ASICS (7936) Q2 2026 earnings summary

Executive summary

• Net sales for FY26Q2 rose 32.7% year-over-year to ¥534.5 billion, with operating profit up 48.5% to ¥120.5 billion and net profit up 53.3% to ¥82.2 billion, all reaching record highs.

• Growth was broad-based across all categories and regions, with especially strong performance in SportStyle (SPS) and Onitsuka Tiger (OT).

• Comprehensive income surged 185% to ¥97.3 billion.

• The full-year forecast was revised upward, projecting net sales of ¥1,050.0 billion (+29.5% YoY) and operating profit of ¥195.0 billion (+36.8% YoY).

• All geographic regions posted double-digit sales and profit growth, with Europe and North America leading.

Financial highlights

• Gross margin improved to 57.3% (+0.6ppt YoY), and operating margin reached 22.5% (+2.4ppt YoY).

• SG&A expenses increased 26.1% YoY, but the SG&A to sales ratio improved by 1.8ppt to 34.8%.

• Cash and cash equivalents increased by ¥29.2 billion to ¥141.4 billion.

• Equity-to-asset ratio improved to 52.8% from 46.3% at year-end 2025.

• Basic earnings per share rose to ¥115.93 from ¥75.00 year-over-year.

Outlook and guidance

• FY26 full-year net sales forecast raised to ¥1,050.0 billion and operating profit to ¥195.0 billion, driven by continued strength in SPS and OT.

• Profit attributable to owners of parent forecast at ¥120 billion (+21.6% YoY).

• Interim dividend set at ¥20 per share and year-end dividend at ¥24, raising the annual dividend forecast to ¥44 per share.

• SG&A expenses for FY26 are forecast at ¥406.3 billion, with a ratio of 38.7% to sales.

• Currency-neutral full-year sales and operating profit expected to rise 22.6% and 30.0%, respectively.