EquiLend Insights: 2026 FIFA World Cup

EquiLend Data & Insights identifies the biggest potential winners and losers of the 2026 FIFA World Cup, through the lens of the Securities Lending market

With the latest edition of the Men’s FIFA World Cup kicking off on June 11th, a multitude of companies and industries stand to benefit significantly from the world’s biggest sporting event coming to the U.S., Mexico and Canada. Below, EquiLend Data & Insights picks its squad of securities most likely to be affected by the World Cup boom, drawing on signals in the securities lending market, from elevated borrow quantities to shifts in short interest and cost of borrow, we identify the pre-tournament favorites, the potential underdogs, and a few names the market may be backing to stumble.

Sports Retailers: Nike and Adidas Lace Up for the World Cup Summer

The world’s two biggest sportswear giants both have skin in the game this summer, however they are arriving at the tournament in very different shape. Adidas, FIFA’s official partner, comes in off a solid Q1 only to stub its toe on a guidance cut, sending shares down 8% on tariff headwinds and currency drag. Nike enters mid-turnaround, weighed down by downgrades and margin pressure, with eyes firmly on a tournament it hopes will do some of the heavy lifting.

Investors have been circling both names:

Nike (NKE): EquiLend Borrow Quantity held ~60M shares through April–May, nearly double mid-March levels, before dropping over 40% since the start of the month, suggesting covers are arriving ahead of kick-off, a timely reprieve for a brand that could use one
Adidas (ADS GR): EquiLend Borrow Quantity spiked to 4.5M shares around the March 24 guidance cut and has since retreated to ~1M – the World Cup appearing to draw a line under a turbulent few months

Beverages: Cracking Open the World Cup Trade

Jefferies analysts estimate the 2026 World Cup will lift global beer sales by roughly a billion pints, and the market has a clear view on who’s pouring them. AB InBev (BUD), the tournament’s official beer partner, is the obvious beneficiary, with Budweiser’s global footprint and North American distribution network built for exactly this moment. Molson Coors (TAP) and Diageo (DEO / DGE LN) will ride the viewership surge too, but without the official partnership, EquiLend’s data tells a more complicated story.

EquiLend Borrow Quantity across the sector paints a picture of an industry that could use a summer boost:

AB InBev (BUD): EquiLend Borrow Quantity has collapsed from 5.5M shares last October to under 500K at the start of June, while the stock has climbed from ~$60 to over $80 making it the clearest bullish read in the sector
Diageo (DEO / DGE LN): In U.S.-listed DEO, EquiLend Borrow Quantity is up 1,800% year-on-year to 5.5M shares, pushing utilization above 98% in late-May; U.K.-listed DGE LN mirrors the picture with borrow quantity at ~115M shares, up by over 150% year-to-date and signaling heightened short interest for the struggling owners of Guinness
Molson Coors (TAP): EquiLend Borrow Quantity spiked 230% month-on-month to 34M shares on May 29 – a sharp move in borrow demand as a company without a seat at the official World Cup table

Travel Industry: From Iran Turbulence to World Cup Tailwind?

It’s been a bruising year for U.S. carriers. Soaring oil prices in the wake of the Iran conflict have hammered margins across the sector, with Delta (DAL), American Airlines (AAL) and Alaska Air (ALK) all feeling the turbulence. The 2026 World Cup, expected to draw nearly six million visitors across North American host cities, arrives at exactly the right moment, offering a surge in both international and domestic demand. Whether it proves a decisive assist or a consolation goal remains to be seen.

EquiLend’s data reflects just how severely the conflict has rattled the sector, though there are tentative signs of a turning tide:

American Airlines (AAL): EquiLend Predicted Short Interest – a machine learning-derived measure of current short exposure – hit a three-month high of 90M shares on June 4, more than double its pre-war level
Delta (DAL): Predicted Short Interest climbed 40% from the start of the war to 25.6M shares; EquiLend Borrow Quantity peaked at 36.5M on May 14 before showing signs of cooling and falling to 23M this week
Alaska Air (ALK): EquiLend Borrow Quantity nearly doubled from pre-war levels at 20M shares before easing back to ~16M shares, mirroring a pattern seen across the sector

As the summer schedule fills up, the World Cup may yet prove the catalyst that begins to unwind these elevated positions across the airline industry.

Tournament Wildcards: The World Cup’s Other Key Market Movers

Away from the key markets we’ve identified, several other names merit World Cup attention. StubHub (STUB) has found itself an unlikely beneficiary of FIFA’s eye-watering primary ticket prices, which have driven fans to the resale market in their droves – contentious, but potentially lucrative for beneficiaries like StubHub. Visa (V), the tournament’s Tier 1 Official Payment Technology Partner, arrives off its strongest quarterly revenue growth since 2022, with a CEO who has publicly flagged the World Cup as a key near-term catalyst. And DraftKings (DKNG), while without an official FIFA partnership, stands to benefit as U.S. appetite for ‘soccer’ wagering hits an all-time high.

The EquiLend data makes for an interesting read across all three:

StubHub (STUB): EquiLend Cost to Borrow has collapsed from ~3,000 bps in early March to near-GC rates today, with borrow quantity falling from 24M shares to ~2.5M over the same period – an emphatic bullish signal
Visa (V): EquiLend Borrow Quantity has retreated from 85M shares on May 12 to 56M in the last week, consistent with broader market conviction building around the stock
DraftKings (DKNG): The odd one out – the stock climbed from $20.72 to $26.33 as World Cup anticipation builds, yet EquiLend Predicted Short Interest has risen from 33M to 39M shares over the same period, leaving the market divided on whether the rally is justified or simply tournament hype

Into Extra Time: The World Cup’s Market Story Is Just Beginning

The 2026 FIFA World Cup is more than just a football tournament; it is a global economic event touching a huge range of different industries. As our data shows, the securities lending market has been pricing in both the winners and the losers long before a ball has been kicked, with short interest, borrow costs and utilization rates telling stories that traditional financial analysis alone cannot. Whether your portfolio is backing the favorites or eyeing the underdogs, the signals are already there for those with the right tools.

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