Adidas dividend: cash coverage and history
MyStockButler's October 2026 analysis: Adidas pays dividends per share, but its cash coverage has varied. In 2025, Adidas's free cash flow was negative €475 million, versus positive €1.6 billion in 2024.
How much does Adidas pay in dividends per share?
Base dividends rise from €3.80 to €4.80 per share. The forecast applies roughly the recent 38% payout to rising earnings. The bear case falls from €2.80 to €1.50 because negative free cash flow and inventory pressure could constrain distributions. The bull case reaches €6.00 as stronger cash conversion supports the same payout discipline.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 24,811 | 23,683 | 21,427 | 22,511 | 21,234 |
| Operating income | 2,056 | 1,337 | 268 | 669 | 1,986 |
| EPS, diluted | 7.46 | 4.24 | -0.67 | 1.25 | 7.47 |
| Dividend per share | 2.80 | 2.00 | 0.70 | 0.70 | 3.30 |
What this means. The sales and profit figures exclude Reebok because it is no longer part of the continuing business, so they do not show the company's full historical results.
Does Adidas's cash cover its dividend?
Free cash flow goes beyond operating cash. The calculation used here deducts purchases of property, plant and equipment, lease payments, and interest paid; it excludes purchases of intangible assets. On that basis, free cash flow was negative €475 million in 2025, compared with positive €1.6 billion in 2024. A more conservative version also deducts stock-based pay and reached negative €558.6 million. That is an analytical adjustment, not a separately audited cash-flow line.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | -475 | 1,618 | 1,421 | -1,669 | 1,696 |
| − Dividends paid | 357 | 125 | 125 | 610 | 585 |
| − Share buybacks | 0 | 0 | 0 | 2,500 | 1,000 |
| = Free cash flow not paid out | 1,453 | 1,263 | 111 | ||
| Paid to shareholders | 357 | 125 | 125 | 3,110 | 1,585 |
What this means. The company's own net debt is higher because it also counts leases, pensions, and factoring borrowings, while leaving out cash it cannot freely use.
What could change Adidas's dividend?
The view would move toward the bear case if sales growth and margins slow after the 2026 World Cup, especially during 2027–2029. Rising retailer inventory, weaker sell-through and higher markdowns would pressure revenue and free cash flow.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 1,960 (1,554 / 2,100) | 2,205 (1,546 / 2,480) | 2,447 (1,562 / 2,864) |
| Dividends per share | 3.80 (2.80 / 4.00) | 4.30 (2.00 / 5.00) | 4.80 (1.50 / 6.00) |
| Price to earnings | 18.00 (12.00 / 22.00) | 18.00 (11.00 / 23.00) | 17.00 (10.00 / 24.00) |
What is Adidas's dividend yield today against its share price?
The price-to-earnings ratio, or P/E, says how much investors pay for each euro of annual profit attributable to one share. A trailing P/E uses the past twelve months; a forward P/E uses an estimate of the next twelve. The forward multiple implies roughly €11.70 of expected earnings per share, and its inverse is an earnings yield of about 6.9%. That is an accounting comparison, not a promised cash return.