Adidas Q2 revenue rises 14% on DTC and e-commerce growth

adidas AG

30/07/2026 06:39

Overview
Germany sportswear maker's Q2 revenue rose 14% yr/yr to record sales
Gross margin improved to 52.5% and operating profit rose 5% despite higher marketing spend
Company raised full-year revenue growth outlook to 9-10%

Outlook
Adidas now expects 2026 currency-neutral revenue growth between 9% and 10%
Company continues to project 2026 operating profit of around €2.3 bln
Potential future US tariff refunds of US$250 mln to US$300 mln not included in guidance

Result Drivers
DTC AND E-COMMERCE GROWTH - Double-digit increases in direct-to-consumer and e-commerce sales across all markets drove top-line gains
PERFORMANCE BUSINESS MOMENTUM - Strong demand in Football and Running led to 39% growth in Performance revenues, supported by World Cup collections and athlete endorsements
APPAREL STRENGTH - Apparel revenues increased 35%, led by Football and Originals, reflecting brand desirability and localized product offerings

Company press release: ID:nEQ2888gTa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Sales
 
EUR 6.74 bln
 
Q2 Operating Margin
 
8.50%
 
Q2 Operating Profit
 
EUR 574 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 24 "strong buy" or "buy", 6 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the footwear peer group is "buy"
Wall Street's median 12-month price target for Adidas AG is €210.00, about 15.2% above its July 29 closing price of €182.25
The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 14 three months ago

Reuters Recommended Reads
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July 29 - VF Corp beats Q1 revenue estimates, raises FY27 outlook
July 28 - Frasers' bid for Hugo Boss turns unconditional after EU nod 

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)