Adidas raised its full-year profit forecast for 2026 following a record-breaking third quarter. The company reported €7,252 million in quarterly revenue alongside €1,008 million in operating profit, driven by strong gross margins and a major US tariff refund.
Global footwear and apparel giant Adidas has officially increased its operating profit outlook for the full year 2026. The upward revision follows preliminary figures for the third quarter that shattered previous company records for both top-line revenue and bottom-line profit.
Instead of coasting on short-term gains in a volatile market, executive leadership is channeling a portion of the windfall back into future growth initiatives. That strategic reinvestment sits at the core of the company’s updated financial trajectory for the remainder of the year.
Adidas Hits Record Quarterly Revenue and Operating Profit
During the third quarter, revenues increased 9% to a record € 7,252 million. In currency-neutral terms, revenues grew 7% during the period. At the same time, the company’s gross margin improved by 2.5 percentage points to reach 54.3%.
Operating profit surged even faster, climbing 37% to € 1,008 million, the highest quarterly level on record. Adidas CEO Bjørn Gulden pointed to broad demand across key sporting categories and creative apparel lines as foundational strengths.
A great quarter for adidas. We achieved the highest revenue ever in a quarter with € 7,252 million and the highest operating profit ever with € 1,008 million. Our brand, our product and our people are our strength.
Bjørn Gulden, CEO of Adidas
Gulden noted that lifestyle footwear remains challenging across the broader retail market due to heavy discounting and excess inventory, but he expressed confidence that marketplace conditions will eventually normalize. In the interim, strong demand in football, running, and training has powered profitable growth.
US Tariff Refunds Bolster Gross Margin
A significant financial tailwind bolstered the company’s balance sheet during the quarter. Adidas received the majority of its US tariff claims, allowing the firm to record a corresponding refund of around € 200 million.
That tariff recovery directly contributed to the gross margin improvement, alongside healthy full-price sales worldwide. These gains successfully offset the negative impact of unfavorable currency developments during the quarter.
Adidas Reinvests Capital into the Business
Buoyed by these better-than-expected results, Adidas expects currency-neutral revenue growth of between 9% and 10% for the full year 2026. The firm anticipates operating profit will be roughly € 100 million higher from core operational growth alone. Combined with the € 200 million tariff refund, total operating profit was initially set to reach € 2.6 billion.
However, leadership decided to put capital back to work immediately. The company intends to put roughly €100 million back into the business in the last three months of the year, directing those funds toward initiatives designed to secure greater operating leverage in future quarters.
| Financial Metric | Previous Projection | Updated Full-Year Projection |
|---|---|---|
| Operating Profit | Around € 2.3 billion | Around € 2.5 billion |
After factoring in that € 100 million fourth-quarter reinvestment, adidas now projects full-year operating profit to increase to a level of around € 2.5 billion in 2026, up from its previous target of around € 2.3 billion. The company is scheduled to publish its final financial results for the third quarter on October 29, 2026.