What Happened to Adidas AG?
Adidas has successfully navigated a challenging period following the termination of its Yeezy partnership, achieving a significant turnaround under CEO Bjørn Gulden. The company reported record sales in Q2 2026, driven by strong demand and the FIFA World Cup, despite a profit miss due to increased marketing investments. Adidas is currently focused on its core product franchises, direct-to-consumer growth, strategic collaborations, and ambitious sustainability goals.
Quick Answer
Adidas has experienced a robust turnaround since the end of its Yeezy partnership in late 2022, reporting record net sales of €6.7 billion in Q2 2026, a 14% currency-neutral increase. Under CEO Bjørn Gulden, whose contract was extended to 2030, the company has refocused on its core brands, direct-to-consumer channels, and major sporting events like the FIFA World Cup 2026. While Q2 2026 operating profit missed analyst expectations due to substantial marketing investments, Adidas has raised its full-year 2026 revenue outlook, signaling strong underlying demand and operational momentum.
📊Key Facts
📅Complete Timeline14 events
Adidas Terminates Yeezy Partnership
Adidas ends its highly profitable Yeezy collaboration with Kanye West (Ye) following his antisemitic remarks, leading to significant financial write-downs.
Bjørn Gulden Appointed CEO
Bjørn Gulden, former CEO of rival Puma, takes over as Adidas CEO, tasked with leading the company's turnaround.
Adidas Announces Plans to Sell Remaining Yeezy Stock
Adidas confirms plans to sell its remaining Yeezy inventory, aiming to mitigate financial losses and generate revenue.
Yeezy Inventory Cleared
Adidas successfully sells off its remaining Yeezy products, generating approximately €650 million in revenue.
Record Full-Year Revenue Achieved
Adidas reports record net sales of €24.8 billion and an operating profit of €2.06 billion, marking a strong recovery and confirming the success of its turnaround strategy.
CEO Contract Extended, New Chairman Proposed
Adidas extends CEO Bjørn Gulden's contract until the end of 2030 and proposes Nassef Sawiris as the new Chairman of the Supervisory Board.
Strong Q1 2026 Results Reported
Adidas announces a 14% currency-neutral revenue increase in Q1 2026, reaching €6.6 billion, driven by strong brand momentum and DTC growth.
Adidas Originals x Avavav SS26 Collection
Adidas Originals and Avavav deepen their partnership with the launch of their Spring/Summer 2026 collection, evolving collaborative design language.
Record Q2 2026 Sales Amid World Cup Boost
Adidas reports record Q2 2026 net sales of €6.7 billion, up 14% currency-neutral, largely due to the FIFA World Cup 2026. Operating profit rose 5% but missed expectations due to high marketing spend.
CFO Transition Announced
Adidas announces that Birgit Kretschmer will succeed Harm Ohlmeyer as Chief Financial Officer, effective at the end of 2026.
Adidas Originals by JENNIE Collection Debuts
BLACKPINK's Jennie elevates from global ambassador to design collaborator with the debut of her first official co-created collection with Adidas Originals.
Adidas Originals x Simone Rocha FW26 Collection
Adidas Originals and Simone Rocha introduce their Fall/Winter 2026 collection, marking the beginning of an ongoing collaboration.
Adidas Launches 'Final Rush Pack'
Adidas unveils its new 'Final Rush Pack' across its headline football boot silos, focusing on fresh aesthetics for the end of 2026.
Job Cuts in Adidas India Tech Organization
Adidas confirms job reductions in its India technology organization as part of an effort to align its operating model with evolving business requirements.
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🔍Deep Dive Analysis
Adidas faced a significant crisis in late 2022 following the termination of its highly lucrative Yeezy partnership with Kanye West due to his antisemitic remarks. This decision led to substantial inventory write-downs and a projected loss for 2023. However, the appointment of former Puma CEO Bjørn Gulden in January 2023 marked a pivotal turning point for the company. Gulden quickly implemented a strategy focused on revitalizing Adidas's core product franchises, reducing inventory, and investing heavily in marketing and direct-to-consumer (DTC) channels.
The turnaround gained momentum through 2024 and 2025. Adidas began selling off its remaining Yeezy inventory in stages, generating significant revenue while mitigating the financial impact. By the end of 2024, the company had cleared its Yeezy stock and reported a 12% increase in currency-adjusted sales, although North America saw a decrease due to lower Yeezy sales. Full-year 2025 revenue reached a record €24.8 billion, with operating profit increasing to €2.06 billion, demonstrating the success of Gulden's strategy.
In 2026, Adidas continued its strong performance. Q1 2026 saw currency-neutral revenue growth of 14% to €6.6 billion, with double-digit increases in DTC across all markets. The second quarter of 2026 was particularly strong, with currency-neutral revenues increasing 14% to a record €6.7 billion, largely driven by the FIFA World Cup 2026. Adidas heavily invested in marketing for the World Cup, outfitting 14 national teams and supplying the official match ball, TRIONDA. This led to a 30% year-over-year increase in marketing expenses, resulting in a Q2 operating profit of €574 million, which, despite being a 5% increase, fell short of analyst expectations and caused a temporary dip in stock price.
As of September 2026, Adidas has raised its full-year 2026 revenue guidance to 9-10% currency-neutral growth, maintaining its operating profit target of around €2.3 billion. The company is also undergoing leadership transitions, with Nassef Sawiris proposed as the new Chairman of the Supervisory Board in May 2026, and CEO Bjørn Gulden's contract extended until the end of 2030. Adidas continues to focus on strategic collaborations, such as with Avavav and Simone Rocha for SS26 and FW26 collections, and a new design partnership with BLACKPINK's Jennie. The company also confirmed job cuts in its India technology organization in September 2026 as part of an operational alignment. Sustainability remains a core priority, with targets to reduce Scope 1 and 2 emissions by 70% by 2030 and pursue climate neutrality by 2050, having achieved a 9% reduction in product carbon intensity by 2025.
What If...?
Explore alternate histories. What if Adidas AG made different choices?