EQS-Adhoc: adidas reports record revenues in 2025 and launches share buyback

FOR IMMEDIATE RELEASE

Herzogenaurach, January 29, 2026

adidas reports record revenues in 2025 and launches share buyback

adidas today announced preliminary results for the fourth quarter of 2025. In Q4, currency-neutral revenues for the adidas brand increased 11%. Including Yeezy sales in the prior year (2024: around € 50 million), currency-neutral revenues increased 10%. In euro terms, revenues reached € 6,076 million in the quarter (2024: € 5,965 million). The company’s gross margin improved 1.0 percentage points to 50.8% (2024: 49.8%), while operating profit more than doubled to € 164 million (2024: € 57 million).

Based on preliminary unaudited numbers for the full year of 2025, currency-neutral revenues for the adidas brand increased 13% for the second consecutive year, driven by double-digit growth in all markets and channels. Including Yeezy sales in the prior year (2024: around € 650 million), currency-neutral revenues increased 10%. In euro terms, revenues reached a record level of € 24,811 million (2024: € 23,683 million), despite a negative currency translation impact of more than € 1 billion. The company’s gross margin improved 0.8 percentage points to 51.6% in 2025 (2024: 50.8%), despite the negative impacts from unfavorable currency developments and higher tariffs. Full-year operating profit increased by more than € 700 million to € 2,056 million (2024: € 1,337 million). The operating margin improved 2.6 percentage points to 8.3% in 2025 (2024: 5.6%).

Given the strong brand momentum, the company’s robust fundamentals, its healthy balance sheet and strong cash flow generation, as well as Management’s confidence in the future development of adidas, the adidas Executive Board has, with the approval of the Supervisory Board, decided to launch a share buyback. Starting in early February, the company plans to buy back shares worth up to € 1 billion in 2026. The share buyback will be financed through the company’s anticipated strong cash flow generation in 2026. adidas intends to cancel the repurchased shares.

adidas will publish its final set of financial results for 2025, issue financial guidance for 2026, and provide an update on its future capital allocation plans on March 4, 2026.

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For more information, please visit adidas-group.com.

adidas uses alternative performance measures (APM) in its regulatory and mandatory publications that may represent so-called non-GAAP measures. An overview of these APMs can be found at adidas-group.com/financial-publications.