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Start by aligning periods, currencies and measures
NIKE, Inc. reported fiscal 2026 revenue of $46.398 billion, flat year over year in reported dollars and down 2% on a currency-neutral basis. adidas AG reported 2025 net sales of €24.811 billion. These results cover different reporting periods and use different currencies; the figures should not be ranked as though they were a same-date comparison. Sources: NIKE’s 2026 Form 10-K and adidas Annual Report 2025.
For each company, record the fiscal period, reporting currency, reported growth and currency-neutral growth where disclosed. Currency-neutral growth helps show sales trends without exchange-rate movements, but it does not replace reported results. Keep the definitions consistent: revenue, net sales, gross margin, operating profit and net income describe different parts of the business.
Compare growth quality, not just the headline rate
Check whether growth is broad across regions and channels or concentrated in a particular market or route to customers. NIKE reports four NIKE Brand geographic segments—North America, EMEA, Greater China and APLA—and separates NIKE Direct from wholesale. NIKE Direct includes owned retail and digital sales; wholesale includes independent distributors, licensees and sales representatives. Its filing identifies geography, seasonal demand, consumer preferences and channel mix as factors that can affect sales and profitability. NIKE’s 2026 Form 10-K
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adidas said brand revenues rose 13% currency-neutral in 2025, the second consecutive year of growth at that rate. Treat that as a reported company result, then examine its geographic and channel detail in the annual report before deciding how diversified the growth was. A strong total can conceal weaker regions, channels or product categories.
Read margins alongside earnings
Gross margin indicates how much of sales remains after cost of goods sold; operating profit also reflects operating expenses, while net income includes items below operating profit. Use all three where available, and explain material drivers only when the company identifies them.
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| Company and period | Sales | Gross margin | Operating profit | Net income |
|---|---|---|---|---|
| NIKE, fiscal 2026 ended May 31, 2026 | $46.398 billion | 42.9% | Not stated in the cited summary; see NIKE’s 2026 Form 10-K. | $3.108 billion |
| adidas, 2025 | €24.811 billion | 51.6% | €2.056 billion | Not stated in the cited summary; see adidas Annual Report 2025. |
The figures use different currencies and periods; the table is a starting point, not a direct ranking of scale or profitability. adidas’s annual report describes growth in 2025 gross margin and operating profit. For both companies, consult the underlying statements and explanations to understand what drove the reported change.
Separate recurring performance from temporary effects
NIKE reported fiscal fourth-quarter revenue of $11.0 billion, down 1% reported and 4% currency-neutral. Its fourth-quarter gross margin was 49.2%, but NIKE said it included an approximately 900-basis-point benefit from expected recovery of IEEPA tariffs. That quarter’s margin is therefore not a sound stand-in for a recurring annual margin. Compare the full-year 42.9% gross margin with the quarter only after accounting for that disclosed effect. Source: NIKE’s June 30, 2026 earnings release.
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Check inventory and working capital
Inventory can tie up cash and may create markdown pressure if demand misses expectations or products become less current. Compare inventory levels and growth with sales growth, and review management’s explanation of inventory composition and sell-through where disclosed. Do not infer markdown risk from inventory alone.
adidas’s 2026 outlook targets average operating working capital of 22%–23% of sales. That is a forward-looking target, not a realized 2026 result. A comparison with another company is meaningful only if the working-capital definitions and measurement periods match. Source: adidas Annual Report 2025, Outlook.
Assess cash generation, financial flexibility and shareholder returns
Compare operating cash flow and free cash flow for the same period, using the same free-cash-flow definition. Also examine debt, liquidity, capital spending, dividends and repurchases. A company may report earnings without converting them into comparable cash generation, and capital needs can differ with retail investment, inventory and other operating requirements.
Share repurchases and dividend plans describe capital allocation, not proof that a stock is undervalued. Consider them alongside cash flow, debt and the price paid rather than treating a planned distribution as an investment thesis.
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Evaluate brand execution and business risks
Use filings to track evidence such as reported sales trends, margin changes and management’s stated business risks. Company descriptions of demand or product momentum are management’s account, not independent confirmation of market share or future growth.
NIKE identifies competition and changing consumer preferences as risks, stating in its 2026 Form 10-K: “Failure to respond in a timely and adequate manner could have a material adverse effect on our sales and profitability.” adidas’s outlook cites macroeconomic uncertainty, geopolitical tensions, tariff developments and commodity-price volatility as potential headwinds. Sources: NIKE’s 2026 Form 10-K and adidas Annual Report 2025.
Compare valuation only after the business analysis
A company with larger sales is not automatically the better investment, and a higher margin does not establish that its shares are attractively priced. To compare valuation, use a common market timestamp and calculate or verify market capitalization and enterprise value against comparable earnings, free cash flow and sales measures. Make sure the financial period and definitions match the multiples being compared.
adidas’s 2026 outlook calls for high-single-digit currency-neutral sales growth and operating profit of around €2.3 billion. This is management guidance published in its 2025 annual report, not a realized result; the company cautions that actual performance may differ if assumptions or risks change. Source: adidas Annual Report 2025, Outlook.
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The company figures cited here do not establish synchronized market prices, current valuation multiples or analyst expectations. They therefore cannot determine which stock is cheaper today or which is the better investment for a particular investor. That decision also depends on investment horizon, risk tolerance and the investor’s own valuation work.
Quick Recap
A practical comparison checklist
- Align the reporting basis: Write down each fiscal period and currency; label any mismatch rather than comparing totals as equivalent.
- Assess sales growth: Compare reported and currency-neutral growth, then inspect region and channel contributions.
- Examine profitability: Compare gross margin, operating profit or margin, and net income; isolate disclosed unusual or temporary effects.
- Review operating capital: Compare inventory trends and working capital using consistent definitions.
- Test cash and balance-sheet resilience: Compare operating cash flow, consistently defined free cash flow, debt, liquidity and capital returns.
- Judge execution and risks: Separate reported results from management’s explanations and outlook; consider competitive and macroeconomic exposures.
- Compare the price: Use market data from the same timestamp and assess valuation only after the operating comparison.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
