Nike (NKE) · Consumer Brands
Nike Q4 FY2026 earnings: summary, key numbers & outlook
Results filed 30 Jun 2026 · Quarter ended 31 May 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Fourth quarter revenues were $11.0 billion, down 1 percent on a reported basis and down 4 percent on a currency-neutral basis, with gross margin up 890 basis points to 49.2 percent and diluted earnings per share of $0.72.
Nike's fiscal fourth-quarter revenue was $11.0 billion, down 1 percent as reported and down 4 percent excluding currency. Wholesale grew 4 percent to $6.6 billion, while NIKE Direct fell 7 percent to $4.1 billion. Gross margin jumped to 49.2 percent, mostly because Nike booked an expected refund of IEEPA tariffs. Diluted EPS was $0.72, including a $0.52 benefit from that refund. Full-year revenue was $46.4 billion, flat as reported.
The release gives no numeric guidance for the next quarter or year. Management said it is focused on consistent execution and improved profitability, and that sell-through remains challenged. The main tension is that the quarter's profit surge came from a one-time tariff recovery rather than stronger sales. Greater China, EMEA, Converse and Direct are all still shrinking, and the tariff recovery depends on Nike actually receiving the refunds.
Key numbers
- Fourth quarter revenue · GAAP
- $11.0 billion
- Full year revenue · GAAP
- $46.4 billion
- Fourth quarter net income · GAAP
- $1.1 billion
- Fourth quarter diluted EPS · GAAP
- $0.72
- Fourth quarter gross margin · GAAP
- 49.2 percent
- Full year diluted EPS · GAAP
- $2.10
down 1 percent on a reported basis and down 4 percent on a currency-neutral basis
flat on a reported basis and down 2 percent on a currency-neutral basis
up 407 percent
including a $0.52 benefit related to the expected recovery of the IEEPA tariffs
increased 890 basis points
a decrease of 3 percent
| Segment or metric | Value | Change |
|---|---|---|
| Wholesale revenues | $6.6 billion | up 4 percent on a reported basis and up 1 percent on a currency-neutral basis |
| NIKE Direct revenues | $4.1 billion | down 7 percent on a reported basis and down 9 percent on a currency-neutral basis |
| Converse revenues | $244 million | down 32 percent on a reported basis and down 34 percent on a currency-neutral basis |
| IEEPA tariff recovery | $986 million |
Where each number comes from
- Fourth quarter revenue: “Fourth quarter revenues were $11.0 billion, down 1 percent on a reported basis and down 4 percent on a currency-neutral basis”
- Full year revenue: “Full year revenues were $46.4 billion, flat on a reported basis and down 2 percent on a currency-neutral basis”
- Fourth quarter net income: “Net income was $1.1 billion, up 407 percent, and Diluted earnings per share was $0.72, including a $0.52 benefit related to the expected recovery of the IEEPA tariffs.”
- Fourth quarter diluted EPS: “Net income was $1.1 billion, up 407 percent, and Diluted earnings per share was $0.72, including a $0.52 benefit related to the expected recovery of the IEEPA tariffs.”
- Fourth quarter gross margin: “Gross margin for the fourth quarter increased 890 basis points to 49.2 percent, including an approximately 900 basis point benefit due to the expected recovery of the International Emergency Economic Powers Act”
- Full year diluted EPS: “Net income was $3.1 billion, down 3 percent, and Diluted earnings per share was $2.10, a decrease of 3 percent.”
- Wholesale revenues: “Wholesale revenues were $6.6 billion, up 4 percent on a reported basis and up 1 percent on a currency-neutral basis, primarily due to growth in North America, partially offset by declines in Greater China.”
- NIKE Direct revenues: “NIKE Direct revenues were $4.1 billion, down 7 percent on a reported basis and down 9 percent on a currency-neutral basis, due to a 12 percent decrease in NIKE Brand Digital”
- Converse revenues: “Revenues for Converse were $244 million, down 32 percent on a reported basis and down 34 percent on a currency-neutral basis, due to declines across all territories.”
- IEEPA tariff recovery: “The expected recovery of the IEEPA tariffs of $986 million increased gross margin by approximately 900 basis points.”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q4 FY2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $11.0B | −1.1% | −2.7% |
| Net income | $1.1B | +406.6% | +105.6% |
| Free cash flow | $1.5B | +312.9% | +427.8% |
| Gross margin | 49.2% | +8.9 pts | +9.0 pts |
Calculated by code from XBRL, not by the model.
Key takeaways
Tariff recovery drove the profit surge
The expected recovery of the IEEPA tariffs of $986 million increased gross margin by approximately 900 basis points. Diluted EPS was $0.72, including a $0.52 benefit from that recovery.
Wholesale grew while NIKE Direct shrank
Wholesale revenues were $6.6 billion, up 4 percent on a reported basis. NIKE Direct revenues were $4.1 billion, down 7 percent, with NIKE Brand Digital down 12 percent.
Greater China remains the weakest region
Greater China revenue fell 17 percent on a currency-neutral basis in the quarter, and full-year Greater China revenue fell 13 percent. North America grew 3 percent currency-neutral.
Converse revenue continues to fall sharply
Converse revenues were $244 million, down 32 percent on a reported basis, with declines across all territories. Full-year Converse revenues were $1.2 billion, down 31 percent.
Full-year earnings dipped slightly despite flat revenue
Full-year revenues were $46.4 billion, flat as reported, while diluted EPS was $2.10, a decrease of 3 percent. Gross margin rose 20 basis points to 42.9 percent.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q2 FY25 | $12.4B |
| Q3 FY25 | $11.3B |
| Q4 FY25 | $11.1B * |
| Q1 FY26 | $11.7B |
| Q2 FY26 | $12.4B |
| Q3 FY26 | $11.3B |
| Q4 FY26 | $11.0B * |
| Q1 FY27 | $11.2B |
Data
| Q2 FY25 | $0.78 |
| Q3 FY25 | $0.54 |
| Q1 FY26 | $0.49 |
| Q2 FY26 | $0.53 |
| Q3 FY26 | $0.35 |
| Q1 FY27 | $0.48 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q2 FY25 | $920.0M |
| Q3 FY25 | $1.7B |
| Q4 FY25 | $363.0M |
| Q1 FY26 | $15.0M |
| Q2 FY26 | $386.0M |
| Q3 FY26 | $284.0M |
| Q4 FY26 | $1.5B |
| Q1 FY27 | -$64.0M |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were Nike's fourth quarter fiscal 2026 results?
Revenues were $11.0 billion, down 1 percent as reported and down 4 percent currency-neutral. Diluted EPS was $0.72 and net income was $1.1 billion, up 407 percent.
Why did Nike's gross margin jump to 49.2 percent?
Gross margin rose 890 basis points, primarily because of the expected recovery of IEEPA tariffs. That recovery of $986 million added approximately 900 basis points.
How did Nike's sales channels perform in the quarter?
Wholesale revenues were $6.6 billion, up 4 percent as reported. NIKE Direct was $4.1 billion, down 7 percent, with NIKE Brand Digital down 12 percent.
How did Nike do for the full fiscal 2026 year?
Revenues were $46.4 billion, flat as reported and down 2 percent currency-neutral. Net income was $3.1 billion, down 3 percent, and diluted EPS was $2.10.
How much cash did Nike return to shareholders in fiscal 2026?
Nike returned approximately $2.5 billion, including $2.4 billion of dividends and $123 million of share repurchases. About $609 million went out as dividends in the fourth quarter.
Documents
SEC filing