Nike and adidas both sell global athletic footwear and apparel, but their latest reported results cover different periods and currencies, and the available figures do not show which stock is cheaper today. Nike reported $46.398 billion in revenue for the fiscal year ended May 31, 2026; adidas reported €24.811 billion in net sales for calendar 2025. Use their filings to compare business performance, channels, outlook and risks, then check same-date market prices and valuation measures before deciding whether either fits your goals.
What the latest reported results show
The figures below are useful starting points, not a like-for-like ranking: Nike’s fiscal year ended May 31, 2026, while adidas’s figures cover calendar 2025. They are also reported in different currencies.
| Company and period | Sales | Profit measure | Other reported measure |
|---|---|---|---|
| NIKE, Inc., fiscal 2026 (year ended May 31, 2026) | $46.398 billion revenue, versus $46.309 billion in fiscal 2025 | not stated in the cited FY2026 performance materials | Diluted EPS of $2.10, versus $2.16 in fiscal 2025; reported ROIC of 18.7% (a non-GAAP measure) |
| adidas AG, calendar 2025 | €24.811 billion net sales | €2.056 billion operating profit | not stated in the cited outlook passage |
Sources: NIKE, Inc., FY2026 Form 10-K and NIKE, Inc., FY2026 annual-report performance materials; adidas AG, Annual Report 2025 outlook. These source labels are the only URLs supplied for the relevant claims; no destination URLs were provided, so they are shown as source references rather than clickable links.
How to read Nike’s year-over-year change
Nike’s reported revenue was nearly flat year over year: $46.398 billion in fiscal 2026 compared with $46.309 billion in fiscal 2025. Its NIKE Brand wholesale revenue rose to $27.5 billion from $25.9 billion. Nike says the currency-neutral wholesale increase was driven by North America and primarily offset by lower revenue in Greater China. A currency-neutral comparison adjusts for exchange-rate effects; it is not the same as the reported-dollar change. NIKE, Inc., FY2026 Form 10-K
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Nike reports ROIC as a non-GAAP measure and cautions investors not to use it in isolation or assume it is comparable with similarly titled measures from other companies. It should not be directly compared with adidas operating profit: the figures measure different things.
How the businesses reach customers
Nike: owned channels and wholesale
Nike designs, develops, markets and sells athletic footwear, apparel and equipment. Its NIKE Brand reportable geographic segments are North America, EMEA, Greater China and APLA. It sells through NIKE Direct—its owned stores and digital platforms—as well as wholesale accounts. This mix means results can reflect both demand from retail partners and sales through Nike’s own channels. NIKE, Inc., FY2026 Form 10-K
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adidas: use its report to examine the same questions
The cited adidas outlook establishes its 2025 sales and operating-profit baseline, but does not provide channel figures for a direct comparison here. When reviewing adidas’s annual report, look for its channel mix, geographic performance and any changes in those measures over time rather than assuming that Nike’s channel disclosures describe both businesses.
What management expects—and what could change
adidas’s published 2026 outlook
In its 2025 annual report, adidas said it expected currency-neutral sales growth at a high-single-digit rate in 2026 and operating profit of around €2.3 billion. This is management guidance published with the 2025 report, not a guaranteed result or a current market forecast. adidas AG, Annual Report 2025 outlook
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The same outlook discussion 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. These are management’s stated risk considerations, not quantified forecasts. adidas also publishes a separate risk-and-opportunity disclosure; the risks named in the outlook should not be treated as a complete list. adidas AG, Annual Report 2025 outlook adidas AG, Annual Report 2025 Risk and Opportunity Report
Nike’s stated strategy and operating exposures
Nike describes its strategy as follows: “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 the company’s strategy statement, not an independent forecast. NIKE, Inc., FY2026 Form 10-K
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Nike says its results can be affected by consumer preferences, product trends, the popularity of sports, seasonal and geographic demand, channel mix, competition, logistics, and broader macroeconomic and operating factors. These can influence sales, costs and the relative performance of its regions and channels. NIKE, Inc., FY2026 Form 10-K
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What historical share returns do—and do not—tell you
Nike’s FY2026 annual-report materials state that NKE’s cumulative total return was -63.55% from May 31, 2021, to May 31, 2026, with dividends reinvested. The S&P 500’s cumulative total return over that same period was 93.80%. These are historical returns for the stated five-year window, not forecasts, and they do not compare Nike with adidas. NIKE, Inc., FY2026 annual-report performance materials
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How to decide which stock merits further research
- Match the reporting periods. Compare Nike and adidas using the same number of quarters or years, and note Nike’s fiscal-year end versus adidas’s calendar-year reporting. Do not rank sales across the periods and currencies in the table as if they were directly comparable.
- Compare like with like. For each company, review sales growth, operating profit or margin, earnings per share, cash flow and debt using consistent definitions. Treat Nike’s non-GAAP ROIC cautiously, especially against differently defined measures.
- Check channels and regions. Assess whether growth comes from wholesale, company-owned retail or digital sales, and whether it is broad-based or concentrated in particular markets. Consider how changes in channel mix or regional demand could affect results.
- Update management guidance. The adidas 2026 outlook above was issued with its 2025 annual report. Check for newer company disclosures before using it in a decision; guidance can change as conditions evolve.
- Compare valuation on the same date. Obtain current share prices and apply consistent valuation measures to both companies. The figures presented here do not establish current prices, valuation multiples or which stock is cheaper.
- Fit the evidence to your own circumstances. A company’s reported performance and outlook cannot determine suitability without considering your time horizon, risk tolerance, portfolio and tax situation.
Sources and reporting dates
- NIKE, Inc., Form 10-K for the fiscal year ended May 31, 2026; filed July 15, 2026. Form 10-K source reference
- NIKE, Inc., FY2026 annual-report performance materials, including revenue, EPS, ROIC and five-year returns through May 31, 2026. Annual-report source reference
- adidas AG, Annual Report 2025, outlook for 2026. Outlook source reference
- adidas AG, Annual Report 2025, Risk and Opportunity Report. Risk-report source reference
- adidas AG investor-relations page listing a second-quarter update dated July 30, 2026. Investor-relations source reference
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