Adidas Hits Record Sales in Q2, Despite Profit Miss

Adidas has broken its sales record. The company reported revenues up 15% year-on-year for the second quarter of 2026, on a constant currency basis, to €6.7 billion on Thursday. Second-half revenues rose 14% to €13.3 billion.

Despite the beat, Adidas’s operating profit came in at €574 million, below expectations of €623 million. This was predominantly down to the brand’s major World Cup marketing spend, which ate into the quarter’s margin. Analysts had hoped for stronger returns, with shares falling 19% following the announcement.

The company raised its revenue outlook to 9-10% growth for fiscal 2026, from an initial estimate in the high-single digits; its operating profit projection remains the same, expected to reach about €2.3 billion.

“Business in the quarter was unbelievably strong: 14% growth in this volatile environment and an operating profit of €574 million, despite us spending €212 million more on marketing,” CEO Bjørn Gulden said in the earnings release. “This underlines the current strength of both the brand and our products, and shows what a fantastic job our people around the world are doing.”

In the second quarter, apparel revenues increased 35%, with double-digit growth in the Football and Originals categories. “The growth related to the World Cup was also accelerated by us increasing product availability in the interest of our consumers and retail partners versus optimizing inventories,” Gulden said. Footwear revenues were up 1%, while accessories were up 20% in the quarter.

By region, Europe revenues were up 6% in Q2 to €2.1 billion. North America was up 17% to €1.5 billion, Greater China was up 15% to €953 million, and Japan and South Korea combined were up 18% to €376 million. Latin America revenues were up 28% to €907 million, while emerging markets rose 12% to €848 million.

“Being the CEO of Adidas is a privilege, but being the CEO of Adidas during a World Cup is even better,” Gulden told investors. “I am so proud of what our teams around the world achieved. I do not think we could have scripted it better.” Gulden highlighted the brand’s Backyard Legends marketing campaign, which featured entertainers and athletes including Timothée Chalamet, Messi and Bad Bunny, as well as the success of two Adidas teams, Spain and Argentina, making the final. Despite the impact of World Cup marketing spend on profits, the brand was one of the most talked-about of the tournament.

Adidas also announced that Birgit Kretschmer will succeed Harm Ohlmeyer as CFO, effective September 1.

“Thanks to the great job our people are doing, the heat of the brand, the strong global sell-through and the exciting product pipeline, we feel confident that the momentum will continue,” Gulden said. “All the things we can control look positive, but we will continue to be flexible knowing all the external uncertainty around us.”

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