Inditex, the parent company of Zara and other global fashion brands, delivered robust financial results for fiscal year 2025 during its earnings call on March 11, 2026. Sales reached €39.9 billion, marking a 3.2% increase year-over-year and 7.0% growth at constant currency rates across all brands and regions.6257
Key Financial Highlights
Gross profit climbed 3.9% to €23.2 billion, achieving a gross margin of 58.3%, up 42 basis points from the prior year.54 Operating expenses rose 2.8%, trailing sales growth, which supported profitability gains. EBITDA increased 5.0% to €11.3 billion, while EBIT grew 5.9% to €8.0 billion and profit before tax advanced 5.8% to the same figure.57
Net income hit a record €6.2 billion, reflecting 6.0% growth, with earnings per share at €1.996.48 The company maintained a strong balance sheet, ending the year with a net cash position of €11.0 billion.63
Operational Strength
Sales performed well in both stores and online channels, with online sales up 4.8% to €10.7 billion. Inditex expanded gross selling space by 5.3% and operated 5,460 stores at fiscal year-end after opening locations in 41 markets and optimizing its network through 190 openings, 217 refurbishments, and 293 closures.68 Zara, including Zara Home and Lefties, contributed €28.1 billion in sales.
CEO Oscar García Maceiras highlighted the well-received collections and strong execution of the integrated business model. “Our sales in 2025 amounted to €39.8 billion, a growth of more than 3.2%. This growth was more than 7% at constant exchange rates,” he stated.64
Dividend Proposal and Outlook
The board proposes a €1.75 per share dividend for FY2025, comprising €1.20 ordinary and €0.55 bonus, paid in two €0.875 installments on May 4, 2026, and November 2, 2026. Capital expenditure for FY2025 totaled €2.7 billion, with plans for €2.3 billion in FY2026 focused on store optimization, technology, and online platforms.63
Inditex anticipates around 5% gross space growth in FY2026 alongside robust online expansion. Early indicators show sales up 9% at constant currency in the first weeks of the new fiscal year.12 The company also expressed solidarity with those affected by the Middle East situation, prioritizing colleague and community safety.
Senior Investor Relations Manager James O’Shaughnessy hosted the call, joined by CEO Oscar Maceiras, CFO Andrés Sánchez Iglesias, and Director of Investor Relations Gorka Yturriaga. Analysts from BNP Paribas, Citigroup, Berenberg, Bernstein, JPMorgan, Rothschild, UBS, and Barclays participated.
