Asics Corporation released its 2025 full-year earnings report on Friday, February 13, indicating that the year demonstrated the company’s continued strong growth momentum. The company saw all categories and regions post increases for the year, but that momentum was not necessarily balanced across the portfolio, either from a sales trend, sales contribution, or profit contribution basis.

The North America business continues to lag all other regions in terms of sales growth (in reported terms), and operating margin falls short as well.

Asics Corp. reported that global consolidated net sales increased 19.5 percent year-over-year (y/y) to ¥810.9 billion ($5.39 bn) in 2025. The company reported operating profit reached ¥142.5 billion ($948 mm) in 2025, up 42.4 percent y/y, and operating margin increased by 280 basis points to 17.6 percent of net sales for the year. Both net sales and operating profit reportedly set new record highs for the fourth consecutive year.

Asics Corp. reports in the Japan yen (¥) currency. Any conversions to the U.S. dollar ($) = €150.32 or the European euro (€) = ¥169.09 were made utilizing the 2025 full-year conversion ratios provide by the company.

Category Summary
All categories achieved both increased sales and profits for the year.

  • Performance Running net sales increased by 11.2 percent to ¥363.5 billion for the year mainly due to the strong sales in the Europe region and the Southeast and South Asia region. Category profit increased by 21.6 percent to ¥86.0 billion, mainly due to the impact of an increase in net sales.
  • Core Performance Sports net sales increased by 9.4 percent to ¥86.0 billion due to the strong sales in all region. Category profit increased by 18.9 percent to ¥16.8 billion mainly due to an improvement in gross margin, as well as due to the impact of an increase in net sales.
  • Apparel and Equipment net sales increased by 10.5 percent to ¥42.1 billion mainly due to the strong sales in the Europe region. Category profit increased by 36.9 percent to ¥5.94 billion mainly due to an improvement in gross margin, as well as due to the impact of an increase in net sales.
  • SportStyle net sales increased by 43.6 percent to ¥141.3 billion due to the strong sales in all regions. Category profit increased by 53.8 percent to ¥41.3 billion due to the impact of the increase in net sales.
  • Onitsuka Tiger net sales increased by 43.0 percent to ¥136.5 billion due to the strong sales in all regions. Category profit increased by 58.7 percent to ¥51.5 billion mainly due to an improvement in gross margin, as well as due to an increase in net sales.

Notably, SportStyle and Onitsuka Tiger each achieved net sales exceeding ¥100.0 billion ($666 mm) for the first time, culminating in growth of more than 40.0 percent compared with the previous fiscal year. SportStyle profit margin increased by 200 basis points to 29.3 percent of net category sales and Onitsuka Tiger operating margin improved by 370 basis points to 37.7 percent of net sales for the category.

A quick calculation on the back of an envelope finds that the combined SportStyle and Onitsuka Tiger – let’s call it lifestyle – represented 34.3 percent of total sales for the year, while the two categories combined had operating profits that accounted for 65.1 percent of the operating profits for the company.

For Onitsuka Tiger specifically, the company said 2025 marked the full-scale launch of efforts to expand its presence in Europe. Large flagship stores opened in Barcelona, Spain; London, UK; and Paris, France, with “all getting off to a strong start.”

“The brand is beginning to establish its position as a Japanese luxury lifestyle brand,” the company noted in its earnings release.

In January 2026, the Onitsuka Innovative Factory commenced operations in Sakaiminato City, Tottori Prefecture. This factory, reportedly boasting craftsmanship dedicated to Japanese manufacturing, aims to further enhance the brand’s value.

The company has its eyes on the North America market for 2026.

Regional Summary
All regions were said to have achieved higher net sales and profit in 2025.

Japan region
Japan net sales increased by 22.7 percent y/y to ¥204.2 billion in 2025, reportedly due to the strong sales of Performance Running and Onitsuka Tiger. Sales to inbound tourists were said to be the primary driver, growing by 84 percent for the year. The company said Domestic Performance Running and SportStyle also showed significant growth. Japan segment profit increased by 61.7 percent to ¥44.7 billion, said to be mainly due to an improvement in gross margin, as well as due to the impact of an increase in net sales.

“We will continue to focus on strengthening the Asics brand within Japan,” the company said in the earnings report.

North America region
North America net sales increased 4.6 percent y/y to ¥141.2 billion ($939 mm) mainly due to the strong sales of SportStyle, while a strategic reduction in e-commerce sales was executed. Segment profit increased 42.1 percent y/y to ¥16.0 billion ($107 mm), said to be mainly due to the impact of an increase in net sales.

In a separate statement, Asics North America (ANA) said Mexico delivered double-digit growth in the fourth quarter, but declines were seen in the U.S. and Canada. All three regions saw gains for the full year.

ANA said the region has benefited in recent years from infrastructure improvements and reductions in promotional pricing that have resulted in “significant increases in the brand’s credibility and the region’s profitability.”

The U.S. wholesale channel once again saw quarterly growth in Q4 compared to the same period in 2024 and generated 30.8 percent growth in the channel for the full year. Including contributions from Asics’ DTC channels, ANA’s sales were said to be up 5.6 percent for the year.

“Our teams continue to do a great job servicing our valued retail partners while keeping an eye to the future,” said Koichiro Kodama, president and CEO, Asics America. “Asics has always been a leader in product innovation, and we were very pleased to see the marketplace respond so positively to the products we introduced this year across our categories. As we look ahead, we are well positioned to build on our success across Performance Run, SportStyle and Core Performance Sports. We are fully committed to continually improving our operational excellence to be the best-in-class brand in this industry.”

Sales at run specialty saw another strong quarter of double-digit growth in the region, led by a 53 percent gain by the Novablast shoe and gains from the Megablast, according to ANA. The SportStyle category continued its momentum, generating strong double-digit revenue increases in the fourth quarter with key strategic wholesale partners and continuing to be led by Gel-1130, the Gel-NYC and Gel-Kayano.

Europe region
Net sales increased by 25.9 percent to ¥225.8 billion (€1.34 bn) due to the strong sales in all categories. Segment profit increased by 45.3 percent to ¥36.7 billion (€217 million) mainly due to the impact of an increase in net sales.

Greater China region
Net sales increased by 19.9 percent to ¥120.5 billion due to the strong sales in all categories. Segment profit increased by 29.8 percent to ¥25.1 billion mainly due to an improvement in gross margin, as well as due to the impact of an increase in net sales.

Oceania region
Net sales increased by 15.5 percent to ¥49.6 billion due to the strong sales in all categories. Segment profit increased by 3.8 percent to ¥7.93 billion mainly due to the impact of an increase in net sales.

Southeast and South Asia regions
Net sales increased by 33.4 percent to ¥49.8 billion due to the strong sales in all categories. Segment profit increased by 47.6 percent to ¥10.95 billion mainly due to the impact of an increase in net sales.

Other regions
Net sales increased by 16.1 percent to ¥52.1 billion due to the strong sales in all categories. Segment profit increased by 23.9 percent to ¥8.11 billion mainly due to an improvement in gross margin, as well as due to the impact of an increase in net sales.

Outlook
Asics said it believes that 2025 has laid the foundation for further advancement in 2026 and the subsequent medium-term plan period starting in 2027.

Major 2026 Initiatives
For 2026, Asics said it plans to achieve net sales of ¥950 billion, operating profit of ¥171 billion, and an operating margin of 18.0 percent.

  • In Performance Running, Asics will continue innovative product development, aiming for the No. 1 share in major marathons.
  • In Core Performance Sports, Asics will maintain our focus on tennis while strengthening sports categories beyond tennis.
  • In SportStyle, Asics will expand our product lineup while pursuing sustainable growth within this massive market.

For Onitsuka Tiger, Asics will further solidify our brand position in Europe and advance preparations for re-entering the U.S. market in 2027 and later.

Furthermore, the company said it will implement measures for sustainable growth across all regions and offered as an example the significant expansion potential that remains in Greater China, where the company will extend the Asics brand footprint.

In North America, the company said it is steadily increasing sales at running specialty stores. “Leveraging the brand equity cultivated here, we will further strengthen the expansion of mid-priced products, which represent a larger market segment,” the company noted in the 2025 earnings report.

Furthermore, declaring 2026 the “Year of Asia,” we will harness the momentum of the Aichi-Nagoya 2026 Events to dedicate our efforts to further enhancing the brand in Asia. Specifically, Asis said it will accelerate growth even further in Southeast Asia, where the running market is rapidly expanding, aiming to achieve $100 million in sales across Southeast Asian countries at an early stage.

Image courtesy Onitsuka Tiger / Asics Corporation