Adidas reported record quarterly revenue of €6.6 billion ($7.6 billion) in Q3 2025, up 3% year over year — or 8% excluding currency effects — as the company’s localised growth strategy gained traction across key markets.
Despite a 5% sales decline in North America, performance rose 1% on a currency-neutral basis, while China sales were flat year over year but up 6% excluding currency fluctuations.
CEO Bjørn Gulden said the company’s focus on regional leadership, design, and faster local production continues to pay off.
“To be a global brand with a local mindset is crucial,” Gulden said. “You need to be close to the consumer — there is no global, average consumer.”
In China, 50–60% of Adidas apparel is now designed and developed locally, supported by a Shanghai creation centre and partnerships with local factories.
The US strategy, meanwhile, is being led by former Nike executive John Miller, with Adidas investing heavily in college sports, baseball, football, and basketball, including a high-profile partnership with NBA star Anthony Edwards.
Globally, Adidas continues to benefit from surging demand for its Terrace footwear lines, including the Samba and Gazelle, as well as newer models like the Tokyo and Taekwondo.
Footwear sales were up 11% on a currency-neutral basis, with the Samba enjoying its strongest quarter ever.
Tariffs remain a concern, with Adidas facing a €120 million impact, prompting selective price increases on premium products.
Still, analysts said the results show “a sustained strong appetite among consumers for the brand’s products.”
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