A sporting goods group based in Helsinki, Finland, that owns some of the world's best-known equipment and apparel brands — Wilson tennis rackets and basketballs, Salomon skis and trail-running shoes, and Arc'teryx technical outdoor jackets. It began life in 1950 as Amer-Tupakka, a tobacco company founded by four Finnish professional organizations to help rebuild after the war; the "Amer" in its name came from the American-style tobacco blends it made. Over the decades it moved from cigarettes into shipping, publishing, and finally sports gear.
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
Amer Sports' net income rose 462% to $440.4M as interest expense fell by more than half and the DTC channel approached half of total revenue.
Amer Sports' profitability story changed decisively this year. rose 26.7% to $6.57B and widened 6.4 points to 9.5%, as the direct-to-consumer channel grew to 48.9% of sales and a 55% drop in turned a modest profit into $440.4M of . The company is now funding its own expansion, with of $729.8M, but a in financial controls remains open.
Key takeaways
reached $440.4M, up from $78.4M, driven primarily by a 55.4% decline in to $99.1M and a $73.5M swing to foreign exchange gains, which together added more to the bottom line than the $263.0M increase in .
The direct-to-consumer channel grew 41.5% to $3,210.0M, representing 48.9% of total , as the company added 70 net new Arc'teryx stores and Salomon's DTC mix reached 41% of its brand revenue.
Technical Apparel rose 30.1% to $2,855.8M, with Arc'teryx driving the increase through DTC volume growth and geographic expansion, while Outdoor Performance rose 31.0% to $2,403.7M, led by a 40.3% increase in Salomon softgoods.
expanded 220 to 57.6%, helped by a regional mix shift toward higher-margin Greater China and Asia Pacific markets, rather than by the DTC shift alone.
rose 71.8% to $729.8M, and the company ended the year with $652.3M in cash, up 88.9%, while budgeting a step-up in 2026 to approximately $400.0M for a global SAP system upgrade and warehouse expansion.
What changed
The path to profitability flagged in FY2023 materialized: reached $440.4M in FY2025, up from a $208.8M loss in FY2023 and $78.4M in FY2024, as the burden that drove prior losses fell from $413.4M in FY2023 to $99.1M.
DTC store productivity remains a key question: the store count rose to over 570 locations, but the filing does not disclose updated sales-per-square-foot metrics, leaving the productivity of the 70 new Arc'teryx stores unmeasured against the $1,558 per square foot reported in FY2023.
What to watch
remediation: whether the company closes the internal control deficiency in FY2026 will be a direct signal on governance and reporting reliability.
DTC store productivity: with rising to $400M and the store base expanding, any disclosure of comparable-store sales or sales per square foot will indicate whether new locations are maintaining the productivity of the existing fleet.
Tariff impact on cost of goods sold: with 28% of sourcing from China and 42% from Vietnam, new U.S. trade policies could pressure the 57.6% , and the company's ability to offset through pricing or supply chain shifts will be tested.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
We are exposed to market risks associated with foreign currency exchange rates, commodity prices, inflation, funding and liquidity, interest rates and credit. See “Item 5. Operating and Financial Review and Prospects” and “Item 18. Financial Statements—Note 28. Financial Risk Ma…
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We are exposed to market risks associated with foreign currency exchange rates, commodity prices, inflation, funding and liquidity, interest rates and credit. See “Item 5. Operating and Financial Review and Prospects” and “Item 18. Financial Statements—Note 28. Financial Risk Management.”
Amer Sports faces material risks from intense competition, brand reliance, supply chain concentration in China/Vietnam, evolving tariffs, and a disclosed material weakness in financial controls.
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Greater China growth continued but the rate is normalizing: after a 60.6% rebound in FY2023, the region remained a driver of the favorable geographic mix that lifted to 57.6%, though the filing no longer breaks out the specific growth rate.
The in internal control over financial reporting, first disclosed in FY2023 and still present at the end of FY2024, remains open as of this filing, with remediation efforts ongoing.
Tariff and sourcing exposure flagged in FY2024 has become more acute: the filing now states that approximately 28% of global sourcing came from China and 42% from Vietnam in 2025, and the risk factors explicitly cite evolving U.S. trade policies as a material threat.
: SG&A rose 20.6% in FY2024; whether the 26.7% growth in FY2025 translated into expansion beyond the 9.5% reported will depend on the pace of DTC investment relative to sales growth.
The company's success heavily depends on maintaining premium brand images like Arc'teryx and Salomon, which requires substantial investment and could be damaged by negative publicity or product quality issues.
Intense competition from larger, more resourced companies in the sports/outdoor industry could reduce demand, increase costs, and pressure pricing across both wholesale and direct-to-consumer channels.
A in internal controls over financial reporting was identified, related to IT general controls and accounting processes, which could affect the accuracy and timing of financial reporting.
The business is highly exposed to dynamic U.S. trade policies and tariffs, particularly as approximately 28% of global sourcing came from China and 42% from Vietnam in 2025, which could increase costs and disrupt supply.
Reliance on a concentrated network of third-party suppliers and manufacturers, especially in the Asia Pacific region, exposes the company to significant supply chain disruptions from geopolitical tensions, forced labor regulations like the UFLPA, and raw material cost inflation.
The company's growth strategy, including expanding its direct-to-consumer channel and international operations, presents execution risks and could strain relationships with existing wholesale partners.
Amer Sports is a global group of iconic sports and outdoor brands operating through three segments: Technical Apparel, Outdoor Performance, and Ball & Racquet Sports.
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The company operates three reportable segments led by core brands: Arc'teryx (Technical Apparel), Salomon (Outdoor Performance), and Wilson (Ball & Racquet Sports), alongside other brands like Peak Performance and Atomic.
Arc'teryx is a premium technical outdoor apparel brand known for minimalist design and high-performance products like the Alpha SV jacket, with a primary focus on direct-to-consumer (DTC) sales through owned retail stores and e-commerce.
Salomon is a leader in trail running and winter sports equipment, with footwear generating nearly 70% of its 2025 , and is rapidly growing its Sportstyle line and DTC channel, which reached 41% of brand revenue.
Wilson is a multi-sport equipment manufacturer with a portfolio including Louisville Slugger and DeMarini, leveraging strong relationships and professional league partnerships, while expanding its (apparel/footwear) business.
Growth strategies focus on product innovation, geographic expansion (especially in Greater China and North America), optimizing channel mix toward DTC, and increasing brand awareness through community events and athlete partnerships.
The company's supply chain relies on a mix of owned manufacturing facilities and a diversified network of third-party suppliers, with approximately 86% of products sourced externally in 2025, primarily from Asia Pacific.