Inditex (ITX) Q2 2026 earnings summary

Executive summary

• Net sales rose 7.6% year-over-year to €19.8 billion in H1 2026, with net income up 6.8% to €3.0 billion, reflecting strong customer response and robust operational execution.

• Broad-based growth across geographies, concepts, and channels, supported by resilient business model and integrated store/online operations.

• Spring/Summer and Autumn/Winter collections were well received, supporting continued momentum into 2H2026.

• Continued innovation in customer experience and technology, with new store formats, digital integration, and global expansion.

Financial highlights

• Sales reached €19.8 billion, up 7.6% year-over-year; constant currency sales growth was 9.2%.

• Gross profit increased 8.3% to €11.6 billion, with gross margin at 58.7%.

• EBITDA rose 7.8% to €5.5 billion; profit before tax grew 6.8% to €3.8 billion (PBT margin 19.5%).

• Net income up 6.8% to €3.0 billion.

• Funds from operations increased 11% to €4.1 billion; free cash flow nearly doubled to €2.3 billion.

Outlook and guidance

• Gross margin expected to remain stable within +/- 50 bps for FY 2026.

• Ordinary capital expenditure for 2026 projected at €2.3 billion, with an additional €200 million in extraordinary CapEx for facility upgrades.

• Annual gross space growth expected around 5% in 2026, with positive net space contribution and strong online growth.

• Autumn/Winter collections well received; store and online sales up 10% in early Q3 2026 vs. prior year.

• Currency impact expected at -1% for FY 2026.