adidas AG
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5-year stock timeline
2026-08-13 — Latest price: 158.5
Market values the company at this price point after recent strong operating performance and capital returns. Investor focus has shifted to execution of buybacks and mid-term targets. Near-term consolidation has appeared after the rally; price reflects a multi-month uptrend into mid-2026 rallies and subsequent range around new highs [2][3].
2026 H1 / Q2 2026 (June–August 2026)
Strong H1 and Q2 results delivered currency-neutral revenues up 14% for the half-year, record net sales, and operating profit up 11% to €1,279m. The first €500m tranche of the €1bn buyback completed and the second tranche launched. FY 2026 revenue outlook raised to +9–10% and operating profit guidance maintained around €2.3bn [3].
Investor perception moved from recovery to confirmed growth. The momentum story regained traction after earlier disruption. Buyback signalled management conviction and capital return focus, improving investor confidence. The stock continued its 2026 uptrend with periodic pullbacks, showing breakout behavior as guidance raised and buyback executed [3].
2026 Q1 / FY 2025 results and buyback announcement (Jan–Mar 2026)
adidas announced record FY 2025 revenues of €24.8bn, up 13% currency-neutral for the brand, with operating profit of €2,056m, up 54%. Gross margin improved and the company proposed a dividend increase. Management launched up to €1bn share buyback starting February 2026 and later expanded total cash return ambitions to up to €1.5bn including dividend [2][4][6].
Market reframed adidas from post-crisis recovery into a growth and margin expansion story. Strong top-line and margin rebound after prior years' disruptions led investors to reward the stock while focusing on sustainability of margin improvements and cash returns. The rally and breakout from prior range reflected improved profitability and buyback expectations. Volatility around earnings release accompanied market digestion of numbers and guidance [2][4].
2025 — Execution year after Yeezy exit; margin recovery and record sales
adidas completed sale of remaining Yeezy inventory in 2024. 2025 results excluded Yeezy revenues. Brand revenues grew 13% currency-neutral. Gross margin improved and operating profit doubled versus 2024. Inventories reported at €5.8bn but described as healthy composition [1][4][6].
Investors gradually discounted one-off Yeezy-related noise and focused on core-brand strength. The narrative shifted to sustainable brand momentum and disciplined full-price selling, reducing perception of adidas as a distressed legacy asset. A pronounced multi-quarter rally unfolded throughout 2025 as fundamentals improved, marking transition from recovery phase to sustained uptrend [1][4].
2024 — Settlement of disputes, winding down of Yeezy impact
A legal dispute related to parties and claims around Yeezy settled in July 2024. The company worked through remaining Yeezy inventory sales during 2024 into 2025 [7][1].
Market moved from high uncertainty around legal matters, reputation, and inventory overhang toward increasing clarity. Settling disputes removed a key tail risk and allowed investors to refocus on core business execution. The end of prolonged drawdown enabled base formation. Volatility accompanied as investors re-priced risk premia ahead of 2025 recovery [7].
2023 — Post-pandemic adjustments, mixed margins
adidas reported 2023 sales recovery but margin pressure remained, with gross margin around 47.5%. Operating profit improved from 2022 lows but remained volatile as supply-chain and channel mix effects persisted [6].
Market saw adidas as in gradual recovery but not yet a full turnaround. The story characterized itself as operational reset with execution risk. Rangebound action with intermittent rallies on positive sales data followed, but failed to sustain higher levels, continuing consolidation after earlier declines [6].
2022 — Earnings weakness and macro pressure
adidas faced margin and profit challenges. Operating profit decreased versus earlier years. Macro headwinds and channel and mix issues weighed on results, with net sales around €22.5bn [6].
Investor perception turned cautious. adidas faced structural and execution issues and the growth story came into question, with some investors viewing it as a value trap pending operational fixes. Prolonged drawdown and rangebound trading emerged as sentiment weakened through 2022 [6].
2021 — Pandemic aftermath and higher operating profit
adidas reported 2021 net sales around €21.2bn and stronger operating profit around €1,986m, reflecting post-COVID recovery phases and earlier inventory normalization [6].
Early recovery narrative took hold. Investors hoped for re-acceleration but remained watchful for margin sustainability and competitive pressures. Initial post-pandemic uptrend into 2021 highs followed, with volatility as later years' negative surprises emerged [6].
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 | -13.00% | -19.48% | -17.45% |
| 3M | +6.96% | -1.81% | +1.59% |
| 6M | +2.59% | -3.18% | -11.71% |
| 1Y | -3.43% | -11.97% | -25.42% |
| 3Y | -12.17% | -80.83% | -96.87% |
| 5Y | -46.68% | -112.74% | -133.75% |
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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 | 21.7 | 1.1 | 5.0 | 12.9 |
| 1Y ago | 24.9 | 1.2 | 5.8 | 24.4 |
| 3Y ago | -87.3 | 1.4 | 6.6 | 83.6 |
| 5Y ago | 37.8 | 2.9 | 8.8 | 17.9 |
Frequently Asked Questions
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What are the key metrics for ADS.XETRA?
How has adidas AG's stock price performed?
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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 | 280.00M | 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)
