PUMA SE NPV (PUMN) Q3 2026 Earnings Report
MX:PUMN Q3 2026 EPS Results
- Actual EPS
- -MXN 7.76
- Consensus EPS
- -MXN 6.88
- Beat/Miss
- Missed by -MXN 0.88
- One Year Ago EPS
- -MXN 8.81
MX:PUMN Q3 2026 Revenue Results
- Actual Revenue
- MXN 37.26B
- Expected Revenue
- MXN 37.02B
- Beat/Miss
- Beat by +MXN 244.89M
- YoY Revenue Growth
- -9.18%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/30/2026
- Time
- Before Open
- Conference Call
- Friday, October 30, 2026
PUMA SE NPV's next earnings date is estimated for February 24, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call had a mixed but cautiously constructive tone. PUMA reported meaningful progress in cash flow, inventory reduction, gross margin, DTC, APAC, strategic categories, brand activation, organizational change, and refinancing. However, these positives were offset by a 6.3% currency-adjusted sales decline, negative EBIT, a materially higher OpEx ratio, regional and product-category weakness, elevated net debt, and continued caution about consumer and retailer demand. The company remains focused on a gradual return to growth in 2027 rather than an immediate recovery.
For full year 2026, PUMA confirmed a currency adjusted sales decline in the low to mid-single-digit percentage range, expects Q4 sales to show a continued improvement compared with Q3, and updated EBIT guidance to between minus EUR 80 million and minus EUR 130 million from the previous range of minus EUR 50 million to minus EUR 150 million; CapEx is now expected to be below EUR 150 million compared with around EUR 200 million previously, and free cash flow is expected to be positive in fiscal year 2026. The company expects to normalize inventory levels by the end of fiscal year 2026 but will not provide specific guidance on DIO inventory as a percentage of sales; in Q4, OpEx leverage will be even more negative affected, while cost savings will be partially offset by marketing, D2C, and infrastructure investments. For 2027, PUMA expects a return to growth, with recovery to be gradual, and its ambition to return to above industry growth remains unchanged, but it is not providing quantitative guidance at this stage.
- Sequential Improvement in Q3 PerformanceCurrency-adjusted sales declined 6.3% in Q3 2026, an improvement versus Q2, while reported EBIT improved sequentially to negative EUR 11.4 million.
- Strong Cash Flow and Deleveraging ProgressFree cash flow was positive at EUR 92 million despite lower profitability and was significantly stronger year-on-year. Net debt declined by EUR 127 million year-on-year to EUR 1.1 billion, while cash increased 33% year-on-year to EUR 353 million.
- Substantial Inventory and Working Capital ReductionInventories decreased 24.3% year-on-year to EUR 1.6 billion, trade receivables declined 11.8% to EUR 1.1 billion, and working capital decreased 24.4% to approximately EUR 1.4 billion. The company remains on track to normalize inventories by year-end.
- Gross Margin ExpansionGross profit margin improved by approximately 420 basis points to 49.5%, supported by lower sourcing prices, a EUR 29.8 million tariff refund contributing approximately 170 basis points, a higher DTC mix, currency effects, and lower freight expenses.
- DTC and E-Commerce GrowthDirect-to-consumer sales increased 1.2%, while e-commerce grew 7.8%, supported by running, HYROX, football products in Europe, and marketplace expansion in APAC. The DTC share increased from 30.5% in Q3 2025 to 33.1% in Q3 2026.
- Strong Asia-Pacific PerformanceAsia-Pacific sales grew 10% on a currency-adjusted basis. Greater China sales increased 3.5%, driven by double-digit DTC growth, marketplace expansion, and the low-profile trend, while all other APAC markets grew 13% due to strong wholesale performance.
- Growth in Latin AmericaLatin America sales increased 1.4% on a currency-adjusted basis, supported by relatively resilient demand in key markets and a partial catch-up in Mexico following temporary operational challenges in the prior quarter.
- Momentum in Running and TrainingRunning delivered double-digit growth and training delivered single-digit growth. Running and training are expected to remain key growth drivers through the end of 2026, with HYROX supporting training-related product sales.
- Sports Style Franchise MomentumSpeedcat remained PUMA's best-selling sports-style franchise in Q3, supported by partnerships and launches including Speedcat Croc. The Suede franchise gained visibility through the global 'Never Not Suede' campaign and recorded significant uplift in DTC sales.
- Strong Running Brand ActivationPUMA nearly doubled its share of runners in the Berlin Marathon versus last year and was the number four brand among the race's top 10 finishers. The NITRO Lab attracted 6,000 visitors during the marathon weekend, while the Meditation in Motion campaign generated more than 1.2 billion organic reaches across more than 40 markets.
- Track and Field AchievementsPUMA was the number two footwear brand by gold medals at the European Athletics Championships in Birmingham. Audrey Werro was nominated Female European Athlete of the Year, Gianmarco Tamberi was named Male Athlete of the Year, and Mondo Duplantis set his 15th world record at 6.31 meters.
- Formula 1 and Football ActivationFerrari held second place in the Formula 1 Constructors' Championship, with Ferrari and McLaren recording multiple podium finishes in Q3. The Monza activation around Charles Leclerc generated more than 15 million online impressions. PUMA also reported good sell-through across major football club partnerships and strong starts for Galatasaray and Manchester City.
- European Football and Federation PerformancePortugal and Switzerland opened the UEFA Nations League with four wins in four matches in their respective groups, with Portugal already qualifying for the quarter-finals. Morocco and Ivory Coast opened AFCON qualifying with maximum points and no goals conceded.
- Organizational and European Operating Model ProgressPUMA established a new European regional leadership structure, implemented a new organization affecting approximately 600 employees across Europe, progressed toward a unified European product range, and began warehouse consolidation initiatives.
- Leadership and Strategic Partnership EnhancementsArne Arens is joining as Chief Commercial Officer, Steve Cecchini is joining as Senior Vice President of Sports Marketing, and Fokko de Rooij became Managing Director of Europe. ANTA Sports completed its acquisition of a PUMA stake and became PUMA's largest shareholder and a long-term strategic partner.
- Employee Engagement and Inclusion RecognitionPUMA was ranked number 15 globally and number one in its industry in Forbes and Statista's list of the world's top companies for women, improving from number 80 in 2024. The ranking was based on feedback from approximately 140,000 women across 61 countries.
- Refinancing Progress and Financial FlexibilityPUMA began refinancing its EUR 350 million bridge loan, with EUR 100 million refinanced after quarter-end through a bilateral loan with DBS. The company had EUR 827 million of unutilized credit lines and total financial headroom of EUR 1.2 billion.
- Updated Capital Expenditure OutlookFull-year 2026 CapEx is now expected to be below EUR 150 million, compared with approximately EUR 200 million previously, reflecting a more focused approach to investments and the recognition of certain IT investments as OpEx rather than CapEx.
- Long-Term Growth FocusManagement reiterated its ambition to return to above-industry growth in 2027, with running, training, football, sports style, and core identified as growth opportunities. Management expects the recovery to be gradual and is focused on rebuilding the brand sustainably rather than pursuing short-term growth.
MX:PUMN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 24, 2027 | 2026 (Q4) | -24.44- | -47.62 | ― | ― |
| Oct 30, 2026 | 2026 (Q3) | -6.88-7.76 | -8.81 | 11.90% (+1.05) | |
| Jul 31, 2026 | 2026 (Q2) | -10.83-10.28 | -35.03 | 70.66% (+24.76) | |
| Apr 30, 2026 | 2026 (Q1) | -1.873.78 | 0 | ― | |
| Feb 26, 2026 | 2025 (Q4) | -42.27-47.62 | 3.36 | -1518.75% (-50.98) | |
| Oct 30, 2025 | 2025 (Q3) | -9.46-8.81 | 18.04 | -148.84% (-26.85) | |
| Jul 31, 2025 | 2025 (Q2) | -17.50-35.03 | 5.87 | -696.43% (-40.91) | |
| May 08, 2025 | 2025 (Q1) | 1.830.00 | 12.17 | -100.00% (-12.17) | |
| Mar 12, 2025 | 2024 (Q4) | 4.153.36 | 0.21 | 1500.00% (+3.15) | |
| Nov 06, 2024 | 2024 (Q3) | 18.7318.04 | 18.46 | -2.27% (-0.42) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
