Columbia Sportswear Co

Latest Results (20.11.2025):

Columbia Sportswear Co — Third Quarter 2025: The company reported Q3 2025 net sales of $943.4 million (up 1% year-over-year, flat on a constant-currency basis) and operating income of $67.4 million (down 40% to a 7.1% margin), which included $29.0 million of impairment charges related to prAna and Mountain Hardwear. Diluted EPS was $0.95 versus $1.56 a year ago (the impairments reduced EPS by $0.46). The company exited the quarter with $236.0 million of cash and short-term investments and no debt, and updated its full-year 2025 outlook (net sales $3.33–$3.37B; operating income $163–$185M; diluted EPS $2.55–$2.85, including the $0.46 impairment impact).

Net sales and regional performance

Q3 net sales $943.4M (+1% YoY; flat CC). International strength (double-digit growth in Europe-direct) offset U.S. weakness and a decline in direct-to-consumer sales; wholesale shipment timing contributed about +$30M to the quarter.

Profitability and impairments

Operating income fell 40% to $67.4M (7.1% margin) and included $29.0M of goodwill/intangible impairment charges tied to prAna and Mountain Hardwear. Gross margin contracted 20 bps to 50.0%, pressured by tariffs and FX headwinds.

Earnings per share

Diluted EPS was $0.95 in Q3 2025 versus $1.56 in Q3 2024. The reported impairment charges reduced EPS by $0.46 in the quarter.

Expenses

SG&A rose to $380.9M (40.4% of sales) versus $361.2M (38.8%); increases were driven mainly by higher demand-creation and omnichannel investments.

Balance sheet and liquidity

Cash, cash equivalents and short-term investments totaled $236.0M at quarter end; the company had no borrowings. Inventories were $800.4M.

Cash flow, capital allocation and dividend

Net cash used in operating activities was $333.4M for the nine months (vs. $76.6M prior year). Capex was $46.6M YTD. The company repurchased 2,400,131 shares for $171.7M YTD and declared a quarterly cash dividend of $0.30 per share payable December 4, 2025.

Full-year 2025 outlook

Updated guidance: net sales $3.33–$3.37B (down ~1% to flat vs. 2024), operating income $163–$185M (4.9–5.5% margin) and diluted EPS $2.55–$2.85 — guidance includes the $29.0M impairment and the $0.46 EPS hit tied to it.

Strategy commentary

Management emphasized its multi-year "ACCELERATE" growth strategy to revitalize the Columbia brand (targeting younger, active consumers), highlighted a new brand platform "Engineered for Whatever," and plans continued demand-creation and omni-channel investments into the holiday period.