실적분석 2026년 8월 18일

Amer Sports ($AS) Q2 2026 Earnings Analysis — Revenue and Adjusted EPS Top Estimates; Full-Year Guidance Raised

Earnings Scorecard

Revenue: $1.633 billion (+32% YoY, vs. $1.539 billion estimate) ✅ Beat

EPS: Adjusted diluted $0.22 (vs. $0.10 estimate) ✅ Beat · GAAP diluted $0.18

Guidance: Raised — full-year reported revenue growth ~24%, adjusted diluted EPS $1.27–$1.30 / Q3 adjusted diluted EPS $0.31–$0.33

Stock reaction: After-hours +1.32% ($33) — as of 20:44 Korea Standard Time, 08-18

Positives

Double-digit growth across all segments: Technical Apparel +32% · Outdoor +37% · Ball & Racquet +24%

Adjusted EPS far exceeded expectations: Adjusted diluted $0.22, more than double the $0.10 estimate

Full-year guidance raised: Revenue, margin, and EPS outlook all lifted simultaneously

Arc'teryx, Salomon soft goods, and Wilson Tennis 360 led the growth, and Technical Apparel comparable-store and direct-to-consumer sales rose 17%. The company noted that even excluding the tariff refund, adjusted margin and EPS came in above company guidance.

Negatives

One-time tariff refund: Net income reflected $50.1 million in net tariff refunds

Inventory up 19: Quarter-end inventory expanded to $1.897 billion

Tariff assumption maintained: Full-year guidance assumes the current Section 301 tariff regime remains in place

Of the expanding adjusted gross margin and operating margin, 390bps came from net tariff refunds, and the Ball & Racquet segment's adjusted operating margin of 17.2% includes 970bps of refund contribution. SG&A rose 30% ($909.2 million) on a reported basis and 33% ($897.0 million) on an adjusted basis, continuing the burden of growth investment.

What Management Said

CEO James Zheng credited Salomon soft goods, Arc'teryx comps, and Wilson Tennis 360 for driving double-digit growth across all segments, regions, and channels. CFO Andrew Page said the company will continue reinvesting in its three growth engines while raising full-year revenue, margin, and EPS guidance.

Market Reaction and What to Watch Next

Revenue and adjusted EPS well exceeded expectations, and full-year guidance was raised, but with tariff refunds inflating earnings, the market appeared to react in a measured fashion.

Investors will want to see whether the company delivers on Q3 guidance of 18–20% revenue growth and adjusted diluted EPS of $0.31–$0.33.

It will be important to watch the level at which margins settle once the tariff refund tailwind fades.

At the Investor Day on September 17, keep an eye on the medium- to long-term targets laid out for Arc'teryx, Salomon, and Wilson.