Adidas Beat the Numbers. Now Read the Fine Print.

14% growth, a stock surge, and a CEO who still won't raise guidance. Pay attention to that last part.

adidas dropped Q1 2026 earnings this morning, and the market loved it.

Net sales came in at €6.6 billion, up 14% on a currency-neutral basis, well ahead of the €6.33 billion analysts had forecast. Operating profit hit €705 million (~$824M at current exchange rates), against a consensus estimate of €647 million, about €60 million better than expected. The…