On the latest reported results in this comparison, adidas has stronger sales momentum and a higher gross margin, while the companies reported nearly identical operating-margin figures. That gives adidas the edge on recent growth and gross margin—not a clear win as a stock. Nike’s fiscal year ended May 31, 2026, while adidas reports on a calendar-year basis, and the available figures do not establish which share price offers better value.
What the latest reported results show
Nike reported $46.398 billion in revenue for fiscal 2026, essentially flat from $46.309 billion in fiscal 2025 as reported and down 2% on a currency-neutral basis. Its fiscal 2026 gross margin was 42.9%, net income was $3.108 billion, and management-reported return on invested capital (ROIC) was 18.7%. The fiscal year ended May 31, 2026. Nike fiscal 2026 Form 10-K and reports
For calendar 2025, adidas reported net sales of €24.811 billion, up 5%. Gross margin was 51.6%, operating margin was 8.3%, operating profit was €2.056 billion, and net income attributable to shareholders was €1.340 billion. adidas 2025 financial highlights
| Measure | Nike | adidas |
|---|---|---|
| Reporting period | Fiscal 2026, year ended May 31, 2026 | Calendar 2025, year ended December 31, 2025 |
| Revenue or net sales | $46.398 billion; essentially flat year over year as reported, down 2% currency-neutral | €24.811 billion; up 5% |
| Gross margin | 42.9% | 51.6% |
| Operating or EBIT margin | EBIT margin: 8.3% | Operating margin: 8.3% |
| Net income | $3.108 billion | €1.340 billion attributable to shareholders |
| ROIC | 18.7%, as reported by management | not stated in the cited 2025 highlights |
Sources: Nike fiscal 2026 Form 10-K and reports and adidas 2025 financial highlights. These figures are in different currencies and cover different reporting windows; the table is not a matched-period comparison.
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Is adidas growing faster?
On the reported annual figures here, adidas’s net sales rose 5% in calendar 2025, while Nike’s fiscal 2026 revenue was essentially flat as reported and fell 2% currency-neutral. The periods are not aligned, so this is a directional comparison rather than a same-period growth test.
adidas also reported 13% currency-neutral growth for the adidas brand in 2025. Including the comparison with prior-year Yeezy sales, the increase was 10% currency-neutral. These are different measures: the 13% figure excludes that prior-year Yeezy comparison, so it should not be presented as the company-wide net-sales growth rate. adidas 2025 income statement and business performance
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Which company has higher margins?
adidas reported a 51.6% gross margin for 2025, compared with Nike’s 42.9% for fiscal 2026. adidas’s gross margin rose from 50.8% in 2024. This is a reported-period comparison, not a guarantee that the margin gap will persist.
At the operating level, the reported figures are numerically equal: Nike’s fiscal 2026 EBIT margin was 8.3%, and adidas’s calendar 2025 operating margin was 8.3%. EBIT and operating margin are not necessarily identical measures, and the companies’ reporting periods and accounting presentations differ. Treat the match as a useful reference point, not proof of equivalent underlying profitability. Nike fiscal 2026 Form 10-K and reports adidas 2025 financial highlights
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adidas’s operating profit increased to €2.056 billion in 2025 from €1.337 billion in 2024, and its operating margin rose to 8.3% from 5.6%. Nike reported $3.108 billion in net income for fiscal 2026. These profits are in different currencies and periods, and net income is not the same measure as operating profit; comparing the raw totals does not identify a more profitable company on a like-for-like basis.
Nike reported management-calculated ROIC of 18.7% for fiscal 2026. A matching adidas figure is not established in the cited highlights, so there is not enough here to compare returns on invested capital directly.
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What should investors make of adidas’s cash and inventory?
At December 31, 2025, adidas had €1.617 billion in cash and cash equivalents, down 34.1% year over year, and €5.832 billion in inventories, up 16.9%. The annual report links the inventory increase in part to planned top-line growth, earlier purchases related to the 2026 FIFA World Cup, and faster inbound deliveries. It also describes working-capital investment and a higher dividend payout as factors in the cash movement. Those explanations provide context, but the figures still merit attention when assessing cash conversion and inventory quality. adidas 2025 annual report: balance sheet
Nike’s fiscal year ended on a different date, so comparing adidas’s December 31 cash and inventory balances with Nike’s year-end balances would not be a matched-date assessment. The figures above do not establish relative balance-sheet strength.
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Best Value
Does stronger performance mean adidas stock is the better buy?
No such conclusion follows from these operating results alone. A stock’s attractiveness depends on the price investors pay relative to expected earnings and cash flows, as well as the durability of growth, business risks, and capital returns. The available data do not establish contemporaneous share valuations, forward multiples, or comparable earnings forecasts. Without those inputs, it is not possible to say which stock is cheaper or offers better value.
For a valuation comparison, investors would need to use share prices from the same date and consistently selected earnings estimates for both companies. They should also account for the different reporting periods and consider whether recent sales growth and margins can be sustained.
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