Inditex net profit rises 6.8% to €2.98 billion in first half as sales reach €19.76 billion

Record earnings and revenue growth

Inditex reported a net profit of €2,980 million for the first half of its 2026-2027 fiscal year, representing an increase of 6.8% compared with the same period a year earlier. The Spanish fashion retailer, chaired by Marta Ortega and founded by Amancio Ortega, generated €19,755 million in revenue between 1 February and 31 July 2026. This figure marks a 7.6% rise from the €18,357 million recorded during the first six months of the prior fiscal year. Calculated at constant exchange rates, revenue expanded by 9.2%, supported by customer reception of the spring and summer collections across both physical stores and online platforms. Gross profit reached €11,596 million, up 8.3% year on year, which lifted the gross margin to 58.7% of sales, an increase of 40 basis points over the first half of 2025.

Operating metrics and balance sheet

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 7.8% to €5,513 million for the six-month period. Operating income (EBIT) grew 7.6% to €3,843 million, while profit before taxes advanced 6.8% to €3,845 million, yielding a pre-tax margin of 19.5%. Operating expenses increased by 8.3% during the half-year, expanding 50 basis points faster than total sales when accounting for lease expenses. Inditex closed the reporting period on 31 July with a net financial position of €10,398 million, a 4% increase over the previous year. Chief executive officer Óscar García Maceiras pointed to the group's integrated commercial model in his assessment of the results.

These excellent results demonstrate the extraordinary capacity of our teams, who in a very complex global environment have managed to deliver every day to our customers around the world the product and fashion experience they demand. Ambition, flexibility, and innovation are differentiating elements that strengthen Inditex's long-term growth potential.

Market expectations and historical growth

The regulatory filings submitted on Wednesday, 9 September to the National Securities Market Commission (CNMV) presented a mixed outcome relative to market forecasts. Analyst consensus compiled by Bloomberg had projected a net profit of €3,061 million, leaving reported earnings slightly below expectations. However, total revenue exceeded the Bloomberg consensus estimate of €19,710 million, while EBITDA fell just short of the expected €5,565 million. The 7.6% sales expansion reversed a previous slowdown in first-half sales growth, improving upon the 1.6% growth reported in the first half of 2025 and the 7.2% increase registered in the first half of 2024, although staying below post-pandemic double-digit rates.

Quarterly pace and autumn outlook

For the second fiscal quarter spanning May through July, the owner of Zara generated €11,000 million ($12.8 billion) in revenue. In early figures for the third quarter, store and online sales at constant exchange rates increased 9% between 1 August and 7 September 2026 compared to the corresponding span in 2025. This early autumn performance occurred in an operating environment marked by elevated energy prices, consumer spending pressures connected to the conflict with Iran, and severe heatwaves across Europe that disrupted typical seasonal shopping patterns in the group's core European market.