Footwear revenues grew 12 per cent on a currency-neutral basis in 2025. The broader and deeper product offering drove double-digit footwear growth across many categories, including running, training, performance, basketball, and sportswear. Strong growth in originals also contributed to the increase in footwear. Apparel sales grew 15 per cent during the year as brand and product momentum continued to expand as planned. Differentiated and locally relevant apparel collections fuelled double-digit increases in major categories like football, running, training, and originals.
In 2025, Adidas achieved double-digit, currency-neutral revenue growth across all markets and channels, with footwear up 12 per cent and apparel 15 per cent.
Europe, North America, and Greater China grew 10-13 per cent, while Latin America, Emerging Markets, and Japan/South Korea saw 14-22 per cent growth.
Strong wholesale, retail, and e-commerce performance drove results.
“I am again very proud of what our people have achieved. 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 and made 2025 much better than we had planned and expected when the year started. 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. Our markets have been very good at managing that the right product in the right amount has been sold in their markets and that we have managed to keep full-price sell-throughs high and discounts under control. The gross margin of 51.6 per cent (without Yeezy) is historically high and underlines this performance and the strength of our brand,” said Adidas CEO Bjørn Gulden.
Currency-neutral net sales for the Adidas brand grew at double-digit rates in all markets in 2025, reflecting significant market share gains around the world as a result of combining the brand’s global strength with locally relevant product assortments and activations. Europe (+10 per cent), North America (+10 per cent), and Greater China (+13 per cent) grew revenues at a low-double-digit rate in 2025. Latin America (+22 per cent), Emerging Markets (+17 per cent), and Japan/South Korea (+14 per cent) recorded even faster growth. In all markets, growth was broad-based as reflected in strong improvements in both the wholesale and direct-to-consumer (DTC) business, the company said in a press release.
Growth for the Adidas brand in 2025 was equally broad-based across all channels with double-digit increases in both wholesale and DTC. Strong sell-through rates at retail partners and increased shelf space allocations continued to drive wholesale revenues, which increased 12 per cent on a currency-neutral basis. Own retail revenues were up 13 per cent, driven by strong like-for-like growth in the company’s global fleet of own stores and continued investments into new retail doors. E-commerce sales increased 16 per cent, with a continued focus on full-price propositions. As a result, sales in the brand’s DTC business grew 14 per cent.
“For 2026 we expect high-single-digit growth currency-neutral, which will add another €2 billion (~$2.32 billion) in revenue. We expect operating profit, despite the headwind from tariffs and negative FX of around €400 million (~$464.04 million), to grow faster than revenue and to increase to around €2.3 billion (~$2.67 billion). That will in my opinion define Adidas again to be a healthy and successful company. For 2027 and 2028 we expect to continue to take market share, grow sales at a high-single-digit rate and deliver an operating margin of more than 10 per cent in 2028,” added Gulden.
“To achieve this, our focus will continue to be consumer-oriented and to be the global sports brand with a local mindset. We have the scale, the innovation, the product pipeline, the marketing concepts, and the talented people to achieve this. We now have to further reduce complexity, put decision-making closer to the consumer and where the knowledge sits and make sure we optimise our systems, processes, and organisation to the new reality in the global marketplace,” Gulden concluded.
Fibre2Fashion News Desk (RR)
