ENDURANCE TAPEPUMQ3 rev €1.78B-5.0%GRMNQ3 rev $1.99B+12%ADSQ3 rev €7.25B+9%DECKQ2 FY27 rev $1.481B+3.5%HOKAQ2 FY27 $677.2M+6.8%DECKFY27 revenue guideCUTADSFY op. profit outlook~€2.5BHYROX2026/27 target2M+ athletesSTRAVAIPOFILED (CONF.)
ENDURONOMICSThe business of endurance sports
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The Split · daily

The Split

The day's endurance business news in a few lines, with our take.

Friday, Nov 6, 2026

Peloton revenue rose 2% to $559 million in fiscal Q1 2027 (July to September 2026), while paid connected fitness subscriptions fell 9% to 2.475 million. Our take: adjusted EBITDA jumped 42% to $168 million and free cash flow more than doubled to $143 million, so this is a smaller business that makes more money, and the full-year plan still has revenue down about 4%. Source: Peloton release (SEC filing).

Adidas runners won 9 of the 14 World Marathon Majors races in 2026. Our take: Boston was the only major without an Adidas winner, and the Adizero Adios Pro Evo 3 has made the podium the brand's best running ad as it fights for the one shoe aisle still growing. Adidas runners also took 21 of the 42 podium places, including both Berlin podiums. Sources: Endurance Sportswire, Sneaker Freaker.

The Vienna City Marathon sold out its 2027 race in September, seven months before race day, with a record 15,000 marathon entries. Our take: 39% of its marathon runners now travel from outside Austria, and the race is moving its runner data and email onto Let's Do This, the platform London and Copenhagen already use. Source: Vienna City Marathon release.

Nike becomes official brand partner of the San Antonio Marathon, which runs Dec 4 to 6. Our take: the race sold out in its first year with 18,544 runners and about $22 million of economic impact, and Nike is now putting its name on a second-year city marathon. Source: KSAT.

Thursday, Nov 5, 2026

Equinox lines up more than $1 billion in new financing and hires Anheuser-Busch chief Brendan Whitworth as CEO. Our take: Silver Lake, Related and Ares are putting fresh equity into 118 clubs and a pipeline of about 50 more, a bet that premium fitness still grows when budget gyms take the volume. Sources: Athletech News, SGB.

Norway's Aclima buys Sukkamestarit, Finland's largest sock maker, creating a group with about €50 million in sales and 186 staff. Our take: Sukkamestarit adds €7.4 million of sales and 1.8 million pairs a year, and owning the factory gives a wool brand control of supply when outdoor wholesale is tight. Sources: Sukkamestarit release, SGB.

The T100 Saudi Arabia race in Jeddah moves from November to April 16 to 17, 2027. Our take: that leaves Dubai (Nov 13 to 15) and the Qatar final (Dec 10 to 12) as the 2026 Gulf stops, and the PTO's Saudi push, backed by a September deal with investment vehicle Sela, now waits a season. Sources: T100, Endurance.biz.

UBS cuts Adidas to Sell with a €156 target, down from €160. Our take: UBS sees the Samba and Gazelle wave peaking and forecasts 4% sales growth in 2027 against a 7% consensus, with oil-based materials squeezing margins. Source: SGB.

Priority Bicycles opens a dealer program with 22 shops signed and margins from 28%. Our take: a direct-to-consumer bike brand now wants shop floors, with a 10-bike minimum order. Source: Bicycle Retailer.

Wednesday, Nov 4, 2026

Hyrox Malaysia drops Carlsberg as beer partner for its Dec 10 to 13 Kuala Lumpur race after the sports ministry refused a permit. Our take: the organiser's "we got this wrong" shows local sponsor rules now decide which brands reach the race floor, and Malaysian law puts fines of RM50,000 to RM500,000 on unlicensed events. Sources: Malay Mail, Scoop, Free Malaysia Today.

Bianchi enters court-protected restructuring with about €100 million of liabilities. Our take: after Ghost and Haibike, the bike glut has reached a 141-year-old premium name, and owner Grimaldi is paying for the rescue while lenders wait for a repayment plan. Sources: Bicycle Retailer, Escape Collective.

Whoop will sell in Ulta Beauty stores and on Ulta.com from March 2027, in front of Ulta's 47 million loyalty members. Our take: Whoop is selling its band as a wellness product, and a beauty chain reaches buyers who never walk into a running store. Source: Whoop release.

Tuesday, Nov 3, 2026

The NYC Marathon had 61,146 finishers, the first marathon ever above 60,000. Our take: three straight world records make scale the product New York sells, and the next question for sponsors is how much bigger the course can get. Source: NYRR release.

US running shoe sales rose 10% in Q3 (July to September) while total footwear was flat. Our take: running is the one shoe aisle still growing in dollars, which is why every brand is fighting for it. Source: Circana.

Bike Tree buys Haibike and Winora out of insolvency, keeping 87 of 187 jobs. Our take: the brands survive at less than half the headcount, and asset deals like this are how the bike glut gets cleared. Sources: MTB-News, pedelec-elektro-fahrrad.de.

Ghost Bikes will close after no buyer came forward; 53 staff were on the payroll. Our take: a 33-year-old German brand leaves as one pile of stock sold to a single dealer, so not every name in the bike bust gets rescued. Sources: velobiz.de, Endurance Sportswire.

Thule buys New Zealand bikepacking brand Aeroe; terms not disclosed. Our take: Thule keeps adding small accessory brands, two years after paying $327 million for Quad Lock. Sources: Bicycle Retailer, Endurance Sportswire.

Hyrox and Centr roll out Sled Blades, a swap-in sled part, across 125+ events in 30+ countries. Our take: a usage-based blade subscription for affiliated gyms turns race equipment into recurring revenue for Hyrox's equipment partner. Source: endurance.biz.

TCS-backed marathons drove $3.2 billion of economic impact for host cities in 2025, up 28%. Our take: sponsors now measure what they get in host-city spending, and charity money ($315 million, up 13%) helps sell the case. Source: Marathon Journal, on the Brand Finance Marathons 50 report.

Monday, Nov 2, 2026

Puma sales fell 6.3% in Q3, but inventory is down 24%. Our take: the cleanup is showing in the warehouse, yet €29.8 million of tariff refunds helped lift gross margin to 49.5%, and EBIT was still minus €11.4 million. Read the flash. Source: PUMA.

Brooks is up 12% through September, with EMEA up 24%. Our take: Berkshire's running brand has grown 13 straight quarters, but with no dollar figures, growth rates are all the market gets. Source: Brooks release.

Two big running reports land this month: On on Nov 10, Amer Sports on Nov 17. Our take: after Hoka slowed to 6.8%, these two tell us whether premium running is still growing fast. Sources: On, Amer Sports.