An article of footwear can include a midsole with a lower surface having a first recessed portion and an outsole coupled to the lower surface of the midsole, with the outsole having an upper surface with a second recessed portion. A first bladder element and a second bladder element can be provided in a stacked arrangement between the midsole and outsole, with an upper portion of the first bladder element that contacts the lower surface of the midsole and extends at least partially into the first recessed portion and a lower portion of the second bladder element that contacts the upper surface of the outsole and extends at least partially into the second recessed portion.