adidas(US:ADDYY) Sou Hu Wang·2026-03-04 14:41Core Insights - Adidas reported record global revenue of €24.8 billion for the full year 2025, a 13% increase year-on-year, excluding Yeezy impact [1] - The company achieved an operating profit of €2.06 billion, up 54% from the previous year, with a gross margin improvement of 0.8 percentage points to 51.6% [1] - In Q4 2025, Adidas generated €6.1 billion in revenue, an 11% year-on-year growth, with a gross margin of 50.8%, up 1 percentage point [1] Financial Performance - Full-year revenue reached €24.8 billion, with a 13% increase year-on-year [1] - Operating profit for the year was €2.06 billion, reflecting a 54% increase [1] - Gross margin improved to 51.6%, marking a historical high for the company [1] Market Performance - The Greater China region saw a full-year revenue of €3.62 billion, a 13% increase, and Q4 revenue of €850 million, up 15% [3] - All markets and channels achieved double-digit growth, with a strong focus on maintaining full-price sales and controlling discount levels [3] Strategic Initiatives - Adidas is committed to localizing its operations in China, enhancing team, product, marketing, and supply chain development [5] - The company has successfully integrated sports and fashion, launching popular collections that resonate with Chinese consumers and attract international attention [8] - Adidas continues to support various sports events and athletes in China, reinforcing its commitment to the local sports community [9] Product Performance - Both performance and lifestyle segments achieved double-digit growth, with footwear revenue increasing over 12% and apparel revenue rising by 15% [5] - The ADIZERO 0 series running shoes contributed significantly to the growth, with running revenue up over 30% [5] Future Outlook - The company anticipates high single-digit growth for 2026, with continued market share expansion projected for 2027 and 2028 [9] - Adidas aims to achieve an operating profit margin exceeding 10% by 2028 [9]