Asics just delivered the strongest financial year in its 74 year history.
Full year 2025 net sales reached ¥810.9 billion, or roughly €4.79 billion, up 19.5% YoY. Operating profit jumped 42.4% to ¥142.5 billion, while operating margin improved to 17.6%. The business is expanding while margins continue to strengthen.
Net sales have grown from ¥404.1 billion in 2021 to ¥810.9 billion in 2025, representing roughly 19% annual growth sustained across five consecutive years. This happened through pandemic disruption, supply chain volatility, inflationary pressure, and major currency fluctuations against the yen. Companies in mature global consumer categories are not supposed to compound at this pace for this long.
The most interesting part of the story is where the growth is actually coming from.
Performance Running, still the core technical athletic business Asics was built on, grew 34.7% in 2025. At the same time, Asics SportStyle and Onitsuka Tiger both expanded close to 50%, showing the company is now operating successfully across both high performance sport and premium lifestyle fashion. Onitsuka Tiger alone grew 44.7% in 2025 and has quietly become one of the highest quality businesses inside the global sportswear market.
Geographically, the business in Europe grew 25.9% to become Asics’ largest revenue market globally ahead of both Japan and North America. Japan still grew 22.7% to ¥204.2 billion despite already being the company’s home market, while Greater China increased 19.9% to ¥120.5 billion. North America, meanwhile, grew only 4.6% to ¥141.2 billion in FY2025. Southeast and South Asia grew 33.4%, making it the fastest growing region in the entire company.
Then came Q1 2026.
Asics reported new quarterly records across every major financial metric. Net sales rose another 29.7% YoY to ¥270.2 billion, while operating profit increased 36.5%. Operating margin expanded again to 22.5%, an exceptionally high level for a global sportswear company scaling at this speed.
Performance Running remained the company’s largest category at ¥116.7 billion in quarterly revenue and still grew 19.1%. SportStyle revenue surged 69.6% YoY to ¥59.6 billion, while category profit margin improved to 32.9%. Onitsuka Tiger reached ¥37.9 billion in quarterly revenue, continued growing above 30%.
North America, long considered one of the most difficult markets for Asics to win in structurally, suddenly accelerated again with sales up 23% and the premium run specialty channel growing 34.9%. The Blast franchise increased sales by 92.4%, while models such as the Gel 1130 and Gel NYC delivered triple digit growth inside wholesale.
Another increasingly important revenue driver has been inbound tourism. International visitors shopping at Asics and Onitsuka Tiger stores across Japan generated a record ¥11.2 billion in first quarter sales alone, up 43.1% YoY.
Across France, Germany, Italy, Spain, and the United Kingdom, Asics held the number one position in performance running footwear priced above €90 over the 12 months ending March 2026.
As brands like Nike face slowing momentum, Asics is accelerating across performance running, premium retail, and international expansion.
Let’s examine how the company built it…..