The Adidas brand grew 12% on a currency-neutral basis in the third quarter, reaching record net sales of €6.6 billion.
Operating profit rose 23% to €736 million, resulting in an operating margin of 11.1%, while gross margin improved 0.5 percentage points to 51.8%. Net income was €485 million, as hyperinflation-related effects weighed on the financial result.
CEO Bjørn Gulden said: “12% growth for the Adidas brand leading to total revenue of €6.63 billion is the highest we have ever achieved as a company in a quarter.”
Gulden also acknowledged that the environment is volatile with the tariff increases in the U.S. and a lot of uncertainty among both retailers and consumers around the world.
Revenues grew 12% in Europe, 10% in Greater China, 13% in Emerging Markets, 21% in Latin America, 11% in Japan/South Korea, and 8% in North America. Growth was double-digit across all sales channels: wholesale revenues were up 10%, own retail revenues 13%, and e-commerce sales 15%, leading to 14% growth in direct-to-consumer sales overall.
Footwear revenues increased 11%, and apparel sales rose 16%. Performance revenues grew 17%, driven by strong momentum in Running and Football, while Lifestyle revenues were up 10%, supported by double-digit growth in Originals, Football, Running, Specialist Sports and U.S. Sports.
Nine-month performance
For the first nine months of 2025, brand adidas revenues grew 14% on a currency-neutral basis to €18.7 billion, with operating profit up 48% to €1.9 billion and net income rising 52% to €1.3 billion. The operating margin stood at 10.1%, and gross margin improved 0.8 percentage points to 51.9%.
Full-year outlook
Adidas now expects company revenues to increase by around 9% (previously: high-single-digit increase) and operating profit to reach around €2 billion (previously: €1.7–€1.8 billion).
