“I am extremely proud of what our teams achieved in the third quarter with actually record revenues. 12% growth for the adidas brand leading to total revenue of 6.63 billion euros is the highest we have ever achieved as a company in a quarter. I am especially happy to see that our performance business is growing strongly across categories and in all regions. The environment is volatile with the tariff increases in the US and a lot of uncertainty among both retailers and consumers around the world, but our teams work hard, and our brand and our products resonate well with consumers”, commented adidas CEO Bjørn Gulden. 

Third Quarter Results

In the third quarter of 2025, the company’s revenue increased by 12% on a currency-neutral basis, as compared to the same period last year. This equates to an 8% increase when last year’s Yeezy sales of 200 million euros are excluded. Reported revenue reached a record high of 6.63 billion euros, up from 6.44 billion euros in the same period last year.

On a currency-neutral basis, during this period, the adidas brand recorded double-digit growth in apparel and footwear of 11% and 16%, respectively, on a comparable basis to the third quarter of 2024. The accessories segment was the only one to record subdued growth of 1% year-on-year.

Geographically, in the third quarter, adidas recorded a 12% year-on-year currency-neutral net sales increase in Europe, driven by double-digit growth in both wholesale and direct-to-consumer (DTC) channels. Sales also rose by 10% in Greater China, 13% in Emerging Markets, 21% in Latin America, and 11% in Japan/South Korea, supported by strong DTC performance across all regions. In North America, sales grew by 8%, with double-digit gains in footwear and apparel offset by a decline in accessories.

In the three months to the end of September, the company’s gross margin increased by 0.5 percentage points year-on-year to 51.8%. Operating profit increased by 23% year-on-year to reach 736 million euros, equating to an 11.1% margin. Ultimately, net income totalled 482 million euros, marking a 3% year-on-year increase despite the impact of currency headwinds and hyperinflation.

“Given the positive development in Q3, we have narrowed our top-line guidance and raised our full-year EBIT outlook from between 1.7 billion and 1.8 billion euros to around 2.0 billion euros”, announced Bjørn Gulden.

Nine Months Results

In the first nine months of 2025, the adidas brand reported a 14% year-on-year currency-neutral increase in revenue. In euro terms, revenue reached 18.7 billion euros, up by 6% from the same period last year, despite unfavourable currency translation impacts. 

Notably, footwear and apparel each grew by 14% year-on-year during this period, while accessories rose by 6% year-on-year. All regions posted double-digit gains. 

In the period ending in September, the company’s operating profit surged by 48% to 1.89 billion euros, as compared to the same period in 2024, with a margin of 10.1%. Net income increased by 52% year-on-year, reaching 1.29 billion euros and reflecting the brand’s successful execution and operational efficiency.