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Online Summary


Operational and sporting highlights

Operatio nal and sporting highlights


‘Original is never finished’

The new campaign and film launched by adidas Originals showcase visionaries from the worlds of music, skate, sport, style and art. Reaffirming the notion ‘Original is never finished’, the film features a remix of Frank Sinatra's ‘My Way’ with a provocative, reimagined approach to today's streetwear culture.

adidas Originals on YouTube

REEBOK presents next phase of ’BE MORE HUMAN’ campaign

A new rousing suite of films champions the hard work and physicality that lead people to more enriched lives, and celebrates the value of human connection. The series examines the physical blemishes upon which life's stories are written - from calloused, scarred hands to a worn-out pair of running shoes.

Reebok on YouTube

adidas swim presents Parley For The Oceans Collection

The swim range is made from Parley Ocean Plastic and features upcycled waste made from used fishing nets and debris intercepted in coastal areas and converted into technical yarn fibers.

adidas swim on Youtube

Parley for the oceans

‘Unleash your creativity’ campaign

Continuing the ‘Here to Create’ conversation that began in 2016, the campaign reinforces the adidas brand΄s point of view that engaging an athlete΄s imagination will take them further than their mind or body ever could. The campaign is told through a female athlete΄s lens and stars supermodel Karlie Kloss, fitness influencer Hannah Bronfman, and WNBA All-Star Candace Parker, among others.

adidas on YouTube

adidas increases sales and earnings guidance until 2020

Following an exceptionally successful 2016 financial year, adidas increases its long-term guidance. The company expects currency-neutral sales to increase at a rate between 10% and 12% on average per year between 2015 and 2020 (previously: to increase at a high-single-digit rate). At this point in time, net income from continuing operations is projected to grow between 20% and 22% on average per year in the five-year period (previously: to increase by around 15% on average).

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FUTURECRAFT 4D – industry’s first application of digital light synthesis

Futurecraft 4D is the world's first high-performance footwear featuring midsoles crafted with light and oxygen using Digital Light Synthesis, a technology led by Silicon Valley-based tech company Carbon. The midsole pioneers a digital footwear component creation process that eliminates the necessity of traditional prototyping or molding. Ultimately, adidas aims to create more than 100,000 pairs of this high-performance footwear by the end of 2018.

Parley Editions of game-changing running footwear

adidas reveals the UltraBOOST, UltraBOOST X and UltraBOOST Uncaged Parley editions. The footwear features a blue colorway inspired by the shades of the ocean. Reusing an average of eleven plastic bottles per pair, the shoes' laces, heel webbing, heel lining and sock liner covers are made from recycled PET material.

adidas Running on YouTube

plastic bottles per pair

adidas and Siemens set to collaborate in the digital production of sporting goods

As part of a joint research and development program, the two companies will be working to drive forward the digitalization of the adidas Speedfactory to ultimately develop capabilities for fast, transparent and individualized production. Merging the virtual and real worlds will help shorten the time to market, bring greater flexibility and provide improved manufacturing quality and efficiency.

Reebok announces ‘cotton + corn’ sustainable products initiative

The initiative is intended to bring plant-based footwear to the market in 2018. The first shoe ‘made from things that grow’ will have an upper comprised of organic cotton and a base originating from industrial grown corn, which is a non-food source. For the Cotton + Corn initiative, Reebok partnered with DuPont Tate & Lyle Bio Products, a leading manufacturer of high-performance bio-based solutions.


Personnel changes on the Executive Board of adidas AG

Harm Ohlmeyer is appointed to succeed Robin J. Stalker as CFO and Labor Director of adidas AG. Karen Parkin is elevated to the Executive Board, responsible for Global Human Resources, and Gil Steyaert succeeds Glenn Bennett as Board Member responsible for Global Operations.

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adidas football launches Nemeziz

Nemeziz is the latest cleat designed to provide unprecedented agility, security and support for the game's most fluid players.

adidas Football on Youtube

For the game's most fluid players


adidas and James Harden unveil Harden LS

Harden LS is a lifestyle evolution of the Harden Vol. 1 and continuation of the Harden signature line, utilizing multi-color Primeknit uppers and full-length BOOST.

Harden LS


First-Ever Ultraboost Laceless

With innovation and creativity at the heart of adidas' DNA, the launch of its first-ever laceless performance running silhouette marks a landmark occasion for the adidas brand. The shoe continues to challenge convention and once again sets new boundaries.

adidas Running on YouTube

adidas and Major League Soccer extend partnership to 2024

The extension of the existing apparel partnership represents the largest investment in American soccer to drive adidas' North American business. The deal makes adidas the official supplier partner for the League.

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Nativo – Official Match Ball for the 2017 MLS Season

adidas Athletics unveils Z.N.E. pulse collection

The apparel range is inspired by the rising heartbeat of athletes before a game. adidas worked closely with athletes during the development process, including collecting and analyzing data to help shape the Athletics Pulse range. At the heart of the collection is the adidas Z.N.E. Pulse Knit Hoodie, crafted in breathable merino wool.

‘Don't be quiet please’ campaign

adidas, Pharrell Williams, Stan Smith and adidas sponsored tennis athletes Garbiñe Muguruza, Angelique Kerber, Sascha Zverev, Dominic Thiem and Jo-Wilfried Tsonga gather at Frederick Johnson Community Court in Harlem, New York, to host a tennis clinic with local youth organizations to kick off the launch of ‘Don't Be Quiet Please’, a New York City-wide campaign inspiring individuals to make game-changing pledges.

adidas Originals on Youtube

adidas completes divestiture of CCM Hockey

adidas announces that as of September 1 it has formally completed the previously announced divestiture of its CCM hockey business.

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adidas listed in DJSI

For the 18th year in a row, adidas is included in the Dow Jones Sustainability Indices (DJSI), which evaluate the sustainability performance of the largest 2,500 companies listed in the Dow Jones Global Total Stock Market Index.

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adidas completes divestiture of TaylorMade, Adams Golf and Ashworth

adidas announces that effective October 2 it has formally completed the previously announced divestiture of its TaylorMade, Adams Golf and Ashworth golf brands to a newly formed affiliate of KPS Capital Partners, LP.

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Launch of AM4 project

The launch of the AM4 series heralds a significant moment for adidas in terms of the future of manufacturing, with Speedfactory being a facility that will allow the company to explore, test and co-create with consumers. The launch also marks the start of a key city journey for adidas Speedfactory, with the adidas Made For London (AM4LDN) and the adidas Made for Paris (AM4PAR) being the first in a series of individually designed and manufactured running shoes that adidas will release in the six key cities.

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Reebok opens global flagship store at new Boston headquarters

A key feature is the ‘Your Reebok’ customization shop, allowing consumers to create custom and personalized products on site. In addition, consumers can design personalized graphic apparel and accessories, produced on site in just minutes, and are able to test footwear prior to purchase in the store, in the surrounding neighborhood or at Reebok's fitness facility.

flagship store


Reebok and Victoria Beckham unite

Reebok announces a pivotal partnership with fashion powerhouse Victoria Beckham. The British designer will join Reebok's growing community of accomplished and inspiring women. The long-term partnership will be highlighted by the introduction of a bold new Reebok x Victoria Beckham collection which will be introduced in late 2018.

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adidas expands digital presence and launches new app

The adidas app offers consumers a seamless shopping experience, personalized services and inspiration on sport and style. The app is available for download through the Apple App Store and the Google Play Store in the US and UK.

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adidas prepares for the 2018 Fifa World cup

adidas introduces ‘Telstar 18’, the Official Match Ball, as well as the new jerseys for the German national team and other adidas federations such as Spain, Russia, Japan, Colombia, Argentina, Mexico, Belgium, Egypt and Morocco. Both the ball and the jerseys take inspiration from past designs but are brought into the 21st century with innovative elements.

Past designs brought to the 21st century

adidas Football on Youtube

adidas launches the latest chapter in its ‘Here to Create’ campaign – ‘Calling all Creators’

The multi-dimensional story features 25 of the world's most influential athletes, designers and musicians in sports culture seated at one table.

adidas on Youtube

To our

To our
share holders


At adidas, we believe that, through sport, we have the power to change lives. This core belief guides the way we run our company, how we work with our partners, how we create our products, and how we engage with our consumers.

Athletes will not settle for average. And neither do we. Every day, we come to work to create and sell the best sports and fitness products in the world, and to offer the best service and consumer experience - and to do it all in a sustainable way.

What makes a winning team

Physical power is not enough - athletes need mental strength in their game. We foster an athlete's mindset through three people behaviors that are at the core of our culture: Confidence, Collaboration, and Creativity.

Confidence allows athletes to make quick decisions on the field, to reach higher. Confidence enables us to be an industry leader and to redefine what today's sports company looks like.

Every elite athlete relies on partners: coaches, team mates, and nutritionists. We, too, get stronger together through industry-leading collaborations. Internally, we are a team that plays to win and trusts in each other's abilities and talents.

No great athlete succeeds by copying their predecessors' training plans and strategies. It takes creativity to gain an edge and stand out. Our mission is to be the best sports company in the world by staying authentic to all athletes, tailoring to their unique needs, tastes, and experiences.

Leadership in Action

Confidence, Collaboration, and Creativity are the foundations of the leadership framework we launched globally last year - it defines what great leadership at adidas looks like. In 2017, we saw three new leaders joining the Executive Board: Harm Ohlmeyer taking over as Chief Financial Officer, Karen Parkin being elevated to Board Member responsible for Human Resources, and Gil Steyaert becoming Board Member responsible for Global Operations. All three were internal promotions, a nod to our people potential.

To continue to excel in leadership development, we established a Core Leadership Group and an Extended Leadership Group consisting of leaders from our most important markets and functions. Their job is to make sure we implement our strategy with excellence in every category and market, and to promote the development of future leaders, with a focus on female talent.

To align the interests of our senior leaders with those of the adidas AG shareholders, we also linked long-term remuneration of senior executives to the development of our share price.

Progress On Our Game Plan: 'Creating The New'

An athlete's mindset drives us to raise the standards for the entire industry. We have until 2020 to implement Creating the New, which is the right strategy to succeed in the highly attractive industry we are in. We are making great strides and clearly delivering against our financial ambition. But we are far from the finish line.

Speed, Cities, and Open Source

In 2017, we picked up the pace in becoming the first true fast sports company in the world, based on our strategic choice Speed. The net sales share of speed-enabled products increased to 28% in 2017. We also made further progress to achieve a 20% higher share of full-price sales with this part of our business. In addition to embedding Speed in our existing supply chain and production processes, we explore new, disruptive business models and technologies. In our Speedfactories in Ansbach, Germany, and Atlanta, USA, smart manufacturing brings production closer to our consumer. Last year saw the first major product created at the Speedfactory: the AM4 series, an individually crafted shoe made exclusively for our global key cities.

To make our mark on a global scale, we need to win the consumer in major metropolitan centers. We over-invest to grow share of mind, share of market, and share of trend in six global mega Cities: London, Los Angeles, New York, Paris, Shanghai, and Tokyo. In 2017, we improved brand desire in most of these cities by delivering extraordinary experiences to our consumers. As a result, our key cities made an above-average contribution to the overall growth of our company and helped us win market share.

The direction of sport - and our company - is set by all creators. As defined in our strategic choice Open Source, we invite athletes, consumers, and partners to collaborate with our brands. By inspiring innovation in the industry and beyond, creative partnerships help us shape the future of sport - and the sports culture.

Our creative collaborations with Alexander Wang, Kanye West, and Stella McCartney to name a few, continued to drive brand desire and growth. By partnering up with the world's best athletes and teams, we build communities of advocates. This also takes place on a local level; the 'adidas Runners' community, for instance, currently has over 50,000 active runners in Western Europe alone.

Our appetite for collaboration allows us to share our sports knowledge by working with the best in other fields. Our partnership with Parley for the Oceans is a prime example: In 2017, we released multiple franchise silhouettes, such as the UltraBOOST, NMD and EQT, made of Parley Ocean Plastic. We also joined forces with Carbon, a pioneer in 3D printing, to launch a new product and platform: Futurecraft 4D. Driven by athlete data, a production process called 'Digital Light Synthesis' enables us to print previously impossible designs without labor-intensive and complex assembly.

Portfolio, adidas North America, Digital, and One adidas

On top of focusing on Speed, Cities, and Open Source, along with our unique culture, we accelerated Creating the New with four priorities: Portfolio, adidas North America, Digital, and ONE adidas. We moved ahead with actively managing our brand portfolio and completed the divestiture of the TaylorMade, Adams Golf and Ashworth golf brands, as well as the CCM hockey business. In the meanwhile, the 'Muscle-Up' turnaround at Reebok is in full motion. In North America, the largest sporting goods market in the world, we grew our adidas brand business by over 30% and kept building capabilities and infrastructure. Our global e-commerce business was up more than 50%. Digital, however, means much more to us; gearing up for the future, we are driving digital transformation across the entire organization. Finally, we are pulling levers to improve our operational efficiency and to become a more agile and truly global company.


It is our obligation to operate responsibly. We have integrated sustainability in most aspects of our business, from product creation and supplier management to store concept development and facilities. Through our actions, we challenge and inspire everyone to contribute to a more sustainable future.

In 2017, we created more than one million pairs of shoes made with Parley Ocean Plastic, while 93% of all cotton we sourced globally was Better Cotton. Following our decision to go plastic-free at our offices, the changes we have implemented will avoid more than 40 tons of single-use plastic items per year.

Externally, our efforts continue to receive recognition, with adidas being listed in the Dow Jones Sustainability Indices for the 18th consecutive year, and being awarded the third re-accreditation of our social supply chain program by the Fair Labor Association.

What's more, this Annual Report marks the beginning of paper-free reporting - another testament to walking the talk in our daily business.

An Athlete's Mindset Turns To Performance

Competition is in our DNA. We are constantly reassessing our processes, thinking of ways to get faster, stronger, and more attractive for the consumer. In this spirit, we continued to break records in the way we operate and the value we bring to our stakeholders.

2017 financial results

In 2017, we achieved record sales of € 21.2 billion, reflecting currency-neutral growth of 16%. The adidas brand continued to grab share of mind and market around the globe, growing at double-digit rates in all regions except Russia/CIS.

Despite currency headwinds, our gross margin climbed 120 basis points to 50.4%. We increased our investments into our brands while strictly managing costs. As a result, we fed the gross margin improvement through to the operating margin, which expanded to a level of 9.8%. Our net income from continuing operations, excluding the negative one-time impact of the US tax reform, grew more than twice as fast as our top line, up 32% to € 1.430 billion.

2018 outlook

We will continue our momentum in 2018, with a bias for quality growth. We are targeting a currency-neutral sales increase of around 10% against difficult comparisons, given two consecutive years of strong double-digit growth.

By increasingly leveraging our scalable operating model, net income is expected to once again grow significantly faster than revenues, to a level of more than € 1.6 billion. This will not only keep us on track toward our 2020 financial ambition, but also allows us to raise the bar once more: We are now targeting even higher net income growth, between 22% and 24% on average per year, for our current strategic cycle from 2015 until 2020.

In Closing

Our mission is to be the best sports company in the world, but we are only as good as what our consumers, athletes, teams, partners, shareholders, and the media say about us. When all our stakeholders call us the best, market share, leadership, and profitability will follow.

This logic is reflected in our 2017 performance and 2018 outlook. Our strategy Creating the New paired with an athlete's mindset enables us to deliver sustainable value for our stakeholders, our employees, and for society at large - now and in the future.

We will consistently put Creating the New into practice. Our strategy might span only until 2020 but, like any athlete, we keep aiming for better. We play to win.

Thank you for your ongoing support.

Sincerely yours,

Kasper Rorsted

Kasper Rorsted


Executive Board

Eric Liedtke

Global Brands

Harm Ohlmeyer

Chief Financial Officer

Kasper Rorsted

Chief Executive Officer

Roland Auschel

Global Sales

Karen Parkin

Global Human Resources

Gil Steyaert

Global Operations

Click on the names to learn more about our Board Members.



Our Core Belief

Through Sport we have the power to change lives

Our Mission

To be the best sports
company in the world

Our strategy
for Creating
the new

Strategie Teil 1
Strategie Teil 2
Strategie Teil 3

Click on the visual to learn more about our strategy.


Accele ration

In March 2017, we introduced a number of initiatives to foster brand momentum and accelerate top- and bottom-line growth:

Portfolio adidas North America One adidas Digital

& Figures


Operating Highlights

(€ in Millions)

Operating Highlight
  1. Figures reflect continuing operations as a result of the divestiture of The Rockport, Taylormade, Adams Golf, Ashworth and CCM Hockey businesses.
  2. 2017 excluding negative one-time tax impact of € 76 Million.

Business Performance By

Market Segment1

  1. Combined Sales of the adidas and Reebok Brands.

Key Ratios

Key Ratios Key Ratios Key Ratios

Data Per Share (In €)

Operating Highlight Operating Highlight Operating Highlight Operating Highlight
  1. Figures reflect continuing operations as a result of the divestiture of The Rockport, Taylormade, Adams Golf, Ashworth and CCM Hockey businesses.
  2. 2017 excluding negative one-time tax impact of € 76 million.
  3. Subject to annual general meeting approval.

Net Sales by Brand

(€ in millions)

Net Sales By Brand Net Sales By Brand



Neutral Sales

Currency Neutral Sales

Gross Margin

Gross Margin

Operating Margin

Operating Margin

Net Income From

Continuing Operations1

Net Income From Continued Operations
  1. 2017 excluding negative one-time tax impact of € 76 million.


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