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adidas (ADS) investor relations material
adidas Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary30 Jul, 2025
Executive summary
Achieved strong double-digit growth and market share gains in Q2 and H1 2025, with robust brand momentum and record-breaking performance at major sporting events.
Net sales rose to €12,105 million in H1 2025, with operating profit up 70% to €1,156 million and net income more than doubling.
Gross margin improved by 0.9pp to 51.9%, driven by lower costs and reduced discounting, despite negative currency and tariff impacts.
All regions delivered double-digit currency-neutral growth, with Latin America (+25%), Emerging Markets (+19%), and Japan/South Korea (+15%) leading.
Cash flows from operating activities were negative due to higher working capital and increased dividend payout.
Financial highlights
H1 2025: Net sales €12,105 million (+7%); operating profit €1,156 million (+70%); net income €798 million (+121%).
Gross margin: 51.9% (+0.9pp); operating margin: 9.6% (+3.5pp); diluted EPS: €4.47 (+118%).
Inventories increased 16% to €5,261 million; cash and cash equivalents fell 54% to €768 million.
Net leverage ratio improved to 1.7x from 2.7x; S&P rating upgraded to 'A'.
Dividend per share: €2.00 (+186%); share price at period end: €197.95 (-11%).
Outlook and guidance
Full-year 2025 outlook confirmed: high single-digit to double-digit currency-neutral sales growth, operating profit €1.7–1.8 billion.
No Yeezy revenues or profits expected in 2025; prior year included €650 million in sales and €200 million in profit from Yeezy.
Tariff impact estimated at €200 million increase in cost of goods sold in H2, with mitigation actions planned.
Management highlights increased uncertainty due to US tariffs and macroeconomic risks but sees upside from strong brand momentum and order book.
Average operating working capital as % of sales forecast to rise to 21–22%; capex to reach €600 million.
How did lower costs impact gross margin?
What's driving growth in Emerging Markets?
Assess US tariff impact on goodwill.
How will FX trends impact H2 '25 and '26?
Assess impact of tariffs on U.S. profitability.
What drives outperformance in Greater China?
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Q3 202529 Oct, 2025
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Frequently asked questions
The brand with the three stripes
Adidas is a globally recognized brand that might not need any special introduction. Founded in Germany in 1949, Adidas has established itself as a leading player in the athletic apparel apparel industry. The company offers a wide range of products for various sports and activities, including running, soccer, basketball, tennis, and more. With its iconic three-stripes logo and a strong brand presence, Adidas has become synonymous with sportswear and does business in all corners of the world.
Founded on a bitter family feud
Adidas has a fascinating foundation story that dates back to the aftermath of World War II. Before the war, Adi and his brother Rudolf created innovative and athletic footwear for sprinters, and most notably the shoes Jesse Owen wore when he won the Berlin olympics in 1936. In 1949, Adi Dassler established Adidas in Herzogenaurach, while his brother Rudolf founded Puma on the other side of the river in the same town. The brothers had fallen out badly, and the feud only continued to intensify over the years. The two companies were in fierce competiton to sign the biggest stars for endorsement deals and come out with the most groundbreaking innovations, and Herzogenaurach became known as “The town of bent necks” as the inhabitants had a tendency to always make sure people they met on the streets wore the “right” brand of shoes.
A diverse portfolio of products
Adidas is well known for its diverse range of products that cater to various sports and lifestyle applications. From performance footwear designed for running, soccer, basketball, and other athletic disciplines to stylish and comfortable apparel and accesories suitable for both workouts and everyday wear, Adidas offers a comprehensive selection for both athletes and regular consumers. Adidas runs their own stores but also sells their products online through their own platform, as well as working with online marketplaces and physical retailers to distribute their apparel and other merchandise.
Incredibly strong brand presence
Just like the Swoosh is integral to Nike’s identity, the three stripes that adorn almost every single piece of clothing or product that Adidas produces have become synonymous with the brand. The stripes were initially introduced in the 1950s by Adi Dassler, to help consumers immediately identify which brand had produced the shoe. Apart from their aesthetic appeal, the three stripes represented a practical purpose, as they were strategically placed on the sides of the shoes to provide stability and support to the wearer during athletic activities. Over time, the three stripes have become synonymous with Adidas and is an integral part of their brand and design language.
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