Fast Retailing vs Inditex: Revenue, Profit and Business Model
Fast Retailing reported ~$20.5B of revenue in FY2026 and ~$2.9B of net income. Inditex reported ~$45B of revenue in FY2025 and ~$7B of net income.
Latest financial snapshot
Fast Retailing
- Latest revenue
- ~$20.5B (FY2026)
- Net income
- ~$2.9B
- Net margin
- 13.9%
- Revenue growth
- +7.5% a year, FY2021–FY2026
Inditex
- Latest revenue
- ~$45B (FY2025)
- Net income
- ~$7B
- Net margin
- 15.6%
- Revenue growth
- +9.5% a year, FY2021–FY2025
Financial summary
Fast Retailing
Fast Retailing has compounded revenue from ~$14.3 billion (JPY 2.13 trillion) in FY2021 to ~$22.8 billion (JPY 3.40 trillion) in FY2025, with profit attributable to owners rising from ~$1.14 billion (JPY 169.8 billion) to ~$2.9 billion (JPY 433.0 billion). FY2026 is running faster: in the nine months to May 31, 2026, revenue rose 17.1% to ~$20.5 billion (JPY 3.0651 trillion), business profit rose 33.6% to ~$3.97 billion (JPY 592.7 billion) and operating profit rose 36.2% to ~$4.12 billion (JPY 614.4 billion). In July 2026 the company raised full-year guidance to ~$26.6 billion (JPY 3.97 trillion) in revenue, ~$4.89 billion (JPY 730 billion) in operating profit and ~$3.35 billion (JPY 500 billion) in net profit. UNIQLO International is the growth driver; Global Brands is shrinking while Theory is restructured.
Inditex
Inditex grew sales from ~$31.3 billion (€27.7 billion) in FY2021 to ~$45.1 billion (€39.9 billion) in FY2025 (fiscal year ended 31 January 2026), while net profit nearly doubled from ~$3.62 billion (€3.2 billion) to ~$7.01 billion (€6.2 billion). FY2025 gross margin reached 58.3% and EBIT ~$9.04 billion (€8.0 billion). In the first half of 2026 (February to July), sales rose 7.6% to ~$22.4 billion (€19.8 billion) (9.2% in constant currency), gross margin improved to 58.7% and net profit rose 6.8% to about $3.39 billion (€3.0 billion). Sales in the first weeks of autumn/winter (1 August to 7 September 2026) were up 9% in constant currency. The group pays out a large share of profit as dividends, including a €0.875 per share final FY2025 dividend payable on 2 November 2026.
Revenue and profit by year
Fast Retailing
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$20.5B | ~$2.9B | 13.9% | -9.9% | Source |
| FY2025 | ~$22.8B | ~$2.9B | 12.7% | +9.6% | Source |
| FY2024 | ~$20.8B | ~$2.5B | 12.0% | +12.2% | Source |
| FY2023 | ~$18.5B | ~$2B | 10.7% | +20.2% | Source |
| FY2022 | ~$15.4B | ~$1.8B | 11.9% | +7.9% | Source |
| FY2021 | ~$14.3B | ~$1.1B | 8.0% | — | Source |
Where the revenue comes from
Fast Retailing
- UNIQLO International56.2%
Stores and e-commerce outside Japan, led by Greater China, Southeast Asia, Europe, and North America.
- UNIQLO Japan30.2%
Domestic Japanese UNIQLO stores and digital sales, still a major profit and operating-knowledge base.
- GU9.7%
Lower-priced fashion apparel that gives the group a second growth format alongside UNIQLO.
- Global Brands3.9%
Smaller portfolio brands including Theory and related labels.
Inditex
- Own Stores and Online
Majority of sales
Sales through stores and online platforms the group runs directly across its seven brands.
- Franchise Sales
Minority of sales
Sales to franchise partners operating Inditex banners in markets such as parts of the Middle East and Latin America.
Business model and strategy
Fast Retailing
How it makes money
Fast Retailing runs a SPA (specialty store retailer of private-label apparel) model. It controls product planning, fabric development, merchandising, inventory and retail, while outsourcing almost all production to partner factories in China, Vietnam, Bangladesh, Indonesia, India and elsewhere.
Growth strategy
Growth is focused on UNIQLO International. In the nine months to May 2026, overseas UNIQLO revenue rose 25.9% to ~$12.3 billion (JPY 1.834 trillion) and business profit rose 45.4% to ~$2.31 billion (JPY 345.3 billion), with double-digit revenue and profit growth in South Korea, Southeast Asia/India/Australia, North America and Europe.
Competitive advantage
Fast Retailing's edge comes from three things competitors find hard to copy together: long-term fabric development with Toray Industries behind HEATTECH, AIRism and Ultra Light Down; very large production runs of a small number of core items, which lower unit costs; and global store execution that turns flagships into brand media.
Inditex
How it makes money
Inditex is a vertically coordinated retailer. Designers in Arteixo and the brand headquarters work from daily store and online sales data; production is split between suppliers close to Spain (Spain, Portugal, Morocco, Turkey) that can react within weeks and longer-lead suppliers in Asia for basics.
Growth strategy
Inditex's growth plan rests on fewer but larger stores (5,444 stores at July 2026 versus 5,528 a year earlier, after optimisation in 51 markets), continued online integration, brand elevation at Zara and Massimo Dutti, and logistics capacity added through an extraordinary investment program in 2024-2025.
Competitive advantage
Inditex's advantage is speed combined with scale. Proximity sourcing, centralized Spanish logistics and RFID-tracked inventory let it test small batches, restock what sells and drop what does not. That model produces industry-leading profitability: ~$9.04 billion (€8.0 billion) of EBIT on ~$45.1 billion (€39.9 billion) of FY2025 sales, versus far thinner margins at most mass-market apparel rivals.
Questions about Fast Retailing vs Inditex
Which company has higher revenue — Fast Retailing Co., Ltd. or Inditex, S.A.?
Fast Retailing Co., Ltd. reported ~$20.5B (FY2026), while Inditex, S.A. reported ~$45B (FY2025). By last reported revenue, Inditex, S.A. is the larger business, with Fast Retailing Co., Ltd. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Fast Retailing Co., Ltd. vs Inditex, S.A.?
Fast Retailing Co., Ltd.'s market capitalisation stands at $138.9B, while Inditex, S.A.'s is $166.0B. Inditex, S.A. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Fast Retailing Co., Ltd..
Which is more financially efficient — Fast Retailing Co., Ltd. or Inditex, S.A.?
Fast Retailing Co., Ltd. generates $187k / employee in revenue per employee, while Inditex, S.A. generates $276k / employee. Inditex, S.A. 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 Fast Retailing Co., Ltd. and Inditex, S.A. make money?
Fast Retailing Co., Ltd. and Inditex, S.A. generate revenue in fundamentally different ways. Fast Retailing Co., Ltd.: Fast Retailing runs a SPA (specialty store retailer of private-label apparel) model. Inditex, S.A.: Inditex is a vertically coordinated retailer.
Which company is valued higher relative to revenue — Fast Retailing Co., Ltd. or Inditex, S.A.?
On a price-to-sales (P/S) basis, Fast Retailing Co., Ltd. trades at 6.8x P/S and Inditex, S.A. at 3.7x P/S. Fast Retailing Co., Ltd. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Inditex, S.A.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Fast Retailing Co., Ltd. bigger than Inditex, S.A.?
By last reported revenue, Inditex, S.A. (~$45B (FY2025)) is the larger company compared to Fast Retailing Co., Ltd. (~$20.5B (FY2026)). 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 Fast Retailing vs Inditex overview