Major developments Q3 2025:<\/p>\n
Brand adidas grows 12% currency-neutral, leading to record net sales of \u20ac\u00a06.6\u00a0billionBroad-based double-digit growth across markets, divisions, categories, and channelsGross margin improves 0.5\u00a0percentage\u00a0points to 51.8%, despite unfavorable effects from currencies and tariffsOperating profit up 23% to \u20ac\u00a0736\u00a0millionOperating margin improves 1.8\u00a0percentage points to 11.1%Net income of \u20ac\u00a0485\u00a0million, as hyperinflation-related effects weigh on financial result<\/p>\n
Major developments 9M 2025:<\/p>\n
Brand adidas grows 14%, with double-digit increases in all markets and channelsOperating profit up 48% to \u20ac\u00a01.9\u00a0billion, reflecting an operating margin of 10.1%Net income increases 52% to \u20ac\u00a01.3\u00a0billion<\/p>\n
Increased outlook for FY 2025:<\/p>\n
Double-digit currency-neutral revenue growth for adidas brandCompany revenues to increase by around 9% (previously: high-single-digit increase)Operating profit to increase to around \u20ac\u00a02.0\u00a0billion (previously: \u20ac\u00a01.7\u00a0–\u00a0\u20ac\u00a01.8\u00a0billion)<\/p>\n
adidas CEO Bj\u00f8rn Gulden:
\u201cI am extremely proud of what our teams achieved in the third quarter with actually record revenues. 12% growth for the adidas brand leading to total revenue of \u20ac\u00a06.63\u00a0billion is the highest we have ever achieved as a company in a quarter. I am especially happy to see that our performance business is growing strongly across categories and in all regions.<\/p>\n
The environment is volatile with the tariff increases in the US and a lot of uncertainty among both retailers and consumers around the world, but our teams work hard, and our brand and our products resonate well with consumers.<\/p>\n
Given the positive development in Q3, we have narrowed our top-line guidance and raised our full-year EBIT outlook from between \u20ac\u00a01.7\u00a0billion and \u20ac\u00a01.8\u00a0billion to around \u20ac\u00a02.0\u00a0billion.\u00a0<\/p>\n
2025 is a success for us already. 14% growth for the adidas brand year-to-date and an EBIT margin above 10% is proof how strong our brand is. Being a global brand with a local mindset, empowering our markets to win their local consumers is the right strategy to be globally successful and is driving these strong results.\u00a0<\/p>\n
The focus is now on transitioning well into 2026, which will be another exciting sports year with the Winter Olympics right at the beginning, the biggest Football World Cup ever, and many more great events to look forward to.<\/p>\n
adidas is a sports company that connects sports and street culture. We sell performance, comfort, and lifestyle. We see global demand for all these segments continue to grow. That is why we look positive into the future!\u201d<\/p>\n
Third-quarter results<\/p>\n
adidas brand with 12% currency-neutral growth in Q3
In the third quarter of 2025, currency-neutral revenues for the adidas brand increased 12% versus the prior year, or more than \u20ac\u00a0700\u00a0million in absolute terms, reflecting its continued and broad-based momentum. Having completed the sale of the remaining Yeezy inventory at the end of last year, the company\u2019s results for the third quarter of 2025 do not include any Yeezy revenues (2024: around \u20ac\u00a0200\u00a0million). Including Yeezy sales in the prior year, currency-neutral revenues increased 8%. In euro terms, revenues reached a record level of \u20ac\u00a06,630\u00a0million (2024:\u00a0\u20ac\u00a06,438\u00a0million) in the quarter, despite the strengthening of the euro against several currencies, which led to an unfavorable translation impact of more than \u20ac\u00a0300\u00a0million.<\/p>\n
Double-digit increase in both footwear and apparel
Footwear revenues for the adidas brand grew 11% during the quarter on a currency-neutral basis. The broader and deeper product offering drove double-digit footwear growth in major sports categories, including Running, Football, Training, and Specialist Sports. Strong growth in Originals and Sportswear also contributed to the increase in footwear. Apparel sales grew 16% during the quarter as brand and product momentum continued to expand. Differentiated and locally relevant apparel collections fueled double-digit increases in Originals, Football, Running, Specialist Sports, and US Sports. Accessories grew 1% during the quarter.<\/p>\n
Double-digit growth in both Performance and Lifestyle
Performance revenues increased 17% on a currency-neutral basis during the third quarter, led by strong double-digit growth in Running and Football. Momentum in Running increased further with growth of more than 30%, driven by Adizero. The Adios Pro Evo 2 and Adios Pro 4 secured multiple marathon victories, including wins in Tokyo, Berlin, and Chicago, while the Prime\u00a0X\u00a0Evo concept shoe broke the six-hour barrier, setting a new world record for the 100\u00a0kilometers at the \u2018Chasing\u00a0100\u2019 project in Italy. Given these strong performance credentials, adidas continued to expand its successful Evo SL franchise, offering Adizero features at a compelling price point, and also recorded growth in everyday running franchises such as Supernova. In Football, growth was fueled by new season on-pitch kits and culturally inspired collections for the brand\u2019s major clubs. The launch of a wide range of product for Liverpool FC, the brand\u2019s latest addition to its unique portfolio of partners, was particularly successful across the globe. Updated packs for the F50 and Predator footwear franchises further drove excitement and growth. adidas players Ousmane Demb\u00e9l\u00e9, Aitana Bonmat\u00ed, Gianluigi Donnarumma, Lamine Yamal, and Vicky L\u00f3pez all having been awarded at the Ballon d\u2019Or provided positive halo effects across the brand\u2019s entire Football offering. Several other categories, including Training, Specialist Sports, US Sports, and Motorsport also contributed to the broad-based growth in Performance on the back of product innovation and newness that resonate strongly with consumers. Examples include the Dropset and Rapidmove footwear franchises for strength athletes, broader and deeper offerings for credibility sports such as American football, tennis, swimming, rugby, and field hockey, or the extensive merchandise collection in partnership with the Mercedes-AMG PETRONAS Formula 1 team.\u00a0<\/p>\n
Lifestyle revenues for the adidas brand increased 10% on a currency-neutral basis in the third quarter, driven by double-digit growth in Originals. The popular Terrace franchises continued to see healthy demand backed by seasonal updates in colorways, materials, and new collaborations that cater to local consumer tastes. At the same time, the brand\u2019s Low Profile offering continued to expand, with growth driven by updated looks for the Tokyo, Japan, and Taekwondo franchises, including animal-print and metallic iterations, as well as football- and ballet-inspired styles. After relaunching one of its most iconic franchises earlier this year, the brand also began to sequentially scale the Superstar, backed by a global campaign and market-led activations. In addition to evolving its classics footwear business, adidas continued to evolve its lifestyle running and lifestyle football offerings. Following successful activations, including the sought-after Pharrell Williams Adistar Jellyfish, the brand started to make silhouettes such as the Adistar Control, Goukana, and Megaride, as well as street-ready versions of the Predator and F50 more widely available. Building on the broad-based footwear momentum, Originals\u2019 apparel offering continued to gain traction. The Firebird and Teamgeist collections see particularly strong demand, driven by their heritage and the use of differentiated materials such as knit and denim, as well as bold colors. Collaborations with Oasis, Wales Bonner, Edison Chen, Sporty & Rich, and collections created with several retail partners further supported growth in Originals. In Sportswear, increases were driven by growing demand for the brand\u2019s commercial range, while innovative products such as the 3D-printed Climacool shoe and the revamped Z.N.E. apparel collection complemented the brand\u2019s portfolio of sport-inspired lifestyle products.<\/p>\n
Strong growth across all markets
In terms of regional performance during the third quarter, currency-neutral net sales for the adidas brand grew 12% in Europe, driven by double-digit growth in both wholesale and the brand\u2019s direct-to-consumer (DTC) business. Revenues in Greater China (+10%), Emerging Markets (+13%), Latin America (+21%), and Japan\/South Korea (+11%) were also up double-digits, with particularly strong increases in the company\u2019s DTC channels in all regions. Revenues for the adidas brand in North America were up 8%, reflecting double-digit growth in both footwear and apparel, while accessories sales declined during the quarter.<\/p>\n
Double-digit growth across all channels
From a channel perspective, growth for the adidas brand was equally broad-based with double-digit increases in all channels. Strong sell-through rates in our retail partners\u2019 stores and increased shelf space allocations continued to drive wholesale revenues, which increased 10% on a currency-neutral basis. Own retail revenues were up 13%, driven by strong like-for-like growth in the company\u2019s global fleet of own stores and continued investments into retail doors. E\u2011commerce sales increased 15%, with a continued focus on full-price propositions and on top of more than 25% growth in the prior-year quarter. As a result, sales in the brand\u2019s DTC business grew 14% in Q3.<\/p>\n
Gross margin improves 0.5 percentage points to 51.8%
The company\u2019s gross margin increased 0.5\u00a0percentage points to 51.8% during the third quarter (2024:\u00a051.3%). The positive development was mainly driven by lower product and freight costs, a better business mix, as well as continued strong sell-throughs, which more than offset the negative impacts from unfavorable currency fluctuations and higher US tariffs.<\/p>\n
Continued brand investments and overhead discipline
Other operating expenses decreased by 3% to \u20ac\u00a02,740\u00a0million in the third quarter (2024:\u00a0\u20ac\u00a02,837\u00a0million). As a percentage of sales, other operating expenses decreased 2.7\u00a0percentage points to 41.3% (2024:\u00a044.1%). Marketing and point-of-sales expenses were up 10% to \u20ac\u00a0798\u00a0million (2024:\u00a0\u20ac\u00a0724\u00a0million) as brand investments remained a priority. Next to \u2018You Got This,\u2019 its overarching brand campaign, adidas executed several dedicated product campaigns. These featured growing franchises such as the Superstar and Evo SL and involved a multitude of market-led physical events to connect with local sport and streetwear culture. In addition, the increase in marketing expenses reflects new and extended partnerships. Recent brand partner signings include Liverpool FC, the future Audi Formula 1 team, Jeremiah Smith, Penn State, and Tennessee Athletics. As a percentage of sales, marketing and point-of-sale expenses were up 0.8\u00a0percentage points to 12.0% (2024:\u00a011.2%). Operating overhead expenses decreased 8% to \u20ac\u00a01,943\u00a0million (2024:\u00a0\u20ac\u00a02,114\u00a0million), as the company continued to invest into its sales and distribution capabilities while managing its overall cost base. As a percentage of sales, operating overhead expenses decreased 3.5\u00a0percentage points to 29.3% (2024:\u00a032.8%), reflecting strong operating leverage.<\/p>\n
Operating profit growing to \u20ac\u00a0736\u00a0million reflects operating margin of 11.1% in Q3
The company\u2019s operating profit increased by 23% to \u20ac\u00a0736\u00a0million in the third quarter (2024:\u00a0\u20ac\u00a0598\u00a0million), reaching an operating margin of 11.1%, up 1.8\u00a0percentage\u00a0points compared to the previous year (2024:\u00a09.3%). Having completed the sale of the remaining Yeezy inventory at the end of last year, there was no Yeezy contribution to the company\u2019s operating profit in the quarter (2024:\u00a0around\u00a0\u20ac\u00a050\u00a0million).<\/p>\n
Net income from continuing operations increases to \u20ac\u00a0482\u00a0million
Net financial expenses amounted to \u20ac\u00a086\u00a0million (2024:\u00a0net financial income of \u20ac\u00a04\u00a0million), with the development mainly driven by currency and hyperinflation-related effects. Financial expenses had fallen significantly in the prior-year quarter due to favorable currency and hyperinflation-related effects. In contrast, the company recorded a significant negative impact from currency and hyperinflation-related effects in Q3 this year and financial expenses increased accordingly. Against an income before taxes of \u20ac\u00a0650\u00a0million (2024:\u00a0\u20ac\u00a0601\u00a0million), the company recorded income taxes of \u20ac\u00a0169\u00a0million (2024:\u00a0\u20ac\u00a0133\u00a0million). The tax rate reached 25.9% (2024:\u00a022.1%), reflecting timing effects related to the recognition of withholding taxes. As a result, net income from continuing operations increased by 3% to \u20ac\u00a0482\u00a0million (2024:\u00a0\u20ac\u00a0469\u00a0million) and led to basic and diluted EPS from continuing operations of \u20ac\u00a02.57 (2024:\u00a0\u20ac\u00a02.44).<\/p>\n
First nine months results<\/p>\n
adidas brand revenues up 14% currency-neutral in the first nine months of the year
Currency-neutral revenues for the adidas brand increased 14% in the first nine months of 2025, or more than \u20ac\u00a02.2\u00a0billion in absolute terms. Having completed the sale of the remaining Yeezy inventory at the end of last year, the company\u2019s results for the first nine months of 2025 do not include any Yeezy revenues (2024:\u00a0more\u00a0than\u00a0\u20ac\u00a0550\u00a0million). Including Yeezy sales in the prior year, currency-neutral revenues increased 10%. In euro terms, revenues were up 6% to \u20ac\u00a018,735\u00a0million (2024:\u00a0\u20ac\u00a017,718\u00a0million), as currency developments had an unfavorable translation impact.<\/p>\n
Strong adidas brand momentum drives double-digit growth in footwear and apparel
Footwear revenues for the adidas brand increased 14% on a currency-neutral basis during the first nine months of the year, reflecting strong double-digit growth in Originals, Sportswear, Running, Training, Performance Basketball, and Specialist Sports. Apparel sales grew 14%, led by double-digit growth in Originals and Running, while Football, Training, Golf, Specialist Sports, and Sportswear also posted strong increases. Accessories grew 6% during the first nine months of the year.<\/p>\n
adidas brand with double-digit growth in all markets
In the first nine months of 2025, currency-neutral revenues for the adidas brand increased at double-digit rates in all markets. Europe grew 11%, North America was up 12%, and Greater China also increased 12%. In addition, Latin America (+24%), Emerging Markets (+17%), and Japan\/South Korea (+14%) also recorded double-digit increases.\u00a0<\/p>\n
adidas brand up double digits across all channels
From a channel perspective, the adidas brand also showed strong and broad-based growth in the first nine months of 2025. Wholesale revenues increased 14% on a currency-neutral basis and the DTC business grew 13%. Within DTC, own retail revenues were up 12% and e\u2011commerce sales increased 14%.\u00a0<\/p>\n
Gross margin improves 0.8\u00a0percentage points to 51.9%
During the first nine months of the year, the company\u2019s gross margin increased 0.8\u00a0percentage points to 51.9% (2024:\u00a051.1%). The year-over-year increase of the adidas brand gross margin was even stronger. The positive development was mainly driven by lower product and freight costs, a better business mix, as well as continued strong sell-throughs, which more than offset unfavorable impacts from currencies and higher tariffs.\u00a0<\/p>\n
Operating margin of 10.1% in the first nine months of 2025
Other operating expenses decreased by 1% to \u20ac\u00a07,905\u00a0million (2024:\u00a0\u20ac\u00a07,953\u00a0million) in the first nine months of 2025. As a percentage of sales, other operating expenses decreased 2.7\u00a0percentage points to 42.2% (2024:\u00a044.9%). Marketing and point-of-sale expenses were up 8% to \u20ac\u00a02,255\u00a0million (2024:\u00a0\u20ac\u00a02,087\u00a0million). As a percentage of sales, marketing and point-of-sale expenses increased 0.3\u00a0percentage points to 12.0% (2024:\u00a011.8%). Operating overhead expenses decreased 4% to \u20ac\u00a05,650\u00a0million (2024:\u00a0\u20ac\u00a05,866\u00a0million). As a percentage of sales, operating overhead expenses decreased 2.9\u00a0percentage points to 30.2% (2024:\u00a033.1%). As a result, the company\u2019s operating profit increased 48% to \u20ac\u00a01,892\u00a0million (2024:\u00a0\u20ac\u00a01,280\u00a0million), reflecting an operating margin of 10.1%, up 2.9\u00a0percentage points compared to the previous year (2024:\u00a07.2%). Having completed the sale of the remaining Yeezy inventory at the end of last year, there was no Yeezy contribution to the company\u2019s operating profit in the first nine months of 2025 (2024:\u00a0around\u00a0\u20ac\u00a0150\u00a0million). Net income from continuing operations increased by 52% to \u20ac\u00a01,293\u00a0million (2024:\u00a0\u20ac\u00a0851\u00a0million), while basic and diluted earnings per share from continuing operations increased to \u20ac\u00a07.04 (2024:\u00a0basic earnings per share from continuing operations of \u20ac\u00a04.50; diluted earnings per share from continuing operations of \u20ac\u00a04.49).<\/p>\n
Average operating working capital as a percentage of sales at 21.9%
Inventories increased 21% to \u20ac\u00a05,471\u00a0million as at September\u00a030,\u00a02025 (2024:\u00a0\u20ac\u00a04,524\u00a0million) and were up 26% in currency-neutral terms. In addition to the support for the planned top-line growth, this development reflects the low comparison base in the prior year, earlier product purchases for World Cup-related products, as well as faster inbound deliveries. Current or future season products continue to account for the vast majority of the inventory position. Operating working capital was up 26% to \u20ac\u00a06,179\u00a0million (2024:\u00a0\u20ac\u00a04,886\u00a0million) and average operating working capital as a percentage of sales increased 1.3\u00a0percentage points to 21.9% (2024:\u00a020.6%).\u00a0<\/p>\n
Healthy leverage ratio of 1.6x
Cash and cash equivalents amounted to \u20ac\u00a01,030\u00a0million at September\u00a030,\u00a02025 (2024:\u00a0\u20ac\u00a01,781\u00a0million), reflecting the increased dividend payout in May and operating working capital investments in the first nine months of 2025. Adjusted net borrowings increased 14% to \u20ac\u00a04,787\u00a0million at September\u00a030,\u00a02025 (2024:\u00a0\u20ac\u00a04,211\u00a0million), mainly due to the decline in cash and cash equivalents. The company\u2019s ratio of adjusted net borrowings over EBITDA decreased to 1.6x (2024:\u00a02.1x).<\/p>\n
Full-year outlook<\/p>\n
Increased outlook with operating profit now expected to reach around \u20ac\u00a02.0\u00a0billion
On October 21, adidas upgraded its full-year financial guidance. For the full year, the company continues to expect double-digit currency-neutral revenue growth for the adidas brand. Including Yeezy sales in the prior year (2024:\u00a0around\u00a0\u20ac\u00a0650\u00a0million), currency-neutral revenues are now expected to increase by around 9% (previously: increase at a high-single-digit rate). The company\u2019s operating profit is now expected to increase to a level of around \u20ac\u00a02.0\u00a0billion (previously: to reach a level of between \u20ac\u00a01.7\u00a0billion and \u20ac\u00a01.8\u00a0billion). The improved profitability outlook reflects continued brand momentum, the better-than-expected business performance, as well as the company\u2019s successful efforts to partly mitigate the additional costs resulting from increased US tariffs.<\/p>\n","protected":false},"excerpt":{"rendered":"Major developments Q3 2025: Brand adidas grows 12% currency-neutral, leading to record net sales of \u20ac\u00a06.6\u00a0billionBroad-based double-digit growth…\n","protected":false},"author":2,"featured_media":103713,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[43440,114,85,46,68115,68116],"class_list":["post-103712","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-adidas","tag-business","tag-il","tag-israel","tag-q3","tag-quarterly-results"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/103712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=103712"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/103712\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/103713"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=103712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=103712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=103712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}