In 2025, currency-neutral revenues for the adidas brand increased 13% for the second consecutive year. This increase was driven by double-digit growth in all markets and channels, as well as in both Performance and Lifestyle. Having completed the sale of the remaining Yeezy inventory in 2024, the company’s results for 2025 do not include any Yeezy revenues (2024: around € 650 million). Including Yeezy sales in the prior year, currency-neutral revenues increased 10%. In euro terms, revenues increased 5% to a record level of € 24,811 million in 2025 (2024: € 23,683 million), despite an unfavorable translation impact of more than € 1 billion due to the strengthening of the euro against several currencies.
Double-digit growth in both footwear and apparel
Footwear revenues for the adidas brand grew 12% on a currency-neutral basis in 2025. The broader and deeper product offering drove double-digit footwear growth across many categories, including Running, Training, Performance Basketball, and Sportswear. Strong growth in Originals also contributed to the increase in footwear. Apparel sales grew 15% during the year as brand and product momentum continued to expand as planned. Differentiated and locally relevant apparel collections fueled double-digit increases in major categories like Football, Running, Training, and Originals. Accessories grew 6% versus the prior year.
Double-digit growth in all markets
Currency-neutral net sales for the adidas brand grew at double-digit rates in all markets in 2025, reflecting significant market share gains around the world as a result of combining the brand’s global strength with locally relevant product assortments and activations. Europe (+10%), North America (+10%), and Greater China (+13%) grew revenues at a low-double-digit rate in 2025. Latin America (+22%), Emerging Markets (+17%), and Japan/South Korea (+14%) recorded even faster growth. In all markets, growth was broad-based as reflected in strong improvements in both the wholesale and direct-to-consumer (DTC) business.
All channels increasing double digits
Growth for the adidas brand in 2025 was equally broad-based across all channels with double-digit increases in both wholesale and DTC. Strong sell-through rates at retail partners and increased shelf space allocations continued to drive wholesale revenues, which increased 12% on a currency-neutral basis. Own retail revenues were up 13%, driven by strong like-for-like growth in the company’s global fleet of own stores and continued investments into new retail doors. E-commerce sales increased 16%, with a continued focus on full-price propositions. As a result, sales in the brand’s DTC business grew 14%.
Adidas CEO Bjørn Gulden: “I am again very proud of what our people have achieved. Driving double-digit growth in the fourth quarter despite all the external turbulence, and more than doubling our operating profit in the quarter made the year end very well and made 2025 much better than we had planned and expected when the year started.
The double-digit growth in all markets and all channels is of course very pleasing, but even more important is that this is quality growth. Our markets have been very good at managing that the right product in the right amount has been sold in their markets and that we have managed to keep full-price sell-throughs high and discounts under control. The gross margin of 51.6% (without Yeezy) is historically high and underlines this performance and the strength of our brand.
Our mission is to do everything we can to serve and please the consumer, the athlete and our retail partners. To do that we need to be as close as we can to the markets. We want to be a global brand with a local mindset.
We are lucky to be in an industry that sells consumer products for many segments. We sell products for sport, comfort, lifestyle, and fashion. We are very confident that all these segments will continue to grow all over the world and we are also very confident that we will continue to take market share.”
