Birkenstock raises 2026 outlook following strong Q3 performance

Birkenstock has lifted its full year 2026 financial outlook following a strong performance of its third quarter, which showcased continued demand for its premium shoe offering. Stock prices jumped about 15% to $43.29 immediately following the announcement, although it stayed below the brand's previous stock price record of $63.68 from two years ago.

Summary of results

• Third-quarter revenue rose 15% in constant currency to €720 million (£615.1 million).
• Fiscal 2026 guidance now targets 15% constant-currency revenue growth and adjusted EBITDA of at least €710 million (£607 million).
• DTC revenue grew 16% in constant currency, ahead of B2B growth of 15%.
• Shares increased by 15% to $43.29 immediately following the announcement.

Birkenstock has raised its fiscal 2026 outlook after the quarter ended 30 June delivered 15% revenue growth on a constant-currency basis.

The company now expects full-year revenue growth of 15% in constant currency, at the top of its previous 13% to 15% range. Adjusted EBITDA is forecast to reach at least £607 million.

Adjusted EBITDA rose to £207.3 million during the third quarter, from £186.5 million a year earlier. Its adjusted EBITDA margin narrowed to 33.7%, compared with 34.4% in the corresponding period.

For the first nine months of the financial year, revenue reached £1.49 billion and adjusted EBITDA totalled £467.8 million. The nine-month adjusted EBITDA margin was 31.5%, up from 33.1% a year earlier.

All operating regions delivered double-digit constant-currency growt, with EMEA revenue advancing by 15%, accelerating from 11% in the second quarter. The APAC showed the strongest regional growth, with a 23% increase.

Birkenstock went public in October 2023, and is now trading on the New York Stock Exchange under the symbol "BIRK". Its initial public offering of ordinary shares were priced at £37.45 ($46.00) per share. 

In August 2024, the Birkenstock stock reached an all-time high of $64.78 per share.

DTC growth moves ahead of B2B

DTC revenue increased 16% in constant currency to €277.7 million (£237.4 million). Birkenstock added 13 company-owned stores during the quarter, bringing its global network to 124 locations.

B2B revenue grew 15% in constant currency to €441.6 million (£377.6 million). Most of that growth came from existing retail doors, supported by broader assortments and strong full-price sales.

“We performed exceptionally well in the third quarter and once again demonstrated the strength of our brand," said Oliver Reichert, CEO of Birkenstock.

"Direct-to-consumer growth accelerated, outpacing B2B growth in the quarter, supported by the investments we are making in both own-retail and our digital business.”

He added that specifically the closed-toe shore of the business continued to expand, "led by newness in both clogs and shoes".

Birkenstock invested £22.4 million in capital expenditure during the quarter, principally to expand production capacity and its retail operations.

The results follow Birkenstock’s July tie-up with Repetto, the French ballet-pump brand. The Birkenstock 1774 special projects unit released a collection comprising three silhouettes: a reworked Arizona sandal and the closed-toe Scala and Opéra models.