)
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.
PUMA
PUMA (PUM) investor relations material
PUMA Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
2025 marked a strategic reset with major restructuring, cost controls, and operational changes to address overstock, undesirable wholesale business, and inefficiencies, aiming to become a top-3 global sports brand.
Significant organizational changes included leadership restructuring, a 20% reduction in white-collar positions, and a new operating model uniting brand, product, and go-to-market teams.
Transition to a licensing agreement with United Legwear Company LLC led to restated financials and classification of PUMA United as discontinued operations.
Key sports partnerships, athlete achievements, and innovation in product technology and community engagement reinforced brand positioning.
Financial highlights
Q4 2025 sales declined 20.7% currency-adjusted; full year sales down 8.1%, mainly due to Reset measures.
Wholesale sales dropped 27.7% in Q4 and 12.8% for the year; DTC sales fell 8% in Q4 but rose 3.4% for the year, with DTC share increasing to 32.4%.
Gross profit margin fell 7.5pp in Q4 to 40.2% and 260bp for the year to 45.0%, impacted by promotions, inventory reserves, and FX headwinds.
Adjusted EBIT for Q4 was -EUR 228.8m; reported EBIT for the year was -EUR 357.2m; net loss from continuing operations was -EUR 643.6m.
Free cash flow for FY 2025 was -EUR 530.3m, down from EUR 464.3m in FY 2024.
No dividend proposed for 2025 due to the net loss, to preserve liquidity.
Outlook and guidance
2026 is a transition year, with continued focus on inventory cleanup, operational execution, and brand transformation.
Sales expected to decline low to mid-single digits (constant currency), mainly due to North America and anticipated short-term impact in Greater China from the ANTA partnership.
Reported EBIT forecasted between -EUR 50m and -EUR 150m, with one-time effects significantly lower than 2025.
Substantial gross margin improvement expected in 2026, driven by lower promotions and favorable channel mix, with H2 2026 stronger than H1.
CapEx planned at around EUR 200m, focused on digital infrastructure and DTC investments.
Inventory normalization strategy for 2026
Key initiatives for 2027 growth re-establishment
Strategic implications of ANTA stake?
ANTA's short-term impact on China sales
Key drivers for 2026 gross margin improvement
Inventory clearance impact on brand perception?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next PUMA earnings date
Q1 202630 Apr, 2026
PUMA
Next PUMA earnings date
Q1 202630 Apr, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
Related articles
){kind=logo}
Company Research20 May 2024
Swoosh: The Nike Story
The Nike story and how the company rose to the top of its industry, as well as insights into the company philosophy and way of doing business.
)
Edge10 May 2024
Adidas vs Puma: The Story of the Dassler Brothers
An in-depth article outlining the story of the Dassler brothers, their feud with one another, and the history of Puma and Adidas.
Frequently asked questions
The Leaping Cat
Puma is a brand that has etched its presence in the minds of sports enthusiasts and fashion aficionados alike. Founded in Germany in 1948, Puma has catapulted itself into a premier position in the sportswear industry, offering products that range from football to running, golf, and lifestyle accessories. Its distinctive leaping cat logo is synonymous with the brand is instantly recognizable.
Born From a Sibling Rivalry
The birth of the company is a tale deeply interwoven with family competition and innovation, and one can’t mention Puma without also mentioning their bitter rival: Adidas. Rudolf Dassler, along with his brother Adolf, initially worked together to create athletic footwear, such as those worn by Jesse Owens during the 1936 Olympics. Following a bitter fallout, Rudolf founded Puma, while his brother created Adidas. Both situated in Herzogenaurach, Germany, this rivalry ignited a battle for athletic supremacy that lasted decades, transforming the small German town into the world's center for sportswear innovation. Even if the bad blood has cooled down from the most intense periods of the companies' rivalry, they’re still fierce competitors and both Adidas and Puma headquarters are still located in Herzogenaurach.
An Iconic Logo
Just as the three stripes define Adidas, Puma's leaping cat has become an integral emblem of the brand. Meant to symbolize dynamism and elegance, the logo was first introduced in 1968 and quickly became an iconic image. Today, the leaping cat is synonymous with the Puma brand and identity and it’s an incredibly recognizable symbol.
Extensive Product Offerings
Puma's range of products is expansive and tailored to meet the demands of various sports and lifestyle needs. From football boots crafted for precision and control to athletic wear designed for performance and comfort, Puma’s selection serves both professional athletes and everyday individuals. The brand reaches its customers through its own retail stores, e-commerce platforms, and collaborations with other online and physical retailers. Just like their competitors like Nike and Under Armour, the company today isn’t just producing sportswear and equipment. They also produce sneakers and clothes meant to be worn outside of athletic circumstances, such as regular T-shirts, accessories, sweatshirts, and similar products.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage