# Nike (NKE) Q4 FY2026 earnings

Results filed 2026-06-30 for the quarter ended 2026-05-31. Source page: https://earnings.opennash.com/companies/nke/2026-q4/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/320187/000032018726000076/0000320187-26-000076-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Fourth quarter revenue | $11.0 billion | down 1 percent on a reported basis and down 4 percent on a currency-neutral basis | GAAP |
| Full year revenue | $46.4 billion | flat on a reported basis and down 2 percent on a currency-neutral basis | GAAP |
| Fourth quarter net income | $1.1 billion | up 407 percent | GAAP |
| Fourth quarter diluted EPS | $0.72 | including a $0.52 benefit related to the expected recovery of the IEEPA tariffs | GAAP |
| Fourth quarter gross margin | 49.2 percent | increased 890 basis points | GAAP |
| Full year diluted EPS | $2.10 | a decrease of 3 percent | GAAP |

## Segments and operating metrics

| Name | 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 |  |

## Key takeaways

1. **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.
2. **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.
3. **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.
4. **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.
5. **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.

## 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.