Adidas chief executive officer Bjørn Gulden touted the company’s double-digit growth in the fourth quarter despite “external turbulence” in its latest preliminary results on Thursday.
Based on preliminary unaudited numbers in the fourth quarter of 2025, revenues reached 6.08 billion euros, up from 5.97 billion euros the same time last year. The German athletic company noted that currency-neutral revenues for the Adidas brand increased 11 percent in Q4. Including Yeezy sales in the prior year, which was around 50 million euros, currency-neutral revenues increased 10 percent in the period.
As for the full fiscal year 2025, preliminary unaudited numbers show that revenues reached a record level of 24.81 billion euros, up from 23.68 billion euros in fiscal 2024. For the full year, currency-neutral revenues for the Adidas brand increased 13 percent for the second consecutive year, driven by double-digit growth in all markets and channels. Including Yeezy sales in the prior year, which were around 650 million euros, currency-neutral revenues increased 10 percent.
“The double-digit growth in all markets and all channels is of course very pleasing, but even more important is that this is quality growth,” Gulden said in a statement. “Our markets have been very good at managing that the right product in the right amount has been sold in their markets and that we have managed to keep full-price sell-throughs high and discounts under control.”
As for operating profit, the company noted that it “more than doubled” to 164 million euros in Q4, up from 57 million euros the same time last year. For the full year 2025, operating profit increased by more than 700 million euros to 2.06 billion euros, up from 1.34 billion euros in fiscal 2024.
“We are lucky to be in an industry that sells consumer products for many segments,” the CEO noted. “We sell products for sport, comfort, lifestyle and fashion. We are very confident that all these segments will continue to grow all over the world, and we are also very confident that we will continue to take market share.”
And given the strong brand momentum and healthy balance sheet, Gulden also announced the launch a share buyback program. Starting in early February, the company plans to buy back shares worth up to 1 billion euros in 2026. The share buyback will be financed through the company’s anticipated strong cash flow generation in 2026. Adidas intends to cancel the repurchased shares.
Gulden added that the buyback program shows “confidence” in Adidas’ future top- and bottom-line growth and cash flow generation.
“Now we look forward to great Olympic and Paralympic Winter Games in Italy starting next week and we continue to prepare for a fantastic FIFA World Cup in the summer,” the CEO added. “These are great events that I think the world needs. Sports and global sport events bring people from all over the world together. We need that now!”
Adidas will publish its final set of financial results for 2025, issue financial guidance for 2026, and provide an update on its future capital allocation plans on March 4.
