ASICS Corporation has delivered its strongest year to date, closing fiscal 2025 with record revenue and sharply higher profitability as growth widened across categories and key international markets. For the year ended December 31, net sales increased 19.5% year on year to ¥810.9 billion (around $5.29 billion), while operating profit rose 42.4% to ¥142.5 billion (about $930 million), marking ASICS record FY25 results.
Ordinary profit advanced 50.4% to ¥139.3 billion and profit attributable to owners of the parent climbed 54.7% to ¥98.7 billion. Margin expansion was a key feature of the year, with operating margin improving to 17.6% from 14.8%. Gross profit grew 21.6% to ¥460.6 billion, helped by higher sales and an improved gross margin profile. On a currency-neutral basis, net sales increased 19.4% and operating profit rose 42.2%.
The company reported EPS of ¥138.13 (diluted ¥137.96) and return on equity of 39.1%. ASICS also pointed to broad-based category momentum, noting SportStyle and Onitsuka Tiger each exceeded ¥100 billion in sales for the first time, both growing more than 40% year on year.
Performance Running remained the largest business line, with sales up 11.2% to ¥363.5 billion and category profit rising 21.6% to ¥86 billion, supported by strength in Europe and Southeast and South Asia. Core Performance Sports grew net sales 9.4% to ¥86 billion and lifted category profit 18.9% to ¥16.8 billion, aided by a stronger gross margin. Apparel and Equipment increased 10.5% to ¥42.1 billion, while category profit jumped 36.9% to ¥5.9 billion.
Lifestyle-led growth accelerated meaningfully. SportStyle expanded 43.6% to ¥141.3 billion in sales, with category profit up 53.8% to ¥41.3 billion. Onitsuka Tiger grew net sales 43% to ¥136.5 billion and category profit 58.7% to ¥51.5 billion, supported by continued brand building in Europe, including flagship openings in Barcelona, London and Paris as it pursues a Japanese luxury lifestyle positioning.
By region, Japan net sales rose 22.7% to ¥204.2 billion and segment profit surged 61.7% to ¥44.7 billion, with inbound tourist demand highlighted as a tailwind and inbound sales up 84%. Europe increased 25.9% to ¥225.8 billion, while segment profit gained 45.3% to ¥36.7 billion. Greater China grew net sales 19.9% to ¥120.5 billion and segment profit 29.8% to ¥25.1 billion. Southeast and South Asia rose 33.4% to ¥49.8 billion, with segment profit up 47.6% to ¥10.9 billion; the company opened its first ASICS flagship store in New Delhi in October. North America posted sales growth of 4.6% to ¥141.2 billion, while segment profit jumped 42.1% to ¥16 billion. Oceania sales grew 15.5% to ¥49.6 billion and segment profit increased 3.8% to ¥7.9 billion.
On the balance sheet, total assets increased 13% to ¥586.5 billion, and net assets rose 16.4% to ¥273.4 billion, lifting the equity-to-asset ratio to 46.3%. Cash and cash equivalents declined to ¥112.2 billion from ¥127 billion as operating cash flow was offset by investing and financing outflows.
For fiscal 2026, ASICS is projecting further expansion, forecasting net sales of ¥950 billion (up 17.2%) and operating profit of ¥171 billion (up 20%), with operating margin expected to reach 18%. Ordinary profit is guided to ¥165 billion (up 18.5%), and profit attributable to owners of the parent to ¥110 billion (up 11.4%), implying EPS of ¥153.91. On a currency-neutral basis, it expects sales growth of 16.7% and operating profit growth of 19.7%.
Category targets include Performance Running sales of ¥415 billion, SportStyle sales of ¥205 billion and Onitsuka Tiger sales of ¥152 billion. The company will rename “Apparel and Equipment” to “Apparel” and will begin disclosing “Walking” as a standalone category (forecast ¥16.2 billion, down 1.5%). Regionally, it expects growth in Europe, North America, Greater China, Oceania, and Southeast and South Asia, while Japan is forecast to decline to ¥180 billion.
ASICS described 2026 as a platform year ahead of its next mid-term plan in 2027, with priorities spanning innovation-led Performance Running growth, broader category expansion in Core Performance Sports, disciplined scaling of SportStyle, and deeper European positioning for Onitsuka Tiger alongside preparations for a US re-entry from 2027. Overall, the outlook builds on ASICS record FY25 results and signals continued investment behind the brands driving the strongest momentum.