By Brazil Stock Guide – Track&Field CO S.A. (TFCO4) reported adjusted net income of R$56.5 million in the fourth quarter of 2025, a 40.5% increase year over year, as the Brazilian sportswear and wellness brand continued to expand its retail network, digital channels and community-driven ecosystem. The company also surpassed R$1 billion in annual net revenue for the first time, marking a milestone in its growth trajectory.
Revenue expansion
Net revenue reached R$323.1 million in 4Q25, up 18.2% from the same quarter a year earlier, supported by stronger performance in company-owned stores and higher royalty income from franchisees. Adjusted EBITDA totaled R$78.3 million, rising 34.3% year over year, with the margin expanding to 24.2%.
For the full year, Track&Field posted R$1.05 billion in revenue, R$240.9 million in adjusted EBITDA, and R$171.5 million in adjusted net income, reflecting both sales growth and operating leverage.
The company’s sell-out to consumers reached R$588.1 million in the quarter, up 26.3% year over year, while same-store sales grew 23.1%, highlighting strong organic demand despite a more normalized comparison base.
Omnichannel momentum
Digital channels continued to expand rapidly. E-commerce sales grew more than 40% year over year, supported by omnichannel initiatives such as ship-from-store and the “infinite shelf” system that connects inventory across the retail network.
The company ended 2025 with 435 stores, including 379 franchised locations and 56 company-owned units, after opening 40 new stores during the year. Meanwhile, 42 stores were renovated, bringing roughly 60% of the network to the new “experience store” format, designed to integrate retail, community and events.
A wellness ecosystem
Track&Field’s strategy increasingly revolves around building a wellness ecosystem rather than a traditional apparel brand. Its TFSports platform surpassed 1.2 million registered users, a 40.9% increase year over year, hosting more than 4,200 events in 2025 and supported by over 9,000 registered trainers.
The company also expanded its tfmall marketplace, which now features 30 partner brands, and continued to develop TFC Food & Market, a concept focused on healthy food and supplements aligned with the brand’s lifestyle positioning.
Financial discipline
Despite the expansion, Track&Field maintained a conservative balance sheet. The company ended the year with no financial debt, R$35.3 million in net cash, and R$171 million in cash equivalents, underscoring its ability to convert growth into liquidity.
For investors, the results reinforce the view that Track&Field is evolving into a community-driven lifestyle platform, combining retail, digital engagement and experiential sports activities to deepen customer loyalty and diversify revenue streams.
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