Columbia Sportswear Company · NASDAQ:COLM
Columbia Sportswear — Q4 2025 Earnings Presentation
22 slides from Columbia Sportswear's earnings presentation, Feb 3, 2026
Slide 1: CFO Commentary and Financial Review Fourth Quarter and Full Year 2025
CSC Confidential – Sensitive Information AGENDA CFO COMMENTARY AND FINANCIAL REVIEW FOURTH QUARTER AND FULL YEAR 2025 FEBRUARY 3 , 2026 Exhibit 99.2
Slide 2: Forward-looking statements
This presentation does not constitute an offer or invitation for the sale or purchase of securities and has been prepared solely for informational purposes . This presentation contains forward - looking statements within the meaning of the federal securities laws regarding Columbia Sportswear Compan
Slide 3: References to Non-GAAP Financial Information and Glossary
Since Columbia Sportswear Company is a global company, the comparability of its operating results reported in U.S. dollars is affected by foreign currency exchange rate fluctuations because the underlying currencies in which it transacts change in value over time compared to the U.S. dollar . To sup
Slide 4: Accelerate Profitable Growth
ACCELERATE PROFITABLE GROWTH CREATE ICONIC PRODUCTS Differentiated, Functional, Innovative DRIVE BRAND ENGAGEMENT Increased, Focused Demand Creation Investments ENHANCE CONSUMER EXPERIENCES Invest in Capabilities to Delight and Retain Consumers AMPLIFY MARKETPLACE EXCELLENCE Digitally - Led, Omni -
Slide 5: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES DEPENDENT UPON OUR FINANCIAL POSITION, MARKET CONDITIONS AND OUR STRATEGIC PRIORITIES, OUR CAPITAL ALLOCATION APPROACH INCLUDES: INVEST IN ORGANIC GROWTH OPPORTUNITIES RETURN AT LEAST 40% OF FREE CASH FLOW TO SHAREHOLDERS OPPORTUNISTIC M&A TO DRIVE LONG - TERM PROFITABL
Slide 6: Q4'25 Financial Overview
CSC Confidential – Sensitive Information Q4’25 FINANCIAL OVERVIEW Q 4 ’25 FINANCIAL RESULTS COMPARED TO Q 4 ’24 Q 4 ’25 Highlights : • Net sales decrease reflected underlying weakness in the U.S., partially offset by growth in most of our international markets . • Compared to guidance, net sales ups
Slide 7: Q4'25 Actual vs Last Year
CSC Confidential – Sensitive Information Q4’25 ACTUAL VS LAST YEAR Commentary on Q 4 ’25 financial results vs last year : • Net sales decrease primarily reflected earlier shipment of Fall ‘25 wholesale orders, partially offset by a modest increase in DTC net sales . • Gross margin expansion driven b
Slide 8: Q4'25 Regional Net Sales Performance
CSC Confidential – Sensitive Information Q4’25 REGIONAL NET SALES PERFORMANCE Commentary below is based on constant currency performance . U.S. • Wholesale : down high - teens %, earlier wholesale shipment timing, coupled with lower Fall ’25 orders • DTC : down LSD % (DTC B&M down LSD %, DTC .com do
Slide 9: Q4'25 Net Sales Overview
CSC Confidential – Sensitive Information Q4’25 NET SALES OVERVIEW Q 4 ’25 NET SALES VS . Q 4 ’24 CATEGORY PERFORMANCE CHANNEL PERFORMANCE WHOLESALE: DTC: +1 % (0 % c.c .) $429 M $641M - 7 % (- 7 % c.c .) • Columbia brand footwear growth was more than offset by a decline in SOREL • Columbia declines
Slide 10: Q4'25 Gross Margin Bridge
CSC Confidential – Sensitive Information Q4’25 GROSS MARGIN BRIDGE TAILWINDS • Channel Profitability : lower clearance and promotional activity on healthier inventory • Other : lower inventory loss provisions on healthier inventory HEADWINDS • Channel Profitability : incurred ~$20M in incremental ta
Slide 11: Q4'25 SG&A Bridge vs Last Year
CSC Confidential – Sensitive Information Q4’25 SG&A BRIDGE VS LAST YEAR * Excludes Retail ; **Excludes Advertising Q4’25 SG&A INCREASED $10.9 MILLION, OR 3% Q4’25 SG&A WAS 41.3% OF NET SALES COMPARED TO 39.3% IN Q4’24 PRIMARY SG&A EXPENSE INCREASES • Omni - Channel: higher DTC B&M expenses related t
Slide 12: Full Year Highlights
CSC Confidential – Sensitive Information 20 25 HIGHLIGHTS 20 25 Highlights : • Net sales increase reflected strength in most of our international markets, partially offset by underlying weakness in the U.S. Global wholesale sales were up, partially offset by decreased global DTC sales . • Gross marg
Slide 13: Balance Sheet Overview
BALANCE SHEET OVERVIEW Cash, cash equivalents and short - term investments totaled $790 .8M, compared to $815 .5M as of December 31 , 2024 . $791M flat BALANCE SHEET AS OF DECEMBER 31 , 2025 INVENTORY CASH, CASH EQUIVALENTS, AND SHORT - TERM INVESTMENTS Inventories were essentially flat y/y at $689
Slide 14: Capital Overview
CAPITAL OVERVIEW $283M Net cash flow provided by operating activities was $282 .9M, compared to $491 .0M in 2024 . Capital expenditures totaled $66 .2M, compared to $59 .8M in 2024 . $201M The Company repurchased 2 ,972 ,889 shares of common stock for an aggregate of $201 .1M (based on trade date),
Slide 15: 2026 Financial Outlook
CSC Confidential – Sensitive Information 2026 FINANCIAL OUTLOOK The Company's 2026 Financial Outlook is forward - looking in nature, and the following forward - looking statements reflect our expectations as of February 3, 2026 and are subject to significant risks and business uncertain ties, includ
Slide 16: 2026 Financial Outlook Assumptions
CSC Confidential – Sensitive Information 2026 FINANCIAL OUTLOOK ASSUMPTIONS Net sales Anticipated net sales growth primarily reflects: • Growth from all brands - emerging brands growing faster than Columbia • International growth led by Europe Direct, China and International Distributors, partially
Slide 17: ACCELERATE Growth Strategy
CSC Confidential – Sensitive Information ACCELERATE GROWTH STRATEGY MARKETPLACECreate elevated omni - channel brand experiences Maintain outlet and value - oriented wholesale distribution Activate brand and product strategies by elevating the position of the Columbia brand in the U.S. m arketplace P
Slide 18: Profit Improvement Plan Update
CSC Confidential – Sensitive Information PROFIT IMPROVEMENT PLAN UPDATE Our profit improvement program has achieved/exceeded targeted savings which has enabled the Company to slow the rate of SG&A growt h while investing in the Columbia ACCELERATE strategy Annualized Cost Savings Executed to Date ~$
Slide 19: Appendix
APPENDIX
Slide 20: Q4'25 Constant-Currency Reconciliation
CSC Confidential – Sensitive Information Q4’25 CONSTANT - CURRENCY RECONCILIATION
Slide 21: Twelve Months Free Cash Flow Reconciliation
CSC Confidential – Sensitive Information TWELVE MONTHS FREE CASH FLOW RECONCILIATION
Slide 22: Colu
ia | bi m Colu Se s