Amer Sports (AS) financial statements
Amer Sports reported revenue of $6.6B in fiscal 2025, up 21.0% a year over 4 years.
Net income was $427M and the operating margin 10.7%, against 6.1% in 2021.
Free cash flow was $446M.
The diluted share count rose 47% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Amer Sports's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.1B | $3.6B | $4.4B | $5.2B | $6.6B |
| Cost of revenue | $1.6B | $1.8B | $2.1B | $2.3B | $2.8B |
| Gross profit | $1.5B | $1.8B | $2.3B | $2.9B | $3.8B |
| Selling, general and admin | $1.3B | $1.5B | $2.0B | $2.4B | $3.1B |
| Operating income | $187M | $51M | $302M | $471M | $702M |
| Interest expense | $279M | $238M | $398M | $219M | $98M |
| Pre-tax income | -$90M | -$183M | -$105M | $161M | $624M |
| Income tax | $35M | $48M | $104M | $83M | $184M |
| Net income | -$126M | -$253M | -$209M | $73M | $427M |
| EPS (diluted) | -$0.33 | -$0.66 | -$0.54 | $0.14 | $0.76 |
| Diluted shares | 383M | 384M | 384M | 502M | 563M |
| Gross margin | 49.1% | 50.0% | 52.5% | 55.4% | 57.6% |
| Operating margin | 6.1% | 1.4% | 6.9% | 9.1% | 10.7% |
| Net margin | -4.1% | -7.1% | -4.7% | 1.4% | 6.5% |
Balance sheet
Fiscal years, from Amer Sports's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash and short-term investments | $568M | $402M | $483M | $345M | $652M |
| Receivables | — | $675M | $600M | $667M | $809M |
| Inventory | — | $912M | $1.1B | $1.2B | $1.6B |
| Total current assets | — | $2.2B | $2.4B | $2.5B | $3.3B |
| Property, plant and equipment | — | $362M | $442M | $550M | $698M |
| Goodwill | — | $2.2B | $2.3B | $2.1B | $2.3B |
| Total assets | — | $7.9B | $8.4B | $8.4B | $10.1B |
| Total current liabilities | — | $1.3B | $1.6B | $1.6B | $2.2B |
| Long-term debt | — | — | $5.9B | $791M | $792M |
| Total liabilities | — | $8.0B | $8.5B | $3.4B | $4.2B |
| Shareholders' equity | $38M | -$74M | -$160M | $5.0B | $5.8B |
| Net debt | -$568M | -$402M | $5.7B | $445M | $140M |
Cash flow
Fiscal years, from Amer Sports's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $268M | -$92M | $199M | $425M | $730M |
| Capital spending | $94M | $110M | $136M | $275M | $284M |
| Free cash flow | $174M | -$202M | $63M | $149M | $446M |
| Stock-based compensation | — | $0 | $11M | $20M | $37M |
| Net borrowing | -$121M | $0 | $0 | -$1.0B | $0 |
| Free cash flow margin | 5.7% | -5.6% | 1.4% | 2.9% | 6.8% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for AS.
Open AS in InvestinglyQuestions
What was Amer Sports's revenue in 2025?
$6.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Amer Sports generate?
$446M in fiscal 2025 (operating cash flow minus capital spending).
From Amer Sports's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.