Adidas lifts 2025 guidance but misses Q3 sales forecasts
By Benjamin Chiou
Date: Wednesday 22 Oct 2025
(Sharecast News) - Adidas has increased its profit guidance for 2025 despite a mixed third quarter from the German sporting goods group, with top-line growth coming in slightly below market estimates despite revenues hitting a record high.
Full-year operating profit is now expected to increase to €2.0bn, up from earlier guidance of €1.7b-1.8bn and the €1.4bn made in 2024.
"The improved profitability outlook reflects continued brand momentum, the better-than-expected business performance as well as the company's successful efforts to partly mitigate the additional costs resulting from increased US tariffs," the company said in a statement after market's close on Tuesday.
Currency-neutral revenues are expected to rise by 9% in 2025, compared with previous guidance of a high-single-digit improvement..
Reported revenues over the three months to 30 September totalled €6.66bn, up 3% from €6.44bn the year before. In currency-neutral terms, revenues would have risen by 8%, with comparatives including the impact of Adidas selling its remaining Yeezy inventory at the end of last year.
This was slightly behind the company-compiled consensus estimate of €6.71bn.
However, gross margin improved by 0.5 percentage points year-on-year to 51.8%, as the company was able to offset unfavourable currency movements and higher tariffs. As such, operating profit jumped to €736m from €598m, comfortably ahead of the €694m expected by analysts.
"The environment is volatile with the tariff increases in the US and a lot of uncertainty among both retailers and consumers around the world, but our teams work hard, and our brand and our products resonate well with consumers," said chief executive Bjørn Gulden.
Shares were down 2.1% at €190.65 by 0947 in Frankfurt,.
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