adidas AG Q3 2026 Earnings Recap

Adidas rose 6.6% after earnings, as Q3 revenue and operating profit reached records and momentum continued beyond the World Cup. The quarter also included a €200 million tariff reimbursement that lifted gross margin, while management now expects full-year EBIT of €2.5 billion after booking €100 million of costs in Q4.

Key Takeaways

• Q3 revenue was €7.2 billion, up 7% currency-neutral and 9% reported.
• Gross margin was 54.3%, including the benefit of €200 million in returned tariffs previously paid; operating profit was €1.08 billion.
• Year-to-date sales reached €20.6 billion, up 11% currency-neutral, and operating profit was €2.287 billion, close to the prior full-year guidance of €2.3 billion.
• Management plans €100 million in Q4 accruals and costs against future expenses, lowering full-year EBIT guidance to €2.5 billion; it said Q4 should be stronger than last year.
• Management said lifestyle footwear remains more difficult, even as lifestyle apparel is helping growth.