Adidas reported third-quarter revenues up 3% to €6.63 billion, or +8% in constant currency, with growth across categories and regions. Excluding last year’s €200 million in residual Yeezy sales, sales would have been up 12%. Operating profit rose 23% to €736 million, prompting the brand to lift its full-year forecast.
Adidas’ third-quarter performance exceeded market expectations as demand for performance footwear and apparel remained strong despite cautious consumer sentiment and retailer restraint in several markets. Reported revenues grew 3 percent to €6.63 billion, compared to €6.44 billion in the prior year, translating to +8 percent in constant currency and +12 percent when adjusted for the one-off Yeezy sales that had boosted Q3 2024 results.
Gross margin improved by 50 basis points to 51.8 percent, despite ongoing foreign-exchange headwinds and the impact of US tariffs on key sourcing markets. The company had earlier warned of a potential €150 million margin hit linked to those tariffs, but mitigation measures proved effective. Operating profit climbed 23 percent to €736 million, up from €598 million in the previous year.
Adidas raises full-year outlook to 9%
Encouraged by the solid results, Adidas has raised its full-year outlook. The company now expects constant-currency revenue growth of around 9 percent, compared to its earlier “high single-digit” guidance. Excluding last year’s €650 million in Yeezy revenue, the Adidas brand is projected to grow by double digits in constant currency.
Full-year operating profit is now anticipated to reach approximately €2.0 billion, above the previously guided range of €1.7–1.8 billion. Upcoming global sporting events such as the Winter Olympics and the 2026 FIFA World Cup are expected to provide further tailwinds in the coming year.
