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Adidas has reported record full-year revenues of €24.81bn (£21.52bn) for 2025, representing a 10% increase in euro terms compared with the previous year.
On a currency-neutral basis, the Adidas brand grew by 13% for the second consecutive year, driven by double-digit growth across all global markets and sales channels.
The company’s full-year operating profit also increased by more than €700m (£607.2m) to €2.05bn (£1.78bn), up from €1.33bn (£1.15bn) in 2024.
This resulted in an operating margin of 8.3%, a 2.6 percentage point improvement. Gross margin also rose to 51.6%, despite a negative currency translation impact of more than €1bn (£870m) and increased tariffs.
In the fourth quarter of 2025, currency-neutral revenues for the brand increased by 11%. Total quarterly revenue reached €6.07bn (£5.27bn), while operating profit more than doubled to €164m (£142.6m) compared to €57m (£49.4m) in the same period of 2024. The gross margin for the quarter improved to 50.8%.
Following the results, the Adidas executive board has approved a share buyback programme.
Starting in early February 2026, the company intends to repurchase and cancel up to €1bn (£870m) worth of shares, financed through anticipated cash flow.
Final audited results and financial guidance for 2026 are scheduled for publication on 4 March 2026.
Bjørn Gulden, chief executive of Adidas, said: “I am again very proud of what our people have achieved. Driving double-digit growth in the fourth quarter despite all the external turbulence made 2025 much better than we had planned.
“The double-digit growth in all markets and all channels is of course very pleasing, but even more important is that this is quality growth. We have managed to keep full-price sell-throughs high and discounts under control.”
He added: “Our confidence in Adidas’ future top- and bottom-line growth and cash flow generation is the reason why we now have decided to launch a share buyback. We will buy back shares up to €1bn (£870m) this year.”
