- adidas Touts Turnaround at AGM as Profit Jumps, World Cup Push Builds
May 11, 2026
adidas logo
Key Points
Interested in adidas AG? Here are five stocks we like better. adidas’ turnaround accelerated in 2025, with operating profit jumping 54% to €2.056 billion and net income rising to €1.337 billion. Sales grew broadly across regions and channels as the company said the Yeezy business had been replaced. Management is leaning into local market strategies and major sports moments, especially the 2026 World Cup. adidas is investing in regional product decisions, local sourcing in China, and U.S. sports partnerships while preparing a heavy marketing push around the tournament. The company reaffirmed its upbeat 2026 outlook, maintaining guidance for high-single-digit sales growth and about €2.3 billion in operating profit. It also proposed a higher dividend and continued buybacks, signaling confidence in cash generation.
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adidas (ETR:ADS) executives told shareholders at the company’s annual general meeting that the sportswear group’s turnaround gained momentum in 2025, supported by broad-based sales growth, stronger profitability and renewed brand visibility across sports and lifestyle categories.
Chief Executive Officer Björn said the company had become “a good company again,” while cautioning that the global economic environment remains difficult because of conflicts, currency effects and tariffs. He said the adidas brand grew 13% on a currency-neutral basis in 2025, or 10% excluding the effect of the prior Yeezy business, and highlighted double-digit growth across regions and sales channels.
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“The Yeezy business has been replaced, and we grew another 10%,” Björn told shareholders. He said wholesale sales rose 12%, company-owned retail stores grew 13% and e-commerce increased 16%, resulting in a balanced split between wholesale and direct-to-consumer channels.
2025 Profitability Improves
Harm, who presented the financial results, said adidas generated an operating profit of €2.056 billion in 2025, up 54%, with an operating margin of 8.3%. He said gross margin reached 51.6%, up 80 basis points, supported by a stronger brand, healthier inventory levels and better product-market fit.
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Net income reached €1.337 billion, and earnings per share rose 67% to €4.90, Harm said. He added that the company faced about €1 billion of foreign exchange headwinds in 2025 and had to compensate for roughly €700 million from the absence of Yeezy revenue.
Inventories increased 17% nominally, which Harm attributed partly to products prepared for the World Cup, including jerseys and balls. He said 65% of inventory was planned for upcoming seasons, 28% was in transit and only 7% related to prior seasons.
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The company proposed raising its dividend from €2.00 to €2.80 per share, representing about €500 million in total payouts and a 36% payout ratio. Harm also said adidas had announced a €1 billion share buyback, with €500 million already completed in the first quarter.
Regional Leaders Emphasize Local Strategy
Björn repeatedly stressed that adidas aims to be a global brand with a local mindset, giving regional teams more authority over products, pricing and marketing. He said the company’s headquarters will remain in Herzogenaurach, dismissing rumors of a relocation.
John, who is responsible for the U.S. business, said the company is focusing on running, basketball and U.S. field sports, including American football, baseball, softball and soccer. He said adidas is investing in college sports, including the University of Tennessee and Penn State, and cited the importance of cultural partnerships and activations around the World Cup.
Adrian, the head of China, said adidas has built a “China for China” operating model. He said 65% of products for China are designed locally and 95% are sourced locally, giving the business speed, cultural relevance and cost advantages. He cited the rapid sellout of a Chinese New Year jacket and a pet collection as examples of local consumer insight driving products.
Flavia, who leads Latin America, said the region tripled net sales in euros over four years and now has 29% market share. She said adidas is the No. 1 brand in Peru, Colombia, Chile, Argentina and Mexico, and is competing closely with Nike in Brazil. She said the region focused first on football, then running and training, with women’s products playing an important role in growth.
Performance and Lifestyle Categories Advance
Björn said performance products, which are used for sport, grew 15% in 2025. Football delivered double-digit growth, running rose nearly 30%, and training continued to expand. Golf declined 3%. He said adidas is the global market leader in football and is rebuilding its running presence after years of underperformance.
Lifestyle products grew 12%, with balanced growth across adidas Originals and sportswear. Björn highlighted partnerships with figures including Bad Bunny, Wales Bonner, Kendall Jenner and Pharrell, whose Jellyfish shoe won a U.S. “Shoe of the Year” award, according to the presentation.
He also said apparel is gaining momentum, especially among women, through new materials and silhouettes such as denim and knitwear, while accessories grew 6% after a sourcing problem in China affected the U.S. market.
World Cup and 2026 Outlook
For the first quarter of 2026, Björn said adidas grew 14% and generated operating profit of €705 million, up €100 million from the prior year. Operating margin reached 10%. Gross margin declined by 100 basis points, which he attributed to currency effects and tariffs, while saying the underlying gross margin would have been higher organically.
The company maintained its 2026 guidance for high-single-digit sales growth and approximately €2.3 billion in operating profit. Björn said adidas expects to grow by about €2 billion annually in coming years, although currency translation could reduce reported growth.
The upcoming World Cup is expected to be a major brand event. Björn said adidas will supply 14 teams, about one-third of players will wear its shoes, and every match will use an adidas ball. He said marketing spending will be elevated in the second quarter as the company activates around the tournament.
Governance and Shareholder Returns
Mathias, the outgoing supervisory board chairman, said his tenure included COVID-19, the war in Ukraine, the Kanye West/Yeezy crisis, U.S. tariffs and management changes. He said the company is now “well-positioned” and will be handed over to designated chairman Nassef Sawiris.
Björn also acknowledged that adidas’ share price over the past 12 months had not reflected management’s view of the company’s performance. He said some investors question whether adidas can sustain momentum if competitors recover, but told shareholders he does not believe the company will lose its progress.
About adidas (ETR:ADS)
adidas AG, together with its subsidiaries, designs, develops, produces, and markets athletic and sports lifestyle products in Europe, the Middle East, Africa, North America, Greater China, the Asia-Pacific, and Latin America. It offers footwear, apparel, and accessories and gear, such as bags and balls under the adidas brand; golf footwear and apparel under the adidas Golf brand; and outdoor footwear under the Five Ten brand. It sells its products through its own retail stores; mono-branded franchise stores and shop-in-shops; and wholesale and its e-commerce channels.
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The article "adidas Touts Turnaround at AGM as Profit Jumps, World Cup Push Builds" was originally published by MarketBeat.
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- Kelsey Plum Adidas Campaign Fuels Interest In Women’s Basketball Growth
May 7, 2026
Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge.
WNBA star Kelsey Plum appears in the new adidas Believe That 1 campaign for XTRA:ADS. The campaign follows her departure from a previous endorsement with Under Armour. The move comes shortly before the upcoming WNBA season, drawing attention to adidas' plans in women's basketball.
For investors watching XTRA:ADS, Plum's presence in the Believe That 1 campaign is connected to growing interest in women's basketball and performance footwear. Athlete partnerships can help a company connect with fans, influence product perception, and support marketing around key product lines in basketball and training.
This endorsement shift arrives as global sportswear groups compete for attention across women's performance categories and basketball. Readers may want to watch how adidas uses this campaign across media, product launches, and future athlete collaborations to support its brand in the women's segment.
Stay updated on the most important news stories for adidas by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on adidas.XTRA:ADS Earnings & Revenue Growth as at May 2026
We've flagged 1 risk for adidas. See which could impact your investment.
Investor Checklist: What Plum's adidas Move Means for Shareholders
Quick Assessment
✅ Price vs Analyst Target: At €148.25, the stock trades about 25% below the €196.74 analyst price target. ✅ Simply Wall St Valuation: Shares are described as trading 58.7% below an estimated fair value, pointing to a valuation gap. ✅ Recent Momentum: The 30 day return of about 9.9% suggests recent positive price momentum.
There is only one way to know the right time to buy, sell or hold adidas. Head to Simply Wall St's company report for the latest analysis of adidas's Fair Value.
Key Considerations
📊 Plum's move into an adidas campaign highlights the push into women's basketball, which could help support demand for performance footwear and apparel. 📊 Watch how this campaign links to basketball shoe launches, social engagement and whether it broadens adidas's reach with WNBA and younger fans. ⚠️ Dividend coverage is flagged as a minor risk, with the 1.89% dividend not well covered by free cash flows, so income focused investors may want to track payout sustainability.
Dig Deeper
For the full picture including more risks and rewards, check out the complete adidas analysis. Alternatively, you can check out the community page for adidas to see how other investors believe this latest news will impact the company's narrative.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include ADS.DE.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- While Nike struggles, Shaq is overseeing a resurgence in Reebok
May 7, 2026
While Nike’s (NKE) stock sinks amid several quarters of disappointment, Reebok appears to be undergoing a revival of sorts.
“We do a wonderful job of content. We’re very careful of the players we select. One of our first selections was [WNBA star] Angel Reese … Her shoe has just been sold out,” NBA star Shaquille O’Neal told Yahoo Finance at the Milken Institute conference this week.
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The former Laker is now Reebok’s president of basketball and the second-largest individual shareholder in its parent company, Authentic Brands Group.
“We just do things that are very, very strategic,” he added. “You know, for me it’s trying to reintroduce Reebok to the kids … We’ve doubled in business [just like Authentic Brands Group CEO Jamie Salter has said] and we plan on continuing to grow.”
Reebok’s state of play: Led by founder and CEO Jamie Salter, Authentic Brands Group officially completed its acquisition of Reebok from Adidas (ADS.DE) on March 1, 2022, for $2.5 billion (€2.1 billion). Since the takeover, the company has leveraged Shaq to spearhead a brand revival.
In 2023, Reebok named Shaq as its first-ever president of Reebok Basketball. In this role, he is responsible for the brand’s basketball strategy, player recruitment, and athlete relationship-building.
Under Shaq’s leadership, Reebok signed its first major NIL (name, image, and likeness) deal with then LSU star Angel Reese in late 2023, signaling a shift toward younger, culturally relevant athletes to compete with Nike and Jordan Brand.
Shaq has been the face of the "Return of the Classics" campaign, reissuing iconic silhouettes like the Shaq Attack and Allen Iverson’s signature shoe, the Question.
Salter said the Reebok brand is just getting started.
“And sure enough, we’re back in basketball, we’re back in soccer, we’re back in football, and now we’re actually going back into hockey,” Salter told Yahoo Finance at the conference. “So we’re getting back to the roots of where Reebok started.”
About Nike’s troubles: Shares of the athletic wear giant plunged 15.5% on April 1, the first trading session following the company’s latest earnings report and guidance.
Nike is currently trading at $43.09, bringing the year-to-date drop to 33%. The stock is down 67% in the past five years.
"Turnaround premium multiple likely to fade,” Evercore ISI analyst Michael Binetti said. “Nike’s efforts to stabilize the P&L through a tougher turnaround (vs. taking more EPS pain upfront in the early stages of the strategy) seem to be prolonging the turnaround beyond what the market is likely to bear.”
Story Continues
The company’s earnings day was littered with red flags as it battles through a restructuring and tougher competition from the likes of Adidas and upstarts such as On.
On top of that was continued pressure on the all-important China business. Sales in China fell 10% from the prior year, with digital sales down 21% and wholesale off by 13%.
The other point of contention was guidance.
For Nike’s fiscal fourth quarter (the current quarter), management reported it expects sales down 2% to 4% and gross profit margins down 25 to 75 basis points. Citi analyst Paul Lejuez calculated Nike’s guidance equates to fourth quarter earnings per share guidance of $0.05 to $0.15, below consensus forecasts at the time for $0.20.
Bottom line: It’s good to see Reebok back in the game and doing well. As for Nike, its comeback will likely have to wait a few more quarters.
Brian Sozzi is Yahoo Finance's Executive Editor and a member of Yahoo Finance's editorial leadership team. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email brian.sozzi@yahoofinance.com.
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- Assessing adidas (XTRA:ADS) Valuation After Mixed Share Price Momentum And Perceived Undervaluation
May 2, 2026
Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge.
Recent performance snapshot
With no single headline event driving sentiment, adidas (XTRA:ADS) has been drawing attention after a mixed run in its share price, including a 1.3% decline in the latest session and a 9.3% gain over the past month.
See our latest analysis for adidas.
Set against a 1 year total shareholder return of 28.03% and a 5 year total shareholder return of 45.03%, the recent 9.27% 1 month share price return and weaker year to date share price performance suggest momentum has been fading rather than accelerating.
If adidas has you reassessing where growth or recovery could come from next, it may be worth scanning other opportunities with 97 top founder-led companies
With adidas trading at €147.40 against an analyst price target of €196.38 and an estimated intrinsic discount of 54.7%, the key question is whether this gap signals a buying opportunity or if markets are already accounting for future growth.
Most Popular Narrative: 25.1% Undervalued
Against the last close at €147.40, the most followed narrative anchors fair value for adidas at €196.77, creating a sizeable gap investors will want to understand.
The accelerating global health and fitness movement is driving strong demand for adidas' performance and athleisure product categories, as demonstrated by double digit growth in key segments like Running (+25%), Training (+20%), and Basketball, positioning the company for sustained volume expansion and recurring sales growth (impacts revenue and earnings).
Read the complete narrative.
Curious what kind of revenue path and margin profile support that higher fair value, and how much is tied to direct to consumer and emerging markets strength.
Result: Fair Value of €196.77 (UNDERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, tariff driven cost pressure in the U.S. and rising competition in key markets could limit pricing power and challenge the earnings path behind that fair value story.
Find out about the key risks to this adidas narrative.
Another view on adidas' valuation
While the narrative and analyst targets frame adidas as 25.1% undervalued versus a €196.77 fair value, the current P/E of 18.8x tells a different story. It sits slightly above the European Luxury industry at 18.5x, but below both peers at 23.8x and a fair ratio of 21.2x that the market could move toward. That mix of modest premium and apparent headroom leaves a simple question: is this a valuation cushion or a value trap if earnings or sentiment slip?
Story Continues
See what the numbers say about this price — find out in our valuation breakdown.XTRA:ADS P/E Ratio as at May 2026
Next Steps
With sentiment split between potential upside and clear concerns, this is a moment to move quickly. Review the data yourself and weigh 3 key rewards and 1 important warning sign
Looking for more investment ideas?
If adidas no longer feels like the only place to focus, you can broaden your watchlist by scanning other candidates that fit different return, income, and risk profiles.
Target potential mispricing by reviewing companies flagged as 242 high quality undervalued stocks that combine attractive valuations with solid underlying metrics. Strengthen your income stream by assessing businesses in the 479 dividend fortresses that pair higher yields with the potential for durability. Dial down portfolio stress by checking companies in the 300 resilient stocks with low risk scores that score well on resilience and financial risk checks.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include ADS.DE.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- Results: adidas AG Exceeded Expectations And The Consensus Has Updated Its Estimates
May 2, 2026
A week ago, adidas AG (ETR:ADS) came out with a strong set of first-quarter numbers that could potentially lead to a re-rate of the stock. Results were good overall, with revenues beating analyst predictions by 4.1% to hit €6.6b. Statutory earnings per share (EPS) came in at €2.72, some 5.8% above whatthe analysts had expected. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. With this in mind, we've gathered the latest statutory forecasts to see what the analysts are expecting for next year.
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After the latest results, the 26 analysts covering adidas are now predicting revenues of €26.5b in 2026. If met, this would reflect a credible 5.0% improvement in revenue compared to the last 12 months. Per-share earnings are expected to expand 19% to €9.34. In the lead-up to this report, the analysts had been modelling revenues of €26.3b and earnings per share (EPS) of €9.37 in 2026. So it's pretty clear that, although the analysts have updated their estimates, there's been no major change in expectations for the business following the latest results.
Check out our latest analysis for adidas
There were no changes to revenue or earnings estimates or the price target of €196, suggesting that the company has met expectations in its recent result. There's another way to think about price targets though, and that's to look at the range of price targets put forward by analysts, because a wide range of estimates could suggest a diverse view on possible outcomes for the business. Currently, the most bullish analyst values adidas at €268 per share, while the most bearish prices it at €145. Note the wide gap in analyst price targets? This implies to us that there is a fairly broad range of possible scenarios for the underlying business.
Looking at the bigger picture now, one of the ways we can make sense of these forecasts is to see how they measure up against both past performance and industry growth estimates. The analysts are definitely expecting adidas' growth to accelerate, with the forecast 6.8% annualised growth to the end of 2026 ranking favourably alongside historical growth of 3.9% per annum over the past five years. Compare this with other companies in the same industry, which are forecast to grow their revenue 6.0% annually. adidas is expected to grow at about the same rate as its industry, so it's not clear that we can draw any conclusions from its growth relative to competitors.
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The Bottom Line
The most obvious conclusion is that there's been no major change in the business' prospects in recent times, with the analysts holding their earnings forecasts steady, in line with previous estimates. They also reconfirmed their revenue estimates, with the company predicted to grow at about the same rate as the wider industry. There was no real change to the consensus price target, suggesting that the intrinsic value of the business has not undergone any major changes with the latest estimates.
Following on from that line of thought, we think that the long-term prospects of the business are much more relevant than next year's earnings. At Simply Wall St, we have a full range of analyst estimates for adidas going out to 2028, and you can see them free on our platform here..
And what about risks? Every company has them, and we've spotted 1 warning sign for adidas you should know about.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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- adidas Q1 Earnings Call Highlights
Apr 29, 2026
adidas logo
Key Points
adidas reported a strong Q1 with roughly 14% currency‑neutral sales growth and a EUR 705 million operating profit (≈EUR 100m higher year‑over‑year), driven by direct‑to‑consumer expansion and a 25% e‑commerce increase. Gross margin fell to 51.1% (about 100 bps down) primarily due to foreign‑exchange effects and new U.S. tariffs (each ~EUR 50m), while adidas plans to raise marketing in Q2 for the World Cup. Inventories were deliberately built (up 13% reported) to capture demand around the World Cup; management kept full‑year guidance unchanged and is returning cash via a completed EUR 500m buyback, another EUR 500m planned plus a proposed EUR 500m dividend (total EUR 1.5bn), and noted a potential but unbooked EUR 300m tariff repayment upside. Interested in adidas AG? Here are five stocks we like better.
Best Fashion and Apparel Stocks to Invest in for 2020
adidas (ETR:ADS) reported a strong start to fiscal 2026, with management pointing to broad-based demand, strong direct-to-consumer growth, and momentum in performance categories—while also flagging ongoing promotional pressure in lifestyle footwear and uncertainty tied to conflicts, tariffs, and energy prices.
Q1 growth and profitability highlighted by management
CEO Bjørn Gulden said adidas delivered roughly 14% currency-neutral sales growth in the first quarter, which he characterized as “very strong” and evidence that product in the market is “in demand of the consumer.” He also called the quarter’s EUR 705 million operating profit one of the highest the company has delivered, with operating profit up about EUR 100 million year over year.
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CFO Harm Ohlmeyer added that Q1 sales were up 14% currency neutral and up 7% reported, citing currency headwinds that he said should ease quarter by quarter. He described the “quality” of the growth as strong, noting that direct-to-consumer expansion was a key contributor.
Gross margin impacted by FX and tariffs; marketing set to rise
Gross margin came in at 51.1%, which Gulden said was down about 100 basis points year over year. Ohlmeyer said the underlying business improved versus last year, with pricing “still slightly up” and discounting “under control,” while product cost and freight were “pretty much flat and normalized.”
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Ohlmeyer attributed the gross margin pressure to two factors: foreign exchange impacts from several fast-growing markets and U.S. tariffs that “did not exist in Q1 last year.” He said those two items together were about EUR 50 million each, contributing to the 100-basis-point decline.
Story Continues
On spending, Ohlmeyer stressed the company is not “saving” to reach profitability. He said marketing was 11.5% of sales and grew only 1% in Q1, but adidas is intentionally holding spend for key moments and expects marketing to increase in Q2 tied to the World Cup. Operating overhead rose 3%, which Ohlmeyer said reflected retail store annualization and variable supply chain costs, while the rest of the cost base remained “very disciplined.”
Regional performance and channel mix: DTC strength stands out
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Gulden outlined mixed regional conditions. He said the company delivered 12% growth in the U.S. despite what he called a “nervous market” with heavy discounting. Europe grew 6% in a market he said is “currently not growing at all,” and he pointed to an over-inventoried lifestyle footwear market that makes full-price growth harder.
In Greater China, Gulden said results were flat year over year but described “great momentum” and “great sell-through.” He also cited strong performance in Japan and South Korea, with South Korea “leading on trend.” Latin America was described as “still on fire,” helped by World Cup-related demand, with Gulden noting adidas is “now number one in the region.”
Gulden also discussed disruption in emerging markets that include Middle East countries affected by conflict, saying the company had seen business losses in those countries “mainly in the last four or five weeks,” including store closures and logistics issues.
By channel, adidas reported growth of 8% in wholesale, 19% in its own stores, and 25% in e-commerce. Gulden said the mix reflects inventory discipline in wholesale amid an over-inventoried market, not a strategic decision to permanently grow DTC faster than wholesale.
In the Q&A, Gulden acknowledged that some retailers “could do more full price sales if they had more of our inventory,” but said heavy discounting in multi-brand retail can make it difficult to launch full-price newness in that environment. He added that adidas might “defend newness” differently than 18 months ago, though he said holding back product for DTC is “not” the company’s normal strategy.
Category trends: apparel surges; performance momentum continues
By product division, Gulden said footwear grew 4%, while apparel rose 31% and accessories grew 13%. He said footwear growth reflects a more promotional lifestyle environment and “lack of newness and lack of energy” at retail, particularly in Europe and the U.S., while performance categories are “taking off,” including running and football.
Performance was up 29% overall, which Gulden said marked the second quarter of strong performance growth. He cited:
Football growth, aided by supply readiness Running growth of nearly 30%, even before the London Marathon “Sub2” achievement Training growth of about 12% Motorsport strength after expanding from one team (Mercedes) to two (adding Audi)
Basketball was the main weak spot, which Gulden said was expected given seasonality and adidas’ stated need to “reset” the business, alongside softer demand for basketball lifestyle culture.
Working capital, shareholder returns, and guidance
Ohlmeyer said inventories were up 13% reported and significantly higher on a currency-neutral basis, driven by a deliberate decision to build availability ahead of major demand moments. He said without early inventory deliveries, adidas would not have been able to grow 14% in Q1 or expand DTC by 22%. While working capital increased, Ohlmeyer said the company plans to work through inventory over the coming quarters and expects improvement in the second half as the World Cup passes.
On capital returns, Ohlmeyer said adidas completed a EUR 500 million share buyback (repurchasing 3.3 million shares) and plans another EUR 500 million. He also said the company is proposing roughly EUR 500 million in dividends, totaling EUR 1.5 billion in cash returned to shareholders in 2026.
Management kept full-year guidance unchanged, with Gulden saying the company is “very well prepared” for the World Cup and wants to invest behind it. In the Q&A, he said Q1 growth was “about what we planned,” with upside mainly coming from DTC rather than wholesale. Ohlmeyer told analysts gross margin should improve in the second half due in part to currency hedging effects, while operating margin will reflect increased marketing investment in Q2 and typical seasonal profitability patterns.
Gulden also noted a potential upside item tied to tariff repayments following a Supreme Court ruling, saying adidas estimates it could account for roughly EUR 300 million, but emphasized the company has not booked it and has not included it in guidance.
Separately, Gulden announced adidas signed a new partnership agreement with the German Bundesliga through 2034, covering “many, many things, including the ball,” structured using a credit model rather than a traditional payment.
About adidas (ETR:ADS)
adidas AG, together with its subsidiaries, designs, develops, produces, and markets athletic and sports lifestyle products in Europe, the Middle East, Africa, North America, Greater China, the Asia-Pacific, and Latin America. It offers footwear, apparel, and accessories and gear, such as bags and balls under the adidas brand; golf footwear and apparel under the adidas Golf brand; and outdoor footwear under the Five Ten brand. It sells its products through its own retail stores; mono-branded franchise stores and shop-in-shops; and wholesale and its e-commerce channels.
The article "adidas Q1 Earnings Call Highlights" was originally published by MarketBeat.
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- Adidas reports higher profits but warns of 'volatile' climate
Apr 29, 2026
Adidas warned of heavy discounting, particularly for footwear (Karl-Josef Hildenbrand)·Karl-Josef Hildenbrand/AFP/AFP
German sportswear giant Adidas on Wednesday reported strong growth in quarterly profits as sales rose in key markets, but warned of a "very volatile" and highly competitive retail environment.
The maker of Gazelle and Samba trainers said net profit attributable to shareholders came in at 482 million euros ($564 million) between January and March, up 13 percent from a year earlier.
Investors focused on the higher profit, and Adidas shares were up nearly seven percent in Frankfurt trading.
Sales rose 14 percent at constant exchange rates to 6.6 billion euros, helped by especially strong growth in North America and China.
But Adidas, which is facing intense competition from US rival Nike as well as a crop of newer firms, warned the climate remained difficult.
"The general retail environment is currently very volatile and heavily discounted in many markets, especially in lifestyle footwear," CEO Bjorn Gulden said in a statement.
"We do, of course, hope the environment stabilises and that discounts will normalise, but this is unfortunately not in our control."
Adidas confirmed its outlook for the year, forecasting operating profit of 2.3 billion euros, despite an expected 400-million-euro hit from higher US tariffs and the impact of a stronger euro.
Adidas went through a difficult period after the end of a lucrative partnership with US rapper Kanye West in 2022.
But Gulden has put the group back on a more stable footing, in particular seeking to promote its classic sneakers.
sr/vbw/gv
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- Yimutian Inc. Announces Plan to Implement Change in American Depositary Shares (ADS) to Ordinary Share Ratio
Apr 29, 2026 · globenewswire.com
Yimutian plans to adjust its ADS conversion ratio from 1 ADS representing 25 Class A ordinary shares to 375, effective around May 18, US. Eastern time.
- YIMUTIAN INC. ANNOUNCES PLAN TO IMPLEMENT CHANGE IN AMERICAN DEPOSITARY SHARES (ADS) TO ORDINARY SHARE RATIO
Apr 29, 2026
YIMUTIAN PLANS TO ADJUST ITS ADS CONVERSION RATIO FROM 1 ADS REPRESENTING 25 CLASS A ORDINARY SHARES TO 375, EFFECTIVE AROUND MAY 18, US. EASTERN TIME.
- How The adidas (XTRA:ADS) Narrative Is Shifting On Guidance Tariffs And China Trends
Apr 28, 2026
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Adidas’ fair value estimate has been trimmed slightly from €199.96 to €196.77, a reduction of about 1.6%, which reflects a modest reset in expectations rather than a wholesale shift in conviction. Analysts linking this move to fresh guidance, China trends, and tariff headlines are generally keeping a constructive stance, even as they mark price targets lower in euro and dollar terms. As you read on, you will see how these moving pieces shape the evolving analyst story and what that can mean for how you track adidas from here.
Stay updated as the Fair Value for adidas shifts by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on adidas.
What Wall Street Has Been Saying
🐂 Bullish Takeaways
Several firms including Citi, Deutsche Bank, Telsey Advisory, Jefferies, Morgan Stanley and Bernstein keep Buy or Outperform ratings in place even as they adjust targets, which suggests they still see upside potential relative to current valuation levels. Telsey Advisory highlights adidas as a "well run business" and points to the possibility of valuation expansion if the company delivers on its financial targets, which is a key argument for investors focused on execution quality. BNP Paribas and RBC Capital both reference adidas positively when discussing Nike, with RBC citing adidas’ current execution as a comparator, which reinforces the idea that adidas’ recent track record is influencing how peers are judged.
🐻 Bearish Takeaways
Multiple price target cuts from Citi, Berenberg, Deutsche Bank, Jefferies, Morgan Stanley, HSBC and others indicate that analysts are resetting expectations on growth and earnings, even when ratings remain supportive. Bernstein flags that adidas’ 2026 guidance is below prior top and bottom line targets and links this to concerns about a possible slowdown in demand, suggesting some investors may wait for clearer evidence on future results before re-rating the shares.
Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there's more to the story. Head to the Simply Wall St Community to discover more perspectives!XTRA:ADS 1-Year Stock Price Chart
We've flagged 1 risk for adidas. See which could impact your investment.
What's in the News
Nike is reported to be set to win the UEFA Champions League match ball contract from adidas, which could reduce adidas' brand visibility in one of the highest profile football competitions. Adidas AG announced an annual dividend of €2.80 per share, with payment scheduled for May 12, 2026, ex date on May 8, 2026, and record date on May 11, 2026. The Board of Directors authorized a share buyback plan on January 29, 2026. This includes a share repurchase program of up to €1.0b through 2026, with repurchased shares intended to be cancelled. New Era and adidas are expanding their NCAA baseball partnership, with New Era supplying on field caps for all adidas partner schools in the Power Four conferences, covering 10 leading baseball programs.
Story Continues
How This Changes the Fair Value For adidas
Fair value trimmed from €199.96 to €196.77, a reduction of about 1.6%. Revenue growth assumption adjusted from 7.02% to 6.99%. Net profit margin assumption nudged from 7.50% to 7.52%. Future P/E multiple eased from 18.92x to 18.59x. Discount rate edged up from 7.46% to 7.47%.
Never Miss an Update: Follow The Narrative
Narratives tie adidas' business story to a set of explicit assumptions about revenue, margins, and risks so you can see what needs to happen for the current fair value to make sense. They update as new data, guidance, and news come through, helping you keep the story and the numbers aligned.
Head over to the Simply Wall St Community and follow the Narrative on adidas to stay up to date on:
How demand for performance and athleisure products, along with wider direct to consumer channels, feeds into adidas' revenue and margin assumptions. The role of product relaunches, cultural collaborations, and sustainability efforts in supporting brand strength and pricing power across regions like China, Latin America, and Asia Pacific. Key risks such as tariff driven cost pressures, reliance on third party suppliers, rising competition in North America, and fashion cycle shifts in franchises like Terrace and Samba.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include ADS.DE.
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