Annual Report 2025

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Edson Álvarez in a green Mexico adidas jersey in action. (Photo)

North America

Sales for the adidas brand in North America increased 10% on a currency-neutral basis. The increase was a result of double-digit growth in both Lifestyle and Performance. In Lifestyle, both Originals and Sportswear grew double digits while broad-based increases in Performance were led by Running, Football, Training, and Performance Basketball. Including Yeezy sales in the prior year, currency-neutral revenues grew by 4%. In euro terms, sales were down 1% to € 5,087 million due to unfavorable currency translation effects (2024: € 5,128 million).

Net sales in North America

+10%

Brand adidas c.n.

€ 5,087 million

North America at a glance € in millions

 

 

2025

 

2024

 

Change

 

Change
(currency-neutral)

 

Brand adidas Change (currency-neutral)1

Net sales

 

5,087

 

5,128

 

(1%)

 

4%

 

10%

Gross profit

 

2,312

 

2,210

 

5%

 

—

 

—

Gross margin

 

45.4%

 

43.1%

 

2.3pp

 

—

 

—

Operating expenses

 

1,792

 

1,788

 

0%

 

—

 

—

Operating expenses
in % of net sales

 

35.2%

 

34.9%

 

0.4pp

 

—

 

—

Operating profit

 

544

 

480

 

13%

 

—

 

—

Operating margin

 

10.7%

 

9.4%

 

1.3pp

 

—

 

—

1

Excluding Yeezy sales in the prior-year period.

Gross margin in North America increased 2.3 percentage points to 45.4% (2024: 43.1%), mainly reflecting lower sourcing costs and reduced discounting. In accordance with the company’s operating model, the impact of higher US tariffs is mainly recognized centrally rather than at the market level. Operating expenses were flat at € 1,792 million versus € 1,788 million in 2024, reflecting an increase in marketing expenditure, while operating overhead costs declined. Operating expenses as a percentage of sales increased 0.4 percentage points to 35.2% (2024: 34.9%). Operating profit in North America increased 13% to € 544 million from € 480 million in 2024, while the operating margin increased 1.3 percentage points to 10.7% from 9.4% in 2024.

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Lifestyle category
Under the ‘Lifestyle’ category, we subsume all footwear and apparel products as well as accessories that are born from sport and worn for style. ‘adidas Originals,’ which is inspired by sport and worn on the street, is at the heart of the ‘Lifestyle’ category.
Marketing expenditure
Expenditure that relates to point-of-sale and marketing investments. While point-of-sale investments include expenses for advertising and promotion initiatives at the point of sale as well as store fittings and furniture, marketing investments relate to sponsorship contracts with teams and individual athletes as well as to advertising, events, and other communication activities. Marketing overhead expenses are not included in marketing expenditure.
Operating overhead expenses
Expenses that are not directly attributable to the products or services sold, such as distribution and selling as well as general and administration costs, but not including marketing and point-of-sale expenses.
Performance category
Under the ‘Performance’ category, we subsume all footwear and apparel products as well as accessories that are of a more technical nature, built for sport and worn for sport. These are, among others, products from our most important sport categories: Football, Training, Running, and Outdoor.

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