Annual Report 2025

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Multiple international adidas football jerseys hanging on clotheslines between two buildings against a blue sky. (Photo)Multiple international adidas football jerseys hanging on clotheslines between two buildings against a blue sky. (Photo)Multiple international adidas football jerseys hanging on clotheslines between two buildings against a blue sky. (Photo)

In this dashboard we present the most important developments of the 2025 reporting year.

adidas CEO Bjørn Gulden presenting an adidas jacket in front of a clothing rack. (Photo)

Bjørn’s ‘Best-of’

Our CEO’s choice of his favorite products

Selection of adidas apparel on a clothing rack. (Photo)Selection of adidas apparel on a clothing rack. (Photo)

Net sales

€ 24,811

million

+ 13% Brand adidas c.n.

Income Statement

Record revenues driven by 13% currency-neutral growth for the adidas brand.

Net sales € in million

Income Statement
Female Model wearing an adidas jacket outdoors. (Photo)Female Model wearing an adidas jacket outdoors. (Photo)

Global brand with a local mindset

adidas CEO Bjørn Gulden in conversation in front of adidas apparel on a clothing rack. (Photo)adidas CEO Bjørn Gulden in conversation in front of adidas apparel on a clothing rack. (Photo)

Interview with our CEO

CEO Interview

Interview with our CEO

‘When people come together to do sports, this is always fantastic’

CEO Interview
Male Model wearing an adidas jacket on a runway. (Photo)

adidas is all about sports and the culture born from it.

adidas is all about sports and the culture born from it.

Under the adidas brand, we have been designing, engineering, and marketing world-class sports products for more than 75 years.

Exhibition featuring adidas outfits on mannequins. (Photo)Exhibition featuring adidas outfits on mannequins. (Photo)

Our guiding principle is to meet our consumers where they are.

Wholesale remained our largest channel, accounting for 60% of total net sales in 2025.

Net sales share by channel

Woman sitting in a gym wearing adidas training apparel and shoes. (Photo)

Sustainability is rooted in our purpose.

ESRS E1

Sustainability is rooted in our purpose.

We have reached our goal of 9% reduction in carbon intensity per product by 2025 (baseline 2022, in kg CO2e).

Scope 1 and 2 GHG emissions

22% 2030 target 70%
Baseline 2022

Scope 3 GHG emissions

5% 2030 target 42%
Baseline 2022
ESRS E1

Our purpose:
Through sport, we have the power to change lives.

Two people running side by side wearing adidas running shoes. (Photo)Two people running side by side wearing adidas running shoes. (Photo)

Responsive and flexible sourcing model

With our responsive and flexible sourcing model, we are able to react quickly to changing order patterns. We mainly source our products through independent manufacturing partners located in Asia.

Share of sourcing volumes by country

Net sales development

North America

+10%

Net sales in North America

€ 5,087 million

Segment North America

Europe

+10%

Net sales in Europe

€ 8,136 million

Segment Europe

Greater China

+13%

Net sales in Greater China

€ 3,623 million

Segment Greater China

Latin America

+22%

Net sales in Latin America

€ 2,926 million

Segment Latin America

Emerging Markets

+17%

Net sales in Emerging Markets

€ 3,510 million

Segment Emerging Markets

Japan/South Korea

+14%

Net sales in Japan/South Korea

€ 1,406 million

Segment Japan/South Korea

North America

+10%

Net sales in North America

€ 5,087 million

Segment North America

Europe

+10%

Net sales in Europe

€ 8,136 million

Segment Europe

Greater China

+13%

Net sales in Greater China

€ 3,623 million

Segment Greater China

Latin America

+22%

Net sales in Latin America

€ 2,926 million

Segment Latin America

Emerging Markets

+17%

Net sales in Emerging Markets

€ 3,510 million

Segment Emerging Markets

Japan/South Korea

+14%

Net sales in Japan/South Korea

€ 1,406 million

Segment Japan/South Korea

Brand adidas c.n.

Two people running on a forest path wearing adidas shoes. (Photo)Two people running on a forest path wearing adidas shoes. (Photo)

Outlook 2026

Outlook

Outlook 2026

We expect to increase adidas’ currency-neutral sales at a high-single-digit rate in 2026. With a focus on delivering high-quality growth and further investments in our business, we anticipate operating profit to increase to around € 2.3 billion in 2026.

Outlook

Our mission:
To be the best sports brand in the world.

Group of young people talking while wearing adidas sportswear. (Photo)Group of young people talking while wearing adidas sportswear. (Photo)

Creating a level playing field for everyone.

People and Culture

Women in leadership positions

41

%

People and Culture