Adidas reports record results and increases full-year profit outlook

FOR IMMEDIATE RELEASE

Herzogenaurach, October 20, 2026

adidas reports record results and increases full-year profit outlook

adidas today increased its operating profit outlook for the full year 2026 following record top- and bottom-line third-quarter results.

Based on preliminary figures for the third quarter, revenues increased 9% to a record € 7,252 million. In currency-neutral terms, revenues grew 7% in the quarter. The company’s gross margin improved by 2.5 percentage points and reached a level of 54.3%. Third-quarter operating profit increased 37% to € 1,008 million, the highest quarterly level on record.

During the quarter, adidas received the majority of its US tariff claims. The company recorded a corresponding refund of around € 200 million, which contributed to the gross margin improvement. In addition to the tariff refund, the strong gross margin development was driven by healthy full-price sales, while unfavorable currency developments had a negative impact.

Following the better-than-expected third-quarter results, the company now expects its currency-neutral revenue growth of between 9% and 10% in the full year 2026 to lead to higher profitability. Specifically, the company expects operating profit to be around € 100 million higher than previously assumed. Considering both the around € 100 million from the higher profitability of its growth and the around € 200 million tariff refund, the company is now set to increase operating profit to € 2.6 billion in 2026.

In light of this strong profitability development, adidas has decided to reinvest around € 100 million in the fourth quarter into initiatives enabling greater operating leverage in the future, in line with its already communicated mid-term profitability targets. As a result, adidas now projects full-year operating profit to increase to a level of around € 2.5 billion in 2026 (previously: around € 2.3 billion).

adidas will publish its final set of financial results for the third quarter on October 29, 2026.

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For more information, please visit adidas-group.com.

adidas uses ‘Alternative Performance Measures’ (‘APM’) in its regulatory and mandatory publications that may represent so-called non-GAAP-measures. An overview of these Alternative Performance Measures can be found at adidas-group.com/financial-publications.