Adidas vs Nike — Q1 2026 Head-to-Head
Latest quarterly earnings, side by side.
| Metric | Adidas (XETRA: ADS) — Q1 2026 | Nike (NYSE: NKE) — Q3 FY2026 |
|---|---|---|
| Reported | Apr 29, 2026 | Mar 31, 2026 |
| Revenue | €6.59B | $11.28B |
| Revenue Growth (CN) | +14% ✅ | −3% |
| Gross Margin | 51.1% ✅ | 40.2% |
| Operating Profit | €705M | ~$680M |
| Operating Margin | 10.7% ✅ | ~6.0% |
| EBIT YoY Growth | +16% ✅ | −24% |
| Net Income YoY | +12.6% ✅ | −35% |
| EPS | €2.70 | $0.35 |
| China Trajectory | +13% FY25 ✅ | −10% / Q4 −20% guide |
| Forward Guidance | HSD CN growth, EBIT €2.3B ✅ | Revenue −2% to −4% |
| Forward P/E | ~14x ✅ | ~30x |
| FY26 Capital Return | €1.5B (5.7%) ✅ | ~$2.5B (~4.0%) |
Bottom line
- Adidas: brand reaccelerating, margins expanding, trading at ~14x fwd P/E.
- Nike: 12-year stock low, mid-turnaround, China drag through FY27, trading at ~30x fwd P/E.
The cheaper stock is also the better business right now.
Source: Adidas IR, Nike IR, company filings. As of Apr 29, 2026. Not investment advice.
No redactions applied.
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