Adidas Investors Await First Quarter Results Amid High Expectations

Adidas reports Q1 2026 results April 29. Investors eye growth vs. record 2025, impact of €400M headwinds, and progress on €1.5B shareholder return plan.

The spotlight is on Adidas as the company prepares to unveil its first-quarter 2026 financial results on April 29. This follows the commencement of a regulatory quiet period on April 2, during which the sportswear giant is prohibited from making any forward-looking statements about its current business performance.

A Tough Act to Follow

The upcoming report faces a challenging comparison. Adidas set a formidable benchmark in 2025 by posting record sales of €24.8 billion, representing a currency-adjusted increase of 13% year-over-year. Its operating profit surged by an impressive 54% to just over €2 billion. This stellar performance raises the bar, making positive surprises in the current year more difficult to achieve.

For the full 2026 fiscal year, management has provided guidance targeting currency-adjusted sales growth in the high single-digits. The company aims for an operating profit of approximately €2.3 billion. This forecast already factors in a significant headwind of around €400 million, attributed to U.S. tariffs and adverse currency exchange effects. Investors will be scrutinizing the Q1 figures closely to gauge the initial impact of these pressures.

Capital Return and Market Sentiment in Focus

Beyond the core growth metrics, the market’s attention is also fixed on Adidas's announced capital return program. The company plans to return €1.5 billion to shareholders in 2026, with up to €1 billion of that allocated to share buybacks. The progress on this initiative by the end of April will be a key point of interest.

From a technical perspective, the stock's price action reflects prevailing uncertainty. Shares are currently trading just above their 52-week low, which places them roughly 19% below the 200-day moving average. The question of whether the first-quarter results can provide the necessary catalyst for a reversal will be answered on April 29.