Adidas has reported strong preliminary results for the third quarter of 2025, with currency-neutral revenues for the Adidas brand rising by 12%, reflecting broad-based double-digit growth across markets, product divisions, categories, and channels.
Following the completion of the sale of its remaining Yeezy inventory at the end of 2024, the company’s third-quarter 2025 results do not include any contribution from Yeezy products. Including Yeezy sales in the prior-year quarter (2024: approximately US $ 214 million), currency-neutral revenues increased by 8% year-on-year.
Revenues reached US $ 7.05 billion for the quarter (2024: US $ 6.84 billion). The company’s gross margin improved by 0.5 percentage points to 51.8% (2024: 51.3%), despite headwinds from unfavourable currency movements and higher tariffs. Operating profit rose sharply to US $ 783 million (2024: US $ 636 million), with the operating margin increasing to 11.1% (2024: 9.3%).
Reflecting its strong performance, Adidas has raised its full-year 2025 guidance. The company now expects double-digit currency-neutral revenue growth for the Adidas brand. Including Yeezy sales in the prior-year period (2024: approximately US $ 697 million), currency-neutral revenues are expected to grow by around 9%, compared with the earlier projection of high single-digit growth. Operating profit is now forecast to reach around US $ 2.13 billion, up from the previous estimate of US $ 1.81– US $ 1.92 billion.
The improved outlook stems from sustained brand momentum, stronger-than-expected business performance, and Adidas’ ability to partly offset the added costs arising from higher US tariffs.
Chief Executive Officer Bjørn Gulden expressed pride in the company’s record performance, noting that achieving 12% growth and total revenues of US $ 7.05 billion marked the highest quarterly figure in Adidas’ history. He acknowledged the challenging global environment, citing tariff increases in the United States and uncertainty among retailers and consumers, but emphasised that Adidas’ teams, brand strength, and product appeal had continued to drive growth.
Gulden stated that, given the strong third-quarter performance, Adidas had narrowed its top-line guidance and raised its full-year EBIT outlook to around US $ 2.13 billion. He added that 2025 was already a successful year for the company, with performance-driven growth across categories and regions. Looking ahead, he said the focus would be on a smooth transition into 2026 — a year set to feature major global sporting events, including the Winter Olympics and the largest-ever FIFA World Cup.
He further remarked that Adidas remained committed to connecting sport and street culture, offering performance, comfort, and lifestyle products that continue to see rising global demand — a trend that underpins the company’s confidence in its long-term growth prospects.
