Track & Field Co (TFCO4) Q4 2025 earnings summary

Executive summary

• Achieved record net revenue of R$1.05 billion in 2025, surpassing the R$1 billion milestone for the first time, with robust growth across all channels and strong operational execution.

• Sell-out reached R$1.8 billion for the year (+28.6% YoY), with Same Store Sales up 23.1% and e-commerce sales up 41.3% YoY, reflecting robust demand and digital transformation.

• Expanded physical footprint to 435 stores, with 40 new openings and 42 refurbishments, and continued international expansion in Portugal.

• TFSports platform grew user base by 40.9% YoY to 1.2 million, hosting over 4,200 events and 520,000 subscribers, reinforcing the ecosystem strategy.

• Digital sales represented 10% of total sell-out, up from 3% pre-pandemic, with 70% of digital sales originating from physical stores.

Financial highlights

• Consolidated net revenue: R$1,046.5 million in 2025 (+25.8% YoY); Q4 net revenue was R$323.1 million (+18.2% YoY).

• Gross profit: R$601.3 million in 2025 (+27.8% YoY), gross margin 57.5% (+0.9 p.p. YoY); Q4 gross margin 59.2% (+2.6 p.p. YoY).

• Adjusted EBITDA: R$240.9 million in 2025 (+36.3% YoY), margin 23.0% (+1.8 p.p. YoY); Q4 adjusted EBITDA R$78.3 million (+34.3% YoY), margin 24.2% (+2.9 p.p. YoY).

• Adjusted net income: R$171.5 million in 2025 (+36.5% YoY), margin 16.4% (+1.3 p.p. YoY); Q4 adjusted net income R$56.5 million (+40.5% YoY), margin 17.5% (+2.8 p.p. YoY).

• Net cash at year-end: R$35.3 million (+50.6% YoY); cash equivalents R$171.1 million (+23.9% YoY); zero financial debt.

Outlook and guidance

• Plans to modernize over 70% of the store base by end of 2026, continuing expansion and digital integration.

• Ongoing focus on omnichannel strategy, customer experience, and ecosystem development to drive sustainable growth.

• Monitoring regulatory changes, including tax reform and sustainability standards, with no material impacts identified for 2025.