Columbia Sportswear Co

Latest Results (04.04.2026):

Columbia Sportswear Company — Fourth quarter 2025 results: Net sales for Q4 2025 were $1,070.2 million (down 2% vs. Q4 2024; down 3% on a constant‑currency basis). The company delivered expanding gross margins but lower operating income and EPS versus the year‑ago quarter, closed the year with strong liquidity and no borrowings, and provided a full‑year 2026 outlook. Full year 2025 and the company’s 2026 guidance were also reported.

Q4 2025 sales and channels

Net sales: $1,070.2M (−2% reported, −3% constant‑currency). U.S. sales declined and were partially offset by international growth; DTC grew modestly while wholesale declined.

Margins and tariff impact

Gross margin expanded to 51.6% in Q4 (up 50 bps vs. Q4 2024). Q4 included ~$20.0M of incremental U.S. tariffs prior to mitigation; full year 2025 tariffs totaled ~$31.0M before mitigation. For 2026 the company expects a roughly 300 bps unfavorable tariff impact to gross margin before mitigation.

Profitability and EPS

Q4 operating income fell 15% to $116.7M (10.9% of sales) and diluted EPS was $1.73 (vs. $1.80 a year earlier). Full year operating income declined to $207.0M (6.1% of sales) and diluted EPS was $3.24 (vs. $3.82 in 2024); FY 2025 included $29.0M of impairment charges (prAna and Mountain Hardwear) that reduced EPS by ~$0.45.

Liquidity and balance sheet

The company ended Q4 with $790.8M in cash, cash equivalents and short‑term investments, and reported no borrowings. Inventories were essentially flat at $689.5M year‑over‑year.

Cash flow, capital allocation and dividends

Operating cash flow for 2025 was $282.9M (down from $491.0M in 2024). Capital expenditures were $66.2M. Columbia repurchased ~2.97M shares for $201.1M in 2025 and the Board declared a quarterly cash dividend of $0.30 per share.

2026 financial outlook

Full‑year 2026 guidance: net sales $3.43–$3.50B (1–3% growth), operating income $211–$243M (6.2–6.9% margin), and diluted EPS $3.20–$3.65. Management expects gross margin of 49.8–50.0% (50–70 bps contraction vs. 2025) and operating cash flow of $300–$330M. Q1 2026 guide: net sales $747–$759M (down 4.0–2.5% YoY) and EPS $0.29–$0.37.

Strategy and commentary

Management highlighted early momentum from the ACCELERATE growth strategy and the new “Engineered for Whatever” brand platform, noting stronger international performance and encouraging signs in product/marketing engagement despite U.S. headwinds.