October 2025 | Herzogenaurach
adidas AG grew significantly in the third quarter of 2025 and raised its full-year guidance. Currency-neutral sales increased 12%, driven by double-digit growth in nearly all markets and segments. Taking into account Yeezy sales (+€ 200 million) included in the prior year, this still results in a solid increase of 8% to € 6.63 billion (2024: € 6.44 billion).
The gross margin improved to 51.8% (+0.5 pp), while the operating result increased by 23% to € 736 million (2024: € 598 million), which corresponds to an operating margin of 11.1% (previous year: 9.3%).
Based on this development, adidas raises its annual targets:
- Currency-neutral sales: + ~9% (previously: high single-digit increase)
- Operating profit: ~€ 2.0 billion (previously: € 1.7-1.8 billion)
The company points to continued strong brand momentum, robust demand in all regions and successful measures to offset higher US tariffs.
adidas will publish its final quarterly results on October 29, 2025.