Summary
Record quarter and higher forecast: Adidas released preliminary Q3 results on October 20, 2026, and the stock is trading at EUR 161.70 (October 21, 2026), about 18% below the 52-week high of EUR 196.40, but about 24% above the 52-week low of approximately EUR 130. Revenue rose 9% in the third quarter to EUR 7.252 billion, and operating profit increased 37% to EUR 1.008 billion—both quarterly records—while the gross margin rose by 2.5 percentage points to 54.3%. Adidas is raising its profit forecast for 2026 from approximately 2.3 to approximately 2.5 billion EUR, with revenue growth expected to be 9 to 10% on a currency-adjusted basis. The catch: About 200 million EUR of the quarterly revenue came from a one-time U.S. customs refund, and CEO Bjørn Gulden describes the lifestyle footwear business as challenging at the moment. Analysts are largely positive: 6 out of 9 recommend buying, 3 recommend holding, and none recommend selling; the consensus price target is 200 EUR, about 24% above the current price. The full Q3 results will be released on October 29, 2026.
Key Points
Price: 161.70 EUR (Oct. 21, 2026), about 18% below the 52-week high (EUR 196.40), about 24% above the 52-week low (approx. EUR 130)Q3 2026 (preliminary): Revenue: 7.252 billion EUR (+9%), operating profit: 1.008 billion EUR (+37%), gross margin: 54.3% 2026 Forecast: Operating profit approx. 2.5 billion EUR (previously approx. 2.3 billion EUR), revenue growth 9 to 10% on a currency-adjusted basis; Customs bonus: approx. 200 million EUR in U.S. customs refunds in Q3, one-time; Analysts: 6 Buy, 3 Hold, 0 Sell, average price target of 200 EUR (range 173 to 245 EUR), Citigroup 211 EUR, JPMorgan 210 EURShareholders: Dividend: 2.80 EUR (+40%), share buybacks up to 1 billion EUR, current P/E ratio 20.9 (10-year average 30.2), P/E ratio for 2026e approx. 16.5Next date: Oct. 29, 2026, full Q3 results
What are the current key metrics for the Adidas stock?
The Adidas stock is trading at 161.70 EUR, about 18% below the 52-week high, with a consensus price target of EUR 200, Q3 revenue of EUR 7.252 billion (+9%), and a dividend yield of approximately 1.7%.
Key FigureValueDate
Price (XETRA: ADS)
161.70 EUR
Oct. 21, 2026
52-week high
196.40 EUR
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52-Week Low
approx. 130 EUR
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Distance from 52-Week High
approx. −18%
Oct. 21, 2026
Distance from 52-Week Low
approx. +24%
October 21, 2026
Revenue for Q3 2026 (preliminary)
7.252 billion EUR (+9%, +7% on a currency-adjusted basis)
October 20, 2026
Operating profit for Q3 2026 (preliminary)
EUR 1.008 billion (+37%), quarterly record
October 20, 2026
Gross margin for Q3 2026
54.3% (+2.5 percentage points)
October 20, 2026
Operating Profit for 2026, Forecast
approx. EUR 2.5 billion (previously approx. EUR 2.3 billion)
October 20, 2026
Revenue Growth for 2026, Forecast
9 to 10% on a currency-adjusted basis
Oct. 20, 2026
Current P/E ratio
20.9, about 31% below the 10-year average
Oct. 21, 2026
Average P/E ratio over the last 10 years
30.2
October 21, 2026
P/E Ratio 2026e
approx. 16.5 (own calculation)
October 21, 2026
Dividend 2025
2.80 EUR per share (+40%), Yield approx. 1.7%
May 7, 2026
Share Buyback
up to 1 billion EUR planned
April 28, 2026
Market Capitalization
approx. 27 billion EUR
October 20, 2026
Analyst Ratings (9 firms)
6 Buy, 3 Hold, 0 Sell
October 9, 2026
Average Price Target
200 EUR, approx. +24% (range 173 to 245 EUR)
October 9, 2026
Individual Price Targets
Bernstein: 245 EUR, Citigroup: 211 EUR, JPMorgan: 210 EUR, Deutsche Bank: 205 EUR, Berenberg: 190 EUR, Jefferies 187 EUR, UBS 173 EUR
Aug.–Oct. 2026
WKN / ISIN / Ticker
A1EWWW / DE000A1EWWW0 / ADS
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Next Report (Full Q3)
Oct. 29, 2026
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What news is currently driving the Adidas stock?
The most important news regarding Adidas stock from the past few weeks at a glance:
Date | News | Details | Assessment
Oct. 29, 2026
Next Date: Full Q3 Results
This will be followed by regional performance, brand performance, net income, and cash flow. Analysts will be watching to see how much of the margin comes from the tariff bonus and how stable the footwear business is in the fourth quarter.
Watch
October 21, 2026
Citigroup raises the price target to 211 EUR; JPMorgan maintains 210 EUR
Citigroup reaffirms its “Buy” rating and raises the target price from 200 to 211 EUR. JPMorgan (Wendy Liu) maintains its “Overweight” rating at 210 EUR and expects the stock to react strongly due to low expectations.
Bullish
October 20, 2026
Record quarter and higher profit forecast
Q3 revenue: EUR 7.252 billion (+9%), operating profit: EUR 1.008 billion (+37%). 2026 forecast raised from approximately 2.3 to approximately 2.5 billion EUR, including approximately 200 million EUR in U.S. customs refunds. The stock gains about 3.5% in after-hours trading.
Very bullish
Oct. 9–10, 2026
Sector Study: Weaker Demand and Discounts
According to a dpa-AFX sector analysis, weaker demand, more discount promotions, and cautious retailers are holding back orders for 2027. Bernstein reaffirms its “Outperform” rating at EUR 245, while Piper Sandler maintains its “Overweight” rating at EUR 180 amid lowered earnings estimates.
Bearish
Oct. 2–3, 2026
JPMorgan, Deutsche Bank, and Jefferies lower their price targets
JPMorgan cuts its target from 230 to 210 EUR and reduces its estimates through 2028 by up to 10%. The reason is the weakness of rival Nike. Deutsche Bank lowers its target from 210 to 205 EUR, and Jefferies from 205 to 187 EUR.
Bearish
July 30, 2026
Q2: Record Revenue, but Margin Under Pressure
Revenue: 6.743 billion EUR (+14% on a currency-adjusted basis); operating profit: 574 million EUR (+5%); marketing expenses up 212 million EUR due to the World Cup. The stock fell by as much as 17% at times. The revenue forecast has been raised to 9–10%.
Watch
April 28/May 7, 2026
Dividend of EUR 2.80 and share buyback
The dividend rises by 40% to 2.80 EUR per share (annual shareholders’ meeting on May 7). In addition, Adidas plans share buybacks of up to 1 billion EUR; all repurchased shares are to be retired.
Bullish
What does Adidas do—and how does the company make its money?
Company Description
The Adidas stock (ISIN: DE000A1EWWW0, WKN: A1EWWW) represents the sports goods manufacturer Adidas from Herzogenaurach, one of the world’s largest suppliers of athletic shoes, sports apparel, and accessories. In the second quarter of 2026, Adidas generated revenue of 6.743 billion EUR (+14% on a currency-adjusted basis) and an operating profit of 574 million EUR; and in the third quarter, according to preliminary figures, revenue of EUR 7.252 billion and an operating profit of EUR 1.008 billion.
How Adidas actually makes money:
Shoes: The largest product category, but currently the weakest: In the second quarter, footwear grew by only 1%. CEO Gulden describes the lifestyle footwear business as challenging at the moment, due to high inventory levels and excessive discounts in the market. Apparel and accessories: The growth driver: Apparel rose by 35% in the second quarter, and accessories by 20%, driven by the World Cup. The Performance segment grew by 39%. Sales channels: Direct sales (company-owned stores and online) grew by 25% in the second quarter, while wholesale grew by 6%. Direct sales generate higher margins. Regions: In the second quarter, Latin America (+28%), Japan/South Korea (+18%), North America (+17%), Greater China (+15%), the emerging markets (+12%), and Europe (+6%) all grew, on a currency-adjusted basis
Fundamental Analysis of Adidas Stock (as of October 21, 2026)
At EUR 161.70, the current P/E ratio stands at 20.9, which is approximately 31% below the 10-year average of 30.2. The 2026e P/E ratio is calculated at approximately 16.5, and the stock is trading about 18% below its 52-week high. The 2026e P/E ratio is our own calculation based on the Börse-Express figure of 15.1 at EUR 147.45 (as of Oct. 9), which results in 2026e earnings per share of approximately EUR 9.8. It is important to note that a portion of the profit is one-time in nature.
Growth and Margins: In the third quarter, revenue rose by 9% (7% on a currency-adjusted basis), operating income by 37%, and the gross margin to 54.3%. At EUR 1.008 billion, the operating margin stood at approximately 13.9% of revenue (our own calculation). In the second quarter, it had fallen to 8.5% (previous year: 9.2%) due to additional World Cup marketing costs of EUR 212 million; this was the reason for the stock’s plunge of up to 17% on July 30. Just how quickly expectations can drive a stock’s price is also illustrated by the Hensoldt Aktie.
Tariff refund: Adidas received a refund of approximately 200 million EUR in U.S. tariffs in the third quarter. Without this effect, operating profit would have been around 0.8 billion EUR, roughly 10% above the previous year (my own calculations, assuming that the 200 million EUR is fully included in operating profit). My analysis of Porsche Aktie.
Forecast: According to the ad hoc announcement, the increase to approximately 2.5 billion EUR in operating profit consists of around 100 million EUR in improved performance and around 200 million EUR in tariff refunds, minus around 100 million EUR that Adidas will invest additionally in the fourth quarter. According to Börse Online, Gulden sees the group on track for around 2.6 billion EUR. You can also see how the stock market is reacting to these forecast changes in my analysis of Lufthansa Aktie.
Balance Sheet and Dividend: Inventories stood at EUR 5.97 billion at the end of June (+13%). Adidas is paying a dividend of EUR 2.80 per share (+40%, yield approx. 1.7%) and plans share buybacks of up to EUR 1 billion. On September 1, Birgit Kretschmer joined the Executive Board; she will succeed CFO Harm Ohlmeyer at the end of the year.
Sector: According to Börse Express, rival Nike recently reported a 4% decline in revenue and expects a high-single-digit decline for the full year. A sector analysis cites weaker demand, more discounts, and retailers being cautious with orders for 2027, but foresees further growth for Adidas, On, and Hoka. Tonight’s report will also show how DAX companies are faring during earnings season SAP Aktie.
Adidas Stock Price Targets and Forecast for 2026
How is the Adidas stock price performing? (As of October 21, 2026)
According to Börse Express, the average price targets for Adidas stock are 200 EUR (range: 173 to 245 EUR); 6 out of 9 analysts recommend buying, 3 recommend holding, and none recommend selling. Bernstein sets a target of 245 EUR (Outperform); Citigroup raises its target from 200 to 211 EUR (Buy); JPMorgan confirms EUR 210 (Overweight, previously EUR 230), Deutsche Bank EUR 205 (Buy, previously EUR 210), Berenberg EUR 190 (Hold), Jefferies EUR 187 (Buy, previously EUR 205), UBS at 173 EUR (Neutral, as of August). JPMorgan expects the stock to react strongly to the preliminary figures due to low expectations and, upon the release of the full report, will focus on the strength and predictability of the athletic footwear business for the fourth quarter and 2027. The 2026 forecast hinges on the full Q3 results on October 29 and on the question of how much of the profit is one-time.
The stock’s price performance illustrates the range of volatility: Before the Q2 results on July 30, the stock closed at 182.25 EUR and subsequently fell by as much as 17%. In late summer and fall, it mostly traded between approximately 130 and 155 EUR (close on Oct. 2: EUR 144.25; closing price on Oct. 9: EUR 150.10). Following the preliminary results on October 20, it jumped by about 3.5% to approximately EUR 162.
Key price levels:
52-week high: 196.40 EURCurrent price: 161.70 EUR (Oct. 21, 2026), Xetra closing price on Oct. 20: approx. 156.90 EUR First resistance level: approx. 168 EUR Second resistance level: 188.45 EUR (Xetra closing price on July 29 prior to the Q2 earnings report) Analyst price targets: Average 200 EUR, Bernstein: 245 EUR, Citigroup: 211 EUR, JPMorgan: 210 EUR, Deutsche Bank: 205 EUR, UBS: 173 EURCritical support level: Closing prices below approx. 139 EUR
Chart Analysis
Adidas shares have been in a broad sideways trading range for several months. Even the upward revision of the forecast cannot change this for the time being—follow-on buying is needed. If the Adidas stock manages to break above 168.50 EUR, a continuation up to 188.50 EUR is likely. If, on the other hand, the stock breaks below the 139.60 EUR level, the annual low of around 130.10 EUR will once again be within reach.
Conclusion: Should you buy Adidas stock now or wait?
My assessment: Wait and see
Should you buy Adidas now? From an operational standpoint, there’s a lot going for the stock: record revenue, record operating profit, an upwardly revised earnings forecast, and 6 “buy” recommendations from 9 analysts. At the same time, part of the jump in earnings stems from a one-time tariff benefit, the lifestyle footwear business remains weak, and following the surge on October 20, the stock is no longer as cheap as it was before—even though the P/E ratio of 20.9 is still about 31% below the 10-year average. The sector illustrates just how much expectations are driving the stock price: Weak Nike figures and target price cuts had still weighed on Adidas in October.
Those who believe growth will continue will find the stock trading at EUR 161.70—about 18% below the 52-week high—with a P/E ratio of 20.9 (10-year average: 30.2) and an average analyst target of 200 EUR. Those who remain cautious will wait for the full Q3 results on October 29 and watch to see if the stock breaks above the resistance level at around EUR 166, as it’s important to remember that the stock continues to trade sideways.
✅ Opportunities
⚠️ Risks
- Record quarter: Revenue of 7.252 billion EUR (+9%), operating profit of 1.008 billion EUR (+37%)
- 2026 earnings forecast raised to approximately 2.5 billion EUR, revenue growth of 9 to 10%
- Consensus price target: 200 EUR (approx. +24%); Bernstein at 245 EUR; Citigroup raises to 211 EUR
- P/E ratio of 20.9 is about 31% below the 10-year average of 30.2
- Strong direct business (+25% in Q2), Performance segment +39%, gross margin 54.3%
- Dividend of 2.80 EUR (+40%) and share buybacks of up to 1 billion EUR
- One-time customs bonus of approximately 200 million EUR supports margins and earnings in Q3
- Lifestyle footwear business weak: high inventory levels and discounts in the market (Gulden)
- Industry risks: Nike reports a decline in revenue; retailers are cautious about placing orders for 2027
- High marketing costs (Q2: +212 million EUR) and inventory of 5.97 billion EUR (+13%)
- Stock already up about 3.5% following the announcement, but price still about 18% below the high
- Operating profit, excluding the customs bonus, only about 10% above the prior year (our own calculation)
FAQ: Frequently Asked Questions About Adidas Stock
Is the Adidas stock a buy in 2026?
According to Börse Express, 6 out of 9 analysts recommend buying, 3 recommend holding, and none recommend selling (as of October 9, 2026); the consensus price target is EUR 200, which is about 24% above the current price of EUR 161.70. Factors supporting this view include the record quarter and the raised earnings forecast. Weighing against this are a one-time tariff benefit of approximately 200 million EUR for the quarter, a weak lifestyle footwear business, and a share price that has already risen by about 3.5% following the announcement.
Why is the Adidas stock rising after the earnings report?
On October 20, 2026, Adidas published preliminary Q3 results: revenue of 7.252 billion EUR (+9%), operating profit of 1.008 billion EUR (+37%), both quarterly records, and raised its 2026 profit forecast from approximately 2.3 to approximately 2.5 billion EUR. JPMorgan notes that sentiment in the sector was weak and expectations were low, which is why the stock reacted strongly. Part of the jump in profit stems from a U.S. customs refund of around 200 million EUR.
What is the price target for Adidas stock?
According to Börse Express, the consensus price target is 200 EUR (range: 173 to 245 EUR, as of October 9, 2026). Bernstein cites 245 EUR (Outperform), Citigroup 211 EUR (Buy, raised from 200 EUR), JPMorgan 210 EUR (Overweight), Deutsche Bank 205 EUR (Buy), Berenberg 190 EUR (Hold), Jefferies at 187 EUR (Buy), and UBS at 173 EUR (Neutral, as of August).
What is the forecast for Adidas stock in 2026?
Adidas expects currency-adjusted revenue growth of 9 to 10% for 2026 and an operating profit of approximately 2.5 billion EUR, up from approximately 2.3 billion EUR. According to an ad hoc announcement, the upward revision consists of approximately 100 million EUR in improved performance and approximately 200 million EUR in customs refunds; Adidas is also investing an additional 100 million EUR in the fourth quarter. According to Börse Online, CEO Bjørn Gulden believes the group is on track to reach approximately 2.6 billion EUR.
When will Adidas release its next earnings report?
The full Q3 results will be released on October 29, 2026, with details on regions, brands, net income, and cash flow. Adidas already published the key figures on revenue and operating profit via an ad hoc announcement on October 20. The Q2 results were released on July 30, 2026.
How much is Adidas paying in dividends?
Adidas has proposed a dividend of 2.80 EUR per share for 2025, 40% more than the previous year (total payout of approximately 496 million EUR; annual shareholders’ meeting on May 7, 2026). At a share price of 161.70 EUR, this corresponds to a dividend yield of approximately 1.7%. In addition, Adidas plans share buybacks of up to 1 billion EUR.
How does Adidas make money?
Adidas generates revenue from adidas-branded athletic shoes, apparel, and accessories, sold through wholesale channels and its own retail channels (company-owned stores and online). In the second quarter of 2026, revenue rose 14% on a currency-adjusted basis to 6.743 billion EUR; direct sales grew by 25%, and wholesale sales by 6%.
How much of the Adidas forecast is driven by tariff rebates?
In the third quarter, Adidas received a refund of approximately 200 million EUR in U.S. tariffs, which supported the gross margin of 54.3% (+2.5 percentage points). According to the ad hoc announcement, the upward revision of the forecast to approximately 2.5 billion EUR results from about 100 million EUR in improved performance and the refund, minus about 100 million EUR in additional investments in the fourth quarter. Reports on this matter differ in some respects; the detailed figures to be released on October 29 will provide clarity.
What is the 52-week high for Adidas stock?
The 52-week high is EUR 196.40, and the 52-week low is approximately EUR 130. At a price of 161.70 EUR (as of October 21, 2026), the stock is about 18% below the high and about 24% above the low.
Personally, I’m still cautious about $ADS (-1,29%) — what do you think?
