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adidas (ADS) investor relations material
adidas Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Achieved record Q3 net sales of €6.63 billion, up 12% currency neutral, marking the highest quarter ever for the brand, with 14% growth year-to-date.
Q3 operating profit rose 23% year-over-year to €736 million (11.1% margin), with nine-month operating profit at €1.9 billion (10.1% margin).
Double-digit growth achieved across most regions, channels, and both Performance (+17%) and Lifestyle (+10%) segments.
Net income for Q3 reached €485 million, with EPS from continuing operations at €2.57; nine-month net income up 52% to €1.3 billion.
Strong brand momentum, global retail activations, and major product launches and collaborations contributed to performance.
Financial highlights
Q3 gross margin at 51.8%, up 0.5 percentage points year-over-year; nine-month gross margin at 51.9%, up 0.8 points.
Operating overheads fell below 30% of net sales for the first time since Q3 2021.
Cash and cash equivalents at €1.03 billion, down 42% year-over-year, with adjusted net borrowings at €4.8 billion.
Inventories rose 21% to €5.47 billion; average operating working capital at 21.9%–22% of net sales.
Marketing spend at 12% of net sales, with increased investments in campaigns and partnerships.
Outlook and guidance
Full-year 2025 guidance raised: operating profit expected at around €2.0 billion, with total company revenue up around 9% and double-digit growth for the brand (excluding Yeezy).
No Yeezy revenues or profits expected in 2025.
Tariffs expected to have a €120 million negative impact, partially mitigated by sourcing and selective price increases.
FX tailwinds anticipated for 2026, with hedging in place for major currencies.
Macroeconomic and geopolitical challenges, as well as global retail uncertainty, remain significant risks.
Detail hyperinflation impact on Q3 financial expenses.
Assess inventory increase drivers and future outlook.
Elaborate on US tariff mitigation strategies.
Detail China's local product and distribution strategy.
How will HyperBoost impact future running categories?
Discuss the timeline for potential share buybacks.
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Q4 20258 Mar, 2026
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Frequently asked questions
The brand with the three stripes
Adidas is a globally recognized brand that might not need any special introduction. Founded in Germany in 1949, Adidas has established itself as a leading player in the athletic apparel apparel industry. The company offers a wide range of products for various sports and activities, including running, soccer, basketball, tennis, and more. With its iconic three-stripes logo and a strong brand presence, Adidas has become synonymous with sportswear and does business in all corners of the world.
Founded on a bitter family feud
Adidas has a fascinating foundation story that dates back to the aftermath of World War II. Before the war, Adi and his brother Rudolf created innovative and athletic footwear for sprinters, and most notably the shoes Jesse Owen wore when he won the Berlin olympics in 1936. In 1949, Adi Dassler established Adidas in Herzogenaurach, while his brother Rudolf founded Puma on the other side of the river in the same town. The brothers had fallen out badly, and the feud only continued to intensify over the years. The two companies were in fierce competiton to sign the biggest stars for endorsement deals and come out with the most groundbreaking innovations, and Herzogenaurach became known as “The town of bent necks” as the inhabitants had a tendency to always make sure people they met on the streets wore the “right” brand of shoes.
A diverse portfolio of products
Adidas is well known for its diverse range of products that cater to various sports and lifestyle applications. From performance footwear designed for running, soccer, basketball, and other athletic disciplines to stylish and comfortable apparel and accesories suitable for both workouts and everyday wear, Adidas offers a comprehensive selection for both athletes and regular consumers. Adidas runs their own stores but also sells their products online through their own platform, as well as working with online marketplaces and physical retailers to distribute their apparel and other merchandise.
Incredibly strong brand presence
Just like the Swoosh is integral to Nike’s identity, the three stripes that adorn almost every single piece of clothing or product that Adidas produces have become synonymous with the brand. The stripes were initially introduced in the 1950s by Adi Dassler, to help consumers immediately identify which brand had produced the shoe. Apart from their aesthetic appeal, the three stripes represented a practical purpose, as they were strategically placed on the sides of the shoes to provide stability and support to the wearer during athletic activities. Over time, the three stripes have become synonymous with Adidas and is an integral part of their brand and design language.
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