adidas AG 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].