adidas (ADS) Q3 2026 earnings summary

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.