Running has become one of our biggest engines. We’re winning half of the major races now.” Adidas CEO hails record quarter and promises “an even bigger 2026”

Adidas has entered the home stretch of 2025 with record momentum. The brand reported a 12 per cent currency-neutral revenue increase in Q3, its highest-ever quarterly sales at €6.63 billion, and CEO Bjørn Gulden says the surge is being driven by “strong double-digit growth in running and football.”

“This was the highest quarter we ever had,” Gulden told investors. “Momentum that we have seen globally even strengthened. Running has become one of our biggest engines [...] we’re winning half of the major races now.”

A world-record season

Running shoe revenue grew more than 30 per cent year-on-year, led by the Adizero franchise. Adidas athletes in Adios Pro Evo 2 and Adios Pro 4 shoes claimed marathon victories in Tokyo, Berlin and Chicago, while the Prime X Evo concept shoe shattered the six-hour barrier for 100 km at Italy’s Chasing 100 project.

“These are the best racing shoes and speed shoes today,” Gulden said. “We’re taking market share and growing this business very heavily.” He confirmed the innovation pipeline continues with Hyperboost, a new midsole foam “40 per cent lighter than the old Boost,” arriving in 2026.

Building for a bigger stage

The company expects 2026 to be “another year of sport,” with the Winter Olympics, the largest-ever Football World Cup and a packed marathon calendar.

Gulden said adidas is “transitioning well into 2026” and will leverage its Adizero, Football and Training categories to “show up stronger than ever on the global stage.”

CFO Harm Ohlmeyer added that adidas achieved an operating margin of 11.1 per cent in Q3 and 10.1 per cent year-to-date, levels the company had originally targeted for 2026.

“We basically hit our 10 per cent EBIT business model a year early,” he said. “That shows the power of the brand and the discipline of the teams.”

Sport meets street again

Beyond elite performance, adidas’ lifestyle lines also grew 10 per cent in Q3, fuelled by Terrace and Campus franchises and the ongoing return of the Superstar.

Collaborations with Wales Bonner, Oasis, HELLSTAR, and Pharrell Williams kept Originals in the cultural conversation. “We have never been more visible in sports and in street culture,” said Gulden.

He credited the brand’s “global but local” approach for success in markets from Latin America (+21 per cent) to Greater China (+10 per cent).

“Being a global brand with a local mindset is the right strategy,” he said. “You need to be close to the consumer because there is no global average consumer.”

Eyes on 2026

After upgrading its full-year outlook, adidas now expects operating profit around €2 billion for 2025, up from earlier guidance of €1.7–1.8 billion. Gulden called 2025 “a success already,” but made it clear that next year’s ambitions are bigger still.

“We sell performance, comfort and lifestyle,” he said. “Global demand for all these segments continues to grow. That is why we look positively into the future.”