EarningsQ2 2026 Earnings Report
DE:IXD2 Q2 2026 EPS Results
Actual EPS€0.13
Consensus EPS€0.14
Beat/MissMissed by -<€0.01
One Year Ago EPS€0.13
DE:IXD2 Q2 2026 Revenue Results
Actual Revenue€11.31B
Expected Revenue€11.28B
Beat/MissBeat by +€25.72M
YoY Revenue Growth+9.52%
Earnings Announcement Details
QuarterQ2 2026
Date09/09/2026
TimeBefore Open
Conference CallWednesday, September 9, 2026
DE:IXD2 Upcoming Earnings
Industria de Diseno Textil's next earnings date is estimated for December 2, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:IXD2 Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Management reported solid first-half sales, profit and cash-flow growth, stable operating margins, positive momentum into the second half and substantial long-term expansion opportunities. The main challenges were higher transport and input costs, operating expenses growing faster than sales, expected second-half gross margin effects and continued Middle East sales disruption, but these were presented as contained within existing guidance.Company Guidance
Strong First-Half Sales and Net Income Growth
First-half sales grew 7.6% to EUR 19.8 billion, or 9.2% in constant currency, while net income increased 6.8% to EUR 3 billion. Performance was broad-based across concepts, store and online channels, geographies and markets.
Positive Start to the Second Half
Store and online sales in constant currency increased 9% between 1 August and 7 September 2026 versus the same period of 2025. Autumn/Winter collections were described as being very well received by customers.
Resilient Gross Profit and Profitability
Gross profit increased 8.3% to EUR 11.6 billion, with a gross margin of 58.7%. EBITDA grew 7.8% to EUR 5.5 billion, profit before tax increased 6.8% to EUR 3.8 billion, and the PBT margin was 19.5%. EBITDA and EBIT margins remained broadly stable.
Strong Cash Generation and Financial Position
Funds from operations increased 11% to EUR 4.1 billion. The company reported a net cash position of over EUR 10 billion, which management said supports financial stability and the future investment pipeline.
Global Reach and Diversified Operating Model
Inditex operates 8 concepts with stores in 98 markets, expanding to 99 markets with its first opening in Curaçao, and has online operations in 215 markets. All geographical areas delivered positive sales evolution in constant currency.
Integrated Store and Online Channels
Around 60% of online returns are made through stores and around 20% of online orders are collected in stores. Management said the integration provides a more complete view of demand and inventory and supports a consistent customer experience.
Flexible Supply Chain and Supplier Relationships
Production is diversified across more than 50 markets, while the company sources from almost 50 different origins. More than 70% of production has supplier relationships extending beyond 8 years, supported by 16 primary logistics centers operating as a single inventory position and multimodal transport.
Long-Term Growth Opportunity
Management said Inditex has approximately 2% global market share across its 8 concepts, leaving room for further growth. Non-Zara concepts have limited commercial presence in 59 markets where at least one non-Zara concept has less than EUR 50 million in annual sales.
Growth of Younger Concepts
Three younger concepts generated sales well in excess of EUR 1 billion at the half-year mark. Bershka achieved a 12% sales CAGR from 2022 to the first half of 2026, while Stradivarius achieved a 15% CAGR over the same period.
Retail Optimization and Online Expansion
Gross space has grown at a 5% compound annual rate over the last 3 years, with retail optimization activities carried out in 51 markets. Online sales have grown by more than 18% per year on average since 2019.
Continued Store and Geographic Expansion
Recent expansion included Bershka's first U.S. store in Miami Aventura, its second Brazil store in Rio Barra, Stradivarius's first Munich store, Massimo Dutti's first street-level store in Seoul Hannam, and Lefties's first U.K. store in Liverpool. Lefties is planning openings in Lakeside in London and Newcastle, while Massimo Dutti plans to open a second SoHo, New York store.
Investment in Technology and Customer Experience
The new soft tag technology is being implemented in all stores alongside Click & Collect silos, assisted checkouts, drop-off points and automated sorters. The company is also developing personalization and communities on its online platforms and has launched initiatives including Zara Try-on, Zara Man stand-alone stores, footwear showrooms and BSK MMBRS.
Ongoing Investment to Support Future Growth
Ordinary capital expenditure reached EUR 1.3 billion in the first half, and the company continues to expect approximately EUR 2.3 billion of ordinary capital expenditure for 2026. Investment is focused on the global store base, the online platform, technological integration and process efficiency. Close to EUR 200 million of extraordinary CapEx will be invested in corporate facilities, including a new campus in Barcelona.
Sustainability and Community Partnerships
Inditex announced or supported initiatives with Conservation International, the United Nations High Commissioner for Refugees and the Red Cross, including Amazon Forest protection and restoration, improved conditions for Rohingya refugees in Cox's Bazar, and support following earthquakes in Venezuela and Colombia.
Positive Full-Year Space and Investment Outlook
Annual gross space growth in 2026 is expected to be around 5%, with net space contribution expected to remain positive and online growth continuing. The company also expects to pay the final 2025 dividend of EUR 0.875 per share on 2 November 2026.
DE:IXD2 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed