PUMA SE Earnings Recaps
Q3 2026
Nov 3, 2026
PUMA’s shares rose 7.3% after earnings, with the quarter showing signs of sequential improvement and momentum in running and Asia Pacific. However, sales remained down 6.3% year over year, and higher operating expenses more than offset gross-margin improvement.
Key takeaways
- Currency-adjusted sales fell 6.3% year over year, improving versus Q2; management attributed the decline mainly to ongoing reset measures and weaker consumer demand.
- Asia Pacific and e-commerce each delivered double-digit growth, while running grew by double digits and training by single digits.
- Reported EBIT was down 11.4%; the gross-profit-margin improvement versus last year was more than offset by a higher OpEx ratio.
- Q3 cash flow was €92 million despite lower profitability, supported by improved working-capital management.
- Management said PUMA remained on track with its plans for the year, while describing recovery as gradual and 2023 as a transition year toward a return to growth in 2027.