Inditex once again closes a year with record figures in revenues and profits. The textile giant completed its 2025 accounting year, which ended on January 31 of this year, with a net profit of 6,220 million euros, 6% better than the previous year, exceeding the 6,000 million barrier for the first time. The market has rewarded him with a slight stock market rise of 0.53%.
Instead, it has been on the verge of breaking down another ceiling, that of 40,000 million in annual turnover. Finally, the company ended the year with a turnover of 39,864 million, 3.2% more. Although this is the lowest annual increase in the last five years, Inditex managed to take off after a first half of the year of very moderate growth.
In the fourth quarter, the one with the highest sales of the year because it coincided with the Christmas campaign, sales improved by 4.3%: in those three months alone, Inditex sold almost 12,000 million euros. In addition, they generated profits of 1,598 million, almost 13% more, the highest quarterly growth in this variable in the last two years. As usual, Inditex has exercised an operating strategy: these barely grew by 2.8% throughout the year.
The annual profits reported today by Inditex are above the analyst forecast collected by Bloomberg, which predicted a growth in net income of almost 5%, around 6,151 million. Sales reach the same level as those: these marked 39,875 million, just 11 above what was announced.
Along with the results, Inditex has announced investments of 2.3 billion for this year, which, according to the group, “will increase competitive differentiation.” These will focus on the optimization of commercial space, its technological integration and the improvement of online platforms. “By continuously investing in stores, the global online channel and centralized logistics platforms, with a focus on sustainability, we will continue to generate long-term growth,” the company explains in the financial information sent to the CNMV.
In addition, the multinational will pay a dividend of 1.75 euros gross per share, 4% higher than the previous year, composed of an ordinary dividend of 1.20 euros and another extraordinary dividend of 0.55.
“These results reflect the ability of our teams to honor the trust that millions of customers place every day in our eight commercial formats. Connecting with them, understanding their desires and offering the best product and a differential experience is the basis that supports our expectation of long-term growth,” assesses the group’s CEO, Óscar García Maceiras.
Exchange rate penalty
Inditex ends a year marked by the strong weight of exchange effects on its sales figures. At a constant exchange rate, these would have grown by 7%, meaning the bite was 3.8 percentage points. The company speaks of growth in all its geographies at constant rates, although in two of them it fell in net billing once the exchange effect was applied.
These are the cases of America and the Asia segment and the rest of the world, with falls of more than 1%. The good news continues to be provided by the domestic market. Spain represented 15.9% of total sales, about 6,338 million euros, 8.7% more than in 2024. The rest of the European market also grew, 4.6% to 20,450 million, representing 51.3% of the total.
By formats and channels, the evolution was positive, although with some growth below that seen in previous years. This is the case of online sales, which grew by 4.8%, reaching 10,656 million euros, equivalent to 26.7% of total turnover. In fiscal year 2024, sales through this channel grew by more than 10%.
By formats, Zara continues to be, by far, the one with the greatest weight in turnover, after achieving sales of 28,051 million. That figure includes what was generated by Zara Home and Lefties. However, its annual growth was barely 1%, making it the brand with the smallest increase.
The one that grew the most, on the other hand, was Oysho: more than 15%, although this is the one that recorded the lowest turnover, 960 million. Bershka and Stradivarius, the most relevant brands for Inditex behind Zara, did grow strongly, more than 12% in both cases, exceeding 3,000 million for the first time.
Adding all the brands, the textile group ended the year with 5,460 stores, 103 less than a year before, although the gross sales area grew by 5.3%, to 4.72 million square meters. “Store optimization continues and we expect this to lead to greater productivity,” the company says.
Better margin, less cash
On the other hand, the group’s gross operating result (ebitda) improved by 5%, to 11,627 million, and so did the gross margin, a key variable that marks the profitability of sales. This represented 58.3% of them, 0.5 percentage points better than the previous year.
The section that did register a decrease was the net cash, although it is still at very high levels, at 10,958 million. Cash as of January 31, 2026 stood at 5,276 million, 17% less. In 2025, Inditex completed its extraordinary logistics investment plan, to which it allocated 1.8 billion over two years.
The company speaks of a good start to the 2026 financial year, with total sales at constant exchange rates growing by 9% between February 1 and March 8. For this year, Inditex foresees a lower currency impact, around 1%, and an evolution of the gross margin of 50 basis points.
