Ten-Year Overview

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Ten-year overview

2025

2024

2023

2022

2021

2020

2019

2018¹

2017²

2016

Income Statement Data (€ in millions)

Net sales³^,⁴

24,811

23,683

21,427

22,511

21,234

18,435

23,640

21,915

21,218

18,483

Gross profit³^,⁴

12,804

12,026

10,184

10,644

10,765

9,222

12,293

11,363

10,703

9,100

Royalty and commission income³^,⁴

112

154

129

115

105

Other operating income³^,⁴^,⁵

174

173

119

Other operating expenses³^,⁴^,⁵

10,871

10,945

10,070

10,260

8,892

8,580

9,843

9,172

8,766

7,741

EBITDA³^,⁴

3,124

2,465

1,358

1,874

3,066

1,967

3,845

2,882

2,511

1,953

Operating profit³^,⁴

2,056

1,337

268

669

1,986

746

2,660

2,368

2,070

1,582

Net financial result³^,⁴

(236)

(215)

(203)

(281)

(133)

(167)

(102)

(47)

(46)

Income before taxes³^,⁴

1,820

1,121

388

1,852

578

2,558

2,378

2,023

1,536

Income taxes³^,⁴^,⁶

443

297

124

134

360

117

640

669

668

454

Net income/(loss) from continuing operations

1,377

824

(58)

254

1,492

461

1,918

1,709

1,354

1,082

Income Statement Ratios

Gross margin³^,⁴

51.6%

50.8%

47.5%

47.3%

50.7%

50.0%

52.0%

51.8%

50.4%

49.2%

Operating margin³^,⁴

8.3%

5.6%

1.3%

3.0%

9.4%

4.0%

11.3%

10.8%

9.8%

8.6%

Effective tax rate³^,⁴^,⁶

24.3%

26.5%

189.4%

34.5%

19.4%

20.2%

25.0%

28.1%

29.3%

29.6%

Net income/(loss) from continuing operations in % of net sales

5.6%

3.5%

(0.3%)

1.1%

7.0%

2.5%

8.1%

7.8%

6.4%

5.9%

Net Sales by Product Division⁷ (€ in millions)

Footwear³^,⁴

14,232

13,977

12,139

12,287

11,336

10,129

13,521

12,783

12,427

10,132

Apparel³^,⁴

8,764

7,937

7,806

8,731

8,710

7,315

8,963

8,223

7,747

7,352

Accessories³^,⁴

1,815

1,779

1,483

1,493

1,187

991

1,156

910

1,044

999

Balance Sheet Data (€ in millions)

Total assets

20,262

20,655

18,020

20,296

22,137

21,053

20,680

15,612

14,019

15,176

Inventories

5,832

4,989

4,525

5,973

4,009

4,397

4,085

3,445

3,692

3,763

Receivables and other current assets

4,528

4,460

3,819

4,961

4,072

3,763

4,338

3,734

3,277

3,607

Working capital

5,556

4,306

1,766

2,475

4,978

3,328

2,179

2,979

2,354

2,121

Adjusted (net borrowings)/net cash⁸^,⁹

4,331

3,622

(4,518)

(6,047)

(2,082)

(2,424)

(2,676)

959

484

(103)

Shareholders’ equity

5,776

5,476

4,580

4,991

7,519

6,454

6,796

6,377

6,032

6,472

Balance Sheet Ratios

Adjusted net borrowings/EBITDA³^,⁴^,⁸^,⁹

1.4

1.5

3.3

3.2

0.7

1.2

0.7

(0.3)

(0.2)

0.1

Average operating working capital in % of net sales³^,⁴^,⁹

23.0%

19.7%

25.7%

24.0%

20.0%

25.3%

18.1%

19.0%

20.4%

21.1%

Financial leverage⁸^,⁹^,¹⁰

75.0%

66.1%

98.6%

121.2%

27.7%

37.6%

39.4%

(15.0%)

(8.0%)

1.6%

Equity ratio¹⁰

28.5%

26.5%

25.4%

24.6%

34.0%

30.7%

32.9%

40.8%

43.0%

42.6%

Return on equity¹⁰^,¹¹

23.2%

14.0%

(1.6%)

12.3%

28.1%

6.7%

29.1%

26.7%

18.2%

15.7%

Return on capital employed³^,⁴^,¹¹

20.0%

14.8%

2.8%

5.3%

21.2%

8.0%

27.9%

45.1%

41.2%

24.2%

Data per Share

Share price at year-end (in €)

169.05

236.80

184.16

127.46

253.20

297.90

289.80

182.40

167.15

150.15

Basic earnings (in €)³^,⁴^,⁶

7.46

4.24

(0.67)

1.25

7.47

2.31

9.70

8.46

7.05

5.39

Diluted earnings (in €)³^,⁴^,⁶

7.46

4.24

(0.67)

1.25

7.47

2.31

9.70

8.45

7.00

5.29

Price/earnings ratio at year-end³^,⁴^,⁶

22.7

55.9

n.a.

102.4

33.9

128.9

29.9

21.6

23.7

27.8

Market capitalization at year-end (€ in millions)

30,203

42,280

32,882

22,756

48,512

58,110

56,792

36,329

34,075

30,254

Net cash generated from/(used in) operating activities³^,⁴^,¹²^,¹³

4.21

16.30

14.28

(2.15)

14.79

7.00

14.26

13.31

8.14

6.73

Dividend (in €)¹⁴

2.80

2.00

0.70

3.30

3.00

0.00

3.35

2.60

2.00

Number of shares outstanding at year-end
(in thousands)

178.665

178.549

178.537

191.595

195.066

195.969

199.171

203.861

201.489

Employees

Number of employees at year-end³^,⁴^,¹⁵

64,938

62,035

59,030

59,258

61,401

62,285

65,194

57,016

56,888

58,902

Personnel expenses (€ in millions)³^,⁴

3,197

3,184

2,964

2,856

2,659

2,325

2,720

2,481

2,549

2,373

1	Application of IFRS 16 as of January 1, 2019. Prior-year figures are not restated.
2	2017 restated according to IAS 8 in the 2018 consolidated financial statements.
3	2019, 2018, 2017, and 2016 figures reflect continuing operations as a result of the divestiture of the Rockport, TaylorMade, Adams Golf, Ashworth, and CCM Hockey businesses.
4	2022, 2021, and 2020 figures reflect continuing operations as a result of the divestiture of the Reebok business.
5	Figures reflect the adjusted consolidated income statement structure introduced in 2018.
6	2017 including negative one-time tax impact of € 76 million.
7	2024 adjusted due to a reclassification within the product divisions.
8	First-time application of adjusted net borrowings as of 2020. Figures since 2019 were restated to reflect methodology revision in 2022.
9	2021 figures reflect the reclassification of the Reebok business to assets or liabilities held for sale.
10	Based on shareholders’ equity.
11	Includes continuing and discontinued operations.
12	Since 2018 figures reflect presentation of interest paid within cash flows from financing activities. Prior-year figures are not restated.
13	2023 adjusted due to hyperinflation accounting in 2024.
14	Value for the reporting year subject to Annual General Meeting approval.
15	2019 figure restated due to inclusion of temporary contracts of up to six months (2019 headcounts excluding temporary contracts of up to six months: 59,333). Prior-year figures are not restated.

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