Observed Signal · Apr 29, 2026 · Earnings Report · Source: Manager Magazin · Impact: 4/5 · Sentiment: Positive
Adidas Beats Q1, Fights Discounts and Weak Dollar
Adidas reported stronger-than-expected first-quarter results on April 29, 2026, with currency-adjusted revenue up 14% to €6.6 billion and reported revenue up 7% in euros. Operating income rose 16% to €705 million, while gross margin slipped to 51.1% (2025: 52.1%) due in part to currency effects and US tariffs. Adidas said online and own-store sales increased about 22% after focusing on full-price selling. CEO Björn Gulden described the retail environment as volatile and discount-driven, and the company reiterated full-year guidance: a currency-adjusted revenue increase in the high single digits (roughly €2 billion over prior year) and an operating income target of around €2.3 billion (2025: €2.06 billion).
Adidas is a major global brand and its quarterly results and guidance influence retail demand, pricing/discounting dynamics and direct-to-consumer strategies, which can affect marketing budgets and retail media activity across the ecosystem.
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Key Takeaways & Evidence Grounding
- Currency-adjusted revenue in Q1 rose 14% to €6.6 billion; reported revenue rose 7% in euros.
- Operating income improved 16% to €705 million in Q1.
- Gross margin fell to 51.1% from 52.1% in 2025, affected by exchange-rate effects and US tariffs.
- Online sales and sales in Adidas's own stores increased approximately 22% after focusing on full-price sales.
- Adidas reaffirmed 2026 guidance: currency-adjusted revenue growth in the high single digits (~€2 billion more than prior year) and an operating income around €2.3 billion (2025: €2.06 billion).
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Recent verified developments and strategic activity across this market segment.
Adidas Posts Double-Digit Growth, Raises Full-Year Outlook
Adidas reported strong Q2 2026 results driven by robust demand and a booming Direct-to-Consumer business. Quarterly revenue reached €6.74 billion (up 13% in euros; +14% currency-adjusted), and first-half revenue rose to €13.3 billion (+14%). Operating profit improved 5% to €574 million, while profit from continuing operations increased 6% to €398 million. Direct-to-Consumer sales climbed 25% (e‑commerce +27%, own retail +23%), with particularly strong growth in China, North America and Latin America. The Performance segment surged 39%, supported by football and running products and World Cup visibility. Gross margin improved to 52.5%, and marketing/point-of-sale spend rose 30% to €924 million. Adidas raised its full-year currency-adjusted revenue growth guidance to 9–10% and expects operating profit around €2.3 billion.
Adidas Stock Falls as New CFO Is Announced
Adidas reported stronger-than-expected revenue driven in part by the football World Cup, but the results and an updated outlook disappointed investors, sending the share price down about 14%. Currency-adjusted revenue for the year is now expected to grow 9–10%; first-half revenue rose about 14% to €13.3 billion. Operating profit increased 5% to €574 million and Adidas reaffirmed an operating profit target of roughly €2.3 billion. The company said potential US import duty refunds of $250–300 million are not yet included in guidance. Longtime CFO Harm Ohlmeyer (58) will leave at year-end and be succeeded by Birgit Kretschmer (56), currently CFO at C&A, who will join Adidas’s executive board on September 1.
Adidas Q2 Marketing Spend Tops $1B, Shares Fall
Adidas reported record quarterly net sales of $7.7 billion in Q2, driven by its Timothée Chalamet-fronted World Cup campaign and strong event-related sales. The company spent $1.05 billion on marketing in the quarter — $243 million more than a year earlier (up 30%) — to support FIFA World Cup activations and sponsorships. Operating profit for the quarter was $658 million, below analyst expectations, and Adidas shares plunged 17% after the earnings release. The company raised full-year revenue growth guidance to 9–10% while keeping profit guidance around $2.6 billion unchanged. The World Cup also boosted sales for other brands, with McDonald’s and Unilever cited as beneficiaries of the event.
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