$COLM (COLUMBIA SPORTSWEAR) — Q2 FY26

EPS of $0.52 beat consensus of -$0.41 by $0.93, driven by a $78M IEEPA tariff refund. Revenue of $614.4M (+2% YoY) beat guidance, with international resilience offsetting U.S. softness; FY26 EPS guidance raised to $4.45-$4.90 from $3.55-$4.00. The headline beat is entirely non-operational—the $0.93 EPS benefit from tariff refunds masks an underlying operating loss, while gross margin expanded 920bps to 58.3% solely from the 980bps tariff recovery.

EPS of $0.52 beat consensus of -$0.41 by $0.93, driven by a $78M IEEPA tariff refund. Revenue of $614.4M (+2% YoY) beat guidance, with international resilience offsetting U.S. softness; FY26 EPS guidance raised to $4.45-$4.90 from $3.55-$4.00. The headline beat is entirely non-operational—the $0.93 EPS benefit from tariff refunds masks an underlying operating loss, while gross margin expanded 920bps to 58.3% solely from the 980bps tariff recovery.