Adidas' revenue last year increased by 13% year-over-year, and it is expected to achieve high single-digit growth this year | Financial Report Analysis

Cailian Press, March 4th (Reporter Zhang Xiaoyu) Adidas’ 2025 “Report Card” was released today. Last year, the company’s annual revenue reached €24.8 billion, a 13% increase year-over-year. Among them, Greater China achieved revenue of €3.62 billion, a 13% increase year-over-year. On the same day, Adidas officially announced that CEO Gerdten’s term has been extended until December 31, 2030.

The financial report shows that in Q4 2025, the Adidas brand achieved global revenue of €6.1 billion, an 11% increase year-over-year; gross profit margin for the quarter increased by 1 percentage point to 50.8% compared to the same period last year.

Overall for the year, Adidas’ global revenue reached €24.8 billion, a record high, with a 13% increase in currency-neutral terms (excluding Yeezy impact); operating profit reached €2.06 billion, a 54% increase; gross profit margin increased by 0.8 percentage points to 51.6% compared to the previous year.

Specifically, in the segment business, footwear revenue in 2025 grew over 12% year-over-year, with running business revenue represented by the ADIZERO 0 series growing over 30%; apparel revenue increased by 15%, and accessories revenue increased by 6%.

In regional markets, Greater China remains one of Adidas’ most important strategic markets, achieving growth for eleven consecutive quarters. The financial report shows that Adidas’ Greater China revenue last year was €3.62 billion, a 13% increase; Q4 revenue was €850 million, a 15% increase year-over-year.

Notably, Gerdten previously admitted that during discussions on the 2025 full-year outlook and tariff impacts, the company was affected by tens of millions of euros in the second quarter. It is expected that product costs in the U.S. will increase by €200 million in 2025. Under currency-neutral conditions, Adidas’ revenue in 2025 is expected to maintain double-digit growth, with operating profit remaining between €1.7 billion and €1.8 billion. Based on third-quarter performance, Adidas has raised its full-year 2025 guidance, with operating profit expected to grow to €2 billion.

In recent years, countries have introduced multiple policies to promote high-speed and high-quality development of the sports industry. In September last year, the General Office of the State Council issued the “Opinions on Releasing the Potential of Sports Consumption and Further Promoting High-Quality Development of the Sports Industry,” which clearly states that by 2030, the total scale of the sports industry will exceed 7 trillion yuan.

As China’s sports industry continues to expand, the competitive landscape of the sportswear sector is also changing. A report by Huajing Industry Research Institute indicates that the Chinese sportswear industry has formed a pattern of leading companies with concentrated market share and differentiated competition.

Among them, Anta leads the market with a multi-brand matrix covering all price ranges and multiple segments; Li Ning focuses on transforming into a professional sports brand, leveraging Olympic resources and core technology to strengthen its advantages; Xtep deepens its focus on running, with Saucony becoming a high-end growth engine; 361° uses full-category offerings and sinking markets as key strategies. Leading companies build barriers through technological R&D, brand matrices, or segmented tracks. The industry is shifting from scale competition to value competition, with women’s and outdoor markets becoming new focal points, driving continuous industry upgrades.

Looking ahead, Gerdten stated, “We expect high single-digit growth in 2026; market share will continue to expand from 2027 to 2028, achieving high single-digit growth; by 2028, operating profit margin will surpass 10%.”