The Japanese running specialist has delivered its strongest year to date, driven by a richer premium mix and disciplined brand execution. Europe became the largest revenue region, while Japan remained the key profit anchor. After exceeding raised guidance in 2025, management has lifted the bar again, targeting further sales growth and margin expansion in 2026.
Asics closed 2025 with the strongest financial year in its history. The Japanese sporting goods manufacturer increased sales by 19.5 percent to ¥810.9 billion (€4.79bn, based on FY25 average exchange rate of ¥169.09 per euro), while operating income rose by 42.4 percent to ¥142.5 billion (€842m). The operating margin improved significantly by 2.8 percentage points to 17.6 percent. Profit attributable to shareholders climbed by as much as 54.7 percent to ¥98.7 billion (€584m). The gross margin also reached a new high of 56.8 percent – a sign of structurally increased profitability.
| Asics - Income | |||
|---|---|---|---|
| FY (￥ million) | |||
| 2025 | 2024 | Change | |
| Net sales | 810,916 | 678,526 | 19.5% |
| Gross profit | 460,632 | 378,878 | 21.6% |
| Operating profit | 142,519 | 100,111 | 42.4% |
| Ordinary profit | 139,295 | 92,601 | 50.4% |
| Profit attributable to owners of parent | 98,719 | 63,806 | 54.7% |
| Source: Asics Corp. | |||
Premium mix lifts gross margin to record level
The record year was driven by growth in all categories and regions. The high-margin SportStyle and Onitsuka Tiger segments performed particularly well, each growing by more than 40 percent. At the same time, the Group benefited from a clear focus on higher-priced products, which increased the gross margin by 1.0 percentage point to 56.8 percent despite unfavorable procurement currencies. Combined with an improved cost structure, the operating margin for the full year increased to 17.6 percent.
Q4 with subdued momentum
However, momentum normalized somewhat in the final quarter. After operating margins of over 20 percent during the course of the year, profitability was noticeably lower in Q4. In addition to seasonal effects, increased investments in supply chain transformation, digitalization and brand activities are likely to have weighed on earnings. On a full-year basis, however, the margin remained at a record level – the operating fundamentals are intact.
Around 16% of consolidated sales in Japan
Japan became the Group’s key profit driver in 2025. Sales at Asics Japan rose by 34.7 percent to ¥127.2 billion (€752m), accounting for around 16 percent of consolidated sales. Growth was driven by strong demand in performance running and, in particular, Onitsuka Tiger. The unit’s operating margin improved significantly to 30.0 percent, underscoring the exceptional profitability of the home market. While Europe is the Group’s largest revenue contributor, Japan remains its most profitable region and sets the internal benchmark for margin quality.
| Asics - Sales | ||||
|---|---|---|---|---|
| FY (￥ million) | ||||
| 2025 | 2024 | Change | ||
| Categories | ||||
| Performance Running | 363,542 | 326,936 | 11.2% | |
| Core Performance Sports | 86,017 | 78,620 | 9.4% | |
| Apparel & Equipment | 42,072 | 38,065 | 10.5% | |
| SportStyle | 141,324 | 98,425 | 43.6% | |
| Onitsuka Tiger | 136,519 | 95,439 | 43.0% | |
| Regions | ||||
| Japan | 204,236 | 166,432 | 22.7% | |
| North America | 141,192 | 135,040 | 4.6% | |
| Europe | 225,805 | 179,388 | 25.9% | |
| Greater China | 120,514 | 100,497 | 19.9% | |
| Oceania | 49,649 | 42,986 | 15.5% | |
| Southeast & South Asia | 49,780 | 37,321 | 33.4% | |
| Other | 52,078 | 44,840 | 16.1% | |
| Source: Asics Corp. | ||||
Sustained tourism boom supports domestic market
The domestic market received additional tailwind from the sustained tourism boom – partly in connection with international sporting events such as the World Athletics Championships in Tokyo in September. Inbound sales rose by 84 percent to ¥47.4 billion (€280m). Although the company does not make a direct connection to individual major events, its internationalized customer structure and high proportion of high-margin lifestyle products further strengthened its earnings leverage.
North America: Growth with strategy
Outside Japan, the picture was more mixed. In North America, sales rose by 4.6 percent to ¥141.1 billion (€834m), accounting for around 17 percent of consolidated sales. Growth was more moderate than in other regions, but this is part of a strategic realignment: the Japanese sports group is deliberately reducing its own stores and focusing more strongly on high-margin models and the running specialty channel. The region thus remains less of a volume driver than a profitability lever.
Double-digit growth in the Middle Kingdom
In Greater China, sales increased by 19.9 percent to ¥120.5 billion (€712m), representing roughly 15 percent of consolidated revenue. Driven by locally adapted products and increasing brand resonance in the performance segment, the market remains a structural growth driver within the Group’s Asian portfolio. While North America is restructuring, China continues to scale at a healthy pace.
Running market leader: Europe becomes the largest region
In the EMEA region, the running specialist simultaneously consolidated its position as the market leader. Sales rose by 25.9 percent to €1.33 billion, equivalent to around ¥225.8 billion, accounting for approximately 28 percent of Group sales. Growth came from all categories and channels, SportStyle performing particularly strongly with an increase of 44 percent.
According to Circana, the brand is number one in the performance running segment in France, Germany, Italy, Spain and the UK. EMEA CEO Carsten Unbehaun spoke of “record results across the EMEA region” and, looking ahead to 2026, emphasized the ambition to further accelerate growth: “We are well positioned to continue to drive innovation and further strengthen our brand.” While Japan acts as a margin anchor, EMEA is establishing itself as a second global pillar – and as a strategic competitive arena in which the group is defending its core technical expertise while scaling lifestyle growth.
From product provider to ecosystem
But the Japanese are not resting on their laurels after a record year. The group is investing specifically in structurally securing its growth. With the acquisition of GetMeRegistered, the company is strengthening its presence in the US running market and expanding its high-margin service business around its Running Ecosystem – bringing value creation closer to the customer.
The Running Services division grew to ¥12.9 billion (€76m) in 2025 and remains strategically relevant, even though it currently accounts for only a small share of the Group’s sales. At the same time, the company is standardizing and automating its supply chain, optimizing demand planning and inventory management, and investing in digitized distribution centers. Meanwhile, the number of OneASICS members has risen to more than 23 million. These are investments in infrastructure – in data, efficiency and customer loyalty. In short: in margin stability.
India as the next growth engine
At the same time, India is becoming more of a strategic focus. The group is aiming for average sales growth of around 35 percent per year there over the next five years. The store network – currently 138 stores – is to be expanded, while the proportion of locally produced shoes is to increase from 30 to 40 percent. With this combination of retail expansion and local manufacturing, the company is positioning itself aggressively in the premium segment and aims to become the leading running brand in the country in the medium term (more information here).
2026: Ambitious outlook despite risks
After a year in which the raised guidance was clearly exceeded, the outlook sets the bar even higher for 2026. This is all the more remarkable given that the global environment remains characterized by currency volatility, geopolitical tensions and economic uncertainties. Nevertheless, management expects further sales and earnings growth – a clear signal of operational confidence.
For the current year, the Group is now targeting sales of ¥950.0 billion (€5.62bn), an increase of 17.2 percent. Operating profit is expected to rise by 20.0 percent to ¥171.0 billion (€1.01bn), with the operating margin climbing to 18.0 percent. Both figures would be record highs once again. After a historic year, management is thus focusing on continuity – not through short-term impulses, but through structurally strengthened earnings power.
