adidas AG
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5-year stock timeline
September 2026 — Q2 2026 record quarterly sales; CFO succession announced
adidas reported record quarterly net sales in Q2 2026 and announced that the Supervisory Board appointed Birgit Kretschmer as successor to CFO Harm Ohlmeyer, effective September 1, 2026. Ohlmeyer decided not to extend his contract beyond March 2027 and will remain through year-end to ensure transition [47][60].
Market perception shifted toward execution and scale. Management was credited with translating the post-Yeezy restart into broad-based sales growth, though investors remained attentive to margin guidance and one-off headwinds such as tariffs and currency effects that could limit upside. The CFO succession was viewed as orderly continuity during a growth phase [47][60].
Q2 2026 net sales reached €6,743 million, up 13% year-over-year. Operating profit was €574 million, up 5%. Operating margin stood at 8.5%, compared to 9.2% in Q2 2025 [47].
March 2026 — 2025 full-year results, record revenues; CEO contract extended; 2026 profit outlook disappoints
adidas reported record 2025 sales and sharp increases in operating profit. The Supervisory Board extended CEO Bjørn Gulden's contract through 2030. The company issued a 2026 operating profit forecast of approximately €2.3 billion, which fell below some analysts' expectations and prompted an immediate share reaction [48][49][53].
Investors recognized a multi-year operational recovery marked by higher sales and margin recovery but remained watchful about macro headwinds including US tariffs and currency movements. The CEO extension signaled board confidence in Gulden's turnaround while the below-consensus outlook produced short-term volatility [48][49].
2025 net sales totaled €24,811 million. Operating profit reached €2,056 million, representing an operating margin of 8.3%. The company stated that tariffs and currency would reduce 2026 earnings by approximately €400 million [48][55][49].
January–March 2025 — Share buyback announced; preliminary 2025 figures; record 2025 sales flagged
adidas announced plans for a €1.2 billion share buyback to be funded by strong cash generation. Preliminary figures showed record 2025 sales and strong operating profit acceleration [53][48].
Market interpretation was that the company had moved from crisis-management to shareholder-return capacity. The buyback signaled management confidence in cash flows and commitment to capital allocation after rebuilding the business post-Yeezy [53][48].
Preliminary 2025 sales reached approximately €24.8 billion on a currency-adjusted basis, up 10%. Operating profit was reported up approximately 54% to €2,056 million, with figures confirmed later in March 2026 filings [53][48].
October 2024 — Upgraded 2024 guidance (third upgrade) after stronger Q3; brand momentum
adidas raised its full-year 2024 sales and profit guidance for the third time in 2024 following stronger-than-expected Q3 results driven by vintage franchises such as Samba and Gazelle, and improved wholesale and retail execution [33].
Market sentiment moved from cautious recovery to improving confidence in the brand's product momentum and go-to-market execution. The multiple guidance upgrades in one year reinforced the narrative of operational turnaround under new leadership [33][42].
Q3 2024 revenue reached €6.438 billion, up 7% year-over-year. The company raised currency-neutral revenue growth expectations to approximately 10% for full year 2024 and increased profit outlook. Operating profit for 2024 was later reported at €1,337 million [33][42].
March 2024 — 2023 results: first annual net loss in approximately 30 years but operating business improved
adidas reported its 2023 results showing an improved operating business with operating profit ahead of expectations, though a reported net loss marked the first annual net loss since the early 1990s, driven by tax effects and earlier shocks. The company emphasized 2023 as a transition year with better-than-expected operational progress [40][31][37].
Investor perception shifted from crisis to "transition finished." Operational improvements and inventory cleanup were seen as validating the new strategy, though the lingering net loss and North America inventory concerns kept some skepticism intact [40][37].
2023 net sales totaled €21,427 million on a currency-neutral basis, flat versus prior year. Operating profit reached €268 million, better than initial guidance. Net loss from continuing operations was €58 million [36][40][31].
January 2023 — Bjørn Gulden becomes CEO; strategic review and reset
adidas appointed former Puma CEO Bjørn Gulden as CEO, effective January 1, 2023, and initiated a strategic review focused on inventory, product, speed and partnerships following the Yeezy fallout [4][1][14].
Investor perception changed to a restart and turnaround story with management credibility derived from Gulden's Puma record. Markets expected faster decision-making, leaner operations, and renewed product focus as remedies to company-specific shocks from 2022 [1][13].
The company disclosed it was conducting a thorough strategic review and set new long-term financial ambition, though no specific numerical long-term target was published at the time of appointment [1][14].
October–November 2022 — Termination of Yeezy partnership and inventory shock
adidas terminated its partnership with Ye (Kanye West) on October 25, 2022, stopping production and payments. The company disclosed a short-term negative net-income impact up to €250 million for 2022 and substantially increased inventory levels with write-down risk extending into 2023 [17][16][20].
Market reaction was negative and immediate. Investors viewed the termination as a necessary but costly reputational and financial hit that transformed adidas from a stable compounder into a turnaround and repair story. Focus shifted to how management would clear unsold Yeezy inventory and restore brand relevance [17][16][20].
Inventories had increased to €6,315 million at September 30, 2022, up 72% versus 2021. The company estimated a short-term negative impact on 2022 net income of up to €250 million from the Yeezy termination, with subsequent potential inventory write-offs and lost sales exposure discussed by management [20][17][16].
2021–2022 — Pandemic aftereffects, inventory build and margin pressure
In 2021–2022 adidas faced uneven global recovery, notably slower China reopening and widespread inventory buildup across the industry. These conditions increased promotional activity and pressured margins into 2022, with macro and sectoral pressures amplifying the later hit from the Yeezy termination [1][20].
Investors shifted from pandemic recovery optimism to concern about overstocking and margin dilution across 2022. adidas was seen as exposed due to large wholesale footprints and high inventory levels, prompting expectations of heavy promotions and a need for inventory clean-up [1][20].
Inventories rose to €6,315 million at September 30, 2022, from €3,664 million in 2021, reflecting significant buildup that weighed on fourth-quarter earnings and full-year 2022 guidance [20].
Key risks and downside factors
adidas competes in a global athletic footwear and apparel market marked by intense rivalry. Established players like Nike command significant scale, while newer entrants—Lululemon, On, Deckers, and Hoka among them—have carved out growing positions in niche and athleisure segments. This competitive density creates pressure on both market share and margins. The company faces material headwinds across several dimensions. Pricing and product competition remain relentless. Supply chain complexity and inventory management require constant calibration across geographies. Currency fluctuations and macroeconomic cycles affect performance unevenly by region. Beyond operations, adidas carries exposure to sustainability expectations, labor practice scrutiny, and trade policy shifts—each capable of affecting brand perception and regulatory standing.
- Market share and margin pressure stem from larger global competitor Nike and fast-growing athleisure brands, which reduce pricing power and force higher marketing spend.
- Supply-chain disruption and inventory mismanagement risk can arise from factory shutdowns, freight cost volatility, and raw-material price swings, each capable of inflating costs or creating inventory gluts [8], [3], [21].
- Currency and macroeconomic exposure across Europe, North America, and Asia creates vulnerability to reported sales and margin compression when foreign exchange movements or demand deteriorate.
- Reputational, regulatory, and ESG risks—including labor and sourcing practices, sustainability compliance, and trade restrictions—can trigger fines, boycotts, or elevated compliance costs.
Competitive landscape
Adidas competes in a global athletic apparel and footwear market dominated by Nike, with meaningful challengers in Puma, Under Armour, New Balance, and ASICS. The competitive landscape has shifted toward performance specialists—On and HOKA (owned by Deckers) have gained traction. The company faces margin pressure from intense product and marketing competition, exposure to input costs and currency fluctuations, and potential disruption from tariffs and trade policy. Consumer preferences are drifting toward premium positioning, direct-to-consumer channels, and specialized performance brands, which reshapes how traditional athletic manufacturers need to operate.
| Company | Ticker |
|---|---|
| Nike, Inc. | NKE.NYSE |
| Under Armour, Inc. | UAA.NYSE |
| Anta Sports Products Limited | 2020.HK |
| Li Ning Company Limited | 2331.HK |
| Skechers USA, Inc. | SKX.NYSE |
| Lululemon Athletica Inc. | LULU.NASDAQ |
| Columbia Sportswear Company | COLM.NASDAQ |
| VF Corporation | VFC.NYSE |
Private competitors
- New Balance
- Brooks Sports, Inc.
- Fila (privately held at group level in some regions)
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Start Free TrialPerformance Figures of adidas AG
Relative Performance vs Benchmarks
| Period | adidas AG | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | -1.66% | +1.67% | -3.07% |
| 3M | -20.05% | -20.14% | -23.95% |
| 6M | +7.31% | +1.69% | -7.93% |
| 1Y | -20.92% | -24.02% | -38.61% |
| 3Y | -6.00% | -71.08% | -94.08% |
| 5Y | -41.62% | -106.96% | -131.86% |
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Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 19.9 | 1.1 | 4.6 | 11.9 |
| 1Y ago | 27.5 | 1.4 | 6.4 | 36.8 |
| 3Y ago | -165.3 | 1.3 | 5.5 | 15.8 |
| 5Y ago | 24.6 | 2.4 | 6.6 | 11.6 |
Frequently Asked Questions
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What are the key risks when investing in ADS.XETRA?
- Market share and margin pressure stem from larger global competitor Nike and fast-growing athleisure brands, which reduce pricing power and force higher marketing spend.
- Supply-chain disruption and inventory mismanagement risk can arise from factory shutdowns, freight cost volatility, and raw-material price swings, each capable of inflating costs or creating inventory gluts [8, 3, 21].
- Currency and macroeconomic exposure across Europe, North America, and Asia creates vulnerability to reported sales and margin compression when foreign exchange movements or demand deteriorate.
- Reputational, regulatory, and ESG risks—including labor and sourcing practices, sustainability compliance, and trade restrictions—can trigger fines, boycotts, or elevated compliance costs.
Who are the main competitors of adidas AG?
- Nike, Inc. (NKE.NYSE)
- Under Armour, Inc. (UAA.NYSE)
- Anta Sports Products Limited (2020.HK)
- Li Ning Company Limited (2331.HK)
- Skechers USA, Inc. (SKX.NYSE)
- Lululemon Athletica Inc. (LULU.NASDAQ)
- Columbia Sportswear Company (COLM.NASDAQ)
- VF Corporation (VFC.NYSE)
When does adidas AG report earnings?
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 2.80 EUR | 1.84% | 1.35% |
| 2025 | 2.00 EUR | 0.91% | |
| 2024 | 0.70 EUR | 0.30% | |
| 2023 | 0.70 EUR | 0.42% | |
| 2022 | 3.30 EUR | 1.83% | |
| 2021 | 3.00 EUR | 1.05% | |
| 2019 | 3.35 EUR | 1.34% | |
| 2018 | 2.60 EUR | 1.37% | |
| 2017 | 2.00 EUR | 1.12% | |
| 2016 | 1.60 EUR | 1.41% | |
| 2015 | 1.50 EUR | 2.05% | |
| 2014 | 1.50 EUR | 1.92% | |
| 2013 | 1.35 EUR | 1.59% | |
| 2012 | 1.00 EUR | 1.62% | |
| 2011 | 0.80 EUR | 1.51% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Upcoming earnings report
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 24.81B | 23.68B | 21.43B | 22.51B | 21.23B |
| Operating income (EBIT) | 1.97B | 1.34B | 268.00M | 669.00M | 1.99B |
| Net income | 1.34B | 764.00M | -75.00M | 638.00M | 2.16B |
| Free cash flow | 274.00M | 2.37B | 2.05B | -1.24B | 2.52B |
| Total assets | 20.26B | 20.66B | 18.02B | 20.30B | 22.14B |
| Equity | 5.78B | 5.48B | 4.58B | 4.99B | 7.52B |
| Net debt | 3.94B | 3.46B | 4.13B | 5.66B | 1.50B |
PWP Leeway UG (haftungsbeschränkt)
