Revenue growth has accelerated to 32.1% in 2026Q1, supported by a structural expansion in gross margins from 52.0% in 2023Q4 to 59.9%.
Amer Sports, Inc. (AS) annual income statement — 6-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Sales/Revenue | 7.44B | 6.57B | 5.18B | 4.4B | 3.57B | 3.07B | 2.45B |
| Revenue Growth % | 30.49% | 26.68% | 17.79% | 23.22% | 16.46% | 25.35% | - |
| Cost of Goods Sold | 2.99B | 2.78B | 2.31B | 2.09B | 1.79B | 1.56B | 1.3B |
| COGS % of Revenue | - | 42.37% | 44.6% | 47.55% | 49.99% | 50.9% | 53.04% |
| Gross Profit | 4.45B | 3.78B | 2.87B | 2.31B | 1.79B | 1.51B | 1.15B |
| Gross Margin % | 59.81% | 57.63% | 55.4% | 52.45% | 50.01% | 49.1% | 46.96% |
| Gross Profit Growth % | - | 31.77% | 24.42% | 29.23% | 18.62% | 31.05% | - |
| Operating Expenses | 3.52B | 3.1B | 2.4B | 2.01B | 1.74B | 1.32B | 1.02B |
| OpEx % of Revenue | - | 47.28% | 46.32% | 45.58% | 48.59% | 43% | 41.85% |
| Selling, General & Admin | 3.52B | 3.1B | 2.43B | 2.01B | 1.54B | 1.33B | 1.01B |
| SG&A % of Revenue | - | 47.28% | 46.89% | 45.78% | 43.26% | 43.27% | 41.31% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | -29.4M | -8.9M | 190.4M | -8.3M | 13.3M |
| Operating Income | 922.8M | 679.7M | 470.8M | 302.5M | 50.6M | 186.9M | 125.1M |
| Operating Margin % | 12.41% | 10.35% | 9.08% | 6.87% | 1.42% | 6.09% | 5.11% |
| Operating Income Growth % | - | 44.37% | 55.64% | 497.83% | -72.93% | 49.4% | - |
| EBITDA | 1.36B | 1.06B | 744.6M | 523.4M | 247.6M | 393M | 355.2M |
| EBITDA Margin % | 18.33% | 16.2% | 14.37% | 11.89% | 6.93% | 12.82% | 14.52% |
| EBITDA Growth % | 51.46% | 42.88% | 42.26% | 111.39% | -37% | 10.64% | - |
| D&A (Non-Cash Add-back) | 440.2M | 384.2M | 273.8M | 220.9M | 197M | 206.1M | 230.1M |
| EBIT | 886.1M | 722.2M | 380M | 297.1M | 61.3M | 175.5M | 112.6M |
| Net Interest Income | -79M | -91.3M | -222.5M | -399.3M | -245.8M | -277M | -271.4M |
| Interest Income | 11.6M | 6.4M | 8.8M | 2.4M | 3.1M | 1.6M | 1M |
| Interest Expense | 90.6M | 97.7M | 230.8M | 401.7M | 248.9M | 278.6M | 272.4M |
| Other Income/Expense | -116.3M | -55.2M | -309.6M | -407.1M | -233.2M | -276.7M | -272.5M |
| Pretax Income | 806.5M | 624.5M | 161.2M | -104.6M | -182.6M | -89.8M | -147.4M |
| Pretax Margin % | 10.85% | 9.51% | 3.11% | -2.38% | -5.11% | -2.93% | -6.03% |
| Income Tax | 238.7M | 184.1M | 82.8M | 104.2M | 48.3M | 34.7M | 26.2M |
| Effective Tax Rate % | 29.6% | 29.48% | 51.36% | -99.62% | -26.45% | -38.64% | -17.77% |
| Net Income | 546.4M | 427.4M | 72.6M | -208.6M | -252.7M | -126.3M | -237.2M |
| Net Margin % | 7.35% | 6.51% | 1.4% | -4.74% | -7.08% | -4.12% | -9.7% |
| Net Income Growth % | 143.93% | 488.71% | 134.8% | 17.45% | -100.08% | 46.75% | - |
| Net Income (Continuing) | 567.8M | 440.4M | 78.4M | -208.8M | -230.9M | -124.5M | -173.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | -21.8M | -1.8M | -63.6M |
| Minority Interest | 21.9M | 18.9M | 9.1M | 3.4M | 0 | 0 | 0 |
| EPS (Diluted) | 0.93 | 0.76 | 0.14 | -0.43 | -0.52 | -0.26 | -0.48 |
| EPS Growth % | 130.69% | 442.86% | 132.56% | 17.31% | -100% | 45.83% | - |
| EPS (Basic) | - | 0.77 | 0.15 | -0.43 | -0.52 | -0.26 | -0.48 |
| Diluted Shares Outstanding | 589.09M | 563.08M | 501.75M | 489.5M | 489.5M | 489.5M | 489.5M |
| Basic Shares Outstanding | 582.58M | 555.61M | 498.03M | 489.5M | 489.5M | 489.5M | 489.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying AS stock.
For fiscal year 2025, Amer Sports, Inc. (AS) reported total revenue of $6.57B. This represents a 168.4% increase compared to $2.45B in 2020.
Amer Sports, Inc. (AS) is profitable, generating $427.4M in net income for the fiscal year ending 2025 with a net profit margin of 6.5%.
Amer Sports, Inc. (AS) reported an operating income of $679.7M, resulting in an operating profit margin of 10.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Amer Sports, Inc. (AS) generated $3.78B in gross profit for the year, representing a gross profit margin of 57.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
China consumer demand volatility
Top Line Momentum Remains Robust
According to recent financial disclosures, Amer Sports has demonstrated consistent top-line acceleration, with revenue growth reaching 32.1% in 2026Q1, significantly outpacing the mid-teens growth observed in early 2024, suggesting that the company's premiumization strategy and geographic expansion are successfully capturing market share in the high-end outdoor segment.
The consistent upward trend in revenue growth suggests that the brand's pivot toward direct-to-consumer channels is effectively driving higher sell-through rates. Investors should monitor whether this growth trajectory can be sustained as the company laps more difficult year-over-year comparisons in its core Chinese market.
Structural Gross Margin Expansion Observed
As reported in quarterly filings, the company's gross margin has expanded from 52.0% in 2023Q4 to 59.9% in 2026Q1, reflecting a successful shift in product mix toward higher-margin technical apparel and a reduction in promotional activity across the company's owned retail and digital distribution platforms.
This margin expansion appears to be a direct result of the Arc'teryx brand's ability to maintain premium pricing power despite broader macroeconomic headwinds. The ability to sustain these levels will likely depend on the company's success in shielding its supply chain from inflationary pressures on specialized technical materials.
Operating Leverage Scaling With Revenue
Based on the provided income statement data, operating income has scaled from a loss of $8.5 million in 2024Q2 to $313.3 million in 2026Q1, indicating that the company is beginning to realize significant operating leverage as its revenue base expands and fixed costs are better absorbed.
The improvement in operating margin to 16.1% suggests that management's investment in infrastructure and retail footprint is starting to yield meaningful returns. However, the high level of SG&A spending warrants further investigation to determine if these costs are becoming more efficient or if they remain a permanent drag.
Sustainability of Premium Growth Profile
While recent figures show strong performance, skeptics may point to the 2026Q1 net margin of 8.5% as evidence that the company remains vulnerable to high operating expenses, suggesting that the current growth rate may be masking underlying inefficiencies in the broader, more cyclical hardgoods portfolio segments.
The reliance on high-growth apparel to subsidize the mature hardgoods business may create a valuation mismatch if the fashion-cycle momentum for Arc'teryx cools. Investors should consider whether the current profitability levels are truly structural or if they are temporarily inflated by favorable seasonal timing and aggressive retail expansion.