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adidas today announced preliminary results for the third quarter of 2025. Currency-neutral revenues for the adidas brand increased 12%, driven by broad-based double-digit growth across markets, product divisions, categories, and channels.

Having completed the sale of the remaining Yeezy inventory at the end of last year, the company’s results for the third quarter of 2025 do not include any Yeezy contribution. Including Yeezy sales in the prior-year quarter (2024: around € 200 million), currency-neutral revenues increased 8%. In euro terms, revenues reached € 6,630 million in the quarter (2024: € 6,438 million).

The company’s gross margin improved 0.5 percentage points to 51.8% in the quarter (2024: 51.3%), despite the negative impacts from unfavorable currency developments and higher tariffs. Operating profit improved strongly to € 736 million (2024: € 598 million). The third-quarter operating margin reached 11.1% (2024: 9.3%).

adidas has increased its full-year guidance for 2025. For the full year, the company continues to expect double-digit currency-neutral revenue growth for the adidas brand. Including Yeezy sales in the prior-year period (2024: around € 650 million), currency-neutral revenues are now expected to increase by around 9% (previously: increase at a high-single-digit rate). The company’s operating profit is now expected to increase to a level of around € 2.0 billion (previously: to reach a level of between € 1.7 billion and € 1.8 billion). 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. 

adidas CEO Bjørn Gulden:

“I am extremely proud of what our teams achieved in the third quarter with actually record revenues. 12% growth for the adidas brand leading to total revenue of € 6.63 billion is the highest we have ever achieved as a company in a quarter.

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.

Given the positive development in Q3, we narrow our top-line guidance and raise our full-year EBIT outlook from between € 1.7 billion and € 1.8 billion to around € 2.0 billion. 2025 is a success for us already. I am especially happy to see that our performance business is growing strongly across categories and in all regions. The focus is now on transitioning well into 2026, which will be another exciting sports year with the Winter Olympics right at the beginning, the biggest Football World Cup ever, and many more great events to look forward to.

adidas is a sports company that connects sports and street culture. We sell performance, comfort, and lifestyle. We see global demand for all these segments continue to grow. That is why we look positive into the future!”

adidas will publish its final set of financial results for the third quarter and host its quarterly conference call on October 29, 2025.

Fox News host Laura Ingraham is joining a business venture that includes Donald Trump Jr – after she repeatedly criticized the business dealings of another president’s son: Hunter Biden.

Ingraham, Trump Jr and Chamath Palihapitiya, a business associate of Donald Trump’s eldest son and namesake, were all listed as board members of a new venture seeking to go public on the stock market, according to Bloomberg. It purports to “fund the next chapter of American Exceptionalism and help Make America Grow Again”.

A filing for the company, Colombier Acquisition Corp III, has designated it as a special-purpose acquisition company, or Spac, which is a shell company that raises money on the stock market before merging with an existing company that isn’t on the market yet. The company is looking to raise $260m in its initial public offering (IPO).

The announcement emphasizes the growing coziness between Fox and the Trump family. In February, Fox launched a weekend show featuring Lara Trump, Trump’s daughter-in-law who joined the network as a contributor in 2021. While the network, during Joe Biden’s Oval Office term, had appeared to grow cold toward Trump, it has fully embraced his second presidency.

Ingraham, a longtime star of the network, was a vocal critic of Hunter Biden and his business dealings while his father was vice-president under Barack Obama. She argued that Biden utilized his dad’s political influence to carry out business deals.

Media Matters, a liberal media watchdog group, estimated that Ingraham mentioned Hunter Biden in more than 150 episodes of her show in 2023 and 2024, in the second half of his father’s presidency. Last December, when Joe Biden pardoned his son, a move that was seen as controversial among liberals and conservatives, Ingraham compared the family to the Corleone mob family of the fictional Godfather movie franchise.

“Given what we’ve learned about the long-term corruption and deception of the Biden family, the Corleones have nothing on them,” Ingraham said.

Joe Biden had previously said he would not use his executive authority to pardon his son. But, upon pardoning him, the then president said his son had become a political target. In addition to controversial links to foreign companies while his father was vice-president, Hunter Biden was also found guilty of felony charges related to a handgun purchase in 2018 and federal taxes.

Last November, after his father won the election, Trump Jr announced his new role at 1789 Capital, an investment firm with close ties to conservative donors. The company’s website says that it funds “the next chapter of American exceptionalism”. So far, it has invested in companies in AI, energy, defense and three of billionaire Elon Musk’s companies. In September, the firm quietly passed $1bn in assets, according to Reuters.

The company, in a statement to Reuters, said that it “maximizes transparency and compliance, even though no one at the fund has ever worked in government”. The White House, meanwhile, has insisted that Trump and his family have never engaged in conflicts of interest.

Trump and his eldest sons were found guilty of civil fraud in 2024. In August, an appeals court threw out the $355m penalty a New York judge ordered Trump to pay after he was deemed guilty of fraud in his real estate business, though the appeals court affirmed the overall fraud verdict.