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On the latest reported operating results, adidas had stronger sales growth and a higher gross margin, while Nike and adidas reported similar operating-margin figures. That does not show which stock is the better buy: the companies report on different calendars and in different currencies, and a stock comparison also needs current valuation and forward earnings data.
What the latest results show
Nike’s fiscal 2026 ended May 31, 2026; adidas’s 2025 financial year ended December 31, 2025. Nike reports in US dollars, while adidas reports in euros. The periods therefore offer a directional operating comparison, not a perfectly matched snapshot.
| Measure | Nike | adidas |
|---|---|---|
| Reporting period | Fiscal year ended May 31, 2026 | Calendar year ended December 31, 2025 |
| Revenue or net sales | $46.398 billion; essentially flat year over year as reported and down 2% currency-neutral | €24.811 billion; up 5% year over year |
| Gross margin | 42.9% | 51.6%, up from 50.8% |
| Operating profitability | EBIT margin: 8.3% | Operating margin: 8.3%, up from 5.6% |
| Net income | $3.108 billion | €1.340 billion attributable to shareholders |
| Return on invested capital | 18.7%, as reported by Nike | not stated in the cited 2025 highlights |
Sources: NIKE, Inc., fiscal 2026 Form 10-K; adidas AG, 2025 annual results highlights.
Which company is growing faster?
Nike: revenue stabilized, but growth was weak
Nike reported fiscal 2026 revenue of $46.398 billion, compared with $46.309 billion in fiscal 2025. The company characterized the result as flat in reported terms and down 2% currency-neutral. This is a modest reported recovery from the prior year, not evidence of a return to strong growth.
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adidas: stronger reported sales momentum
adidas reported 2025 net sales growth of 5% to €24.811 billion. Its adidas-brand revenue grew 13% currency-neutral; measured with the prior-year Yeezy sales included in the comparison, growth was 10%. These are different comparison bases, so the 13% figure should not be read as the growth rate including that prior-year sales effect. adidas’s 2025 results explain the brand comparison.
By these reported growth measures, adidas had the stronger recent momentum. The different fiscal windows and currencies mean the percentages should not be treated as a same-period, exchange-rate-adjusted head-to-head.
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Which company has higher margins?
adidas’s 2025 gross margin was 51.6%, compared with Nike’s 42.9% in fiscal 2026. adidas also raised gross margin from 50.8% in 2024, while Nike’s latest cited result is a single annual figure here. Gross margin reflects what remains from sales after cost of goods sold, before operating expenses; it is not the same as operating profitability.
The companies each reported an 8.3% operating-profitability measure, but Nike calls its figure EBIT margin and adidas calls its figure operating margin. Their accounting presentations and periods are not perfectly matched, so the numerical tie is informative but not proof of identical underlying performance. adidas’s operating margin improved from 5.6% in 2024 to 8.3% in 2025, alongside operating profit growth from €1.337 billion to €2.056 billion. adidas 2025 annual results highlights.
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1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitchesWhat do profit and return on capital indicate?
Nike generated $3.108 billion in net income in fiscal 2026 and reported 18.7% return on invested capital (ROIC). adidas reported €1.340 billion of net income attributable to shareholders in calendar 2025. These profit totals cannot be ranked by simply comparing the numbers because they are in different currencies and cover different periods. The cited adidas highlights do not provide a matching ROIC figure, so this evidence does not establish which company is more efficient at generating returns from invested capital.
What do adidas’s cash and inventory figures mean?
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 connected with the 2026 FIFA World Cup, and faster inbound deliveries. It also cites working-capital investment and a higher dividend payout among factors affecting cash. Those explanations provide context, but the year-end figures alone do not establish inventory quality or financial distress. adidas 2025 annual report: financial position.
A matched-date comparison of Nike and adidas balance sheets is not established by these figures: Nike’s annual period ends on May 31, while adidas’s ends on December 31.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Does stronger performance make adidas stock the better buy?
Not on these operating results alone. A stock’s fundamentals include the price investors pay for expected earnings and cash flows. No contemporaneous share-price comparison, forward valuation multiples, or consistently selected earnings estimates are established here. Without those inputs, it is not possible to say whether Nike or adidas is cheaper relative to expected earnings or offers better value.
Best Value
Investors comparing the shares should consider whether each company can sustain growth and margins, how well it manages inventory and working capital, its geographic and channel trends, capital returns, and the risks already reflected in its share price. Those questions require current, consistently dated company and market data; reported operating strength by itself is not a stock recommendation.
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