What changed in this filing

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Item 1. Financial Statements

2026-05-07 compared with 2025-11-06 · 114 added, 286 removed, 512 unchanged (44% of the section changed)

1 unchanged sentence

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in thousands) September 30,

(in thousands) March 31,

2026 December 31,

2024 September 30,

Current assets:

33 unchanged sentences

250,000 shares authorized;

54,060 , 56,245 and 57,261 issued outstanding, respectively

51,141 , and 53,495 issued and outstanding, respectively

Retained earnings 1,646,555 1,775,796

6 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

(in thousands, except per share amounts) 2026 2025

3 unchanged sentences

Selling, general and administrative expenses 357,137 354,471

Impairment of goodwill and intangible assets

29,000 — 29,000 —

Net licensing income 4,168 4,922

18 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

(in thousands) 2026 2025

$ 34,308 $ 42,248

Other comprehensive income (loss):

Other comprehensive income:

Change in available-for-sale securities (net of tax effect of $ 31 and $ 26 , respectively)

4 unchanged sentences

( 9,002 ) 9,813

Other comprehensive income (loss) 772 5,572 ( 2,853 ) ( 3,602 )

Other comprehensive income

Comprehensive income $ 35,376 $ 44,019

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Nine Months Ended September 30,

Three Months Ended March 31,

(in thousands) 2026 2025

7 unchanged sentences

Share-based compensation

18,060 18,478

Loss on impairment of goodwill and intangible assets 29,000 —

Other, net ( 2,562 ) ( 2,385 )

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Capital expenditures ( 12,447 ) ( 15,565 )

Net cash provided by investing activities 239,084 321,148

Net cash provided by (used in) investing activities 124,573 ( 61,431 )

Cash flows from financing activities:

Payment of line of credit issuance fees ( 843 ) —

Proceeds from issuance of common stock related to share-based compensation

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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)

(in thousands, except per share amounts) Common Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Total

Outstanding Amount

Balance, June 30, 2025

54,769 $ — $ 1,720,719 $ ( 66,847 ) $ 1,653,872

— — 52,005 — 52,005

Other comprehensive income

— — — 772 772

Cash dividends ($ 0.30 per share)

— — ( 16,431 ) — ( 16,431 )

Issuance of common stock related to stock-based compensation, net

13 ( 155 ) — — ( 155 )

Share-based compensation expense — 6,261 — — 6,261

Repurchase of common stock ( 722 ) ( 5,713 ) ( 34,287 ) — ( 40,000 )

Excise taxes related to repurchase of common stock — ( 393 ) — — ( 393 )

Balance, September 30, 2025

54,060 $ — $ 1,722,006 $ ( 66,075 ) $ 1,655,931

(in thousands, except per share amounts) Common Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Total

Outstanding Amount

Balance, June 30, 2024

58,752 $ — $ 1,878,972 $ ( 55,010 ) $ 1,823,962

— — 90,157 — 90,157

Other comprehensive income

— — — 5,572 5,572

Cash dividends ($ 0.30 per share)

— — ( 17,232 ) — ( 17,232 )

Issuance of common stock related to stock-based compensation, net

12 ( 137 ) — — ( 137 )

Share-based compensation expense — 6,470 — — 6,470

Repurchase of common stock ( 1,503 ) ( 5,145 ) ( 114,987 ) — ( 120,132 )

Excise taxes related to repurchase of common stock — ( 1,188 ) — — ( 1,188 )

Balance, September 30, 2024

57,261 $ — $ 1,836,910 $ ( 49,438 ) $ 1,787,472

(in thousands, except per share amounts) Common Stock Retained Earnings Accumulated Other Comprehensive Loss Total

3 unchanged sentences

Net income — — 34,308 — 34,308

Other comprehensive loss — — — ( 2,853 ) ( 2,853 )

Other comprehensive income

— — — 1,068 1,068

Cash dividends ($ 0.30 per share)

6 unchanged sentences

Excise taxes related to repurchase of common stock — ( 1,413 ) — — ( 1,413 )

Balance, September 30, 2025

Balance, March 31, 2026

51,141 $ — $ 1,646,555 $ ( 64,585 ) $ 1,581,970

COLUMBIA SPORTSWEAR COMPANY | Q3 2025 FORM 10-Q | 5

Notes to unaudited Condensed Consolidated Financial Statements

(in thousands, except per share amounts) Common Stock Retained Earnings Accumulated Other Comprehensive Loss Total

3 unchanged sentences

Net income — — 42,248 — 42,248

Other comprehensive loss — — — ( 3,602 ) ( 3,602 )

Other comprehensive income

— — — 1,771 1,771

Cash dividends ($ 0.30 per share)

6 unchanged sentences

Excise taxes related to repurchase of common stock — ( 858 ) — — ( 858 )

Balance, September 30, 2024

Balance, March 31, 2025

55,169 $ — $ 1,771,218 $ ( 61,451 ) $ 1,709,767

9 unchanged sentences

Note 6 Intangible Assets, Net and Goodwill 12

Note 7 Short-Term Borrowings and Credit Lines 13

Note 8 Supply Chain Financing 13

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NOTE 1 — BASIS OF PRESENTATION AND ORGANIZATION

The accompanying unaudited condensed consolidated financial statements have been prepared by the management of Columbia Sportswear Company (together with its wholly owned subsidiaries, the "Company") and, in the opinion of management, include all normal recurring material adjustments necessary to present fairly the Company's financial position as of September 30, 2025, December 31, 2024 and September 30, 2024, the results of operations for the three and nine months ended September 30, 2025 and 2024, and cash flows for the nine months ended September 30, 2025 and 2024.

The accompanying unaudited condensed consolidated financial statements have been prepared by the management of Columbia Sportswear Company (together with its wholly owned subsidiaries, the "Company") and, in the opinion of management, include all normal recurring material adjustments necessary to present fairly the Company's financial position as of March 31, 2026 and December 31, 2025, the results of operations for the three months ended March 31, 2026 and 2025, and cash flows for the three months ended March 31, 2026 and 2025.

The December 31, 2025 financial information was derived from the Company's audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

A significant part of the Company's business is of a seasonal nature;

therefore, results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of results to be expected for other quarterly periods or for the full year.

therefore, results of operations for the three months ended March 31, 2026 are not necessarily indicative of results to be expected for other quarterly periods or for the full year.

Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission.

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RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

In December 2023, the FASB issued ASU No.

2023-09 (“ASU 2023-09”), Income Taxes (Topic 740):

Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through disaggregation of specific rate reconciliation categories and income taxes paid by jurisdiction.

The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted, and may be applied prospectively or retrospectively.

The Company is currently evaluating the ASU to determine the impact on the Company’s disclosures.

In November 2024, the FASB issued ASU No.

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The following tables disaggregate the Company's reportable segment Net sales by product category and channel, which the Company believes provides a meaningful depiction of how the nature, timing and uncertainty of Net sales are affected by economic factors:

Three Months Ended September 30, 2025

(in thousands)

LAAP EMEA Canada Total

Product category net sales:

Apparel, accessories and equipment $ 442,496 $ 112,514 $ 113,668 $ 65,637 $ 734,315

Footwear 104,194 30,844 50,793 23,279 209,110

Total $ 546,690 $ 143,358 $ 164,461 $ 88,916 $ 943,425

Channel net sales:

Wholesale $ 329,410 $ 100,950 $ 132,649 $ 71,162 $ 634,171

Direct-to-consumer 217,280 42,408 31,812 17,754 309,254

Total $ 546,690 $ 143,358 $ 164,461 $ 88,916 $ 943,425

Three Months Ended September 30, 2024

(in thousands)

LAAP EMEA Canada Total

Product category net sales:

Apparel, accessories and equipment $ 472,324 $ 109,251 $ 93,027 $ 60,754 $ 735,356

Footwear 98,982 25,734 48,758 22,938 196,412

Total $ 571,306 $ 134,985 $ 141,785 $ 83,692 $ 931,768

Channel net sales:

Wholesale $ 331,141 $ 93,482 $ 115,880 $ 64,714 $ 605,217

Direct-to-consumer 240,165 41,503 25,905 18,978 326,551

Total $ 571,306 $ 134,985 $ 141,785 $ 83,692 $ 931,768

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

(in thousands)

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Total $ 422,454 $ 160,243 $ 145,349 $ 50,967 $ 779,013

COLUMBIA SPORTSWEAR COMPANY | Q3 2025 FORM 10-Q | 9

Notes to unaudited Condensed Consolidated Financial Statements

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

(in thousands)

9 unchanged sentences

Total $ 471,181 $ 152,210 $ 107,480 $ 47,581 $ 778,452

PERFORMANCE OBLIGATIONS

For the three and nine months ended September 30, 2025 and 2024, Net sales recognized from performance obligations related to prior periods were not material.

Net sales expected to be recognized in any future period related to remaining performance obligations are not material.

CONTRACT BALANCES

As of September 30, 2025, December 31, 2024 and September 30, 2024, the Company did not have any contract assets and had an immaterial amount of contract liabilities included in Accrued liabilities on the unaudited Condensed Consolidated Balance Sheets.

As of March 31, 2026 and December 31, 2025, the Company did not have any contract assets and had an immaterial amount of contract liabilities included in Accrued liabilities on the unaudited Condensed Consolidated Balance Sheets.

NOTE 3 — SEGMENT INFORMATION

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the design, development, marketing, and distribution of outdoor, active and lifestyle products, including apparel, footwear, accessories, and equipment.

The Company’s CODM is the Company’s president and chief executive officer.

COLUMBIA SPORTSWEAR COMPANY | Q1 2026 FORM 10-Q | 8

Notes to unaudited Condensed Consolidated Financial Statements

The Company’s CODM is the Company’s Chief Executive Officer.

The Company’s CODM assesses the segments’ performance by using each segment's operating income.

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Intersegment net sales and intersegment profits, which are recorded at a negotiated mark-up and eliminated in consolidation, are not material.

Unallocated corporate expenses consist of expenses incurred by centrally-managed departmental functions, including information technology, certain supply chain functions, finance, human resources, and legal, as well as executive compensation, unallocated benefit program expense, intangible asset and goodwill impairment charges, and other miscellaneous costs.

Unallocated corporate expenses consist of expenses incurred by centrally-managed departmental functions, including certain information technology, supply chain, finance, human resources, and legal functions, as well as executive compensation, unallocated benefit program expense, and other miscellaneous costs.

The following tables present segment financial information for the Company's reportable segments:

COLUMBIA SPORTSWEAR COMPANY | Q3 2025 FORM 10-Q | 10

Notes to unaudited Condensed Consolidated Financial Statements

Three Months Ended September 30, 2025

Three Months Ended March 31, 2026

(in thousands)

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(a) For each reportable segment, other segment items include certain corporate expenses and net licensing income allocated to each of the reportable segments, as well as net licensing income directly attributable to each of the reportable segments.

Three Months Ended September 30, 2024

Three Months Ended March 31, 2025

(in thousands)

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Nine Months Ended September 30, 2025

(in thousands)

$ 1,352,988 $ 407,901 $ 402,503 $ 163,731 $ 2,327,123

Cost of sales

681,608 186,537 209,765 84,230 1,162,140

Segment selling, general and administrative expenses

437,791 148,077 101,836 38,020 725,724

Other segment items (a)

53,241 18,818 12,074 11,651 95,784

Segment operating income

180,348 54,469 78,828 29,830 343,475

Reconciliation to income before income tax:

Unallocated corporate expenses

Operating income 90,303

Interest income, net

Other non-operating income, net

Income before income tax $ 109,275

The following table presents segment depreciation and amortization expense information:

COLUMBIA SPORTSWEAR COMPANY | Q1 2026 FORM 10-Q | 9

Notes to unaudited Condensed Consolidated Financial Statements

Nine Months Ended September 30, 2024

(in thousands)

LAAP EMEA Canada Total

$ 1,385,940 $ 373,115 $ 350,227 $ 162,712 $ 2,271,994

Cost of sales

707,841 166,762 184,472 82,382 1,141,457

Segment selling, general and administrative expenses

406,113 136,902 86,194 34,079 663,288

Other segment items (a)

60,171 21,111 12,759 12,736 106,777

Segment operating income

211,815 48,340 66,802 33,515 360,472

Reconciliation to income before income tax:

Unallocated corporate expenses

Operating income

Interest income, net

Other non-operating income, net

Income before income tax

The following table presents segment depreciation and amortization expense information:

Three Months Ended September 30,

Nine Months Ended

September 30,

Three Months Ended March 31,

(in thousands)

2025 2024 2025 2024

Depreciation and amortization expense:

7 unchanged sentences

(in thousands)

September 30, 2025 December 31, 2024 September 30, 2024

March 31, 2026 December 31, 2025

$ 402,376 $ 416,041

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CONCENTRATIONS

No single customer accounted for 10% or more of Net sales for the three and nine months ended September 30, 2025 and 2024.

COLUMBIA SPORTSWEAR COMPANY | Q3 2025 FORM 10-Q | 12

Notes to unaudited Condensed Consolidated Financial Statements

No single customer accounted for 10% or more of Net sales for the three months ended March 31, 2026 and 2025.

NOTE 4 — SHARE-BASED COMPENSATION

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Share-based compensation expense, which is primarily recorded in Selling, general, and administrative ("SG&A") expenses , consisted of the following:

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

(in thousands) 2026 2025

Share-based compensation expense - equity awards

$ 6,261 $ 6,470 $ 18,060 $ 18,478

Share-based compensation expense - liability awards

( 517 ) — ( 71 ) —

Total $ 5,744 $ 6,470 $ 17,989 $ 18,478

STOCK OPTIONS

During the nine months ended September 30, 2025, the Company granted a total of 160,263 stock options at a weighted average grant date fair value of $ 19.23 per option.

As of September 30, 2025, unrecognized costs related to outstanding stock options, which are net of estimated forfeitures, totaled $ 6.8 million, before any related tax benefit.

During the three months ended March 31, 2026, the Company granted a total of 252,530 stock options at a weighted average grant date fair

COLUMBIA SPORTSWEAR COMPANY | Q1 2026 FORM 10-Q | 10

Notes to unaudited Condensed Consolidated Financial Statements

value of $ 12.95 per option.

As of March 31, 2026, unrecognized costs related to outstanding stock options, which are net of estimated forfeitures, totaled $ 7.2 million, before any related tax benefit.

These unrecognized costs related to stock options are expected to be recognized over a weighted average period of 2.93 years.

1 unchanged sentence

Time-Based Restricted Stock Units

During the nine months ended September 30, 2025, the Company granted 371,810 time-based restricted stock units ("time-based RSUs") at a weighted average grant date fair value of $ 79.61 per time-based RSU.

As of September 30, 2025, unrecognized costs related to outstanding time-based RSUs, which are net of estimated forfeitures, totaled $ 37.6 million, before any related tax benefit.

During the three months ended March 31, 2026, the Company granted 459,880 time-based restricted stock units ("time-based RSUs") at a weighted average grant date fair value of $ 57.27 per time-based RSU.

As of March 31, 2026, unrecognized costs related to outstanding time-based RSUs, which are net of estimated forfeitures, totaled $ 49.8 million, before any related tax benefit.

These unrecognized costs related to time-based RSUs are expected to be recognized over a weighted average period of 3.11 years.

Performance-Based Restricted Stock Units

During the nine months ended September 30, 2025, the Company granted 22,860 performance-based restricted stock units (“performance-based RSUs”) at a weighted average grant date fair value of $ 81.05 per performance-based RSU.

As of September 30, 2025, unrecognized costs related to outstanding performance-based RSUs, which are net of estimated forfeitures and reflect achievement of performance forecasted as of the balance sheet date, totaled $ 0.7 million, before any related tax benefit.

During the three months ended March 31, 2026, the Company granted 41,856 performance-based restricted stock units (“performance-based RSUs”), 5,269 of which were granted at a weighted average grant date fair value of $ 56.95 per performance-based RSU.

The remaining 36,587 performance-based RSUs were granted without defined performance targets and, accordingly, did not meet all criteria for grant date fair value to be established in accordance with GAAP.

Grant date fair value for the 36,587 performance-based RSUs will not be determined until all grant date criteria are met.

As of March 31, 2026, unrecognized costs related to outstanding performance-based RSUs, which are net of estimated forfeitures and reflect achievement of performance forecasted as of the balance sheet date, totaled $ 2.4 million, before any related tax benefit.

These unrecognized costs related to performance-based RSUs are expected to be recognized over a weighted average period of 1.95 years.

Market-Based Restricted Stock Units

During the nine months ended September 30, 2025, the Company granted 22,860 market-based restricted stock units (“market-based RSUs”) at a weighted average grant date fair value of $ 117.40 per market-based RSU.

As of September 30, 2025, unrecognized costs related to outstanding market-based RSUs, which are net of estimated forfeitures, totaled $ 2.6 million, before any related tax benefit.

During the three months ended March 31, 2026, the Company granted 36,587 market-based restricted stock units (“market-based RSUs”) at a weighted average grant date fair value of $ 75.82 per market-based RSU.

As of March 31, 2026, unrecognized costs related to outstanding market-based RSUs, which are net of estimated forfeitures, totaled $ 4.1 million, before any related tax benefit.

These unrecognized costs related to market-based RSUs are expected to be recognized over a weighted average period of 1.95 years.

Market-Based Long-Term Cash Awards

COLUMBIA SPORTSWEAR COMPANY | Q3 2025 FORM 10-Q | 13

Notes to unaudited Condensed Consolidated Financial Statements

During the nine months ended September 30, 2025, the Company issued a long-term cash award to its Chief Executive Officer with a target value of $ 1.3 million that includes both a market and time-based vesting condition.

As of September 30, 2025, the fair value of all outstanding market-based long-term cash awards was $ 0.8 million and the Company had unrecognized compensation costs of $ 0.5 million.

During the three months ended March 31, 2026, the Company issued long-term cash awards to certain of its executive officers with a target value of $ 1.6 million that includes both a market and time-based vesting condition.

As of March 31, 2026, the fair value of all outstanding market-based long-term cash awards was $ 3.3 million and the Company had unrecognized compensation costs of $ 2.3 million.

These unrecognized costs are expected to be recognized over a weighted average period of 1.97 years.

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Diluted EPS reflects the potential dilution that could occur if outstanding securities or other contracts to issue common stock were exercised or converted into common stock.

COLUMBIA SPORTSWEAR COMPANY | Q1 2026 FORM 10-Q | 11

Notes to unaudited Condensed Consolidated Financial Statements

A reconciliation of the common shares used in the denominator for computing basic and diluted EPS is as follows:

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

(in thousands, except per share amounts)

2025 2024 2025 2024

Weighted average common shares outstanding, used in computing basic earnings per share

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Weighted average common shares excluded (1)

2,691 1,957 2,384 2,005

(1) Common stock related to stock options, time-based restricted stock units, market-based restricted stock units, and performance-based restricted stock units were outstanding but were excluded from the computation of diluted EPS because their effect would be anti-dilutive under the treasury stock method or because the shares were subject to performance or market conditions that had not been met.

NOTE 6 — INTANGIBLE ASSETS, NET AND GOODWILL

Indefinite-lived intangible assets (which consists of trade names and trademarks) (collectively, "trade names") and goodwill reporting units are tested for impairment annually or when events or changes in circumstances indicate that it is more likely than not that the fair value of the asset is less than its carrying amount (a "triggering event").

During the three months ended September 30, 2025, declines in forecasted revenues and gross margins, primarily as a result of impacts from incremental tariffs and a difficult macroeconomic environment, led to triggering events for the prAna and Mountain Hardwear trade names and goodwill reporting units.

As a result, the Company performed interim quantitative impairment tests where the Company compared the estimated fair values of the prAna and Mountain Hardwear trade names and goodwill reporting units to their carrying values.

The fair values of the prAna and Mountain Hardwear trade names were estimated using a relief-from-royalty method under the income approach.

The key assumptions used in the relief-from-royalty method were the Company's estimates of projected revenues, royalty rate, and discount rate, taking into consideration market and industry conditions.

In the Company's interim quantitative impairment test of the prAna trade name, the fair value of the prAna trade name was less than its carrying value of $ 51.8 million and, therefore, an impairment charge of $ 8.0 million was recorded.

In the Company's interim quantitative impairment test of the Mountain Hardwear trade name, the fair value of the Mountain Hardwear trade name exceeded its carrying value and, therefore, no impairment was recorded.

There was no triggering event or impairment charge recorded for trade names during the three and nine months ended September 30, 2024.

The fair values of the prAna and Mountain Hardwear goodwill reporting units were estimated using a combination of discounted cash flow and market-based valuation methods.

The key assumptions used in the discounted cash flow method were cash flow projections and the discount rate.

Cash flow projections were developed, in part, from the Company's annual and long-range planning processes.

The discount rate was the estimated weighted-average cost of capital of each reporting unit from a market-participant perspective.

The key assumptions

COLUMBIA SPORTSWEAR COMPANY | Q3 2025 FORM 10-Q | 14

Notes to unaudited Condensed Consolidated Financial Statements

used in the market-based valuation method were market multiples for guideline public companies.

In the Company's interim quantitative impairment test of the prAna reporting unit, the fair value of the prAna reporting unit was less than its carrying value and, therefore, an impairment charge of $ 8.8 million was recorded.

In the Company's interim quantitative impairment test of the Mountain Hardwear reporting unit, the fair value of the Mountain Hardwear reporting unit was less than its carrying value and, therefore, an impairment charge of $ 12.2 million was recorded.

There was no triggering event or impairment charge recorded for goodwill during the three and nine months ended September 30, 2024.

INTANGIBLE ASSETS, NET

1 unchanged sentence

(in thousands)

September 30, 2025 December 31, 2024 September 30, 2024

March 31, 2026 December 31, 2025

Intangible assets with definite lives:

9 unchanged sentences

Intangible assets, net $ 71,221 $ 71,221

Intangible assets subject to amortization were fully amortized for three months ended September 30, 2025 and September 30, 2024, and for the nine months ended September 30, 2025.

For the nine months ended September 30, 2024, amortization expense for intangible assets subject to amortization was $ 0.7 million.

Substantially all of the Company's goodwill is recorded in the U.S.

The following table sets forth the changes in Goodwill .

Intangible assets subject to amortization were fully amortized as of March 31, 2026 and December 31, 2025.

There have been no changes to the Company's goodwill as described in Note 9 in Part II, Item 8 of the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

COLUMBIA SPORTSWEAR COMPANY | Q1 2026 FORM 10-Q | 12

Notes to unaudited Condensed Consolidated Financial Statements

(in thousands)

Balance as of September 30, 2024

Accumulated impairment losses

Carrying value 26,694

Impairment losses during 2024

Balance as of December 31, 2024

Accumulated impairment losses

Carrying value 26,694

Impairment losses during 2025

Balance as of September 30, 2025

Accumulated impairment losses

Carrying value $ 5,694

NOTE 7 — SHORT-TERM BORROWINGS AND CREDIT LINES

Except as disclosed below, there have been no significant changes to the Company's short-term borrowings and credit lines as described in Note 11 in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

DOMESTIC CREDIT FACILITY

In March 2026, the Company terminated its prior domestic credit agreement and, simultaneously, entered into a new credit agreement (the "Domestic Credit Agreement").

The Domestic Credit Agreement provides for up to $ 500.0 million of borrowings pursuant to an unsecured, committed revolving credit facility (the "Credit Facility") which is available for working capital and general corporate purposes, including a sublimit for the issuance of letters of credit.

This Credit Facility matures on March 19, 2031.

Interest, generally payable monthly, is based on the Company's option of either the secured overnight financing rate (“SOFR”) plus an applicable margin or a base rate.

Base rate is defined as the highest of the following, plus an applicable margin:

• the administrative agent's prime rate;

• the higher of the federal funds rate or the overnight bank funding rate set by the Federal Reserve Bank of New York, plus 0.50 %;

• the one-month SOFR plus 1.00 %.

The applicable margin for SOFR loans will range from 1.00 % to 1.50 % based on the Company’s funded debt ratio.

The applicable margin for base rate loans will range from 0.00 % to 0.50 % based on the Company’s funded debt ratio.

A commitment fee ranging from 0.10 % to 0.20 % based on the Company's funded debt ratio is paid quarterly on the average daily unused commitment amount of the Credit Facility.

The Domestic Credit Agreement includes a financial covenant to maintain a funded debt ratio of not greater than 3.75 to 1.00.

In addition, the Domestic Credit Agreement includes customary covenants that, among other things, limit or restrict the ability of the Company and its subsidiaries to incur additional indebtedness and liens, engage in mergers, acquisitions and dispositions, and engage in transactions with affiliates, as well as restrict the amount of certain payments, including dividends and share buybacks in the event the Company's funded debt ratio is greater than a set amount.

As of March 31, 2026, the Company was in compliance with all associated covenants.

As of March 31, 2026 and December 31, 2025, there was no balance outstanding.

NOTE 8 — SUPPLY CHAIN FINANCING

4 unchanged sentences

The Company does not have an economic interest in a supplier’s decision to participate in the program and has not pledged any assets as security or provided any guarantees as part of the program.

The Company’s outstanding payables under the SCF program were $ 38.1 million, $ 81.3 million and $ 27.2 million as of September 30, 2025, December 31, 2024 and September 30, 2024, respectively, and were recorded within Accounts payable on the unaudited Condensed Consolidated Balance Sheets.

The Company’s outstanding payables under the SCF program were $ 43.4 million and $ 71.9 million as of March 31, 2026 and December 31, 2025, respectively, and were recorded within Accounts payable on the unaudited Condensed Consolidated Balance Sheets.

NOTE 9 — COMMITMENTS AND CONTINGENCIES

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Management has considered facts related to legal and regulatory matters and opinions of counsel handling these matters, and does not believe the ultimate resolution of these proceedings will have a material adverse effect on the Company's financial position, results of operations or cash flows.

COLUMBIA SPORTSWEAR COMPANY | Q1 2026 FORM 10-Q | 13

Notes to unaudited Condensed Consolidated Financial Statements

On February 20, 2026, the U.S.

Supreme Court ruled that U.S.

tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") were unconstitutional.

Subsequently, the U.S.

Court of International Trade ("CIT") ruled that the collected tariffs in question shall be refunded in accordance with the law.

Customs and Border Protection ("CBP") has issued an official notice and launched a special tariff refund program to facilitate such refunds.

The Company has begun the process of requesting refunds of IEEPA tariffs paid.

At the time the IEEPA tariffs were ruled unconstitutional, the Company had already paid approximately $ 80 million of IEEPA tariffs.

As of March 31, 2026, approximately $ 55 million of that amount has been realized through cost of sales, with the remainder in inventory.

However, as of March 31, 2026, the Company did not recognize any tariff refunds in its unaudited condensed consolidated financial statements as it was unable to assert loss recovery is probable due to the uncertainty surrounding the tariff refund program.

As of the date of this report, the Company has not received any portion of the IEEPA tariff refunds which it requested.

The Company continues to monitor these developments and assess their potential impact on the Company's operations and unaudited condensed consolidated financial statements.

NOTE 10 — SHAREHOLDERS' EQUITY

Since the inception of the Company's stock repurchase plan in 2004 through September 30, 2025, the Company's Board of Directors has authorized the repurchase of $ 2.6 billion of the Company's common stock, excluding excise tax.

Since the inception of the Company's stock repurchase plan in 2004 through March 31, 2026, the Company's Board of Directors has authorized the repurchase of $ 2.6 billion of the Company's common stock, excluding excise tax.

Shares of the Company's common stock may be purchased in the open market or through privately negotiated transactions, subject to market conditions, and generally settle subsequent to the trade date.

The repurchase program does not obligate the Company to acquire any specific number of shares or to acquire shares over any specified period of time.

Under this program as of September 30, 2025, the Company had repurchased 40.4 million shares at an aggregate purchase price of $ 2,144.1 million and had $ 455.9 million remaining available under the share repurchase program, excluding excise tax.

During the three and

COLUMBIA SPORTSWEAR COMPANY | Q3 2025 FORM 10-Q | 16

Notes to unaudited Condensed Consolidated Financial Statements

nine months ended September 30, 2025, the Company repurchased an aggregate of $ 40.0 million and $ 171.7 million, respectively, of common stock under this program, excluding excise tax.

Under this program as of March 31, 2026, the Company had repurchased 43.5 million shares for an aggregate purchase price of $ 2,323.5 million and had $ 276.5 million remaining available under the share repurchase program, excluding excise tax.

During the three months ended March 31, 2026 and 2025, the Company repurchased an aggregate of $ 150.0 million and $ 101.4 million, respectively, of common stock under this program, excluding excise tax.

NOTE 11 — ACCUMULATED OTHER COMPREHENSIVE LOSS

1 unchanged sentence

The following tables set forth the changes in Accumulated other comprehensive loss :

(in thousands) Derivative transactions Foreign currency

adjustments Total

Balance as of June 30, 2025

$ ( 10,510 ) $ ( 56,337 ) $ ( 66,847 )

Other comprehensive income before reclassifications

7,590 ( 4,272 ) 3,318

Amounts reclassified from accumulated other comprehensive loss (1)

( 2,546 ) — ( 2,546 )

Net other comprehensive income during the period

5,044 ( 4,272 ) 772

Balance as of September 30, 2025

$ ( 5,466 ) $ ( 60,609 ) $ ( 66,075 )

(1) Amounts reclassified are recorded in Net sales, Cost of sales, or Other non-operating income, net on the unaudited Condensed Consolidated Statements of Operations.

Refer to Note 11 for further information regarding reclassifications.

(in thousands) Derivative transactions Foreign currency

adjustments Total

Balance as of June 30, 2024

$ 17,523 $ ( 72,533 ) $ ( 55,010 )

Other comprehensive income before reclassifications ( 9,895 ) 20,477 10,582

Amounts reclassified from accumulated other comprehensive loss (1)

( 5,010 ) — ( 5,010 )

Net other comprehensive income during the period ( 14,905 ) 20,477 5,572

Balance as of September 30, 2024

$ 2,618 $ ( 52,056 ) $ ( 49,438 )

(1) Amounts reclassified are recorded in Net sales, Cost of sales, or Other non-operating income, net on the unaudited Condensed Consolidated Statements of Operations.

Refer to Note 11 for further information regarding reclassifications.

(in thousands) Available-for-

3 unchanged sentences

$ 95 $ ( 4,636 ) $ ( 61,112 ) $ ( 65,653 )

Other comprehensive income before reclassifications — ( 22,385 ) 26,091 3,706

Other comprehensive income (loss) before reclassifications

— 10,333 ( 9,002 ) 1,331

Amounts reclassified from accumulated other comprehensive loss (1)

( 95 ) ( 168 ) — ( 263 )

Net other comprehensive loss during the period ( 84 ) ( 28,860 ) 26,091 ( 2,853 )

Balance as of September 30, 2025

Net other comprehensive Income (loss) during the period

( 95 ) 10,165 ( 9,002 ) 1,068

Balance as of March 31, 2026

$ — $ 5,529 $ ( 70,114 ) $ ( 64,585 )

(1) Amounts reclassified are recorded in Net sales , Cost of sales , or Other non-operating income, net on the unaudited Condensed Consolidated Statements of Operations.

7 unchanged sentences

$ 84 $ 23,394 $ ( 86,700 ) $ ( 63,222 )

Other comprehensive income before reclassifications — 7,283 ( 2,386 ) 4,897

Other comprehensive income (loss) before reclassifications

— ( 5,910 ) 9,813 3,903

Amounts reclassified from accumulated other comprehensive loss (1)

( 84 ) ( 2,048 ) — ( 2,132 )

Net other comprehensive loss during the period ( 145 ) ( 1,071 ) ( 2,386 ) ( 3,602 )

Balance as of September 30, 2024

Net other comprehensive income (loss) during the period

( 84 ) ( 7,958 ) 9,813 1,771

Balance as of March 31, 2025

$ — $ 15,436 $ ( 76,887 ) $ ( 61,451 )

(1) Amounts reclassified are recorded in Net sales , Cost of sales , or Other non-operating income, net on the unaudited Condensed Consolidated Statements of Operations.

19 unchanged sentences

The following table presents the gross notional amount of outstanding derivative instruments:

(in thousands) September 30, 2025 December 31, 2024 September 30, 2024

(in thousands) March 31, 2026 December 31, 2025

Derivative instruments designated as cash flow hedges:

2 unchanged sentences

Currency forward contracts $ 297,731 $ 261,805

As of September 30, 2025, $ 0.1 million of deferred net gains on both outstanding and matured derivatives recorded in Accumulated other comprehensive loss are expected to be reclassified to Net income during the next twelve months as a result of underlying hedged transactions also being recorded in Net sales or Cost of sales in the unaudited Condensed Consolidated Statements of Operations.

As of March 31, 2026, $ 3.3 million of deferred net gains on both outstanding and matured derivatives recorded in Accumulated other comprehensive loss are expected to be reclassified to Net income during the next twelve months as a result of underlying hedged transactions also being recorded in Net sales or Cost of sales in the unaudited Condensed Consolidated Statements of Operations.

When outstanding derivative contracts mature, actual amounts ultimately reclassified to Net sales or Cost of sales in the unaudited Condensed

COLUMBIA SPORTSWEAR COMPANY | Q1 2026 FORM 10-Q | 15

Notes to unaudited Condensed Consolidated Financial Statements

Consolidated Statements of Operations are dependent on U.S.

dollar exchange rates in effect against the euro, renminbi, Canadian dollar, won, and yen as well as the euro exchange rate in effect against the pound sterling.

As of September 30, 2025, the Company's derivative contracts had a remaining maturity of less than 3 years.

The maximum net exposure to any single counterparty, which is generally limited to the aggregate unrealized gain of all contracts with that counterparty, was $ 2.2 million as of September 30, 2025.

As of March 31, 2026, the Company's derivative contracts had a remaining maturity of less than 4 years.

The maximum net exposure to any single counterparty, which is generally limited to the aggregate unrealized gain of all contracts with that counterparty, was $ 6.1 million as of March 31, 2026.

All of the Company's derivative counterparties have credit ratings that are investment grade or higher.

2 unchanged sentences

The following table presents the balance sheet classification and fair value of derivative instruments:

(in thousands) Balance Sheet Classification September 30, 2025 December 31, 2024 September 30, 2024

(in thousands) Balance Sheet Classification March 31, 2026 December 31, 2025

Derivative instruments designated as cash flow hedges:

10 unchanged sentences

Currency forward contracts Accrued liabilities $ 1,655 $ 676

COLUMBIA SPORTSWEAR COMPANY | Q3 2025 FORM 10-Q | 19

The following table presents the statement of operations effect and classification of derivative instruments:

Classification Three Months Ended September 30,

Nine Months Ended September 30,

Classification Three Months Ended March 31,

(in thousands) 2026 2025

1 unchanged sentence

Derivative instruments designated as cash flow hedges:

Gain (loss) recognized in other comprehensive income (loss), net of tax

Gain (loss) recognized in other comprehensive loss, net of tax

— $ 10,333 $ ( 5,910 )

3 unchanged sentences

Cost of sales $ 263 $ 3,131

Gain (loss) reclassified from accumulated other comprehensive loss to net income as a result of cash flow hedge discontinuance

Other non-operating income, net

$ — $ 62 $ ( 54 ) $ 130

Derivative instruments not designated as cash flow hedges:

Gain (loss) recognized in net income

Loss recognized in net income

Other non-operating income, net

$ ( 6 ) $ ( 612 )

COLUMBIA SPORTSWEAR COMPANY | Q1 2026 FORM 10-Q | 16

Notes to unaudited Condensed Consolidated Financial Statements

NOTE 13 — FAIR VALUE MEASURES

8 unchanged sentences

Level 2 instrument valuations are obtained from inputs, other than quoted market prices in active markets, that are directly or indirectly observable in the marketplace and quoted prices in markets with limited volume or infrequent transactions.

COLUMBIA SPORTSWEAR COMPANY | Q3 2025 FORM 10-Q | 20

Notes to unaudited Condensed Consolidated Financial Statements

Assets and liabilities measured at fair value on a recurring basis are as follows:

As of September 30, 2025

As of March 31, 2026

(in thousands) Level 1 Level 2 Level 3 Total

9 unchanged sentences

— 199,248 — 199,248

Commercial paper

— 14,894 — 14,894

Other short-term investments:

23 unchanged sentences

— 50,050 — 50,050

Time deposits (1)

— 22,306 — 22,306

Short-term investments:

Available-for-sale short-term investments:

government treasury bills — 281,499 — 281,499

Other short-term investments:

Money market funds 384 — — 384

Mutual fund shares 1,725 — — 1,725

Prepaid expenses and other current assets:

Derivative financial instruments — 24,629 — 24,629

Other non-current assets:

Money market funds 1,263 — — 1,263

Mutual fund shares 29,225 — — 29,225

Derivative financial instruments — 9,137 — 9,137

Total assets measured at fair value $ 193,340 $ 422,193 $ — $ 615,533

Accrued liabilities:

Derivative financial instruments $ — $ 1,725 $ — $ 1,725

Other long-term liabilities:

Derivative financial instruments — 13 — 13

Total liabilities measured at fair value $ — $ 1,738 $ — $ 1,738

(1) Time deposits are carried at amortized cost on the unaudited Condensed Consolidated Balance Sheets, which reasonably approximates fair value.

(2) Available-for-sale short-term investments have remaining maturities of less than one year.

COLUMBIA SPORTSWEAR COMPANY | Q3 2025 FORM 10-Q | 22

Notes to unaudited Condensed Consolidated Financial Statements

As of September 30, 2024

(in thousands) Level 1 Level 2 Level 3 Total

Cash equivalents:

Money market funds $ 50,149 $ — $ — $ 50,149

Commercial paper — 24,856 — 24,856

Time deposits (1)

3 unchanged sentences

government treasury bills — 321,766 — 321,766

Commercial paper — 24,676 — 24,676

Other short-term investments:

15 unchanged sentences

(2) Available-for-sale short-term investments have remaining maturities of less than one year.

NON-RECURRING FAIR VALUE MEASUREMENTS

Refer to Note 6 in Part 1, Item 1 of this Quarterly Report on Form 10-Q for further information regarding the impairment charges recorded during the third quarter of 2025 and related fair value measurements.

The inputs used to measure the fair value of these assets are primarily significant unobservable inputs and, as such, considered Level 3 fair value measurements.

COLUMBIA SPORTSWEAR COMPANY | Q1 2026 FORM 10-Q | 18

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements