The Adidas brand delivered a 12% currency-neutral increase in sales during the second quarter, despite no revenue contribution from the Yeezy line, which was sold off in 2024.
In euro terms, net sales totalled €6 billion, reflecting a 2% increase year-on-year, despite a negative currency translation impact of approximately €300 million.
Operating profit for the second quarter rose 58% to €546 million, with an operating margin of 9.2%, up 3.2 percentage points from the prior year. Net income from continuing operations increased 77% to €375 million.
Footwear revenues rose 9% on a currency-neutral basis, led by strong performances in Running, Training, Sportswear and Performance Basketball. Apparel sales grew 17%, supported by strong demand in Originals, Training and Running. Accessories revenue increased by 7%.
Performance categories posted a 12% increase in revenue, with particular strength in Running, where the brand launched the second generation of the Adios Pro Evo ahead of the London Marathon.
Lifestyle categories also saw robust performance, with a 13% increase in revenue driven by continued popularity of Originals and Sportswear.
Regionally, the Adidas brand delivered double-digit currency-neutral growth across all major markets. North America grew 15%, Greater China 11% and Latin America 23%. Europe posted a 7% increase despite a tough comparison against the prior year’s UEFA Euro-related sales. Japan, South Korea and Emerging Markets also delivered strong growth.
Sales increased in both wholesale and direct-to-consumer channels, with wholesale revenue up 14% and DTC up 9%. E-commerce grew 9% year-on-year despite a strong prior-year comparison.
In the first half of 2025, currency-neutral revenues for the Adidas brand rose 14%. In euro terms, total revenue reached €12.1 billion, a 7% increase year-on-year. Operating profit for the half-year rose 70% to €1.16 billion, with a margin of 9.6%.
Net income from continuing operations more than doubled to €811 million. Gross margin improved by 0.9 percentage points to 51.9%, supported by lower costs and reduced discounting.
Looking ahead, Adidas reaffirmed its full-year guidance, citing strong first-half results, a solid order book and continued momentum across the brand.
The company continues to expect currency-neutral sales growth in the high-single-digit range and operating profit between €1.7 billion and €1.8 billion.
However, Adidas cautioned that external risks, particularly the impact of new U.S. tariffs, remain a source of uncertainty. The company noted that tariffs could increase costs by up to €200 million in the second half of the year and potentially impact consumer demand.
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