Adidas reported currency-neutral revenues up 14% in the second quarter of 2026, leading to record net sales of €6.7 billion. In euro terms, revenues grew 13% to €6,743 million, compared with €5,952 million in the prior-year quarter. Direct-to-consumer growth reached 25%, with double-digit increases across all markets.
Performance business grew 39% on a currency-neutral basis, led by Football and Running. Gross margin improved 0.8 percentage points to 52.5%, supported by healthy full-price sales, a more favorable channel mix, and a first small refund of previously paid US tariffs. Operating profit rose 5% to €574 million, despite €212 million in higher marketing investments tied to World Cup campaigns and activations. Net income from continuing operations increased 6% to €398 million.
Apparel revenues increased 35% on a currency-neutral basis, with double-digit growth in Football and Originals and strong increases in Running, Training, Motorsport, and US Sports. Footwear revenues rose 1%, with strong double-digit growth in Running and Training, while the company maintained a disciplined sell-in approach in Lifestyle footwear amid heavy promotional activity. Accessories grew 20%. Marketing and point-of-sale expenses rose 30%, or €212 million, to €924 million, with World Cup marketing delivering more than 9 billion views and over 400 million engagements across the brand’s digital ecosystem.
For the first half of 2026, currency-neutral revenues increased 14%, leading to record net sales of €13.3 billion. Operating profit increased 11% to €1,279 million, reflecting an operating margin of 9.6%. The company completed the first €500 million tranche of its share buyback and launched a second tranche. Adidas raised its full-year revenue outlook, now expecting currency-neutral revenue growth between 9% and 10%, up from a previous forecast of high-single-digit growth, while operating profit is still expected to increase to around €2.3 billion.
The adidas Supervisory Board appointed Birgit Kretschmer to the company’s Executive Board, effective September 1, 2026. She will succeed Harm Ohlmeyer as Chief Financial Officer at the end of the year. Ohlmeyer has been with adidas for almost 30 years and has served as CFO since May 2017.
KEY QUOTE:
“Being the CEO of adidas is a privilege. Being the CEO of adidas during a World Cup is even better. This World Cup was like a fairy tale for me! The business in the quarter was also unbelievably strong: 14% growth in this volatile environment and an operating profit of €574 million despite us spending €212 million more in marketing underlines the current strength of both the brand and our products. Finally, I am extremely happy that we have signed Birgit to be the successor of Harm. Having worked 25 years with adidas before and now six years as the CFO at C&A makes her the perfect CFO for the future.”
Bjørn Gulden, CEO, adidas
