EXEC: Adidas Raises FY Outlook On Double-Digit Q3 Growth, Tariff Mitigation Benefits

October 21, 2025

Adidas raised its earnings and sales outlook for the year while reporting preliminary results for the third quarter showing currency-neutral revenues for the Adidas brand jumped 12 percent. The improved profitability outlook reflects continued brand momentum, the better-than-expected business performance as well as successful efforts to partly mitigate the additional costs resulting from increased U.S. tariffs.

The 12 percent currency-neutral gain was driven by broad-based double-digit growth across markets, product divisions, categories, and channels.

Having completed the sale of the remaining Yeezy inventory at the end of last year, the company’s results for the third quarter of 2025 do not include any Yeezy contribution. Including ~€200 million of Yeezy sales in the prior-year third quarter, currency-neutral revenues increased 8 percent year-over-year (y/y). In euro terms, revenues reached €6.63 billion in the quarter against €6.44 billion in Q3 last year, up 3.0 percent.

The company’s gross margin improved 0.5 percentage points to 51.8 percent of net sales in the quarter, compared to 51.3 percent in the year-ago quarter, despite the negative impacts from unfavorable currency developments and higher tariffs. Operating profit improved 23.1 percent y/y to €736 million from €598 million in Q3 2024. The third-quarter operating margin reached 11.1 percent (2024: 9.3 percent). SGB