Adidas stock gains as investors watch 2026 guidance

Adidas stock is tied to a 2026 outlook that the market can still price against, even without a fresh catalyst in hand. The Frankfurt-listed company (ISIN DE000A1EWWW0) reported net sales of EUR 23.68 billion in 2024, up 11% year on year, and operating profit of EUR 1.34 billion, compared with EUR 268 million in 2023.

2024 numbers still matter

The most recent annual report gives the clearest anchor for the share. Adidas delivered gross margin of 51.7% in 2024, up from 47.5% in 2023, while operating margin improved to 5.7% from 1.3% a year earlier.

Those figures show why investors keep using the annual base as a reference for valuation and execution. A 4.2 percentage point gross-margin improvement and a 4.4 percentage point operating-margin recovery both point to a better earnings backdrop than in 2023.

Sales growth was double digit

Adidas also ended 2024 with currency-neutral sales growth of 12%, which helped absorb still-elevated costs. Net income from continuing operations reached EUR 824 million in 2024, after a loss of EUR 58 million in 2023.

That swing from loss to profit is the type of comparison the stock still trades on. The company also said its 2024 operating profit included a EUR 200 million contribution from Yeezy inventory sales and no further material Yeezy sales expected after the first quarter of 2025.

Frankfurt quote context

The stock trades on Xetra in Frankfurt under the symbol XETRA: ADS, and the shares remain sensitive to any update on demand, margins, or guidance. Adidas ended 2024 with free cash flow of EUR 1.19 billion, after EUR 0.5 billion in 2023, giving the market another periodized metric to anchor expectations.

For investors, that mix of revenue growth, margin recovery, and cash generation is still the core frame for the shares. The next move will depend on whether Adidas can extend the 2024 recovery into 2025 and 2026 without another cost setback.

Adizero remains a key line

Adidas continues to lean on performance footwear and running franchises such as Adizero, which sit at the center of its brand momentum. In 2024, the company said running and basketball both supported category strength as wholesale and direct-to-consumer channels balanced growth.

Xetra share level

Adidas shares are quoted in Frankfurt on Xetra, and the stock should be read against the 2024 revenue base of EUR 23.68 billion and operating profit of EUR 1.34 billion. Those figures remain the cleanest dated benchmark for the latest market narrative around the company.