On March 11, Spanish fashion group Inditex announced its financial results for fiscal year 2025, reporting continued growth in both revenue and profit. Net sales reached €39.9 billion, while net income rose to €6.2 billion, marking new record levels for the company. Growth was driven by strong performance across both physical stores and online channels.
The company also reported a positive start to 2026. Between February 1 and March 8, 2026, store and online sales in constant currency increased 9 percent year-over-year, supported by strong customer reception of the Spring/Summer collections.
The group operates several fashion brands, including Zara, Bershka, Stradivarius, Massimo Dutti, and Oysho. According to the company, the continued innovation, diversification, and flexibility of its integrated business model have supported consistent sales growth and sustained profitability.
Sales Growth and Profitability
For FY2025, Inditex recorded net sales of €39.9 billion, representing a 3.2 percent increase year-over-year. On a constant-currency basis, sales grew 7.0 percent, with positive performance across all brand concepts and geographical markets.
Gross profit increased 3.9 percent to €23.2 billion, while the gross margin reached 58.3 percent. Operating expenses rose 2.8 percent, remaining below the pace of sales growth.
Operating performance also improved across key financial indicators. EBITDA increased 5.0 percent to €11.3 billion, while EBIT rose 5.9 percent to €8.0 billion. Profit before tax reached €8.0 billion, up 5.8 percent year-over-year. Net income increased 6.0 percent to €6.2 billion, continuing the strong growth achieved in recent years.
Óscar García Maceiras, CEO of Inditex, commented: “These results reflect the ability of our teams to honour the trust that millions of customers place in our eight commercial formats every day. Connecting with them, understanding their desires, and delivering the best product and a differentiated experience underpin our long-term growth expectations.”
Expansion of Online and Retail Networks
The company’s online business continued to grow, with digital sales increasing 4.8 percent to €10.7 billion. Inditex stated that the integration of store operations and online platforms remains central to its global omnichannel strategy, enabling seamless customer experiences.
During 2025, the group opened stores in 41 markets and carried out 190 store openings, 217 refurbishments, including 96 enlargements, and 293 store absorptions as part of its ongoing retail optimization strategy. At the end of FY2025, Inditex operated 5,460 stores worldwide. Total selling space increased 5.3 percent to 4.72 million square metres.
By brand, Zara (Zara, Zara Home, and Lefties) remained the group’s largest contributor with €28.05 billion in sales. It was followed by Bershka with €3.29 billion and Stradivarius with €3.0 billion.
In terms of geographic distribution, Europe, excluding Spain, accounted for 51.3 percent of sales, followed by the Americas with 17.8 percent, Asia and the rest of the world with 15.0 percent, and Spain with 15.9 percent.
Inventory and Financial Position
As of January 31, 2026, inventory stood at €3.25 billion, representing a 2 percent decrease compared with the previous year. The company stated that the initial Spring/Summer collections inventory is considered to be of high quality.
Inditex maintained a strong financial position during the year. Lease-adjusted funds from operations increased 7 percent, and the company ended the fiscal year with a net cash position of €11.0 billion.
Dividend and Investment Plans
The company’s board will propose a dividend of €1.75 per share for FY2025, consisting of an ordinary dividend of €1.20 and a bonus dividend of €0.55. The dividend will be paid in two equal instalments in May 2026 and November 2026.
Looking ahead, Inditex reaffirmed its commitment to profitable growth. The group expects annual gross selling space to increase by around 5 percent in 2026, alongside continued expansion of its online business.
Ordinary capital expenditure for 2026 is expected to reach approximately €2.3 billion, primarily aimed at optimizing commercial space, strengthening technological integration, and enhancing online platforms.
Inditex currently operates in 214 markets worldwide and continues to pursue long-term growth supported by diversification across channels, geographies, and brand concepts.
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