Adidas’s biggest competitor is Nike, which calls itself the largest seller of athletic footwear and apparel in the world and had $46.4 billion of revenue in fiscal 2026 (year to 31 May 2026). Nike’s own 10-K lists the wider field it shares with Adidas: Anta, ASICS, Deckers, Li Ning, lululemon, New Balance, On, Puma, Under Armour and VF Corporation. Adidas is gaining ground: in Q3 2026 it posted record revenue of EUR 7.25 billion, up 9%, and record operating profit of EUR 1.0 billion, while Nike’s revenue fell 4% and Puma’s sales fell 6.3% currency adjusted in comparable quarters.
Nike had $46.4 billion of revenue in fiscal 2026, flat on a reported basis. It is resetting Sportswear, Jordan and Greater China and announced a cost programme called Pace, targeting about $2.5 billion of savings through fiscal 2031.
Puma's Q3 2026 sales fell 6.3% currency adjusted to EUR 1,776.2 million, with an EBIT of EUR -11.4 million. In October 2026 Anta Sports became its largest shareholder after buying the 29.06% stake held by Artemis.
03
Running and premium challengers
Nike's 10-K names On, Deckers, ASICS, New Balance and lululemon among its competitors; they compete with Adidas in running shoes and premium sportswear.
04
Chinese brands
Anta and Li Ning compete in Greater China, where Adidas grew currency-neutral sales 13% in Q3 2026 while Nike cited lower Greater China revenue.
What changed in 2025-26
Adidas sets records
Adidas’s Q3 2026 revenue rose 9% to EUR 7,252 million and operating profit 37% to EUR 1,008 million, both quarterly records. It raised its 2026 operating profit outlook to around EUR 2.5 billion.
Nike restructures
Nike’s Q1 fiscal 2027 revenue fell 4% to $11.2 billion, with Nike Direct down 8% and Converse down 28%. On 1 October 2026 it announced Pace, a multi-year programme with about $1.0 billion of pre-tax charges.
Anta moves into Europe
Anta Sports completed the purchase of a 29.06% stake in Puma from Artemis in October 2026, becoming its largest shareholder, while Puma says it will stay independently managed.
Direct sales and apparel lead
Adidas’s direct-to-consumer sales grew 17% currency-neutral in Q3 2026, with e-commerce up 18%, and apparel revenue grew 19% while footwear was flat as it limited wholesale sell-in.
Adidas and its main competitors, latest reported quarter
Compare Adidas and Nike on growth and margin in the same months: in 2026 their trends point in opposite directions.
Watch full-price selling: Adidas credits limited wholesale sell-in and direct sales for its margin gains.
Track Anta: it now owns the largest stake in Puma and competes with Adidas in China.
Treat running as its own battleground, where On, Deckers, ASICS and New Balance compete with both giants.
Remember currency: Adidas and Puma report in euros, Nike in dollars, so compare growth rates rather than raw totals.
The Business Engineer lens
Sportswear in 2026 shows that brand heat and channel discipline move faster than scale: Adidas is gaining by selling fewer products at full price, while Nike restructures. As shoppers increasingly buy direct and through apps, the brands that control their own demand data hold the margin.
Nike, which describes itself as the largest seller of athletic footwear and apparel in the world and had $46.4 billion of revenue in fiscal 2026.
Who else competes with Adidas?
Puma, Anta, ASICS, Deckers, Li Ning, lululemon, New Balance, On, Under Armour and VF Corporation are among the companies Nike's 10-K lists as industry competitors.
Is Adidas growing faster than Nike?
In the latest quarters, yes: Adidas's Q3 2026 revenue grew 9%, while Nike's Q1 fiscal 2027 revenue fell 4%.
Who owns Puma now?
Anta Sports became Puma's largest shareholder in October 2026 after buying a 29.06% stake from Artemis; Puma remains independently managed.
The complete explainer, cleaned up and reformatted for mobile.
Adidas competitors across different categories include sportswear brands like Nike and Under Armour, luxury fashion brands such as Gucci and Louis Vuitton, and athletic footwear companies like Reebok and New Balance. It also includes outdoor gear competitors like The North Face and Patagonia, as well as online retail rivals such as Amazon and Zalando.
Adidas competitors refers to rival sportswear and athletic apparel companies that compete directly with Adidas for market share. The biggest Adidas competitors include Nike, Puma, Under Armour, New Balance, ASICS, Reebok, Lululemon, and Fila, with Nike being the primary global rival.
Nike
DescriptionA multinational corporation known for its athletic footwear, apparel, and sports equipment. Nike competes directly with Adidas in the sports apparel and footwear market.
Key InsightsNike offers a wide range of athletic footwear, apparel, and sports equipment, competing directly with Adidas in the sports and lifestyle market.
Competitive OverlapBoth compete in the sports apparel and footwear market, offering athletic products and lifestyle collections, but with distinct brand identities and styles.
DifferentiationNike’s iconic swoosh logo and marketing campaigns.
Puma
DescriptionA multinational corporation specializing in athletic and casual footwear, apparel, and accessories. Puma competes with Adidas in the sports and lifestyle market.
Key InsightsPuma offers athletic and lifestyle products, often competing with Adidas in the sports apparel and footwear segments.
Competitive OverlapBoth compete in the sports apparel and footwear market, offering athletic and lifestyle products, but with different design aesthetics and brand positioning.
DifferentiationPuma’s emphasis on lifestyle and streetwear styles.
Under Armour
DescriptionAn American sports clothing and accessories company known for its performance-oriented athletic wear. Under Armour competes with Adidas in the sports performance apparel and footwear market.
Key InsightsUnder Armour provides performance-oriented athletic wear and footwear, often overlapping with Adidas in the sports and training segments.
Competitive OverlapBoth compete in the sports performance apparel and footwear market, targeting athletes and fitness enthusiasts, but with different technology and innovation approaches.
DifferentiationUnder Armour’s focus on performance-oriented technology.
Reebok
DescriptionA subsidiary of Adidas Group, Reebok specializes in athletic footwear, apparel, and accessories. Reebok competes with Adidas in the sports and lifestyle market.
Key InsightsReebok offers athletic and lifestyle products, often competing with its parent company Adidas in the sports and lifestyle segments.
Competitive OverlapBoth compete in the sports apparel and footwear market, with Reebok operating as a subsidiary of Adidas, but each brand maintains its unique style and market positioning.
DifferentiationReebok’s heritage and fitness-oriented products.
New Balance
DescriptionAn American multinational corporation specializing in athletic footwear and apparel, with a focus on running and lifestyle products. New Balance competes with Adidas in the running and lifestyle footwear market.
Key InsightsNew Balance offers running shoes and lifestyle footwear, often overlapping with Adidas in the running and lifestyle segments.
Competitive OverlapBoth compete in the running and lifestyle footwear market, with New Balance emphasizing running technology and a commitment to domestic manufacturing.
DifferentiationNew Balance’s running shoe technology and domestic manufacturing.
ASICS
DescriptionA multinational corporation known for its athletic footwear, apparel, and sports equipment, particularly in running and performance sports. ASICS competes with Adidas in the running and performance sports market.
Key InsightsASICS provides running shoes and performance sports gear, often competing with Adidas in the running and performance sports segments.
Competitive OverlapBoth compete in the running and performance sports market, targeting athletes and fitness enthusiasts, with ASICS having a focus on running technology.
DifferentiationASICS’ running shoe technology and performance sports gear.
Skechers
DescriptionAn American lifestyle and performance footwear company known for a wide range of footwear styles. Skechers competes with Adidas in the lifestyle and casual footwear market.
Key InsightsSkechers offers lifestyle and performance footwear, often overlapping with Adidas in the lifestyle and casual footwear segments.
Competitive OverlapBoth compete in the lifestyle and casual footwear market, offering a variety of footwear styles, but with different design aesthetics and brand identities.
DifferentiationSkechers’ wide range of casual and lifestyle footwear styles.
Converse
DescriptionA subsidiary of Nike, Converse is known for its iconic Chuck Taylor All-Star sneakers and casual footwear. Converse competes with Adidas in the casual and lifestyle footwear market.
Key InsightsConverse provides casual and lifestyle sneakers, often overlapping with Adidas in the lifestyle and casual footwear segments.
Competitive OverlapBoth compete in the casual and lifestyle footwear market, offering iconic and classic sneaker styles, but with distinct brand histories and design elements.
DifferentiationConverse’s iconic Chuck Taylor All-Star sneakers.
Vans
DescriptionA subsidiary of VF Corporation, Vans is known for its skateboarding and lifestyle footwear, apparel, and accessories. Vans competes with Adidas in the skateboarding and lifestyle footwear market.
Key InsightsVans offers skateboarding and lifestyle footwear, often overlapping with Adidas in the skateboarding and lifestyle segments.
Competitive OverlapBoth compete in the skateboarding and lifestyle footwear market, with Vans specializing in skate culture and casual lifestyle products.
DifferentiationVans’ skateboarding culture and iconic styles.
Fila
DescriptionAn Italian-South Korean sportswear company known for its athletic and casual footwear, apparel, and accessories. Fila competes with Adidas in the sports and lifestyle market.
Key InsightsFila offers athletic and lifestyle products, often competing with Adidas in the sports apparel and footwear segments.
Competitive OverlapBoth compete in the sports and lifestyle market, providing athletic and lifestyle products, but with different design aesthetics and brand histories.
DifferentiationFila’s retro-inspired styles and heritage.
Sportswear Competitors
Nike: A multinational corporation specializing in athletic footwear, apparel, and accessories.
Under Armour: An American company producing sports footwear, apparel, and accessories.
Puma: A German multinational company manufacturing athletic and casual footwear, apparel, and accessories.
Luxury Fashion Competitors
Gucci: An Italian luxury brand producing fashion and leather goods.
Louis Vuitton: A French fashion house known for its luxury accessories, apparel, and bags.
Prada: An Italian luxury fashion brand specializing in leather goods, accessories, and footwear.
Athletic Footwear Competitors
Reebok: An American footwear and apparel company focusing on athletic products.
New Balance: An American multinational corporation producing athletic footwear and apparel.
Outdoor Gear Competitors
The North Face: An American outdoor recreation product company specializing in outerwear and equipment.
Columbia Sportswear: An American company producing outdoor apparel, footwear, and equipment.
Patagonia: An American clothing company focusing on sustainable outdoor apparel.
Online Retail Competitors
Amazon: An American multinational technology company and e-commerce platform.
Zalando: A European e-commerce company specializing in fashion and lifestyle products.
JD Sports: A British sports-fashion retail company.
Key Highlights
Sportswear Competitors: Adidas competes with major sportswear brands like Nike, Under Armour, and Puma. These brands offer athletic footwear, apparel, and accessories catering to sports and lifestyle needs.
Luxury Fashion Rivals: In the luxury fashion sector, Adidas faces competition from brands like Gucci, Louis Vuitton, and Prada. These brands offer high-end fashion and luxury goods.
Athletic Footwear Competitors: Competitors in athletic footwear include Reebok and New Balance, which offer a range of athletic and casual footwear options.
Outdoor Gear Alternatives: Brands like The North Face, Columbia Sportswear, and Patagonia compete with Adidas in outdoor apparel and equipment, catering to outdoor enthusiasts.
Online Retail Challengers: Adidas faces competition in the online retail space from Amazon, Zalando, and JD Sports, which offer a platform for consumers to purchase a variety of products online.
Adidas is a German multinational best known as a designer and manufacturer of sportswear and related accessories. It was founded in 1924 in the Bavarian town of Herzogenaurach, Germany, and did not take on the Adidas name until 1949. The new company, known today as Adidas AG, is the holding company for the Adidas Group and the sole owner of Adidas.
Revenue in 2019 was €23.64 billion.
Revenue in 2020 decreased to €18.43 billion.
Revenue increased in 2021 to €21.23 billion and further increased in 2022 to €22.51 billion.
Net income in 2019 was €1.97 billion.
Net income in 2020 dropped to €432 million.
Net income in 2021 increased to €2.11 billion but decreased in 2022 to €612 million.
In 2019, Footwear, Apparel, and Accessories and Gear had revenues of €13.52 billion, €8.96 billion, and €1.15 billion, respectively.
In 2020, Footwear revenue decreased to €10.13 billion, Apparel to €7.31 billion, and Accessories and Gear to €0.991 billion.
Revenues in 2021 increased for Footwear (€11.33 billion), Apparel (€8.71 billion), and Accessories and Gear (€1.19 billion).
In 2022, Footwear revenue grew to €12.4 billion, Apparel remained relatively stable at €8.7 billion, and Accessories and Gear increased to €1.49 billion.
Between 2019 and 2022, Footwear consistently generated the most revenue, followed by Apparel and then Accessories and Gear.
In 2022, E-Commerce (Direct-to-Consumer) contributed to 20% of total revenue.
Own Retail (Direct-to-Consumer) accounted for 19% of total revenue in 2022.
Wholesale made up the majority of revenue in 2022, at 61%.
In 2022, the company had 31,477 employees in own retail.
Sales function comprised 3,112 employees in 2022.
There were 8,254 employees in the logistics department in 2022.
Marketing had 4,685 employees in 2022.
Central Administration, Production, R&D, and IT had 5,161, 558, 1,031, and 4,980 employees, respectively, in 2022.
In terms of Footwear production, 34% came from Indonesia, 32% from Cambodia, 16% from Vietnam, and 18% from China.
Apparel production was distributed as follows: 22% from Indonesia, 17% from Cambodia, 44% from Vietnam, and 17% from China.
For Accessories & Gear production, Vietnam contributed 28%, Turkey 26%, Pakistan 25%, and 21% came from other countries.
In 2022, EMEA (Europe, Middle East, and Africa) generated €8.55 billion in revenue.
North America contributed €6.4 billion in revenue in 2022.
Greater China, Asia-Pacific, and Latin America had revenues of €3.18 billion, €2.24 billion, and €2.11 billion, respectively, in 2022.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
