adidas AG

Latest Results (14.07.2026):

adidas AG — financial results for the full year 2025 (FY 2025): revenue rose modestly while profitability improved markedly. Net sales were €24,811m (+5% vs 2024) and operating profit jumped to €2,056m (+54%), driving net income attributable to shareholders of €1,340m (+75%). The company delivered margin expansion but reported sharply lower operating cash flow and higher inventories/working capital; management sets a high-single-digit revenue growth target (currency‑neutral) and an operating profit target around €2.3bn for 2026.

Top‑line

Net sales: €24,811m in 2025, up 5% from €23,683m in 2024 (reported). Growth was described on a currency‑neutral high‑single‑digit intent for 2026.

Profitability

EBITDA €3,124m (+27%); operating profit €2,056m (+54%) vs €1,337m in 2024. Net income from continuing operations €1,377m (+67%); net income attributable €1,340m (+75%). Strong operational earnings recovery drove substantially higher profitability.

Margins & efficiency

Gross margin improved to 51.6% (from 50.8%); operating margin rose to 8.3% (from 5.6%), helped by lower other operating expenses as a share of sales (31.4% vs 34.2%). Return on equity climbed to 23.2%.

Cash flow & working capital

Operating cash flow fell to €751m (‑74%), noting prior‑year comparatives were adjusted for hyperinflation accounting. Inventories increased to €5,832m (+17%) and average operating working capital rose to 23.0% of sales (from 19.7%), reflecting higher stock and working capital absorption.

Balance sheet & leverage

Total assets €20,262m; shareholders’ equity €5,776m. Adjusted net borrowings/EBITDA at 1.4 and equity ratio about 28.5%, indicating moderate leverage with room for financial flexibility.

Per‑share metrics & capital return

Basic/diluted earnings per share €7.46 (up 76%). Management proposes a dividend of €2.80 per share (subject to AGM), up 40% vs prior year. Share price at year‑end was €169.05 (-29% year over year).

Capital expenditure & outlook

Capex €477m in 2025 (≈ prior guidance); 2026 outlook: currency‑neutral net sales growth at a high‑single‑digit rate, operating profit around €2.3bn, and capex around €500m with average operating working capital targeted ~22–23% of sales.