Adidas has projected 2026 operating profit of €2.3 billion, falling short of analyst expectations of €2.72 billion. The German sportswear giant faces approximately €400 million in headwinds from U.S. tariffs and foreign exchange fluctuations. This guidance implies a significant earnings downgrade according to analysts, with RBC Capital Markets noting the forecast represents a 15% consensus earnings cut.

For 2026, Adidas expects currency-neutral revenue growth in the high-single-digit range, adding roughly €2 billion in additional sales. Key markets including North America and Greater China are forecast to drive low-double-digit expansion. Looking further ahead, the company projects continued high-single-digit net sales growth through 2027-2028, with operating profit increasing at a mid-teens compound annual growth rate over the three-year period.

Despite the near-term disappointment, analysts point to the broader outlook as potentially positive. Morgan Stanley noted Adidas has consistently exceeded annual guidance under CEO Bjorn Gulden's leadership. With the stock trading at around 13x 2026 earnings, the mid-term growth projections may help offset near-term concerns. The company also announced a 40% dividend increase to €2.80 per share and extended Gulden's contract through 2030.