Adidas reported that its operating profit more than doubled in the Q4 of 2025, while currency-neutral revenues for the Adidas brand rose 11 percent year-over-year. Riding this momentum and backed by a strong balance sheet, Adidas launched a stock buyback program to repurchase up to €1 billion in shares.

Including Yeezy sales from the previous year (2024: approximately €50 million), currency-neutral revenues grew 10 percent. In euro terms, quarterly revenues reached €6,076 million, up from €5,965 million in 2024. The company’s gross margin improved by 1 percentage point to 50.8 percent of net sales (2024: 49.8 percent), and operating profit climbed to €164 million from €57 million a year earlier.

Preliminary unaudited full-year figures for 2025 show currency-neutral revenues for the Adidas brand increased 13 percent for the second consecutive year, driven by double-digit growth across all markets and channels. Including prior-year Yeezy sales (around €650 million in 2024), currency-neutral revenue rose 10 percent. Revenues hit a record €24,811 million (2024: €23,683 million) despite over €1 billion negative impact from currency translation. Gross margin improved by 0.8 percentage points to 51.6 percent (2025 vs. 50.8% in 2024), despite unfavorable currency effects and higher tariffs. Full-year operating profit surged over €700 million to reach €2,056 million (up from €1,337 million). Operating margin increased by 2.6 percentage points to 8.3 percent (from 5.6%).

Citing “strong brand momentum,” robust fundamentals, a healthy balance sheet, strong cash flow generation, and management’s confidence in Adidas’ future growth,” the Executive Board—with Supervisory Board approval—launched a share buyback program starting early February aimed at repurchasing up to €1 billion of shares during 2026.The buyback will be funded through expected strong cash flow generation this year; Adidas plans to cancel all repurchased shares.

Adidas CEO Bjørn Gulden said: “I’m very proud of what our team has achieved again this year—delivering double-digit growth in Q4 despite external challenges and more than doubling our operating profit made for an excellent finish that exceeded our expectations set at the start of the year.

“The broad-based double-digit growth across all markets and channels is encouraging but even more important is its quality—we’ve successfully sold the right products in appropriate quantities while maintaining high full-price sell-throughs and controlling discounts.The gross margin of 51 .6% excluding Yeezy is historically high and highlights both performance strength and brand power.

“Our mission remains serving consumers , athletes ,and retail partners as closely as possible.We aim to be a global brand with local insight .

“We’re fortunate to operate across diverse segments including sport , comfort , lifestyle ,and fashion . We are confident these segments will continue growing worldwide—and we expect continued market share gains .

“This confidence underpins our decision nowto launch this share buyback program worth up to€1 billion.We’ll provide detailed resultsfor 25 financial guidancefor26,and capital allocation plansin March .

“Looking ahead,we eagerly anticipatethe Olympicand Paralympic Winter Gamesin Italy next weekas well aspreparationsfora fantastic FIFA World Cupthis summer.These major events bring people together globally —something we need now,” concluded Gulden.”