Amer Sports (AS) Jumps After Q3 2025 Earnings Beat and Raised Outlook as Salomon & Arc’teryx Power 30% Sales Surge

Amer Sports, the Finnish parent of premium outdoor and sports brands like Arc’teryx, Salomon and Wilson, delivered a blockbuster third quarter on Tuesday, beating Wall Street expectations, raising full‑year 2025 guidance for the second time this year and sending its stock sharply higher. ^[1]

Key takeaways from Amer Sports’ Q3 2025 report

Revenue up 30% year over year to $1.756 billion, vs. roughly $1.35 billion a year ago and ahead of analyst estimates around $1.71–$1.73 billion. ^[2]
Adjusted diluted EPS of $0.33, up from $0.14 last year and topping the consensus estimate of $0.25 (+32% earnings surprise). ^[3]
All three operating segments grew double‑digits:
- Technical Apparel +31% revenue
- Outdoor Performance +36%
- Ball & Racquet Sports +16% ^[4]
All four regions posted double‑digit growth, led by Greater China (+47%) and strong Asia Pacific momentum. ^[5]
Adjusted operating profit up 41% to $275 million; adjusted operating margin widened 130 bps to 15.7%. ^[6]
Full‑year 2025 guidance raised again:
- Revenue growth now 23–24% (up from 20–21%)
- Adjusted EPS now $0.88–$0.92 (up from $0.77–$0.82)
- Operating margin now 12.5–12.7% (up from 11.8–12.2%) ^[7]
Stock trades around $33 this afternoon, up from about $30.76 at Monday’s close and briefly up 6–9% on the day. ^[8]

Q3 2025: 30% revenue growth and a clean beat

Amer Sports’ official release described Q3 2025 as a period of “strong momentum” as the company’s portfolio of premium technical brands gained share in sports and outdoor markets globally. ^[9]

For the quarter ended 30 September 2025, Amer Sports reported: ^[10]

Revenue: $1.756 billion, +30% reported and +28% constant currency.
Gross margin: 56.8%, up 160 bps; adjusted gross margin 57.9%, up 240 bps.
Adjusted operating profit: $275 million, +41% year over year.
Adjusted operating margin: 15.7%, up 130 bps.
Net income attributable to equity holders: $143 million (vs. $56 million last year), or $0.25 diluted EPS.
Adjusted net income: $185 million, or $0.33 adjusted diluted EPS.

Zacks/ Nasdaq data show that analysts were expecting about $0.25 in EPS and $1.73 billion in revenue, meaning Amer Sports beat on both the top and bottom line. ^[11]

Refinitiv and Yahoo coverage echo the same picture: roughly 30% revenue growth, a 41% jump in adjusted operating profit and guidance raised across revenue, margins and earnings. ^[12]

Salomon and Arc’teryx remain the growth engine

Amer Sports’ three operating segments all delivered double‑digit revenue growth, but the story is clearly being driven by its premium outdoor and technical brands: Arc’teryx and Salomon. ^[13]

By segment: ^[14]

Technical Apparel (Arc’teryx, Peak Performance and related brands)
- Revenue up 31% to $683 million.
- Direct‑to‑consumer “omni‑comp” sales (owned e‑commerce + stores open at least 13 months) grew 27%, a re‑acceleration from earlier in the year.
Outdoor Performance (Salomon and winter sports equipment)
- Revenue up 36% to $724 million.
- Management highlighted continued “excellent momentum” in Salomon footwear and strong demand in winter sports equipment.
Ball & Racquet Sports (Wilson and its bat/gear franchises)
- Revenue up 16% to $350 million.
- Growth was led by the Wilson Tennis 360 ecosystem.

Geographically, Amer Sports is leaning hard into its fastest‑growing regions: ^[15]

Greater China revenue jumped 47%, continuing a multi‑year trend of strong demand for high‑end outdoor gear.
Asia Pacific climbed more than 50%, according to Investing.com’s summary of the results.
All four regions — including EMEA and the Americas — delivered double‑digit revenue growth.

Coverage from Investing.com and Refinitiv stressed that robust sales of Salomon footwear and Arc’teryx apparel were central to the quarter’s outperformance and to the market’s positive reaction. ^[16]

Full‑year 2025 outlook raised for the second time

Perhaps the most consequential part of today’s news is the new full‑year 2025 guidance, which management has now raised twice in 2025 — first after Q2 and again today. ^[17]

After Q2 (August 2025), Amer Sports was guiding to: ^[18]

Revenue growth: 20–21%
Gross margin: ~57.5%
Operating margin: 11.8–12.2%
Adjusted EPS: $0.77–$0.82

Today’s Q3 release lifts those targets meaningfully: ^[19]

Revenue growth:23–24%, still assuming a ~100 bps FX tailwind.
Gross margin: around 58%.
Operating margin:12.5–12.7%.
Net finance cost: $85–$90 million (down from ~$105 million previously).
Effective tax rate: 27–28%.
Adjusted EPS:$0.88–$0.92 on roughly 563 million diluted shares.
Segment‑level guidance also tightened upward, with higher growth targets for both Technical Apparel and Outdoor Performance.

CFO Andrew Page reiterated that the company aims to deliver long‑term revenue growth in the low‑double‑digit to mid‑teens range, with annual adjusted operating‑margin expansion of 30–70+ basis points — and said Amer now expects 2026 revenue growth near the high end of that algorithm. ^[20]

In plain English: management is signalling that the current demand surge for Arc’teryx and Salomon — plus direct‑to‑consumer expansion — isn’t just a one‑off winter spike, but part of a multi‑year growth plan.

Amer Sports stock today: AS among top gainers in a weak market

While major U.S. indices traded lower on Tuesday amid broader macro worries, Amer Sports was one of the standout gainers. ^[21]

Benzinga reported that AS shares jumped about 6.5% to $32.78 shortly after the open after the company delivered a clean earnings beat and raised FY25 guidance above analyst estimates. ^[22]

Investing.com later noted that the stock was up as much as 9% intraday, reflecting investors’ enthusiasm for the Q3 print and the guidance hike. ^[23]

Real‑time data this afternoon show:

Last price: ~$33.04
Intraday range: $30.25 – $34.25
Change vs. prior close: +$2.28 (roughly +7%)
Volume: over 5.6 million shares, well above typical trading levels.

ChartMill and other market commentary framed the move as a classic “earnings beat + raised guidance” rally, noting that strong top‑line growth and margin expansion were key to the positive reaction. ^[24]

How Wall Street is reacting

JPMorgan trims target, keeps Overweight

On Monday, ahead of the release, JPMorgan Chase & Co. cut its price target on Amer Sports from $53 to $50 but maintained an “overweight” rating, implying more than 60% upside from around $30 at the time. ^[25]

MarketBeat’s summary of analyst coverage shows: ^[26]

Consensus rating: “Moderate Buy”
Breakdown: 2 Strong Buy, 15 Buy, 3 Hold
Average price target: ~$43.21
Valuation snapshot:
- P/E around 74x trailing earnings
- P/E/G ratio near 1.0
- Beta close to 3.0, underscoring volatility

Pre‑earnings expectations

Benzinga’s early‑morning preview highlighted how several top‑ranked analysts had been ratcheting up their forecasts in the weeks leading into Q3: ^[27]

UBS: Buy rating, target raised to $52 (Aug 20).
Citigroup: Buy, target lifted from $42 to $50 (Sept 19).
BofA Securities: Buy, target raised from $45 to $46 (Sept 19).
Wells Fargo: Upgraded from Equal Weight to Overweight and raised target from $38 to $40 (Sept 29).
JPMorgan: Overweight rating, target cut slightly from $53 to $50 (Nov 17), still implying substantial upside.

Ahead of the print, the Street was looking for $0.25 EPS on ~$1.73 billion in revenue, with consensus expecting high‑20s percentage revenue growth — guidance Amer Sports ultimately beat. ^[28]

Zacks’ post‑earnings note classified the quarter as a “beat on both earnings and revenue”, and maintained Amer Sports at a Rank #1 (Strong Buy), citing a positive trend in estimate revisions. ^[29]

What today’s Amer Sports news means for investors

Not financial advice. This section is informational, summarising how today’s news fits into the broader Amer Sports story and the risks investors are watching.

1. Momentum story is getting stronger

The Q3 print reinforces several themes that have been evident since Amer Sports’ early‑2024 IPO: ^[30]

Premium outdoor and technical brands are winning. Arc’teryx and Salomon continue to post outsized growth, with Salomon footwear becoming a second major growth engine alongside Arc’teryx.
DTC leverage is building. High‑growth direct‑to‑consumer channels, especially for Arc’teryx, are supporting both revenue acceleration and gross‑margin expansion.
China and Asia remain crucial. Nearly 50% growth in Greater China, plus strong Asia Pacific numbers, underline how important that region is to the long‑term thesis — and how exposed Amer is to any slowdown or policy shock there.

With full‑year revenue growth now guided to 23–24% and margins moving higher, Amer Sports is positioning itself closer to the high‑growth peer group it’s often compared to (think ONON or DECK in footwear). ^[31]

2. Valuation and volatility remain key debates

Even after its pullback from all‑time highs earlier this year, Amer Sports still trades at a rich multiple relative to many traditional sporting‑goods names: ^[32]

Forward earnings now look more reasonable after the guidance hike, but the stock’s P/E in the 70s and beta near 3 highlight that investors are paying up for growth — and that the name can be very volatile around macro or tariff headlines.

For bullish investors, today’s print supports the idea that Amer deserves a premium multiple thanks to its high‑end brands and DTC mix. For sceptics, the bar keeps rising: if Arc’teryx or Salomon ever stumble, or if China growth slows, the de‑rating could be sharp.

3. Macro, tariffs and winter demand to watch

Management’s guidance still assumes: ^[33]

Tariff headwinds remain, but are largely mitigated through pricing power and supply‑chain actions.
The premium outdoor category stays one of the healthiest parts of global discretionary spending.
Winter sports and technical outerwear demand stays robust into Q4 2025 and the 2025/26 season.

Investors will likely focus on:

How sustainable 20%+ revenue growth is once tariff and FX comparisons normalize.
Whether the 47%+ growth in Greater China can continue against tougher comps.
Margin durability if freight, labour or materials costs tick back up.

About Amer Sports

Amer Sports is a global group of premium sports and outdoor brands whose portfolio includes Arc’teryx, Salomon, Wilson, Atomic and Peak Performance, among others. ^[34]

Key facts from recent company disclosures: ^[35]

Headquarters: Helsinki, Finland, with major offices in Munich, Kraków, New York and Shanghai.
Brands: 10 core brands across technical apparel, outdoor performance and ball & racquet sports.
2024 revenue: $5.2 billion.
Employees: About 13,400 people in 42 countries; products sold in 100+ markets.
Listing: Amer Sports, Inc. trades on the New York Stock Exchange under ticker AS.

Editorial note & disclaimer

This article summarises publicly available information on Amer Sports as of 18 November 2025, including company press releases, exchange filings and reputable financial news outlets. It is provided for informational purposes only and does not constitute investment advice, a recommendation to buy or sell any security, or a solicitation of any kind. Always do your own research or consult a licensed financial adviser before making investment decisions.

Here's why Amer Sports is trading down