Adidas vs SpaceX: Revenue, Profit and Business Model
Adidas reported ~$28B of revenue in FY2025 and ~$1.5B of net income. SpaceX reported $18.7B of revenue in FY2025 and a net loss of $4.9B.
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.
SpaceX
SpaceX revenue grew from $10.387 billion in 2023 to $14.015 billion in 2024 and $18.674 billion in 2025, but heavy Starship, Starlink, and AI spending produced a $4.937 billion FY2025 net loss. In Q2 2026, its first quarter reported as a public company, revenue was $7.8 billion (up 92%), adjusted EBITDA was $3.5 billion, net loss was $541 million, and backlog was $47.5 billion. The IPO raised $85.7 billion and a $25 billion bond sale added more liquidity. In late September 2026 the stock traded near $145, for a market capitalization around $1.9 trillion.
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 |
SpaceX
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $18.7B | -$4.9B | -26.4% | +33.2% | Source |
| FY2024 | $14B | $18M | 0.1% | +34.9% | Source |
| FY2023 | $10.4B | -$4.6B | -44.6% | — | 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.
SpaceX
- Launch services
Not formally reported
Commercial, civil, and national-security launches priced by rocket, payload, orbit, and service type.
- Starlink consumer broadband
Not formally reported
Monthly subscriptions and terminals for residential and mobile broadband.
- Enterprise and government connectivity
Not formally reported
Starlink enterprise, aviation, maritime, backup connectivity, Starshield, and government services.
- AI infrastructure
Not formally reported
Compute and cloud services from SpaceX's AI segment, formed through the xAI combination; $2.6B revenue in Q2 2026.
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.
SpaceX
How it makes money
SpaceX earns money in three segments. Space sells launches on Falcon 9 and Falcon Heavy, plus Dragon cargo and crew missions for NASA, the U.S. government, and commercial customers ($962 million in Q2 2026).
Growth strategy
SpaceX's growth plan has four parts: add Starlink subscribers and raise enterprise, aviation, and mobile revenue; launch higher-capacity Starlink V3 satellites on Starship; expand national-security work through Starshield and launch contracts (over $6 billion in U.S. government awards in Q2 2026); and scale AI compute capacity, which grew from 400 megawatts a year earlier to 1.4 gigawatts at the end of Q2 2026.
Competitive advantage
SpaceX's advantage is reusability combined with vertical integration. It builds its own engines, avionics, rockets, and satellites, and reflies Falcon 9 boosters many times, which lowers its marginal launch cost below rivals that still expend most hardware. Being its own largest launch customer lets it deploy Starlink at a cadence no other operator has matched, and Starlink revenue then funds Starship.
Questions about Adidas vs SpaceX
Which company has higher revenue — Adidas AG or SpaceX?
Adidas AG reported ~$28B (FY2025), while SpaceX reported $18.7B (FY2025). By last reported revenue, Adidas AG is the larger business, with SpaceX reporting a smaller revenue base.
What is the market cap of Adidas AG vs SpaceX?
Adidas AG's market capitalisation stands at $29.0B, while SpaceX's is $1.92T. SpaceX carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Adidas AG.
Which is more financially efficient — Adidas AG or SpaceX?
Adidas AG generates $432k / employee in revenue per employee, while SpaceX generates $826k / employee. SpaceX 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 SpaceX make money?
Adidas AG and SpaceX generate revenue in fundamentally different ways. Adidas AG: Adidas develops and markets footwear, apparel, and accessories while independent manufacturing partners produce most goods. SpaceX: SpaceX earns money in three segments.
Which company is valued higher relative to revenue — Adidas AG or SpaceX?
On a price-to-sales (P/S) basis, Adidas AG trades at 1.0x P/S and SpaceX at 102.8x P/S. SpaceX commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Adidas AG. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Adidas AG bigger than SpaceX?
By last reported revenue, Adidas AG (~$28B (FY2025)) is the larger company compared to SpaceX ($18.7B (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 SpaceX overview