Adidas sees 2026 operating profit about EUR2.3B, estimated EUR2.69B
TL;DR
Adidas reported strong 2025 results with record revenues and a 52.6% increase in operating profit, driven by premium products and inventory management. The company announced a €1 billion share buyback for 2026 and expects continued growth, with upcoming sporting events as catalysts, though currency and competition risks persist.
Tags
Adidas sees 2026 operating profit about EUR2.3B, estimated EUR2.69B
Adidas Outlines 2026 Financial Guidance Amid Strong 2025 Performance
Adidas Group reported record revenues for 2025, with preliminary results showing currency-neutral growth of 13% for the second consecutive year, driven by double-digit expansion across all markets and channels. Full-year revenues reached €24.811 billion, despite a negative currency translation impact exceeding €1 billion and higher tariffs. Operating profit surged to €2.056 billion, a 52.6% increase from €1.337 billion in 2024, with operating margin expanding to 8.3%.
The company attributed its performance to disciplined inventory management, strong full-price sell-throughs, and a focus on premium product offerings. Gross margin improved to 51.6% in 2025, reflecting pricing resilience despite external challenges. Building on this momentum, Adidas announced a share buyback program of up to €1 billion in 2026, funded by anticipated robust cash flow generation. Repurchased shares will be canceled, signaling confidence in capital allocation and long-term value creation.
Adidas CEO Bjørn Gulden emphasized the company's strategic focus on "quality growth," highlighting its ability to maintain profitability while expanding market share across sports, lifestyle, and fashion segments. The company also cited upcoming global sporting events, including the Winter Olympics in Italy and the FIFA World Cup, as catalysts for future demand.
On March 4, 2026, Adidas will release final 2025 results, provide detailed 2026 financial guidance, and update capital allocation plans. Analysts and investors will closely watch for clarity on operating profit projections, with some external estimates suggesting potential growth beyond 2025's €2.056 billion. While the company has not yet disclosed specific 2026 operating profit figures, its strong 2025 performance and strategic initiatives position it to build on recent gains.
The share buyback and improved margins underscore Adidas' confidence in its operational model, though challenges such as currency volatility and competitive pressures in the activewear sector remain key risks to monitor.
