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Earnings Score 52 Bullish

Adidas Reports Q1 Profit Growth and Reaffirms 2026 Guidance

Apr 29, 2026 05:59 UTC
ADDYY.PK
Medium term

Adidas AG posted a 12.6% increase in first-quarter net income, driven by strong brand momentum and direct-to-consumer growth. The company maintained its full-year 2026 operating profit target of 2.3 billion euros.

  • Net income rose to 482 million euros from 428 million euros YoY
  • Operating profit increased 16% to 705 million euros
  • Net sales grew 7.1% to 6.59 billion euros
  • Currency-neutral revenue growth reached 14%
  • FY26 operating profit target maintained at 2.3 billion euros
  • Gross margins impacted by US tariffs and currency volatility

Adidas AG has reported a strong start to the 2026 fiscal year, with first-quarter net income attributable to shareholders rising to 482 million euros, a 12.6% increase over the 428 million euros recorded in the same period last year. Earnings per share followed a similar trajectory, growing 13.5% to 2.72 euros. The growth was supported by a 7.1% rise in net sales, which reached 6.59 billion euros. On a currency-neutral basis, revenues surged by 14%, highlighting robust brand demand and double-digit growth across all direct-to-consumer (DTC) markets, reflecting strong sell-out trends globally. Operating profit climbed 16% to 705 million euros, pushing the operating margin to 10.7%, up from 9.9% a year ago. However, the company noted a slight contraction in gross margin, which decreased 1.0 percentage point to 51.1%. Management attributed this dip to unfavorable currency developments and the negative impact of higher US tariffs, which offset underlying gross margin improvements. Looking ahead, Adidas confirmed its fiscal 2026 outlook, projecting operating profit to reach approximately 2.3 billion euros. The firm expects currency-neutral sales to grow at a high-single-digit rate, representing an absolute increase of roughly 2.0 billion euros for the full year.

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