Adidas reported that fourth quarter of 2025 operating profit more than doubled while currency-neutral revenues for the Adidas brand jumped 11 percent year-over-year. In euro terms, revenues reached a record level of €24,811 million (2024: €23,683 million), despite a negative currency translation impact of over €1 billion. The company’s gross margin improved by 0.8 percentage points to 51.6 percent in 2025 (2024: 50.8 percent), despite the negative impact of unfavorable currency movements and higher tariffs. Full-year operating profit increased by more than €700 million to €2,056 million (2024: €1,337 million). The operating margin improved 2.6 percentage points to 8.3 percent in 2025 (2024: 5.6 percent).