The World Cup Didn't Slow Adidas Down — It Accelerated It
Adidas posted the highest quarterly revenue in its history in Q2 2026: €6.7 billion. That's a 14% year-over-year growth — and that in an environment where many other brands are struggling.
The reason for the record? The 2026 FIFA World Cup in Mexico, Canada, and the U.S. Adidas spent €212 million more on marketing than in the prior year — and it paid off. CEO Björn Gulden said: "World Cup sales were way above what Adidas has ever done."
What Does This Mean for You?
Adidas shows that a brand can grow even in difficult times — if it bets on the right events. Anyone who had invested in Adidas a year ago, when the stock was around €80, would have a gain of over 90% today (August 2026: ca. €155).
But: The stock market wasn't thrilled. Shares fell 18% after the results because operating profit only rose 5% (€574 million) — the high World Cup costs squeezed the margin. This shows: revenue growth isn't everything. Investors also want to see more profit at the bottom line.
How Pros Are Reacting
Analysts from UBS and Jefferies say: The numbers are strong, but the profit outlook for 2026 (€2.3 billion operating profit) wasn't raised. This shows that Adidas is selling a lot, but still working on controlling costs.
The strategy: Direct-to-Consumer (D2C). Adidas is selling more directly to customers (online and own stores), instead of through middlemen. In Q2, D2C grew by 25%, online by 27%. That brings higher margins — but it takes time to show up in profit figures.
First Steps for Beginners
If you're interested in stocks like Adidas, it's important to understand: revenue growth ≠ profit growth. A company can sell a lot, but if it spends a lot of money to do so (e.g., on marketing), less remains at the end.
Adidas is a good example of a turnaround story: The brand was in crisis from 2023–2025 (after the Yeezy disaster with Kanye West), but has recovered. Anyone investing in such stories needs patience — and must understand that the market can react nervously even to good numbers.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Past performance is not an indicator of future results.