Adidas Raises Sales Forecast on World Cup Demand, Shares Plunge 17% as Profit Misses and CFO Departs
The German sportswear giant raised its 2026 revenue growth target to 9-10% after a record second quarter fuelled by the FIFA World Cup, but marketing costs and the surprise departure of its finance chief sent its stock to its biggest one-day loss ever.
World Cup boost
Adidas reported second-quarter revenue of €6.74 billion, a currency-adjusted increase of 14% that surpassed the €6.63 billion consensus. The company credited the FIFA World Cup in North America, where it supplied kits for 14 national teams including finalists Argentina and Spain, plus referee apparel and the official match ball. CEO Björn Gulden said the tournament had exceeded all expectations.
We sold more than ever before. We couldn't have looked better or done better!
Foot traffic at Adidas retail stores in the US jumped 44.7% year on year during the first full week of group-stage action, according to Placer.ai. The first-half revenue reached €13.335 billion, up 10.2%, with double-digit growth in all regions except Europe, where heavy discounting pressured lifestyle footwear.
Profit miss and CFO exit
Despite the revenue beat, operating profit in the April-to-June period rose only 5% to €574 million, well below the €623 million analysts had forecast. Marketing expenditure surged €212 million above the prior year, reflecting heavy campaign spend around the World Cup. Net profit from continuing operations climbed 6% to €398 million, also missing the €430 million estimate.
- Revenue actual
- 6.74 € bn
- Revenue consensus
- 6.63 € bn
- Op. profit actual
- 0.574 € bn
- Op. profit consensus
- 0.623 € bn
The company simultaneously announced that long-serving CFO Harm Ohlmeyer will leave when his contract expires at the end of 2026. Birgit Kretschmer, currently finance chief at C&A, returns to Adidas after a 25-year earlier tenure to take over the role. Ohlmeyer had been with Adidas for nearly 30 years and CFO since 2017.
Market reaction
The combination of the profit miss and Ohlmeyer's departure triggered a historic sell-off. Adidas shares fell as much as 17% in Frankfurt, putting the stock on course for its largest single-day percentage decline on record.
We think the adverse share price reaction this morning is a cocktail of Harm Ohlmeyer not extending his contract coupled with the 8% EBIT miss.
Outlook
Adidas lifted its full-year guidance for currency-neutral revenue growth to between 9% and 10%, up from a prior high single-digit range. The operating profit target of around €2.3 billion was maintained. The company also flagged that possible US import-duty refunds of $250–300 million are not yet reflected in that forecast. As the Samba and Gazelle sneaker cycle matures, Gulden hopes the World Cup visibility and new product flows will sustain momentum against rival Nike, which recently posted its lowest quarterly revenue in more than four years.
The growth related to the World Cup was accelerated by our strategy of increasing product availability in the interest of our consumers and retail partners versus optimising inventories.
