Adidas stock balances record Q3 with higher 2026 outlook

adidas reported record third-quarter results on October 29 and raised its full-year operating-profit outlook, according to the adidas Group. The sportswear company said revenue rose 9 percent year over year to 7.252 billion euros in the July-to-September period, while currency-neutral growth reached 7 percent.

adidas stock traded at 177.78 euros on Lang & Schwarz at 10:18 CET on Friday, November 13, 0.47 percent above the Xetra close of Thursday, November 12. The comparison points to a modestly firmer start after investors had weighed the strong quarter against product-category and execution risks.

Record quarter, uneven category trends

Operating profit increased 37 percent to a quarterly record of 1.008 billion euros. The operating margin improved to 13.9 percent from 11.1 percent a year earlier, while net income from continuing operations rose 48 percent to 711 million euros. Earnings per share from continuing operations reached 4.06 euros, compared with 2.57 euros in the prior-year quarter.

Growth was broad but not uniform. Currency-neutral apparel revenue increased 19 percent, performance revenue rose 14 percent and direct-to-consumer sales grew 17 percent. Greater China, North America, Latin America and Japan/South Korea all posted double-digit growth, while Europe declined 4 percent as conservative wholesale sell-in and a planned SAP migration shifted some deliveries into the fourth quarter.

Footwear revenue was flat overall, although direct-to-consumer footwear grew 6 percent. Chief Executive Bjorn Gulden said lifestyle footwear faced excessive inventory and discounting in the marketplace. Management is prioritizing full-price sales and expects conditions to normalize, but the category remains a key test for the brand's margin and growth ambitions.

Higher guidance includes reinvestment

adidas maintained its forecast for 2026 currency-neutral revenue growth of 9 percent to 10 percent and lifted its operating-profit target to around 2.5 billion euros from around 2.3 billion euros previously. A refund of around 200 million euros related to United States tariff claims supported the third-quarter gross margin, which rose 2.5 percentage points to 54.3 percent.

The company said underlying profitability and the tariff refund would have pointed to operating profit of around 2.6 billion euros. It plans to reinvest around 100 million euros in the fourth quarter in initiatives designed to improve operating leverage over the medium term. That choice limits the immediate benefit to reported profit but is intended to support the cost base and profitability beyond 2026.

For the first nine months, revenue increased 10 percent to 20.587 billion euros and operating profit rose 21 percent to 2.287 billion euros. The company also completed a 1 billion euro share buyback and cancelled 6 million repurchased shares, while inventory stood at 5.739 billion euros at September 30.

What investors watch next

The next focus is whether strong demand in performance products, apparel and direct-to-consumer channels can offset weaker lifestyle footwear conditions. Investors will also assess whether the planned fourth-quarter spending produces the operating leverage management expects for 2027 and beyond.

The broader German equity market remains the relevant backdrop for Adidas investors; Current market reports cover developments around the DAX.

More news and analyses on Adidas stock provide further context on the earnings outlook, product trends and the share price.

Adidas stock at a glance

• Company: adidas AG
• ISIN: DE000A1EWWW0
• Ticker: ADS.DE
• Lang & Schwarz price: 177.78 euros at 10:18 CET on November 13, 2026
• Change versus Xetra close: 0.47 percent above the November 12, 2026 close of 176.95 euros
• Market capitalization: 30,050,926,742 euros as of November 13, 2026