adidas(US:ADDYY) Cai Jing Wang·2026-03-05 03:05Core Insights - Adidas reported a global revenue of €24.8 billion for the full year 2025, representing a 13% year-on-year growth on a currency-neutral basis, excluding the impact of Yeezy [1] - The operating profit for 2025 reached €2.06 billion, a 54% increase compared to the previous year, with a gross margin of 51.6%, up 0.8 percentage points year-on-year [1] - In Q4 2025, Adidas achieved a revenue of €6.1 billion, an 11% year-on-year increase, with a gross margin of 50.8%, up 1 percentage point from the same period last year [1] Regional Performance - The Greater China region has shown consistent growth for eleven consecutive quarters, with a revenue of €3.62 billion in 2025, marking a 13% year-on-year increase, and Q4 revenue of €850 million, up 15% year-on-year [1] Business Segments - In 2025, both the performance and lifestyle segments of Adidas experienced double-digit growth, with footwear revenue increasing by over 12%, and the ADIZERO 0 series running business revenue growing by over 30% [1] - Apparel revenue grew by 15%, while accessories revenue increased by 6% [1] - The ADIZERO series of racing shoes contributed to elite runners winning multiple medals in major marathon events, and football equipment was widely used in various competitions [1] Strategic Initiatives - In 2025, Adidas implemented several initiatives in China, including participation in major events like the Beijing Marathon and Shanghai Half Marathon, and opening new stores in key cities [2] - The company collaborated with Tmall to launch new product lines and engaged with local and international designers to revitalize classic series [2] - Adidas aims for high single-digit revenue growth in 2026, with plans to expand market share and maintain high single-digit growth through 2027 and 2028, targeting an operating profit margin exceeding 10% by 2028 [2]