Key Takeaways for Amer Sports Stock as of August 2026
- Tariff-Boosted Beat: Q2 revenue rose 32% to $1.63B, but a $64.3M refund inflated margins.
- Guidance Raised Across the Board: Management lifted full-year revenue growth guidance from the 20-22% range to ~24%, raised the adjusted operating margin outlook to 14.2%-14.5%, and pushed adjusted diluted EPS guidance to $1.27-$1.30.
- Salomon’s Margin Surge: Outdoor Performance revenue jumped 37% YoY to $569M as DTC sales grew 52%, pushing segment operating margin up 800bps to 14.6%.
- Page’s Margin Pledge: CFO Andrew Page said Amer Sports has averaged ~150bps of annual margin expansion since its IPO and expects over 100bps again in 2026.
A one-time refund inflated Amer Sports’ Q2 margins, but guidance jumped anyway. See the underlying trend for AS stock on TIKR for free →
A Tariff Refund Boosted Amer Sports’ Q2 Earnings, But Growth Still Ran Hot
Amer Sports (AS) grew second quarter 2026 revenue 32% to $1.63 billion, with Arc’teryx, Salomon and Wilson all posting growth above 20% in the print covering the quarter ended June 30, 2026. Every geography grew at a double-digit clip too, led by Asia Pacific’s 60% jump and a 36% gain in China. That kind of breadth across three brands and four regions is rare, and it explains why management raised full-year revenue growth guidance from the 20% to 22% range to 24%.
The margin story carries a catch. Adjusted gross margin jumped 710 basis points to 65.8%, but 390 basis points of that came from a one-time net tariff refund of $64.3 million. Strip that out and gross margin still expanded more than 300 basis points on favorable pricing, product mix and lower transportation costs. Adjusted operating margin rose 730 basis points to 12.8%, with the tariff refund contributing 340 of those basis points. Adjusted diluted earnings per share reached $0.22 versus $0.06 a year earlier, and the refund added roughly $0.08 of that gain.
Segment by segment, Outdoor Performance, the home of Salomon, delivered the sharpest swing. Revenue climbed 37% to $569 million and operating margin expanded 800 basis points to 14.6%, powered by a 52% jump in direct-to-consumer sales and 28% omni-channel comparable growth. Technical Apparel, led by Arc’teryx, grew revenue 32% to $674 million on a 17% omni-comp, while Ball & Racquet posted 24% growth to $390 million behind Wilson’s Blade V10 and Defy racquet launches, a pace CFO Andrew Page cautioned would not repeat.
That caution extends to the full margin trajectory. Addressing how much of the quarter’s flow-through investors should extrapolate, Page said on the Q2 2026 earnings call: “we’re going to deliver at the midpoint of our guidance, we’re going to deliver well over 100 basis points of margin expansion. And we’ve done that consistently since the IPO. We’ve delivered over 150, on average, 150 basis points a year.” His point lands harder against the updated guide, which now calls for adjusted operating margin of 14.2% to 14.5% for 2026, up from 13.4% to 13.7% previously, even as corporate expenses climb to $240 million and net finance costs rise to $85 million.
Working capital backed up the print. Inventories grew 19% year over year, well below the 32% sales growth rate, and first-half operating cash flow reached $339 million against $108 million a year ago, leaving Amer Sports stock supported by a $573 million net cash position heading into the back half.
Salomon’s Outdoor Performance segment expanded operating margin 800 basis points in a single quarter. Track the segment data behind AS stock on TIKR for free →
TIKR Values Amer Sports Stock at $81 as Growth Compounds Toward 2030
TIKR’s mid-case model values Amer Sports stock at $81 by December 2030, implying 142% total return from the current price of $34, or 22% annualized over 4.4 years.
That return profile places Amer Sports stock well ahead of the mid-single-digit compounding typical of mature apparel and footwear names, reflecting a business TIKR’s model still treats as early in its growth curve.
The target rests on the same three engines that drove the Q2 print: Arc’teryx, Salomon and Wilson Tennis 360 all still running above 20% growth with room to add stores, doors and DTC penetration across China, Europe and the United States. Margin expansion averaging 150 basis points a year since the IPO, per Page, gives the model’s earnings path room to compound alongside the topline.
TIKR’s model puts Amer Sports stock’s target at $81, a 142% potential return. Explore the full valuation model for AS stock on TIKR for free →
Should You Invest in Amer Sports, Inc.?
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Pull up Amer Sports, Inc. stock and you’ll see years of historical financials, what Wall Street analysts expect for revenue and earnings in the quarters ahead, how valuation multiples have moved over time, and whether price targets are trending up or down.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
