Birkenstock (BIRK) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 revenue reached EUR 2.1 billion, up 16% reported and 18% in constant currency, surpassing guidance and marking a record year, with double-digit growth across all regions and channels.

• Adjusted EBITDA rose 20% to EUR 667 million, with margin improving by 100 bps to 31.8%, at the high end of guidance.

• Adjusted net profit increased 44% to EUR 346 million, and adjusted EPS grew 45% to EUR 1.85.

• Over 38 million pairs sold, up 12% year-over-year, with strong brand momentum and robust demand, especially in APAC.

• Expanded own retail footprint to 97 stores, with plans to open 40 more in 2026.

Financial highlights

• Q4 revenue reached EUR 526 million, up 20% in constant currency; full-year revenue EUR 2.1 billion, up 16% reported and 18% constant currency.

• Gross profit margin improved to 59.1%, up 30 bps, aided by price adjustments and manufacturing efficiency.

• Adjusted EBITDA: EUR 667 million, up 20% year-over-year; margin up 100 bps to 31.8%.

• Adjusted net profit for the year was EUR 346 million, up 44%; adjusted EPS EUR 1.85, up 45% year-over-year.

• Operating cash flow was EUR 384 million, supporting investments, share buybacks, and deleveraging.

Outlook and guidance

• Fiscal 2026 guidance: constant currency revenue growth of 13%-15%, reported growth of 10%-12% to EUR 2.3-2.35 billion due to FX headwinds.

• Adjusted EBITDA expected at least EUR 700 million, margin of 30%-30.5% (32%-32.5% excluding FX/tariffs).

• Adjusted EPS guidance EUR 1.90-EUR 2.05, with EUR 0.15-0.20 per share FX headwind, tax rate 26%-28%, CapEx EUR 110-130 million, net leverage target 1.3-1.4x.

• Plan to open 40 new stores and repurchase up to $200 million in shares in 2026.

• Gross profit margin expected at 57.0-57.5%, with 200 bps headwind from currency and tariffs.