Adidas Poised to Quantify World Cup Revenue Boost as Earnings Report Nears

Adidas set to report double-digit revenue jump to €6.57B as World Cup tailwind and cost improvements drive earnings. JPMorgan sees 27% upside, but skepticism remains.

The summer of football is over, and Adidas is about to show what it scored. The German sportswear giant is expected to release its second-quarter results in July 2026, with analysts penciling in a double-digit revenue jump to roughly €6.57 billion. Earnings per share are forecast at €2.38, fueled by strong sales of the Originals and Performance lines and the tailwind from the 2026 FIFA World Cup.

JPMorgan has kept its "Overweight" rating on the stock and a price target of €230, a level that would push the shares well beyond their current 52-week high. Analyst Wendy Liu sees room for Adidas to reclaim global market share, though the bank has not detailed the specific drivers behind its valuation. Other houses are more measured: Deutsche Bank and Jefferies have set targets between €205 and €210. The divergence underscores the uncertainty around how much World Cup momentum will translate into lasting margin gains.

Margin improvement is the second pillar of the bull case. Lower freight costs and fewer discounting campaigns have already helped the gross margin, while management continues to trim inventory and ramp up production of retro-inspired models. A €500 million share buyback – the second tranche of which has seen nearly 963,000 shares repurchased by mid-July – provides additional support. The program is set to run through September 2026.

Adidas’s stock closed recently at €180.35, roughly 12% below its 52-week peak of €204.40 set a year earlier. The year-to-date gain stands at 6.68%, with the relative strength index at 55.1, indicating neutral-to-positive momentum without overheating. The market capitalization hovers around €32 billion.

The World Cup itself was a commercial hit for Adidas, which supplied kits to numerous teams – the Mexican shirt being the tournament’s best-seller, according to JPMorgan. Yet the company has not publicly broken out World Cup-related revenue. With record stadium attendance and public viewing figures, the event created a favorable backdrop for apparel sales, but the true impact will only be visible when the quarterly numbers land.

Greater China remains the key growth region for the year ahead, while analysts note that US rivals continue to face a sluggish recovery. For Adidas, the coming weeks will test whether the World Cup effect can be converted into sustainable margin expansion – and whether the stock can close the gap to JPMorgan’s ambitious target.