Inditex delivers solid growth in Q3 2025
Sales for the period rose 2.7% to €28.2 billion, with satisfactory performance across both stores and online channels. In constant currency terms, sales increased 6.2%. In the third quarter alone, sales grew 4.9% to €9.8 billion, or 8.4% in constant currency.
Gross profit increased 3.2% to €16.8 billion, with the gross margin improving to 59.7%. Operating expenses rose 2.4%, remaining below the rate of sales growth, reflecting continued cost discipline.
EBITDA rose 4.2% to €8.3 billion, while EBIT increased 4.8% to €5.9 billion. Profit before tax reached €6 billion, up 3.6%, and net income increased 3.9% to €4.6 billion over the nine-month period.
Inditex continued to generate strong cash flow, ending October 31, 2025 with a net cash position of €11.3 billion. Inventory levels were up 4.9% year on year, with the company stating that stock quality remains high.
Trading momentum has carried into the start of the fourth quarter. Autumn/Winter collections have been well received, with store and online sales in constant currency between November 1 and December 1, 2025 increasing 10.6% compared with the same period last year.
Outlook
Looking ahead, Inditex will continue to focus on enhancing its fashion proposition, customer experience, sustainability initiatives and team development to support long-term growth. The group expects gross retail space to expand by around 5% over 2025–26, supported by strong online sales and ongoing store optimisation.
Capital expenditure for 2025 is expected to be around €1.8 billion, including continued investment in logistics capacity, new store openings, refurbishments and the rollout of in-store technologies designed to further improve the shopping experience.