A sole structure for an article of footwear comprises a midsole including a polymeric bladder element enclosing a fluid-filled interior cavity, a first outsole component secured to a bottom and a side surface of the polymeric bladder element, and a second outsole component. The first outsole component includes a first base, and a wall integral with the first base. The second outsole component includes a second base secured to the first base, and a wall integral with the second base and secured to the outer surface of the wall of the first outsole component. The first base has a first portion with integral tread elements. The second base is secured to a second portion of the first base free of tread elements. A method of manufacturing includes thermoforming the bladder element and the first outsole component, and securing the second outsole component to the first outsole component.