Z 
Zalando ZAL.DE · EUR
Consumer Discretionary · Internet & Direct Marketing Retail · XETRA · 🇩🇪 Germany
DAX
27.41
-1.12%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€12.35bn
FY2016FY2025
Net income
€215.1m
FY2016FY2025
Free cash flow
€1.03bn
FY2016FY2025
Shareholders' equity
€2.83bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €12.35bn | €10.57bn | €10.14bn | €10.34bn | €10.35bn | €7.98bn | €6.48bn | €5.39bn | €4.49bn | €3.64bn |
| Gross profit | €4.61bn | €4.30bn | €3.68bn | €4.06bn | €4.33bn | €3.39bn | €2.76bn | €2.28bn | €1.96bn | €1.61bn |
| Research and development | €125.3m | €68.0m | €74.5m | €76.6m | €39.3m | €34.8m | €26.9m | €26.5m | €14.4m | €21.3m |
| Operating income | €415.2m | €391.9m | €228.8m | €99.5m | €415.6m | €381.7m | €177.6m | €119.2m | €186.6m | €196.5m |
| Net income | €215.1m | €251.1m | €83.0m | €16.8m | €234.5m | €226.1m | €99.7m | €51.4m | €103.1m | €120.5m |
| Diluted earnings per share | 0.83 | 0.97 | 0.32 | 0.06 | 0.91 | 0.89 | 0.37 | 0.21 | 0.39 | 0.48 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €9.69bn | €7.98bn | €8.11bn | €7.63bn | €6.90bn | €6.49bn | €4.33bn | €3.23bn | €2.98bn | €2.54bn |
| Cash and short-term investments | €1.88bn | €2.69bn | €2.62bn | €2.04bn | €2.29bn | €2.69bn | €1.04bn | €1.06bn | €1.12bn | €1.22bn |
| Total liabilities | €6.87bn | €5.32bn | €5.73bn | €5.43bn | €4.68bn | €4.34bn | €2.65bn | €1.68bn | €1.44bn | €1.13bn |
| Debt | €1.44bn | €1.73bn | €1.85bn | €1.72bn | €1.57bn | €1.77bn | €554.9m | €8.4m | €11.2m | €14.4m |
| Shareholders' equity | €2.83bn | €2.67bn | €2.37bn | €2.20bn | €2.22bn | €2.15bn | €1.68bn | €1.55bn | €1.54bn | €1.41bn |
| Shares outstanding | 258m | 259m | 262m | 261m | 259m | 254m | 272m | 245m | 263m | 250m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €1.13bn | €654.1m | €949.5m | €459.9m | €616.2m | €527.4m | €327.2m | €212.8m | €193.7m | €275.8m |
| Capital spending | −€98.0m | −€206.8m | −€263.2m | −€351.6m | −€332.9m | −€250.1m | −€306.5m | −€278.4m | −€243.9m | −€181.7m |
| Free cash flow | €1.03bn | €447.3m | €686.3m | €108.3m | €283.3m | €277.3m | €20.7m | −€65.6m | −€50.2m | €94.1m |
| Dividends paid | — | — | — | — | −€84.5m | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €3.42bn | €3.00bn | €4.07bn | €3.02bn | €2.84bn | €2.42bn | €3.30bn | €2.39bn |
| Gross profit | €1.40bn | €1.17bn | €1.63bn | €1.20bn | €1.16bn | €946.2m | €1.37bn | €971.8m |
| Operating income | €153.1m | €128.6m | €191.8m | €49.1m | €145.2m | €21.5m | €166.8m | €71.7m |
| Net income | €73.8m | −€87.6m | €93.7m | €14.8m | €96.6m | €9.9m | €120.0m | €44.3m |
| Diluted earnings per share | 0.29 | -0.35 | 0.36 | 0.06 | 0.37 | 0.04 | 0.46 | 0.17 |
| Cash from operations | €473.0m | −€438.0m | €881.0m | €103.0m | €283.0m | −€143.0m | €366.0m | −€91.0m |
| Capital spending | −€17.0m | −€69.0m | −€38.0m | −€53.0m | −€59.0m | −€33.0m | −€66.0m | −€17.0m |
| Free cash flow | €456.0m | −€507.0m | €843.0m | €50.0m | €224.0m | −€176.0m | €300.0m | −€108.0m |
| Total assets | €8.80bn | €8.71bn | €9.69bn | €9.00bn | €8.13bn | €8.11bn | €7.98bn | €8.04bn |
| Cash and short-term investments | €1.46bn | €1.32bn | €1.88bn | €1.44bn | €2.66bn | €2.48bn | €2.69bn | €2.48bn |
| Debt | €673.1m | €659.6m | €1.61bn | €1.44bn | €1.68bn | €1.71bn | €1.73bn | €1.74bn |
| Shareholders' equity | €2.57bn | €2.70bn | €2.83bn | €2.83bn | €2.79bn | €2.69bn | €2.67bn | €2.51bn |
Financial ratios
Data as of 14 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 37.4% | 40.7% | 36.3% | 39.2% | 41.8% | 42.5% |
| Operating margin | 3.4% | 4.4% | 2.4% | 1.0% | 4.1% | 4.8% |
| Net margin | 1.7% | 2.4% | 0.8% | 0.2% | 2.3% | 2.8% |
| Return on equity | 7.6% | 9.4% | 3.5% | 0.8% | 10.6% | 10.5% |
| Return on assets | 2.2% | 3.1% | 1.0% | 0.2% | 3.4% | 3.5% |
| Free cash flow yield | 19.9% | 13.9% | 19.4% | 13.1% | 15.4% | 12.8% |
| Revenue growth | 16.8% | 4.2% | -1.9% | -0.1% | 29.7% | 23.1% |
| Earnings growth | -14.3% | 202.5% | 394.0% | -92.8% | 3.7% | 126.8% |
| Current ratio | 1.11x | 1.37x | 1.49x | 1.45x | 1.61x | 1.68x |
| Debt to equity | 0.23x | 0.38x | 0.45x | 0.48x | 0.45x | 0.62x |
| Equity ratio | 29.2% | 33.4% | 29.3% | 28.8% | 32.2% | 33.1% |
| Interest coverage | 5.75x | 4.98x | 2.88x | 1.59x | 7.16x | 6.57x |
| R&D as a share of sales | 1.0% | 0.6% | 0.7% | 0.7% | 0.4% | 0.4% |
| Buybacks as a share of market value | 0.4% | 1.2% | -0.5% | -0.8% | -1.7% | 6.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.1% | 9.1% | 15.4% |
| Operating income | 61.0% | 1.7% | 16.6% |
| Net income | 133.9% | -1.0% | 5.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 38.9% | 38.4% | 39.5% | 40.5% |
| Operating margin | 3.5% | 2.6% | 3.1% | 3.2% |
| Net margin | 2.0% | 1.3% | 1.7% | 1.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 30.4 | 33.4 | 67.8 | — | 78.5 | 102.4 | 123.3 | 107.1 | 112.3 | 75.3 |
| Price to sales | 0.5 | 0.8 | 0.6 | 0.8 | 1.8 | 2.9 | 1.9 | 1.0 | 2.6 | 2.5 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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