Adidas continued its growth streak in the first quarter of 2026, notching up a 14 percent rise in sales, in currency neutral terms, to 6.59 billion euros.
Currency fluctuations that resulted in a stronger euro made a marked difference to the results. Before the numbers were adjusted for currency neutrality, Adidas’ net sales growth was 7.1 percent.
The results came in above market expectations.
“I am very proud of the results our teams delivered in the first quarter,” Adidas chief executive Bjorn Gulden said in a statement. The numbers were “very strong in the current environment,” he noted.
The sportswear company’s other achievement in the first quarter was growth in operating profit, Gulden pointed out. This rose from 610 million euros in the same quarter last year to 705 million euros this year, reflecting growth of 15.5 percent.
This represents an operating margin of 10.7 percent, which is both higher than last year’s first quarter operating margin of 9.9 percent and which aligns with Gulden’s stated goal of a “healthy” margin above 10 percent.
Almost every sales territory in Adidas’ portfolio saw double-digit growth.
In Europe, Adidas’ biggest market, net sales rose 6 percent, in currency adjusted terms, to hit 2.09 billion euros.
In North America, sales increased by 12 percent, and brought in 1.2 billion euros. Currency fluctuations played a role in North America — before adjusting for changes, the sales increase was 1 percent.
In Greater China and South Korea, Japan, net sales grew by 17 percent and 23 percent respectively, while Latin American sales rocketed 26 percent.
Emerging markets, which includes the Middle East, grew by 10 percent despite impact from the current conflict in the region.
Apparel continues to be Adidas’ strongest category for growth, with sales in the segment zooming 31 percent, in currency adjusted terms, in the first quarter. Apparel sales totaled 2.44 billion euros between January and March.
Footwear sales equaled 3.69 billion euros but didn’t keep pace with apparel, and grew 4 percent, in currency adjusted terms, over the first three months of 2026. Footwear had a tough comparable though, the company explained in a statement, and these results came “on top of more than 20 percent growth for the Adidas brand in the prior-year quarter.”
Accessory sales rose 13 percent.
Despite positive results that came in above market expectations, Adidas did not move away from what analysts already considered fairly conservative guidance for the full year.
The German brand confirmed its forecast for currency-neutral sales to grow at a high-single digit rate over 2026 and explained this was because of “an environment that is characterized by macroeconomic challenges and elevated uncertainty.”
Adidas’ operating profit is expected to come in at around 2.3 billion by the end of 2026. Earlier this year, market analysts said that operating profit should be around 2.7 billion but at the time, Gulden explained that he felt it was better not to promise what the company might not be able to deliver in the current climate.
