Adidas vs Puma: Revenue, Profit and Business Model
Adidas reported ~$28B of revenue in FY2025 and ~$1.5B of net income. Puma reported ~$8.2B of revenue in FY2025 and a net loss of ~$729.4M.
Latest financial snapshot
Financial summary
Adidas
Adidas reported a ~$84.7 million (EUR75 million) attributable net loss in 2023 after ending the Ye partnership, followed by attributable net income of ~$863 million (EUR764 million) in 2024 and ~$1.51 billion (EUR1.340 billion) in 2025. Sales rose from ~$24.2 billion (EUR21.427 billion) in 2023 to ~$28 billion (EUR24.811 billion) in 2025.
Puma
Puma's sales peaked at ~$9.72 billion (€8.60 billion) in 2023, then slipped to ~$9.49 billion (€8.40 billion) in 2024. In 2025, its first year under CEO Arthur Hoeld, sales fell 13.1% to ~$8.25 billion (€7.30 billion) and Puma posted a net loss of about $729 million (€645.5 million) as it cleared inventory, cut unwanted wholesale business and booked reset costs. Management called 2025 the reset year and 2026 a transition year. H1 2026 sales fell 5.2% currency-adjusted to ~$4.02 billion (€3,554.4 million). Q2 2026 sales fell 9.4% to ~$1.91 billion (€1,690.6 million), but gross margin rose about 180 basis points to 48.0% and free cash flow improved, and Puma confirmed its FY2026 outlook.
Revenue and profit by year
Adidas
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$28B | ~$1.5B | 5.4% | +4.8% | Source |
| FY2024 | ~$26.8B | ~$863.3M | 3.2% | +10.5% | Source |
| FY2023 | ~$24.2B | ~-$84.7M | -0.4% | -4.8% | Source |
| FY2022 | ~$25.4B | ~$691.6M | 2.7% | +6.0% | Source |
| FY2021 | ~$24B | ~$2.4B | 10.0% | +7.0% | Source |
| FY2020 | ~$22.4B | ~$484.8M | 2.2% | -16.1% | Source |
| FY2019 | ~$26.7B | ~$2.2B | 8.4% | +7.9% | Source |
| FY2018 | ~$24.8B | ~$1.9B | 7.8% | +3.3% | Source |
| FY2017 | ~$24B | ~$1.2B | 5.2% | +10.0% | Source |
| FY2016 | ~$21.8B | ~$1.1B | 5.3% | — | Source |
Where the revenue comes from
Adidas
- Footwear
~$16.1B (EUR14.232B) in FY2025 net sales (~57%)
Footwear is Adidas' largest revenue category, led by football, running, training, basketball, Originals, Sportswear, Samba, Gazelle, Spezial, and Adizero franchises.
- Apparel
~$9.9B (EUR8.764B) in FY2025 net sales (~35%)
Apparel includes football kits, training, running, Originals, Sportswear, and locally relevant collections that grew strongly in 2025 and Q1 2026.
- Accessories
~$2.05B (EUR1.815B) in FY2025 net sales (~7%)
Accessories include balls, bags, socks, caps, and sport equipment, including Adidas' long-running FIFA World Cup match-ball platform.
- Wholesale
60% of FY2025 net sales
Wholesale remains Adidas' largest channel, relying on retail partners, branded space, key-account relationships, and disciplined sell-in.
- Direct-to-Consumer
40% of FY2025 net sales
DTC includes own retail and e-commerce, giving Adidas more control over consumer experience, pricing, launches, data, and full-price sell-through.
Puma
No segment breakdown is published.
Business model and strategy
Adidas
How it makes money
Adidas develops and markets footwear, apparel, and accessories while independent manufacturing partners produce most goods. It sells through wholesale partners and direct-to-consumer channels; wholesale represented 60% of 2025 sales and direct-to-consumer represented 40%.
Growth strategy
Adidas is investing in football, running, training, basketball, Originals, and Sportswear while giving regional teams more authority over assortments and marketing. The company uses wholesale and direct-to-consumer channels rather than relying on one distribution model.
Competitive advantage
Adidas combines a recognized 3-Stripes identity, long-standing football relationships, performance products, and archive footwear such as Samba, Gazelle, Superstar, and Stan Smith. Its wholesale network and direct-to-consumer channels provide global distribution.
Puma
How it makes money
Puma makes money by selling footwear, apparel and accessories under the PUMA, Cobra Golf and stichd names through two channels. Wholesale, sales to retail partners such as sporting-goods chains and department stores, is the larger channel: ~$1.24 billion (€1,094.8 million) of Puma's ~$1.91 billion (€1,690.6 million) in Q2 2026 sales.
Growth strategy
Under Arthur Hoeld, Puma's plan is to make the brand more premium and less dependent on discount channels. In practice that means cutting undesirable wholesale and mass-merchant accounts, clearing excess inventory, raising the share of direct-to-consumer sales (35.2% in Q2 2026), and focusing marketing on football, running (NITRO), training (HYROX) and low-profile lifestyle sneakers such as the Speedcat.
Competitive advantage
Puma's edge lies in categories where it has long credibility and less head-to-head spending against Nike and Adidas: motorsport (it supplies Formula 1 teams including Ferrari, McLaren and Aston Martin), football (it outfitted eleven national teams that qualified for the FIFA World Cup 2026), and track and field.
Questions about Adidas vs Puma
Which company has higher revenue — Adidas AG or Puma SE?
Adidas AG reported ~$28B (FY2025), while Puma SE reported ~$8.2B (FY2025). By last reported revenue, Adidas AG is the larger business, with Puma SE reporting a smaller revenue base.
What is the market cap of Adidas AG vs Puma SE?
Adidas AG's market capitalisation stands at $29.0B, while Puma SE's is $3.7B. Adidas AG carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Puma SE.
Which is more financially efficient — Adidas AG or Puma SE?
Adidas AG generates $432k / employee in revenue per employee, while Puma SE generates $389k / employee. Adidas AG shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Adidas AG and Puma SE make money?
Adidas AG and Puma SE generate revenue in fundamentally different ways. Adidas AG: Adidas develops and markets footwear, apparel, and accessories while independent manufacturing partners produce most goods. Puma SE: Puma makes money by selling footwear, apparel and accessories under the PUMA, Cobra Golf and stichd names through two channels.
Which company is valued higher relative to revenue — Adidas AG or Puma SE?
On a price-to-sales (P/S) basis, Adidas AG trades at 1.0x P/S and Puma SE at 0.5x P/S. Adidas AG commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Puma SE. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Adidas AG bigger than Puma SE?
By last reported revenue, Adidas AG (~$28B (FY2025)) is the larger company compared to Puma SE (~$8.2B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Adidas vs Puma overview