Bjørn Gulden has informed shareholders that Adidas expects to recover around €300 million. The refund would relate to tariffs collected in the United States under regulations that were later challenged by American courts. Although the money has not yet been received by the company, the CEO’s remarks suggest that Adidas sees this scenario as highly realistic.
For Adidas, the issue is particularly important because U.S. tariff policy was one of the factors weighing on the company’s financial outlook for this year. In March, the company warned that the combined impact of tariffs and unfavorable currency movements could reduce its 2026 profit by around €400 million. A refund of €300 million would therefore offset a large part of the previously indicated negative impact.
The key development was the U.S. Supreme Court’s decision of February 20, 2026. The Court ruled that the IEEPA does not give the president the authority to impose tariffs. In an opinion written by Chief Justice John Roberts, the Court stated that the power to “regulate” imports is not equivalent to the power to tax them.
That ruling opened the way for refunds to importers that had previously paid customs duties under the challenged tariffs. On March 4, the United States Court of International Trade then ruled that importers of record have the right to benefit from the Supreme Court’s decision. At the same time, U.S. Customs and Border Protection was ordered to handle the refund process.
A potential tariff refund could improve Adidas’s financial picture in 2026. The company reported strong results for the first quarter. Currency-neutral revenue rose by 14 percent to €6.6 billion, while operating profit reached €705 million. Against this backdrop, a possible €300 million refund would provide additional, clearly visible support for profitability.
It should be stressed, however, that Adidas has not yet booked this amount. Investors must therefore treat it as a potential positive factor rather than a confirmed part of the company’s financial result. Even so, the information may improve sentiment around the company, especially after an earlier decline in its share price following the publication of a more cautious full-year operating profit forecast.
The Adidas case is not isolated. According to available information, more than 2,000 lawsuits concerning tariff refunds collected under the IEEPA have already been filed with the Court of International Trade. The U.S. customs authority has proposed an automated refund process through the Automated Customs Environment platform, but there have also been signals that the government sought to delay payments.
This does not mean that all issues have been resolved. The refund process in the United States may take time, and the final payment schedule remains uncertain. For Adidas, the key issue will therefore be not only recovering the money, but also maintaining sales growth, controlling costs and further strengthening the brand in its most important markets.
The potential tariff refund is an important source of support, but the company’s future will still depend on its ability to manage global trade risks, currency pressures and changing consumer demand.
