global momentum continued and that all segments, geographies, and channels delivered strong double-digit growth. He emphasized that Arc’teryx, Salomon Softgoods, and Wilson Tennis 360 are still relatively small versus their long-term potential, with particular focus on women’s product at Arc’teryx, Salomon’s sportstyle and performance expansion, and Wilson’s Tennis 360 momentum. He also framed the company’s strategy as selective reinvestment behind brand awareness, store expansion, product innovation, and international epicenters.

Andrew Page highlighted broad-based financial strength, noting sales growth, margin expansion, and EPS growth across the P&L. He cited adjusted SG&A at 54.9% of revenue, corporate expenses of $68 million, net finance cost of $21 million, and adjusted income tax expense of $50 million at a 27% rate. He also pointed to $573 million of net cash, inventory up 19% year over year versus 32% sales growth, $339 million of operating cash flow in the first half versus $108 million last year, and CapEx of about $400 million for the year.

Analysts focused on whether the strong Q2 momentum could carry through, and management said Q3 guidance already reflects a higher base and a responsible approach, while still expecting about 24% full-year revenue growth. On Ball & Racquet, management said the 24% growth rate was boosted by launches and sell-in from Blade V10, Defy, and distribution expansion, and should not be assumed to continue at that pace. Questions on margins and tariffs were addressed by noting that the $64.3 million Q2 tariff refund benefit is mostly already realized and that next-year margin guidance was not being given yet, though the company said its two-year margin picture reflects the tariff effects more fairly. Analysts also pressed on Salomon U.S. distribution and Europe softness, and management replied that the brand is being built through an omnichannel, epicenter-led strategy with quality over quantity in wholesale doors.