Birkenstock (BIRK) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 revenue grew 16% (18% in constant currency) to EUR 2.1 billion, surpassing guidance, with double-digit growth across all regions and channels and over 38 million pairs sold, up 12% year-over-year.

• Adjusted EBITDA rose 20% to EUR 667 million, with margin expanding to 31.8%, at the high end of guidance.

• Net profit increased 82% to EUR 348 million, with adjusted net profit up 44% to EUR 346 million and adjusted EPS up 45% to EUR 1.85.

• Expanded own retail footprint to 97 stores, with plans to open 40 more in 2026; APAC business grew 31% reported (34% constant currency).

• Maintained over 90% full price realization, demonstrating strong brand health amid industry-wide discounting.

Financial highlights

• Full-year revenue reached EUR 2.1 billion, up 16% reported and 18% constant currency; Q4 revenue EUR 526 million, up 20% in constant currency.

• Gross profit margin improved to 59.1%, up 30 bps, with gross profit EUR 1,240 million.

• Adjusted EBITDA margin up 100 bps to 31.8%; adjusted EBITDA EUR 667 million.

• Adjusted net profit for the year was EUR 346 million, up 44%; adjusted EPS EUR 1.85, up 45% year-over-year.

• Cash flow from operations was EUR 384 million, with net leverage reduced to 1.5x despite share buybacks.

Outlook and guidance

• Fiscal 2026 guidance: constant currency revenue growth of 13%-15%, reported growth of 10%-12% to EUR 2.3-2.35 billion due to FX headwinds.

• Adjusted EBITDA expected at least EUR 700 million, margin of 30%-30.5% (32%-32.5% excluding FX/tariffs).

• Adjusted EPS guidance EUR 1.90-EUR 2.05, tax rate 26%-28%, CapEx EUR 110-130 million, net leverage target 1.3-1.4x.

• Plan to open 40 new stores and repurchase up to USD 200 million in shares in 2026.

• Margin pressure expected in FY26 due to new U.S. tariffs and FX, with mitigation levers identified.