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adidas (ADS) investor relations material

adidas Q3 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2026 earnings summary29 Oct, 2026

Executive summary

  • Q3 net sales reached a record €7.252bn, up 7% currency-neutral and 9% reported; operating profit also set a record at €1.008bn, up 37%.

  • Performance growth, apparel momentum and strong DTC offset weak lifestyle footwear demand.

  • 9M net sales were €20.587bn, up 11% currency-neutral; operating profit reached €2.287bn, up 21%.

Financial highlights

  • Q3 gross margin rose 2.5pp to 54.3%, including a ~€200m tariff refund; underlying gross margin was indicated at ~51.5%.

  • Q3 operating margin increased 2.8pp to 13.9%; net income from continuing operations rose 48% to €711m and basic EPS increased 58% to €4.06.

  • 9M gross margin was 52.7%, up 0.8pp; operating margin increased 1.0pp to 11.1%.

  • 9M net income from continuing operations increased 23% to €1.593bn; EPS reached €8.85, up 25.7%.

Outlook and guidance

  • FY 2026 currency-neutral sales growth guidance is 9%–10%; operating profit guidance rose from ~€2.3bn to ~€2.5bn.

  • The operating-profit bridge includes €200m of tariff refunds and ~€100m of higher underlying profitability, offset by ~€100m of Q4 reinvestments and one-offs.

  • A planned €100m Q4 charge covers reinvestments and cost-base actions, including write-offs and organizational streamlining.

  • 2027 and 2028 targets call for high-single-digit sales growth, EBIT margin of 10% in 2027 and above 10% in 2028; the three-year mid-teens CAGR target remains.

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Frequently asked questions

The brand with the three stripes

Adidas is a globally recognized brand that might not need any special introduction. Founded in Germany in 1949, Adidas has established itself as a leading player in the athletic apparel apparel industry. The company offers a wide range of products for various sports and activities, including running, soccer, basketball, tennis, and more. With its iconic three-stripes logo and a strong brand presence, Adidas has become synonymous with sportswear and does business in all corners of the world.

Founded on a bitter family feud

Adidas has a fascinating foundation story that dates back to the aftermath of World War II. Before the war, Adi and his brother Rudolf created innovative and athletic footwear for sprinters, and most notably the shoes Jesse Owen wore when he won the Berlin olympics in 1936. In 1949, Adi Dassler established Adidas in Herzogenaurach, while his brother Rudolf founded Puma on the other side of the river in the same town. The brothers had fallen out badly, and the feud only continued to intensify over the years. The two companies were in fierce competiton to sign the biggest stars for endorsement deals and come out with the most groundbreaking innovations, and Herzogenaurach became known as “The town of bent necks” as the inhabitants had a tendency to always make sure people they met on the streets wore the “right” brand of shoes.

A diverse portfolio of products

Adidas is well known for its diverse range of products that cater to various sports and lifestyle applications. From performance footwear designed for running, soccer, basketball, and other athletic disciplines to stylish and comfortable apparel and accesories suitable for both workouts and everyday wear, Adidas offers a comprehensive selection for both athletes and regular consumers. Adidas runs their own stores but also sells their products online through their own platform, as well as working with online marketplaces and physical retailers to distribute their apparel and other merchandise.

Incredibly strong brand presence

Just like the Swoosh is integral to Nike’s identity, the three stripes that adorn almost every single piece of clothing or product that Adidas produces have become synonymous with the brand. The stripes were initially introduced in the 1950s by Adi Dassler, to help consumers immediately identify which brand had produced the shoe. Apart from their aesthetic appeal, the three stripes represented a practical purpose, as they were strategically placed on the sides of the shoes to provide stability and support to the wearer during athletic activities. Over time, the three stripes have become synonymous with Adidas and is an integral part of their brand and design language.