Adidas reported double-digit currency-neutral revenue growth with gross margins above 50%, pointing to strong brand positioning and broad-based regional demand. The company plans to buy back shares worth up to €1 billion in 2026, reflecting confidence in future cash flow generation.
Cyborg Score Rationale
Adidas achieved 13% currency-neutral revenue growth in 2025 for the second consecutive year with record revenues. Gross margins improved to 50.8% while operating profit more than doubled in Q4. However, recent analyst downgrades reflect concerns about moderating growth momentum.
Top Insights
Double-digit currency-neutral revenue growth driven by balanced expansion across all markets and channels in 2025
Gross margin expansion to 50.8% demonstrates improving operational leverage and pricing power
Bank of America downgraded to Underperform citing shift to single-digit growth and deteriorating sector backdrop
€1 billion share buyback program in 2026 signals management confidence in earnings trajectory
Named Competitors
Nike — Leading global sportswear and athletic footwear
PUMA — European athletic footwear and apparel
On — Premium running and athletic footwear
Anta — Chinese athletic apparel and footwear
Recent Developments
(February 2026) €1 billion share buyback program launched
(January 2026) Record full-year 2025 revenues announced with 13% currency-neutral growth
(January 2026) Bank of America downgraded stock to Underperform with €160 price target
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