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Company Research20 May 2024
Swoosh: The Nike Story
The Nike story and how the company rose to the top of its industry, as well as insights into the company philosophy and way of doing business.
PUMA (PUM) investor relations material
PUMA Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 marked a strategic reset with decisive actions to address brand, operational, and financial challenges, including leadership changes and expanded cost efficiency programs targeting up to 1,400 job reductions by end of 2026.
Sales declined sharply due to deliberate distribution clean-up, reduced wholesale exposure, and lower brand momentum.
Strategic priorities include cleaning up wholesale channels, reducing inventory, and shifting toward a healthier DTC/wholesale mix, with the ambition to return to above-industry growth and healthy profits by 2027.
2025 is a reset year, 2026 a transition year, with growth and profitability targeted for 2027 and beyond.
Financial highlights
Q3 2025 sales declined 10.4% currency-adjusted to €1,955.7 million; reported sales down 15.3% year-over-year.
Gross margin fell 260 bps to 45.2%, impacted by promotions, inventory reserves, and higher freight costs.
Adjusted EBIT dropped to €39.5 million (Q3 2024: €237.0 million); reported EBIT at €29.4 million (1.5% margin) after one-time costs.
Net loss for Q3 was €-62.3 million (Q3 2024: net income €127.8 million); nine-month net loss at €-308.9 million.
Free cash flow for the first nine months was negative €685.8 million.
Outlook and guidance
Full-year 2025 outlook confirmed: low double-digit percentage sales decline (currency-adjusted), reported EBIT loss, and capex around €250 million.
Gross margin for 2025 expected to remain near Q3 levels; inventory levels expected to normalize by end of 2026.
2025 is a reset year, 2026 a transition year, with growth expected to resume from 2027.
Further details on 2026 guidance to be provided with Q4 results.
What's the plan to normalize inventory by 2026?
How did distribution clean-up impact Q3 sales?
What are the expected savings from role reductions?
Cost/margin impact of 2026 inventory liquidation?
Quantify 2026 sales hit from distribution cleanup?
Expected EBIT impact from United Legwear deconsolidation?
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Next PUMA earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
The Leaping Cat
Puma is a brand that has etched its presence in the minds of sports enthusiasts and fashion aficionados alike. Founded in Germany in 1948, Puma has catapulted itself into a premier position in the sportswear industry, offering products that range from football to running, golf, and lifestyle accessories. Its distinctive leaping cat logo is synonymous with the brand is instantly recognizable.
Born From a Sibling Rivalry
The birth of the company is a tale deeply interwoven with family competition and innovation, and one can’t mention Puma without also mentioning their bitter rival: Adidas. Rudolf Dassler, along with his brother Adolf, initially worked together to create athletic footwear, such as those worn by Jesse Owens during the 1936 Olympics. Following a bitter fallout, Rudolf founded Puma, while his brother created Adidas. Both situated in Herzogenaurach, Germany, this rivalry ignited a battle for athletic supremacy that lasted decades, transforming the small German town into the world's center for sportswear innovation. Even if the bad blood has cooled down from the most intense periods of the companies' rivalry, they’re still fierce competitors and both Adidas and Puma headquarters are still located in Herzogenaurach.
An Iconic Logo
Just as the three stripes define Adidas, Puma's leaping cat has become an integral emblem of the brand. Meant to symbolize dynamism and elegance, the logo was first introduced in 1968 and quickly became an iconic image. Today, the leaping cat is synonymous with the Puma brand and identity and it’s an incredibly recognizable symbol.
Extensive Product Offerings
Puma's range of products is expansive and tailored to meet the demands of various sports and lifestyle needs. From football boots crafted for precision and control to athletic wear designed for performance and comfort, Puma’s selection serves both professional athletes and everyday individuals. The brand reaches its customers through its own retail stores, e-commerce platforms, and collaborations with other online and physical retailers. Just like their competitors like Nike and Under Armour, the company today isn’t just producing sportswear and equipment. They also produce sneakers and clothes meant to be worn outside of athletic circumstances, such as regular T-shirts, accessories, sweatshirts, and similar products.
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