Nike vs. Adidas: Revenue, Margins and Market Share
Nike and Adidas compared on their latest reported revenue, gross margins and strategy, with fiscal-year and currency differences explained and sources linked.
Nike vs. Adidas: Revenue, Margins and Market Share
Nike and Adidas are the two largest sportswear companies in the world by revenue. They report on different fiscal calendars and in different currencies, so a fair comparison starts with the filings: Nike's fiscal year ends May 31 and is reported in US dollars, while Adidas's fiscal year ends December 31 and is reported in euros.
Revenue Comparison
| Metric | Nike (NKE) | Adidas (ADS) |
|---|---|---|
| Latest full-year revenue | $46.4B (fiscal 2026, year ended May 31, 2026) | €24.8B (2025, year ended December 31, 2025) |
| Prior full-year revenue | $46.3B (fiscal 2025) | €23.7B (2024) |
| Highest in the years shown | $51.4B (fiscal 2024) | €24.8B (2025) |
| Gross margin, latest year | 42.9% (fiscal 2026) | 51.6% (2025) |
| Net income, latest year | $3.1B (fiscal 2026) | €1.34B attributable to shareholders (2025) |
| Headquarters | Beaverton, Oregon, USA | Herzogenaurach, Germany |
Sources: Nike Form 10-K for fiscal 2026 (SEC EDGAR) and Adidas Annual Report 2025, financial highlights. The two periods end seven months apart and the currencies differ, so the euro and dollar figures are not converted or netted against each other here. The company profiles show each figure with its source: Nike financials, Adidas financials.
What About Market Share?
Search interest in this pair is mostly "who is bigger", and revenue answers that: Nike is the larger company on reported revenue. A single "global market share" percentage for each company is a different matter. It depends on how the market is defined (athletic footwear only, footwear and apparel, or the wider sportswear category), which year is measured, and which third-party estimate is used, and neither company publishes one audited figure for it. For that reason this article does not quote a share percentage for either company. Where you see one elsewhere, check the market definition, the year and who produced the estimate.
What the filings do support is the direction of travel. Nike's revenue fell from $51.4B in fiscal 2024 to $46.3B in fiscal 2025 and was flat at $46.4B in fiscal 2026. Adidas's revenue rose from €21.4B in 2023 to €23.7B in 2024 and €24.8B in 2025. Over those years Adidas narrowed the gap on reported revenue, although Nike remains the larger company.
The Direct-to-Consumer Divergence
One of the most important strategic differences between the two companies is how they handled the shift to direct-to-consumer (DTC) sales. Nike accelerated its DTC strategy from 2020 onward, reducing supply to some wholesale partners to push consumers toward Nike.com and its own stores. That reset has since been partly reversed: Nike's results describe a return to wholesale partners alongside a Nike Direct channel that stopped growing. Adidas kept wholesale as a core channel while growing DTC, which is one reason its recovery has leaned on retail-partner demand.
Product Positioning: Performance vs. Lifestyle
Nike's brand is grounded in performance categories such as running and basketball, including its Jordan Brand. Adidas has toggled more between performance and lifestyle, and its heritage models (Samba, Gazelle, Spezial) have driven much of its recent growth. Adidas ended its partnership with Ye (Yeezy) in 2022–2023 and reported a net loss attributable to shareholders of €75 million in 2023 before returning to profit in 2024, according to its annual report financial highlights.
Key Financial Differences
Adidas's gross margin (51.6% in 2025) is higher than Nike's (42.9% in fiscal 2026). A higher gross margin does not mean higher profit: the two companies spend differently on marketing, distribution and restructuring, and Nike's margin was pressured by discounting and tariffs in the most recent year, as described in its fiscal 2026 annual report. Adidas reported operating profit of €2.056B in 2025, an 8.3% operating margin.
Emerging Challengers
Both Nike and Adidas face a more fragmented competitive landscape than a decade ago. Specialist running and outdoor brands have taken attention in running footwear, and lululemon has built a large position in premium activewear. This article does not attach a share percentage to these competitors because no single consistent source covers all of these brands on the same definition.
Which Has Better Long-Term Prospects?
This is a judgment, not a measurement. Nike's scale, Jordan Brand and global distribution are structural advantages, and CEO Elliott Hill, who returned to the company in October 2024, is rebuilding wholesale relationships and running and basketball product. The open question in its fiscal 2026 results is whether Nike can sell new product at full price without eroding gross margin. Adidas, under CEO Bjørn Gulden, has grown revenue and gross margin for two years; its test is sustaining demand for its heritage lines as they become more widely available.
Summary
- Size: Nike reported $46.4B for fiscal 2026; Adidas reported €24.8B for 2025. Nike is the larger company.
- Momentum: Nike's revenue is below its fiscal 2024 peak and was flat in fiscal 2026; Adidas's rose in each of the last two years.
- Margins: Adidas has the higher gross margin (51.6% vs 42.9%); that is not a profitability ranking without the operating figures.
- Market share: no audited single figure exists; treat any quoted percentage as an estimate with a stated definition.
Related Reading
Continue the research with the Adidas company profile, Nike company profile, largest companies by revenue, and fastest-growing companies by revenue.
Disclaimer:Financial figures cited in this article are approximate and sourced from publicly available reports. Always verify against the company's current SEC filings (10-K, 10-Q) or earnings releases before using in investment or business analysis.