Inditex, the global fashion retailer behind Zara, Bershka, and other brands, unveiled robust full-year 2025 results during its earnings presentation on March 11, 2026. Net sales climbed to €39.9 billion, reflecting a 3.2% year-over-year increase and 7% growth at constant exchange rates.4142
Key Financial Highlights
Gross profit rose 3.9% to €23.2 billion, pushing the gross margin to a record 58.3%, up 42 basis points.41 EBITDA increased 5% to €11.3 billion with a 28.3% margin, while EBIT grew 5.9% to €8.0 billion at a 20.1% margin. Net income attributable to the parent reached €6.2 billion, up 6% and the highest ever recorded.4142
Free cash flow stood at €4.7 billion, supported by a €11 billion net cash position. Inventory levels declined 2% year-over-year, signaling efficient management. Capital expenditures totaled €2.7 billion, focused on store optimization and technology.41
Sales Performance Across Segments and Regions
Sales advanced in all eight commercial formats and geographies. Zara, including Zara Home and Lefties, generated €28.1 billion. Europe excluding Spain accounted for 51% of sales, followed by the Americas at 18% and Asia at 15%.41 Gross space expanded 5.3%, while the company optimized its store network with 190 openings and 217 refurbishments.42
2026 Outlook and Strategic Priorities
Inditex anticipates approximately 5% gross space growth in fiscal 2026, with positive net space contributions and robust online sales. Ordinary capital expenditures will hover around €2.3 billion, targeting store enhancements, online platforms, and tech integration. Gross margins should remain stable within +/- 50 basis points, despite a projected 1% negative currency impact.4142 Early indicators show store and online sales up 9% in constant currency for the Spring/Summer collections through March 8, 2026.
Leadership Commentary
CEO Óscar García Maceiras highlighted the company’s flexible integrated model, which delivered consistent profitability amid market challenges. “Our teams honored the trust of millions of customers daily,” he noted, emphasizing resilience and growth potential in 214 markets.42 CFO Andrés Sánchez praised cost controls and commercial execution that drove operating leverage.
The executives addressed the Middle East situation, prioritizing colleague safety and community support. Temporary impacts from regional tensions proved minimal, with most stores reopened.
Dividend and Sustainability
Inditex proposes a €1.75 per share dividend for FY2025 (€1.20 ordinary plus €0.55 bonus), payable in two installments on May 4 and November 2, 2026.41 Sustainability efforts advanced, with 88% lower-impact fibers (47% recycled), 26% less water usage versus 2020, and 11% Scope 1-3 emissions reduction from 2018 levels.42
Inditex shares rose over 3% following the announcement, underscoring investor confidence in its long-term strategy.42
