Earnings call transcript: PUMA beats revenue in Q3 2026 as shares rise 5.6%

PUMA SE unveiled its Q3 2026 earnings call results, showing revenue of $1.78 billion, exceeding forecasts by 1.14%. However, adjusted earnings per share of -$0.37 fell short of expectations by 12.67%. The stock climbed 5.59%, reaching $26.62 after trading above its 52-week low of $15.30. Gross margins expanded by 420 basis points to 49.5%, driven by lower sourcing costs and a tariff refund.

Free cash flow surged to EUR 92 million, a sharp improvement from the prior year. Despite the revenue beat and positive operating trends, PUMA remains in a business transition phase. Currency-adjusted sales fell 6.3% year-over-year, reflecting weak demand in North America, Europe, and globally. Management maintained its full-year sales outlook, predicting Q4 improvement driven by running, training, and sportstyle segments.

The quarter highlighted progress in specific areas, such as strong brand activity around marathons, football partnerships, and Formula 1. However, challenges persist in North America and Europe, with the industry environment becoming more cautious. PUMA's net debt decreased to EUR 1.1 billion, while its cash position grew to EUR 353 million.