adidas AGXETR: ADS

Results (Fact Sheet EN q3 2026)

· Issued by adidas AG

Summary by 6ix AI

Adidas, the sportswear company, published its fact sheet for January to September 2026. For the third quarter of 2026, net sales were €7,252 million, compared with €6,630 million a year earlier, and operating profit was €1,008 million, compared with €736 million.

Key details

  • Third quarter of 2026: net income from continuing operations was €711 million versus €482 million a year earlier (up 48%). Gross margin was 54.3% versus 51.8%, and operating margin was 13.9% versus 11.1%.
  • First nine months of 2026: operating profit was €2,287 million versus €1,892 million, and income before taxes was €2,124 million versus €1,724 million.
  • Third-quarter net sales rose 7% excluding currency effects. Apparel sales were €2,898 million versus €2,383 million (up 22%). Footwear sales were €3,827 million versus €3,751 million (up 2%, or 0% excluding currency effects).
  • Third-quarter direct-to-consumer sales (own stores and e-commerce) were €2,903 million versus €2,417 million (up 20%). Wholesale sales were €4,375 million versus €4,191 million (up 4%).
  • At September 30, 2026, adjusted net borrowings (borrowings, lease and pension obligations and factoring, minus accessible cash) were €4,646 million versus €4,787 million a year earlier. Inventories were €5,739 million versus €5,471 million, and Adidas had 2,069 stores.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/adidas-results-fact-sheet-en-q3-2026

Watch adidas' latest callAdidas (Xetra:ADS) Q2 2026 Earnings Call · Replay · Jul 30Read the transcript of Adidas (Xetra:ADS) Q2 2026 Earnings Call

odidos

‌JANUARY - SEPTEMBER

2026

FACT SHEET JANUARY - SEPTEMBER 2026

‌FACT SHEET

TABLE OF CONTENTS

Our Share 3

Consolidated Income Statement Highlights 4

Consolidated Statement of Financial Position and Cash Flow Highlights 5

Financial Highlights by Segment 6

Financial Highlights by Product Division 8

Channels at a Glance 9

Operating Profit 10

1 2 3 4 5 6 7

OUR SHARE CONSOLIDATED INCOME

STATEMENT HIGHLIGHTS

CONSOLIDATED STATEMENT OF F INANCIAL POSITION AND CASH FLOW HIGHLIGHTS

F INANCIAL HIGHLIGHTS BY SEGMENT

F INANCIAL HIGHLIGHTS BY PRODUCT DIVISION

CHANNELS

AT A GLANCE

OPERATING PROFIT

‌Our Share‌

Our Share

First quarter

Second quarter

Third quarter

Fourth quarter

2026

2025

2026

2025

2026

2025

Change

2026

2025

Earnings per share from continuing operations (€)

Basic

2.70

2.44

2.10

2.03

58%

-

0.42

Diluted

2.70

2.44

2.10

2.03

58%

-

0.42

Average number of shares

Basic

177,192,477

178,549,084

175,345,294

178,549,084

178,549,084

(3%)

-

178,588,975

Diluted

177,198,971

178,566,849

175,353,053

178,552,389

178,554,698

(3%)

-

178,595,085

Number of shares outstanding1

175,359,060

178,549,084

175,062,879

178,549,084

178,549,084

(3%)

-

178,665,018

Share price (€)2

136.65

216.70

179.40

197.95

179.40

(19%)

-

169.05

Market capitalization (€ in millions)1

23,963

38,692

31,406

35,344

32,032

(22%)

-

30,203

4.06

2.57

2.57

4.06

173,154,705

173,161,572

172,410,737

145.30

25,051

Performance of the adidas share and important indices (%)

adidas AG

(19) (8) 31 (9)

(19)

(9) - - (6)

DAX

(7) 11 10 8

1

0 - - 3

Euro STOXX 50

(4) 7 14 1

(1)

4 - - 5

MSCI World Textiles, Apparel & Luxury Goods

(21) (7) 6 (1)

(14)

3 - - 9

  1. At quarter-end, excluding treasury shares.

  2. At quarter-end.

1 2 3 4 5 6 7

OUR SHARE CONSOLIDATED INCOME

STATEMENT HIGHLIGHTS

CONSOLIDATED STATEMENT OF F INANCIAL POSITION AND CASH FLOW HIGHLIGHTS

F INANCIAL HIGHLIGHTS BY SEGMENT

F INANCIAL HIGHLIGHTS BY PRODUCT DIVISION

CHANNELS

AT A GLANCE

OPERATING PROFIT

‌Consolidated Income Statement Highlights‌ Consolidated Income Statement Highlights First quarter Second quarter Third quarter Fourth quarter 2026 2025 2026 2025 2026 2025 Change 2026 2025

Key figures (€ in millions)

Net sales

6,592

6,153

6,743

5,952

7,252

6,630

9%

-

6,076

Gross profit

3,369

3,205

3,540

3,077

3,941

3,435

15%

-

3,088

Other operating expenses

2,683

2,615

2,983

2,549

2,952

2,740

8%

-

2,966

Thereof: marketing and point-of-sale expenses

756

746

924

712

833

798

4%

-

823

Thereof: operating overhead expenses1

1,927

1,870

2,059

1,837

2,118

1,943

9%

-

2,142

EBITDA

973

897

867

805

1,288

964

34%

-

459

Operating profit

705

610

574

546

1,008

736

37%

-

164

Income before taxes

646

585

530

488

948

650

46%

-

96

Net income from continuing operations

484

436

398

375

711

482

48%

-

85

Net income attributable to shareholders²

482

428

355

369

706

461

53%

-

81

Key ratios

Gross margin

51.1%

52.1%

52.5%

51.7%

54.3%

51.8%

2.5pp

-

50.8%

Other operating expenses in % of net sales

40.7%

42.5%

44.2%

42.8%

40.7%

41.3%

(0.6pp)

-

48.8%

Thereof: marketing and point-of-sale expenses in % of net sales

11.5%

12.1%

13.7%

12.0%

11.5%

12.0%

(0.5pp)

-

13.6%

Thereof: operating overhead expenses in % of net sales1

29.2%

30.4%

30.5%

30.9%

29.2%

29.3%

(0.1pp)

-

35.3%

Operating margin

10.7%

9.9%

8.5%

9.2%

13.9%

11.1%

2.8pp

-

2.7%

Effective tax rate

25.0%

25.4%

25.0%

23.3%

25.0%

25.9%

(0.9pp)

-

12.1%

Net income attributable to shareholders in % of net sales²

7.3%

7.0%

5.3%

6.2%

9.7%

7.0%

2.8pp

-

1.3%

  1. Aggregated distribution and selling expenses, general and administration expenses, sundry expenses and impairment losses (net) on accounts receivables and contract assets.

  2. Includes continuing and discontinued operations.

1 2 3 4 5 6 7

OUR SHARE CONSOLIDATED INCOME

STATEMENT HIGHLIGHTS

CONSOLIDATED STATEMENT OF F INANCIAL POSITION AND CASH FLOW HIGHLIGHTS

F INANCIAL HIGHLIGHTS BY SEGMENT

F INANCIAL HIGHLIGHTS BY PRODUCT DIVISION

CHANNELS

AT A GLANCE

OPERATING PROFIT

‌Consolidated Statement of Financial Position and Cash Flow Highlights‌ Consolidated Statement of Financial Position and Cash Flow Highlights

March 31

June 30

September 30

December 31

2026

2025

2026

2025

2026

2025

Change

2026

2025

Key figures (€ in millions)

Total assets

20,454

20,091

21,064

19,499

21,447

20,147

6%

-

20,262

Accounts receivable

3,492

3,137

3,567

3,132

3,661

3,428

7%

-

2,634

Inventories

5,788

5,072

5,969

5,261

5,739

5,471

5%

-

5,832

Operating working capital

6,588

5,461

6,661

5,651

6,682

6,179

8%

-

5,556

Adjusted net borrowings1

5,475

4,586

5,193

5,042

4,646

4,787

(3%)

-

4,331

Shareholders' equity

5,987

5,710

5,956

5,196

6,255

5,699

10%

-

5,776

Capital expenditure

72

65

172

171

280

291

(4%)

-

477

Cash flows from operating activities

(350)

(934)

644

(916)

1,971

(275)

n.a.

-

751

Key ratios

Average operating working capital in % of net sales2

23.7%

19.9%

24.0%

20.7%

23.9%

21.9%

2.0pp

-

23.0%

Equity ratio3

29.3%

28.4%

28.3%

26.6%

29.2%

28.3%

0.9pp

-

28.5%

Adjusted net borrowings/EBITDA1,4

1.7

1.6

1.6

1.7

1.3

1.6

(19%)

-

1.4

Financial leverage3

91.4%

80.3%

87.2%

97.0%

74.3%

84.0%

(9.7pp)

-

75.0%

Return on equity3

8.1%

7.5%

14.0%

15.4%

24.7%

22.1%

2.6pp

-

23.2%

Cash flows from operating activities per share of common stock (€)

(1.98)

(5.23)

3.65

(5.13)

11.25

(1.54)

n.a.

-

4.21

  1. Adjusted net borrowings = short-term borrowings + long-term borrowings + current and non-current lease liabilities + pensions and similar obligations + factoring - accessible cash and cash equivalents.

  2. Twelve-month trailing average.

  3. Based on shareholders' equity.

  4. EBITDA of last twelve months.

    1 2 3 4 5 6 7

    OUR SHARE CONSOLIDATED INCOME

    STATEMENT HIGHLIGHTS

    CONSOLIDATED STATEMENT OF F INANCIAL POSITION AND CASH FLOW HIGHLIGHTS

    F INANCIAL HIGHLIGHTS BY SEGMENT

    F INANCIAL HIGHLIGHTS BY PRODUCT DIVISION

    CHANNELS

    AT A GLANCE

    OPERATING PROFIT

    ‌Financial Highlights by Segment‌

    Financial Highlights by Segment1,2 € in millions

    2,236

    1,159

    51.8%

    656

    29.4%

    503

    22.5%

    1,339

    1,474

    596

    629

    44.5%

    42.7%

    430

    517

    32.1%

    35.1%

    172

    119

    12.9%

    8.1%

    1,138

    627

    55.1%

    308

    27.1%

    319

    28.0%

    Europe

    First quarter Second quarter Third quarter Fourth quarter

    2026 2025 2026 2025 2026 2025 Change Change (c.n.) 2026 2025

    Net sales

    2,090

    1,986

    2,108

    1,997

    2,328

    (4%)

    (4%)

    -

    1,825

    Gross profit

    1,067

    1,007

    1,140

    1,047

    1,202

    (4%)

    -

    -

    939

    Gross margin

    51.1%

    50.7%

    54.1%

    52.4%

    51.6%

    0.2pp

    -

    -

    51.4%

    Operating expenses

    629

    576

    681

    609

    647

    1%

    -

    -

    672

    Operating expenses

    in % of net sales

    30.1%

    29.0%

    32.3%

    30.5%

    27.8%

    1.6pp

    -

    -

    36.8%

    Operating profit

    438

    431

    459

    438

    556

    (10%)

    -

    -

    267

    Operating margin

    21.0%

    21.7%

    21.8%

    21.9%

    23.9%

    (1.4pp)

    -

    -

    14.6%

    North America

    Net sales

    1,200

    1,184

    1,522

    1,298

    14%

    12%

    -

    1,266

    Gross profit

    501

    519

    706

    603

    4%

    -

    -

    593

    Gross margin

    41.8%

    43.9%

    46.4%

    46.4%

    (3.8pp)

    -

    -

    46.8%

    Operating expenses

    419

    442

    535

    449

    15%

    -

    -

    470

    Operating expenses in % of net sales

    34.9%

    37.4%

    35.2%

    34.6%

    0.5pp

    -

    -

    37.1%

    Operating profit

    88

    82

    178

    161

    (26%)

    -

    -

    129

    Operating margin

    7.3%

    6.9%

    11.7%

    12.4%

    (4.3pp)

    -

    -

    10.2%

    Greater China

    Net sales

    1,135

    1,029

    953

    798

    947

    20%

    13%

    -

    848

    Gross profit

    641

    565

    534

    431

    506

    24%

    -

    -

    402

    Gross margin

    56.5%

    54.9%

    56.0%

    54.1%

    53.4%

    1.7pp

    -

    -

    47.4%

    Operating expenses

    283

    265

    315

    251

    247

    25%

    -

    -

    340

    Operating expenses

    in % of net sales

    24.9%

    25.8%

    33.0%

    31.4%

    26.1%

    1.0pp

    -

    -

    40.1%

    Operating profit

    358

    300

    219

    181

    258

    24%

    -

    -

    63

    Operating margin

    31.6%

    29.1%

    23.0%

    22.7%

    27.3%

    0.8pp

    -

    -

    7.4%

    Emerging Markets

    Net sales

    869

    870

    848

    762

    1,075

    935

    15%

    15%

    -

    943

    Gross profit

    443

    436

    435

    390

    555

    483

    15%

    -

    -

    476

    Gross margin

    51.0%

    50.1%

    51.3%

    51.1%

    51.6%

    51.7%

    (0.1pp)

    -

    -

    50.4%

    Operating expenses

    272

    255

    300

    242

    327

    272

    20%

    -

    -

    314

    Operating expenses in % of net sales

    31.4%

    29.3%

    35.3%

    31.8%

    30.4%

    29.1%

    1.4pp

    -

    -

    33.3%

    Operating profit

    171

    181

    135

    147

    228

    212

    8%

    -

    -

    161

    Operating margin

    19.7%

    20.8%

    16.0%

    19.3%

    21.2%

    22.7%

    (1.5pp)

    -

    -

    17.1%

    Latin America

    Net sales

    831

    698

    907

    673

    720

    29%

    16%

    -

    835

    Gross profit

    390

    324

    449

    321

    327

    35%

    -

    -

    419

    Gross margin

    47.0%

    46.4%

    49.5%

    47.6%

    45.5%

    2.3pp

    -

    -

    50.2%

    Operating expenses

    213

    181

    239

    176

    186

    31%

    -

    -

    243

    Operating expenses

    in % of net sales

    25.6%

    26.0%

    26.3%

    26.2%

    25.8%

    0.4pp

    -

    -

    29.1%

    Operating profit

    180

    144

    208

    145

    144

    39%

    -

    -

    177

    Operating margin

    21.6%

    20.6%

    23.0%

    21.5%

    19.9%

    1.6pp

    -

    -

    21.1%

    928

    443

    47.8%

    243

    26.3%

    200

    21.6%

    1. Other Businesses integrated into HQ as of 2026.

    2. Differences to total net sales may arise due to items which are not directly attributable.

1 2 3 4 5 6 7

OUR SHARE CONSOLIDATED INCOME

STATEMENT HIGHLIGHTS

CONSOLIDATED STATEMENT OF F INANCIAL POSITION AND CASH FLOW HIGHLIGHTS

F INANCIAL HIGHLIGHTS BY SEGMENT

F INANCIAL HIGHLIGHTS BY PRODUCT DIVISION

CHANNELS

AT A GLANCE

OPERATING PROFIT

Financial Highlights by Segment1,2 € in millions

First quarter

Second quarter

Third quarter

Fourth quarter

2026

2025

2026

2025

2026

2025

Change

Change (c.n.)

2026

2025

Japan/South Korea

Net sales

405

374

376

355

411

358

15%

19%

-

319

Gross profit

209

200

211

196

215

192

12%

-

-

152

Gross margin

51.6%

53.4%

56.0%

55.3%

52.4%

53.7%

(1.3pp)

-

-

47.5%

Operating expenses

112

113

122

114

124

116

7%

-

-

123

Operating expenses

in % of net sales

27.6%

30.2%

32.5%

32.1%

30.0%

32.4%

(2.4pp)

-

-

38.6%

Operating profit

99

89

91

86

94

94

(0%)

-

-

35

Operating margin

24.5%

23.9%

24.1%

24.2%

22.8%

26.3%

(3.5pp)

-

-

11.0%

  1. Other Businesses integrated into HQ as of 2026.

  2. Differences to total net sales may arise due to items which are not directly attributable.

1 2 3 4 5 6 7

OUR SHARE CONSOLIDATED INCOME

STATEMENT HIGHLIGHTS

CONSOLIDATED STATEMENT OF F INANCIAL POSITION AND CASH FLOW HIGHLIGHTS

F INANCIAL HIGHLIGHTS BY SEGMENT

F INANCIAL HIGHLIGHTS BY PRODUCT DIVISION

CHANNELS

AT A GLANCE

OPERATING PROFIT

‌Financial Highlights by Product Division‌

Financial Highlights by Product Division1,2 € in millions

First quarter Second quarter Third quarter Fourth quarter 2026 2025 2026 2025 2026 2025 Change Change (c.n.) 2026 2025

Net sales by product division

Footwear

3,699

3,760

3,492

3,476

3,827

3,751

2%

0%

-

3,244

Apparel

2,442

1,968

2,721

2,029

2,898

2,383

22%

19%

-

2,384

Accessories

451

424

530

447

527

496

6%

5%

-

448

Total net sales

6,592

6,153

6,743

5,952

7,252

6,630

9%

7%

-

6,076

  1. Differences to total net sales may arise due to items which are not directly attributable.

  2. Prior year adjusted due to a reclassification within the product divisions.

    1 2 3 4 5 6 7

    OUR SHARE CONSOLIDATED INCOME

    STATEMENT HIGHLIGHTS

    CONSOLIDATED STATEMENT OF F INANCIAL POSITION AND CASH FLOW HIGHLIGHTS

    F INANCIAL HIGHLIGHTS BY SEGMENT

    F INANCIAL HIGHLIGHTS BY PRODUCT DIVISION

    CHANNELS

    AT A GLANCE

    OPERATING PROFIT

    ‌Channels at a Glance‌ Channels at a Glance1 First quarter Second quarter Third quarter Fourth quarter 2026 2025 2026 2025 2026 2025 Change Change (c.n.) 2026 2025

    Net sales (€ in millions)

    Wholesale

    4,084

    3,999

    3,825

    3,604

    4,375

    4,191

    4%

    2%

    -

    3,039

    Direct-to-Consumer (DTC)

    2,480

    2,163

    2,909

    2,338

    2,903

    2,417

    20%

    17%

    -

    3,012

    Own retail

    -

    -

    -

    -

    -

    -

    19%

    16%

    -

    -

    E-commerce

    -

    -

    -

    -

    -

    -

    21%

    18%

    -

    -

    Number of stores2

    Concept stores3

    876

    836

    908

    844

    930

    866

    -

    886

    Factory outlets

    1,124

    1,097

    1,126

    1,098

    1,139

    1,115

    -

    1,136

    Total

    2,000

    1,933

    2,034

    1,942

    2,069

    1,981

    -

    2,022

    Opening

    45

    37

    62

    50

    59

    87

    -

    73

    Closing

    67

    37

    28

    41

    24

    48

    -

    32

    Net opening/(Net closing)

    (22)

    0

    34

    9

    35

    39

    -

    41

    1. Differences to total net sales may arise due to items which are not directly attributable.

    2. At quarter-end.

    3. Concession corners included in concept store count.

1 2 3 4 5 6 7

OUR SHARE CONSOLIDATED INCOME

STATEMENT HIGHLIGHTS

CONSOLIDATED STATEMENT OF F INANCIAL POSITION AND CASH FLOW HIGHLIGHTS

F INANCIAL HIGHLIGHTS BY SEGMENT

F INANCIAL HIGHLIGHTS BY PRODUCT DIVISION

CHANNELS

AT A GLANCE

OPERATING PROFIT

‌Operating Profit‌

Operating Profit1 € in millions

Nine months 2026 2025

Operating profit for segments

4,086

3,821

HQ

(875)

(1,034)

Central expenditure for marketing

(880)

(796)

Consolidation

(44)

(99)

Operating profit

2,287

1,892

Financial income

45

55

Financial expenses

(209)

(223)

Income before taxes

2,124

1,724

1 Other Businesses integrated into HQ as of 2026; prior year adjusted accordingly.

adidas AG on 6ix

Earlier from adidas

All adidas news releases