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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
adidas
adidas (ADS) investor relations material
adidas Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Mar, 2026
Executive summary
Achieved record revenues of €24.8 billion in 2025, up 13% currency-neutral year-over-year, with double-digit growth in all markets and channels.
Gross margin improved to 51.6%, and operating profit rose 54% to €2,056 million, with operating margin up 2.6pp to 8.3%.
Net income from continuing operations increased 67% to €1,377 million, and EPS from continuing operations rose 76% to €7.46.
Strong performance across all regions, with double-digit growth in North America, Europe, Greater China, Japan/South Korea, Latin America, and Emerging Markets.
Advanced ESG initiatives, reducing carbon intensity and increasing sustainable materials usage.
Financial highlights
FY 2025 net sales reached €24.8bn, up 13% currency-neutral year-over-year; Adidas brand up 13% C.N.
Gross profit rose 6% to €12.8bn, with gross margin improving by 0.8pp to 51.6%.
Operating profit increased 54% to €2.06bn (8.3% of net sales, +2.6pp).
Net income from continuing operations grew 67% to €1.38bn; basic EPS up 76% to €7.46.
Q4 2025 net sales up 11% C.N. to €6.08bn; operating profit up 188% to €164m.
Outlook and guidance
2026 guidance: high single-digit growth in local currencies, EBIT of ~€2.3 billion, despite €400 million headwinds from US tariffs and FX.
Mid-term outlook (2027–2028): high single-digit net sales growth, EBIT margin above 10% by 2027–2028.
Gross margin expected to remain stable in 2026, with significant FX hedging benefits anticipated in 2027.
Targeting annual top-line growth of €2 billion through 2028.
Share buyback authorization up to €1 billion per year, with €1.5 billion to be returned to shareholders in 2026.
What's the organic growth driver post-Yeezy?
How to offset
400M headwinds in 2026 profit?
Inventory increase: risk or strategic build?
China: local product/design impact on growth?
Gross margin drivers beyond 2026?
US market: key actions to build credibility?
Partial view of Summaries dataset, powered by Quartr API
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Next adidas earnings date
Q1 202629 Apr, 2026
adidas
Next adidas earnings date
Q1 202629 Apr, 2026
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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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