Adidas reported a record quarterly operating profit of €1,008 million for the third quarter of 2026 and raised its full-year operating profit outlook to about €2.5 billion, up from about €2.3 billion. The company announced the figures in an ad hoc release (a mandatory disclosure of price-sensitive news) from Herzogenaurach on October 20, 2026. They are preliminary and self-reported, and the final Q3 results are due on October 29, 2026.
Adidas reports record Q3 operating profit of €1,008 million
Revenue rose 9% to a record €7,252 million. In currency-neutral terms, which strips out exchange-rate effects, growth was 7%. The gross margin improved 2.5 points to 54.3%.
Operating profit rose 37% to €1,008 million, the highest quarterly level on record. Reuters and AWP put the year-earlier figure at €736 million. Reuters also reported that the result beat a company-provided analyst consensus of €742 million.
CEO Bjørn Gulden said, as reported by Yahoo Finance/dpa: “A great quarter for Adidas. We achieved the highest revenue ever in a quarter with €7,252 million and the highest operating profit ever with €1,008 million.”
A €200 million tariff refund and full-price sales lifted the margin
Adidas received the majority of its U.S. tariff claims in the quarter and booked a refund of around €200 million. The company says the refund contributed to the gross margin gain. Reuters reported that the refund followed a U.S. court ruling that the tariffs were unlawful.
Adidas gave the refund only in euros. The figure of about $220 million comes from a Wall Street Journal headline, not from the company.
The release also credits “healthy full-price sales,” meaning products sold without heavy discounts. It says unfavorable currency developments weighed on results.
J.P. Morgan analysts said Q3 operating profit excluding the refund was 9% above expectations. Metzler’s Felix Dennl told Reuters the higher forecast “mostly reflects the one-off US tariff refund.” He added that Adidas “still benefited from improved full-price sell-through.”
2026 operating profit guidance rises to about €2.5 billion from €2.3 billion
Adidas still expects currency-neutral revenue growth of 9–10% for the full year. It says this growth adds about €100 million to operating profit versus its earlier assumptions. Adding the roughly €200 million refund would bring 2026 operating profit to €2.6 billion.
Adidas will then reinvest around €100 million in the fourth quarter in initiatives meant to improve operating leverage, which means profit growing faster than sales. The result is the new guidance of about €2.5 billion. That figure already includes the refund and is net of the reinvestment. The refund does not come on top of it.
Operating profit in 2025 was €2.056 billion, according to AWP and RTTNews. The new guidance implies growth of roughly 22% (Hopone calculation: 2.5 / 2.056 = 1.216).
Shares rose about 3%, and analysts adjusted forecasts
Adidas shares rose almost 3% on Wednesday, October 21, according to Reuters. RTÉ reported a gain of 2.4% in early trade, and Retail Gazette reported 3.3%. The differences reflect different timings during the session.
Metzler’s Dennl expects upgrades of about 4% to operating profit expectations. A stockanalysis.com snippet says StoneX raised its price target to €210 from €200 and kept a Buy rating. The same page shows an average target of €196.08 across 31 analysts. A headline on AD HOC NEWS reports a Citi raise to €211 from €200, but we could not verify it.
The gap with Nike: what the reporting says and what Adidas did not claim
Retail Dive reports that Nike’s latest quarter saw revenue fall 4% year over year to $11.2 billion. Nike’s sales slide again in its latest quarter, with running the one engine still firing. A Reuters-sourced Marketscreener piece says Nike expects revenue to fall by as much as 9% in its fiscal 2026/27.
Telsey Advisory Group analysts led by Cristina Fernández said: “The company is executing well, and its growth and profitability remain strong, resulting in significant market share gains and outperformance relative to competitors, particularly Nike.” The same Marketscreener piece quotes DZ Bank’s Thomas Maul on high demand for Adidas lifestyle products.
The idea of a widening gap comes from press and analyst commentary. Adidas did not state a gap figure itself. For another growth angle, see how Adidas names outdoor and street dance as China growth drivers.
Key figures at a glance, and what to watch on Oct. 29
| Item | Q3 2026 / guidance | Change or comparison |
|---|---|---|
| Revenue | €7,252 million | +9% (+7% currency-neutral) |
| Gross margin | 54.3% | +2.5 points |
| Operating profit | €1,008 million | +37% |
| U.S. tariff refund | About €200 million | About $220 million per WSJ headline |
| 2026 operating profit guidance | About €2.5 billion | About €2.3 billion before |
Sources
- adidas Group: adidas reports record results and increases full-year profit outlook
- Reuters via US News: Germany's Adidas Raises Full-Year Profit Outlook After Record Quarter
- Reuters via US News: Adidas Shares Rise on Guidance Increase After Surprise Earnings Statement
- Yahoo Finance (dpa): Adidas lifts outlook after record third quarter
- RTÉ: Adidas' shares rise after surprise guidance upgrade
- Retail Gazette: Adidas shares climb, raises profit outlook to €2.5bn
This article was written with AI by the Hopone Newsroom, from the sources it cites. Figures marked “Hopone calculation” are our own arithmetic from those sources. Nothing here is investment advice.