Adidas reports 'record-breaking' revenues, announces share buy-back

Adidas reported a 5% increase in revenues to €24.8  billion, with double-digit growth across all markets and channels. Encouraged by these better-than-expected results, the retailer has announced a share buyback of up to €1 billion this year.

The sportswear giant delivered double-digit growth in all markets and channels. In Europe, sales increased by 8% to €8.1 billion, up from €7.5 billion in 2024.

Across its Performance category, which includes Running, Training, Specialist Sports and Performance Basketball, Adidas saw double-digit increases in currency-neutral terms. Revenues in its Lifestyle segment also grew, driven by double-digit growth in Sportswear and high single-digit increases in Originals.

Adidas CEO Bjørn Gulden praised the company’s annual performance, noting that markets have been "very good at managing that the right product in the right amount has been sold in their markets".

Gulden highlighted Adidas’ focus on driving full-price sell-throughs while keeping discounts under control. He added: "More than doubling our operating profit in the quarter made the year-end very strong and made 2025 much better than we had planned and expected when the year started."

Operating profit in Europe increased 14% to €1.69 billion, up from €1.48 billion in the previous year.

In all global markets, growth was broad-based as reflected in strong improvements in both wholesale and direct-to-consumer (DTC) channels.

Adidas noted that these positive results came despite a "highly volatile environment shaped by rising macroeconomic pressures and persistent geopolitical uncertainty", including US tariff hikes.

While highlighting the elevated risk of unresolved trade disputes, weaker consumer spending and geopolitical tensions, the company also emphasised "strong structural trends" in the sportswear sector, including increasing sports participation rates, growing health and fitness awareness, ongoing popularity of athletic and sport-inspired products for everyday use and growing demand for comfort-driven propositions.

Gulden shared that in 2026 he expects Adidas to add another €2 billion in revenue, with continued currency-neutral high single-digit growth.

He also expects operating profit to grow faster than revenue, reaching around €2.3 billion despite current market headwinds. Growth is expected to continue in 2027 and 2028, as the company aims to gain market share, grow sales and achieve an operating margin of 10% in 2028.

"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 said.

He added: "I am again very proud of what our people have achieved. Our confidence in adidas’ future top- and bottom-line growth and cash flow generation is also the reason why we now have decided to launch a share buyback. We will buy back shares for up to €1 billion this year."