Adidas delivered its strongest financial year on record in 2025 and is projecting continued double-digit growth through 2028, despite US tariff headwinds and currency developments weighing on operating profit. Detailed analysis to follow later today.
Adidas has reported its best financial year on record, with full-year 2025 revenues reaching €24,811 million — up 5 percent in euro terms and 13 percent on a currency-neutral basis for the adidas brand. The result was achieved despite an unfavorable currency translation impact of more than €1 billion.
Profitability improved sharply. Operating profit rose 54 percent to €2,056 million, bringing the operating margin to 8.3 percent. Net income from continuing operations grew 67 percent to €1,377 million.
The Executive Board will propose a dividend of €2.80 per share at the Annual General Meeting on May 7, 2026, a 40 percent increase on the prior year, and has launched a share buyback program of up to €1 billion for 2026. Total shareholder returns for the year are expected to reach up to €1.5 billion.
Latin America and DTC lead broad-based growth
Growth was broad-based across all geographies, channels, and categories. Latin America (+22 percent currency-neutral) and Emerging Markets (+17 percent) led the pace, while Greater China, North America, and Europe all delivered double-digit or low-double-digit expansion. Direct-to-consumer (DTC) revenues grew 14 percent, with e-commerce up 16 percent.
Growth outlook: high-single-digit revenue through 2028 despite tariff drag
For 2026, the company projects currency-neutral revenue growth at a high-single-digit rate — adding approximately €2 billion in absolute terms — and operating profit of around €2.3 billion. That guidance absorbs an estimated €400 million combined drag from US tariffs and adverse currency movements. Looking further ahead, adidas targets high-single-digit currency-neutral top-line growth annually through 2028, with operating profit expanding at a mid-teens compound annual growth rate over the three-year period.
Bjørn Gulden, Chief Executive Officer of adidas, said: “Driving double-digit growth in the fourth quarter despite all the external turbulence, and more than doubling our operating profit in the quarter made the year end very well.”
A full analysis of the adidas 2025 results — including a breakdown by market, channel, and category — will be published later today on sgieurope.com.
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