adidas has reported “record” revenues for 2025 and said it will begin a €1bn ($1.19bn) share repurchase programme in early February 2026.
The German sportswear group said preliminary figures for the fourth quarter showed currency-neutral revenues for the adidas brand rose 11%.
In reported terms, quarterly revenues reached €6.07bn, compared with €5.96bn a year earlier.
When Yeezy brand sales of €50m from the prior year were included, growth stood at 10%.
Gross margin for the period improved by one percentage point to 50.8% while operating profit more than doubled to €164m from €57m in 2024.
For the full year, preliminary unaudited results indicated that currency-neutral revenues for the adidas brand climbed 13% for a second consecutive year, supported by double-digit expansion across regions and channels.
Including approximately €650m of Yeezy sales recorded in the previous year, growth was 10%.
Reported revenues totalled €24.81bn, up from €23.68bn in 2024, despite a negative currency translation effect exceeding €1bn.
Gross margin for 2025 increased by 0.8 percentage points to 51.6%, even as adverse currency movements and higher tariffs weighed on results.
Operating profit for the year rose by more than €700m to €2.05bn from €1.33bn, while the operating margin improved to 8.3% from 5.6%.
adidas said with supervisory board approval, its executive board had decided to launch the buyback programme, pointing to strong brand performance, a solid balance sheet and robust cash flows.
The company plans to repurchase up to €1bn of shares during 2026, funded from expected cash generation, and intends to cancel the shares acquired.
adidas CEO Bjørn Gulden said: “Our confidence in adidas future top- and bottom-line growth and cash flow generation is also the reason why we have now decided to launch a share buyback. We will buy back shares up to €1bn this year. We will come back with our detailed numbers for 2025, our financial guidance for 2026 and our future capital allocation plans at the beginning of March.”
