Aim: In the present study, we have evaluated whether physical exercise affect low osteocalcin concentrations observed in patients with subclinical hypercortisolism. Subjects and methods: Sixteen patients (10 men and 6 women, age 38–55 yr) with adrenal incidentaloma were studied. Fifteen healthy volunteers matched for age (range 35–47 yr) were used as controls. Subjects were submitted to a 8-week exercise-training program with cycle-ergometer for 1 h/day 3–4 days/week at 60% of their individual VO2 max. Before and after this period, resting venous serum osteocalcin and GH concentrations were measured in the same batch. The blood sampling after 8 weeks of the training program were performed after resting for one day. All patients and controls underwent also the following endocrine evaluation: serum cortisol, plasma ACTH. Results: Our results demonstrate a significant increase of osteocalcin after physical exercise and a positive correlation between osteocalcin and GH. This later might suggest a role of GH in the increased osteocalcin secretion. Conclusions: The data of the present study suggest a positive effect of physical exercise on bone metabolism in patients with adrenal incidentaloma.