Amer Sports Q3 2025 Earnings Beat, Raises Guidance
Amer Sports Q3 2025 earnings beat estimates and the company raised full-year revenue and EPS guidance, prompting trader repositioning.
KEY TAKEAWAYS
- Q3 revenue $1.8 billion and adjusted EPS $0.33 beat expectations.
- Raised FY revenue growth to 23-24% and EPS guidance to $0.88-$0.92.
- Adjusted gross margin rose to 57.9% and operating margin to 15.7%, China headwinds flagged.
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Amer Sports reported third-quarter 2025 earnings on Nov. 18, 2025, that exceeded expectations. The company (NYSE: AS) raised its full-year revenue and earnings-per-share (EPS) guidance, citing strong momentum at Salomon and Arc’teryx despite late-quarter challenges in China.
Quarter Results and Margins
Amer Sports posted revenue of $1.76 billion for the quarter ended Sept. 30, 2025, a 30% increase year-over-year. Adjusted EPS reached $0.33, surpassing the $0.25 consensus. Net income more than doubled to $146.5 million from $56.2 million a year earlier. Adjusted gross margin expanded 240 basis points to 57.9%, while adjusted operating margin rose 130 basis points to 15.7%.
Segment Performance, Channels, and Outlook
The Outdoor Performance segment generated $723.5 million in revenue, up 36% year-over-year. Technical Apparel revenue increased 31% to $683.3 million, and Racquet Sports rose 16% to $349.5 million. Direct-to-consumer sales grew 51%, accounting for 41% of total quarterly sales. China sales rose 44% year-to-date, though management noted late-quarter brand perception disruptions in the region.
In its Nov. 18 press release, Amer Sports raised its full-year guidance, projecting revenue growth of 23% to 24% and adjusted EPS between $0.88 and $0.92, up from a prior EPS range of $0.77 to $0.82. The company also set initial 2026 revenue targets at the high end of its long-term growth algorithm.
The margin expansion, combined with strong direct-to-consumer growth and momentum at Salomon and Arc’teryx, supported the guidance increase. However, the late-quarter challenges in China present a regional risk to sustaining that momentum.
