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Jun 30
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Birkenstock Q3 2025 Earnings Report
Birkenstock reported strong revenue and profitability growth in Q3 2025.
Key Takeaways
Birkenstock delivered a solid third quarter with 16% revenue growth in constant currency, improved margins, and robust demand across all regions. Net income rose significantly year-over-year.
Revenue grew 12% reported and 16% in constant currency to €635 million.
Net income increased to €129 million, up from €75 million a year ago.
Adjusted EBITDA reached €218 million with a margin of 34.4%.
All regions posted double-digit revenue growth in constant currency.
Birkenstock
Birkenstock
Birkenstock Revenue by Segment
Birkenstock Revenue by Geographic Location
Revenue by Segment
B2B Revenue
CapyFin.comDTC Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comEMEA Revenue
CapyFin.comAPAC Revenue
CapyFin.com Forward Guidance
Birkenstock reaffirmed its FY2025 outlook with expectations for high-end revenue growth and stable margins despite currency headwinds.
Positive Outlook
- FY2025 revenue growth expected at high-end of 15–17% in constant currency.
- Adjusted EBITDA margin forecasted between 31.3%–31.8%.
- Strong demand across all regions and channels.
- Successful price adjustments support margin improvement.
- Operational efficiency gains from better manufacturing absorption.
Challenges Ahead
- Continued depreciation of the US dollar poses currency headwinds.
- 15% US/EU tariff agreement could impact profitability.
- Lower operating cash flow YoY due to timing of tax payments.
- Inventory and working capital changes weighed on cash generation.
- Market volatility may impact consumer sentiment and ASP gains.
Revenue & Expenses
Visualization of income flow from segment revenue to net income