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There is no evidence here to call either Nike or adidas the better buy. Nike’s fiscal 2026 results show nearly flat reported revenue, while adidas reported 2025 sales and issued a growth outlook for 2026. Their reporting periods and currencies differ, and a useful investment decision also depends on current valuation, risk tolerance, and time horizon—not just brand strength or sales growth.
What the latest reported results show
Nike’s latest annual results cover the fiscal year ended May 31, 2026. adidas’s annual-report baseline covers calendar 2025. The figures below are not a direct size ranking: they use different currencies and reporting periods.
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| Company and period | Reported sales | Profitability measure | Additional reported measure |
|---|---|---|---|
| NIKE, Inc., FY2026 ended May 31, 2026 | $46.398 billion revenue, versus $46.309 billion in FY2025 | Not stated in the cited Nike annual-report materials summarized here | $2.10 diluted EPS, versus $2.16 in FY2025; reported ROIC of 18.7%, a non-GAAP measure Nike cautions should not be used in isolation or assumed comparable with similarly titled measures at other companies |
| adidas AG, calendar 2025 | €24.811 billion net sales | €2.056 billion operating profit | Not stated in the cited adidas outlook passage |
Sources: NIKE, Inc., FY2026 Form 10-K, filed July 15, 2026; NIKE, Inc., FY2026 annual-report performance materials; adidas AG, Annual Report 2025 outlook. Nike’s revenue was essentially flat year over year on a reported basis. Its wholesale revenue increased to $27.5 billion from $25.9 billion, with the currency-neutral increase driven by North America and primarily offset by lower Greater China revenue. Reported and currency-neutral comparisons are different measures.
How their businesses reach customers
Nike: owned channels and wholesale
Nike designs, develops, markets, and sells athletic footwear, apparel, and equipment. It sells through NIKE Direct—including owned stores and digital platforms—and wholesale accounts. Its NIKE Brand geographic segments are North America, EMEA, Greater China, and APLA. Those channels and markets expose results to changes in customer demand, regional performance, and the mix of direct versus wholesale sales.
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adidas: what the cited figures do and do not show
The cited adidas annual-report outlook provides net sales, operating profit, management’s 2026 outlook, and a description of market uncertainties. It does not provide channel figures in the material summarized here, so those figures cannot support a like-for-like comparison of the companies’ direct and wholesale exposure.
Source for Nike’s business description and segment details: NIKE, Inc., FY2026 Form 10-K.
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What management says about the next year
adidas’s 2026 outlook
In its 2025 annual report, adidas expected currency-neutral sales growth at a high-single-digit rate in 2026 and operating profit of around €2.3 billion. This is forward-looking management guidance published with that report, not a guaranteed result or a current share valuation. The company identified macroeconomic challenges, geopolitical tensions, tariff-related developments, volatile commodity prices, pressure on real disposable incomes, and subdued consumer sentiment in major markets as uncertainties.
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Nike’s stated strategy
Nike describes its strategy as: “Our strategy is to achieve sustainable, profitable long-term revenue growth by leading with sport, creating innovative, “must-have” products, building deep personal consumer connections with our brands and delivering compelling consumer experiences through digital platforms and at retail.” This is Nike’s statement of intent, not independent evidence that the strategy will produce a particular financial outcome.
Sources: adidas AG, Annual Report 2025 outlook; NIKE, Inc., FY2026 Form 10-K.
Risks to consider before comparing the shares
Both companies depend on consumer demand for branded athletic products, but the cited filings frame risks at different levels of detail. Nike says results can be affected by consumer preferences, product trends, sport popularity, seasonal and geographic demand, channel mix, competition, logistics, and broader macroeconomic and operating factors. adidas’s outlook highlights macroeconomic and geopolitical uncertainty, tariffs, commodity volatility, pressure on real disposable incomes, and subdued consumer sentiment. These are management’s risk descriptions, not quantified forecasts; the selected adidas outlook passage is not a complete catalog of its risk factors.
For investors, the practical question is how those forces could affect sales, margins, inventory, and the ability to deliver management’s plans. Brand recognition alone does not remove execution or demand risk.
Do these 3 things before closing this tab:
1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsSources: NIKE, Inc., FY2026 Form 10-K; adidas AG, Annual Report 2025 outlook; adidas AG, Annual Report 2025 Risk and Opportunity Report.
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Why the available share-return figure is not a head-to-head comparison
Nike’s FY2026 annual-report materials show a cumulative total return, with dividends reinvested, of -63.55% for NKE and 93.80% for the S&P 500 from May 31, 2021 to May 31, 2026. That is a historical result for a specified five-year window; it is not a forecast, and it does not compare Nike with adidas. A matched-period total-return comparison would be needed to assess their relative historical share performance.
Source: NIKE, Inc., FY2026 annual-report performance materials.
How to decide which stock fits your investing goals
- Choose a like-for-like reporting basis. Start with each company’s latest annual and interim reports, noting fiscal period, currency, and whether figures are reported or currency-neutral. Do not treat Nike’s FY2026 dollars and adidas’s calendar-2025 euros as if they were measured on the same basis.
- Compare business performance beyond sales. Review operating profit, margins, cash generation, inventory, and channel mix in the same reporting periods. The figures above alone are not enough to establish which business is performing better overall.
- Check that guidance is current. adidas’s cited 2026 outlook was published with its 2025 annual report and may be revised. Confirm subsequent company updates before using it in a forecast.
- Assess valuation on the same date. Obtain current share prices and compare consistent measures, such as earnings or enterprise-value multiples, using comparable periods and definitions. The information here does not establish current prices or valuation multiples, so it cannot show which stock is cheaper.
- Match the investment to your own constraints. Consider your time horizon, tolerance for business and market risk, tax situation, and portfolio concentration. Company disclosures cannot determine personal suitability.
For updates, consult Nike’s reports and filings and adidas investor financial reports. adidas’s investor-relations listing also showed a second-quarter update dated July 30, 2026; check the company’s current materials for any later results or guidance.
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