Following today’s release of Adidas’ figures for the year ending 31 December 2025; Louise Deglise-Favre, lead apparel analyst at GlobalData, a leading intelligence and productivity platform, offers her view: “Adidas delivered a robust performance in FY2025, with reported net sales rising 4.8% to €24.8bn, despite being heavily constrained by adverse currency movements. A strengthened euro created a negative impact on revenues exceeding €1bn, which held back growth in reported terms. On a currency-neutral basis, sales climbed 13%, or 10% when including the impact of the €650m Yeezy sales recorded in 2024. This highlights the brand’s strong underlying momentum, sustaining double-digit growth for a second consecutive year, thanks to its superior fashion and technical credentials. Impressively, operating profits almost doubled to €2.1bn, reflecting stronger full-price execution and lower supply-chain costs. For FY2026, the brand is set to continue its growth trajectory albeit at a slightly slower pace, with expected currency-neutral sales rising at a high-single-digit rate, adding another circa €2.0bn to its revenue.
“Within the Adidas brand, footwear revenues increased 12% on a currency-neutral basis, driven by strong demand across major performance categories. Running remained a standout, with sales accelerating to more than 30%, powered by the Adizero footwear family, which secured multiple high-profile marathon victories, boosting the footwear’s visibility. The Originals ranges further supported footwear growth, as refreshed colorways and localized collaborations around silhouettes such as the Tokyo, Japan and Taekwondo franchises kept demand elevated. Apparel growth outpaced footwear, rising 15%, buoyed by culturally resonant collections across Football, Running, Training and Originals, as well as by high-visibility collaborations with creators including Grace Wales Bonner, Bad Bunny, Oasis and Edison Chen.
“In Europe, currency-neutral sales (excl. 2024 Yeezy sales) rose 10%, thanks to unwavering demand for the brand’s lifestyle designs despite the maturity of the market. North America achieved a 10% currency-neutral growth (excl. 2024 Yeezy sales), as the brand managed to retain its prestige without relying on the Yeezy drop culture which fared so well for it in the past. Greater China’s currency-neutral sales (excl. 2024 Yeezy sales), grew 13%, reflecting renewed demand for the brand and improved local relevance thanks to store openings, while Emerging Markets and Latin America posted particularly strong results at 17% and 22% currency-neutral sales growth respectively (excl. 2024 Yeezy sales). Japan & South Korea recorded a 14% currency-neutral sales growth (excl. 2024 Yeezy sales), benefiting from targeted assortments and new store openings. These double-digit growths in all regions underscores the effectiveness of Adidas’ strategy to blend global brand strength with localized product and marketing strategies.
“Adidas also performed well across all channels during the year, with currency-neutral sales (excl. 2024 Yeezy sales) increasing 12% in wholesale and 14% in direct-to-consumer, with both own retail (+13%) and e-commerce (+16%) contributing meaningfully. This balanced performance demonstrates the brand’s disciplined commercial approach, maintaining strong wholes
