Athletic Footwear & Apparel
Athletic Footwear & Apparel by Company
Athletic Footwear & Apparel at a Glance
Structural signals from the latest reported years.
- •Nike FY2026 revenue was $46.4 billion, essentially flat versus FY2025, with Greater China down 13% currency-neutral to $5.85 billion and Converse down 31% to $1.17 billion.
- •Adidas 2025 net sales were a record €24.8 billion. The Adidas brand grew 13% currency-neutral, with no Yeezy revenue after the 2024 sell-through of leftover inventory.
- •On crossed CHF 3.0 billion of sales in 2025 (up 30%) with a 62.8% gross margin. HOKA, inside Deckers, reached $2.59 billion in FY2026.
- •Anta reported RMB 80.2 billion of 2025 revenue, larger in USD (about $11.3 billion at the IRS 2025 average) than lululemon's $11.1 billion FY2025.
- •Nike Brand Direct fell to $17.7 billion in FY2026 from $18.8 billion, while wholesale rose to $27.5 billion. Digital was $8.6 billion, down from $9.6 billion.
- •Nike Brand footwear in FY2026 was manufactured 52% in Vietnam, 27% in Indonesia, and 16% in China. That concentration is why US tariff policy now shows up in gross margins.
- •Under Armour FY2026 gross margin was 45.5%, down 240 basis points, primarily from higher tariffs. VF's 10-K records the February 2026 Supreme Court IEEPA ruling and the replacement tariffs that followed.
Headline numbers
Eight sourced snapshot figures. Fiscal years are not aligned across the roster. USD conversions use IRS 2025 yearly average rates.
Nike FY2026 revenue
$46.4B
Year ended May 31, 2026. NIKE Brand $45.2B, Converse $1.17B. Flat versus FY2025 $46.3B.
Nike 10-K
Adidas 2025 sales
€24.8B
Record euro sales. Adidas brand +13% currency-neutral. About $28.0B at the IRS 2025 average.
Adidas AR 2025
On 2025 sales
CHF 3.01B
Up 30% reported, 35.6% constant currency. Gross margin 62.8%. About $3.63B at the IRS 2025 average.
On 20-F / PR
Anta 2025 revenue
RMB 80.2B
ANTA RMB 34.8B, FILA RMB 28.5B, other brands RMB 17.0B. About $11.3B at the IRS 2025 average.
Anta HKEX
lululemon FY2025 revenue
$11.1B
Year ended February 1, 2026. Americas -1%, international +22%. Gross margin 56.6%.
lululemon IR
Nike Greater China
$5.85B
FY2026, -11% reported and -13% currency-neutral. Wholesale -14%, Direct -12%.
Nike 10-K
Nike Brand Direct mix
39%
Direct $17.72B of Brand $45.22B in FY2026, down from $18.78B. Wholesale $27.45B.
Nike 10-K
Nike footwear, Vietnam
52%
FY2026 NIKE Brand footwear finished goods. Indonesia 27%, China 16%. 95 factories in 11 countries.
Nike 10-K
Roster revenue, latest year
Last reported fiscal year in USD. New Balance is calendar 2024 and private. VF is continuing operations. Nike's year ended May 31, 2026.
The roster
Twelve companies: global generalists, China groups, running specialists, technical apparel, training, and VF's outdoor/active mix. Fashion and specialty apparel retail are out.
| Company | Ticker | Archetype | HQ | Latest year | What to watch |
|---|---|---|---|---|---|
| Nike | NKE | Global generalist | Beaverton, US | FY2026 | Direct mix, Greater China, Converse reset |
| Adidas | ADDYY | Global generalist | Herzogenaurach, DE | CY2025 | Brand momentum after Yeezy, North America |
| Puma | PUM.DE | Global generalist | Herzogenaurach, DE | CY2025 | Reset after the 2025 sales decline |
| New Balance | Private | Global generalist | Boston, US | CY2024 | No public 2025 P&L |
| Anta Sports | 2020.HK | China group | Jinjiang, CN | CY2025 | FILA vs ANTA vs other brands |
| Li Ning | 2331.HK | China group | Beijing, CN | CY2025 | Low-single-digit growth vs Anta |
| On | ONON | Running specialist | Zurich, CH | CY2025 | Apparel mix, APAC, DTC productivity |
| Deckers (HOKA) | DECK | Running + lifestyle | Goleta, US | FY2026 | HOKA vs UGG mix |
| ASICS | 7936.T | Running specialist | Kobe, JP | FY2025 | Running vs Onitsuka Tiger |
| lululemon | LULU | Technical apparel | Vancouver, CA | FY2025 | Americas traffic vs international |
| Under Armour | UAA | Training | Baltimore, US | FY2026 | North America decline, tariff GM |
| V.F. Corporation | VFC | Outdoor + Active | Denver, US | FY2026 | Vans (Active) vs North Face (Outdoor) |
Wholesale vs Direct
Nike Brand Direct is 39% and still shrinking. lululemon is structurally Direct. Adidas, On, and VF sit near 40 to 44% DTC.
WholesaleDirect / DTC
Contract manufacturing
These companies design and market. Contractors manufacture. Nike and VF publish the factory map; most peers do not.
| Company | Layer | Disclosure |
|---|---|---|
| Nike | Footwear finished goods | 15 contract manufacturers, 95 factories in 11 countries. Vietnam 52%, Indonesia 27%, China 16% of FY2026 NIKE Brand footwear. Four contractors each >10%, 60% combined. |
| Nike | Apparel finished goods | 64 contract manufacturers, 321 factories in 34 countries. Vietnam 34%, Cambodia 15%, China 12% of FY2026 NIKE Brand apparel. Top six contractors 54% combined. |
| Nike | Cushioning components | Air Manufacturing Innovation (Beaverton, Dong Nai, St. Charles) plus contractors in China and Vietnam supply NIKE Air-Sole and other cushioning. |
| VF | Finished goods | FY2026: about 231 million units from about 216 independent contractor factories in about 24 countries. 13 distribution centers and 1,080 retail stores. |
