Inditex (ITX) Q3 2025 earnings summary

Executive summary

• Achieved strong sales and profitability in the first nine months of 2025, driven by diversification, creativity, and a resilient business model, with well-received Autumn/Winter collections.

• Store and online sales in constant currency from November 1 to December 1 grew 10.6%.

• Opened new stores in 39 markets, operating a total of 5,527 stores at period end.

• Continued investment in logistics, store optimization, technology, and sustainability initiatives.

Financial highlights

• Net sales grew 2.7% year-over-year to EUR 28.2 billion; in constant currency, growth was 6.2%.

• Gross profit increased 3.2% to EUR 16.8 billion, with gross margin at 59.7%.

• EBITDA advanced 4.2% to EUR 8.3 billion; profit before tax rose 3.6% to EUR 6 billion (PBT margin 21.2%).

• Net income increased 3.9% to EUR 4.6 billion; EPS reached EUR 1.483.

• Q3 2025 net sales grew 4.9% to EUR 9.8 billion, with net income up 9% to EUR 1.83 billion.

Outlook and guidance

• Expects stable gross margin for 2025 (+/- 50 bps), with a slight positive bias.

• Anticipates around -4% top-line currency impact for full year 2025 at current rates.

• Ordinary capital expenditure for 2025 estimated at approximately EUR 1.8 billion, focused on stores, online, and technology.

• Annual gross space growth for 2025-2026 expected to be around 5%, with net space positive.

• Ongoing store optimization and strong online sales expected to drive future growth.