Q2 25 EPS
$0.78
BEAT +23.30%
Est. $0.63
Q2 25 Revenue
$12.35B
BEAT +2.01%
Est. $12.11B
vs S&P Since Q2 25
-67.3%
TRAILING MARKET
NKE -43.3% vs S&P +24.0%
Market Reaction
Did NKE Beat Earnings? Q2 2025 Results
Nike delivered a better-than-expected bottom line in fiscal Q2 2025, but the headline beat did little to obscure the depth of the turnaround challenge facing new CEO Elliott Hill. The company posted diluted EPS of $0.78, clearing the $0.63 consensus … Read more Nike delivered a better-than-expected bottom line in fiscal Q2 2025, but the headline beat did little to obscure the depth of the turnaround challenge facing new CEO Elliott Hill. The company posted diluted EPS of $0.78, clearing the $0.63 consensus estimate by 23.81%, yet that figure still represented a 24% decline from a year ago as net income tumbled 26% to $1.16 billion. Revenue of $12.35 billion fell 7.7% year over year, with broad weakness across every geography and channel; NIKE Direct was the sharpest drag, sliding 13% to $5.00 billion on the back of a steep 21% drop in digital sales. Gross margin contracted 100 basis points to 43.6%, squeezed by heavier discounting and unfavorable channel mix. Analysts have noted that the results, while above expectations, remain poor by Nike's historical standards and that increased discounting clouds the near-term profit outlook, suggesting the brand's repositioning under Hill, who is roughly 60 days into his tenure, will take time to bear fruit.
Key Takeaways
- • Higher discounts and unfavorable channel mix pressured gross margin by 100 basis points
- • NIKE Brand Digital revenues declined 21%, driving NIKE Direct weakness
- • Lower product input costs and warehousing/logistics costs partially offset margin pressure
- • Operating overhead decreased 5% due to lower wage-related and administrative costs
- • Equipment category grew 14%, a bright spot amid broad-based declines
- • Currency headwinds negatively impacted reported results by approximately 1 percentage point
NKE YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
NKE Revenue by Segment
With YoY comparisons, source: SEC Filings
NKE Revenue by Geography
With YoY comparisons, source: SEC Filings
“After an energizing 60 days of being back with my NIKE teammates, our clear priority is to return sport to the center of everything we do. We're taking immediate action to reposition our business, so we can get back to driving long-term shareholder value. Our team is ready to go, and I'm confident you will see more moments of NIKE being NIKE again.”
— Elliott Hill, Q2 2025 Earnings Press Release
NKE Earnings Trends
NKE vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NKE EPS Trend
Earnings per share: estimate vs actual
NKE Revenue Trend
Quarterly revenue: estimate vs actual
NKE Quarterly Results
7 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 26 BEAT | $0.28 | $0.35 | +24.25% | $11.28B | +0.44% |
| Q3 26 BEAT | $0.28 | $0.35 | +24.25% | $11.28B | +0.44% |
| Q2 26 BEAT | $0.37 | $0.53 | +41.90% | $12.43B | +1.79% |
| Q1 26 BEAT | $0.27 | $0.49 | +84.49% | $11.72B | +6.64% |
| Q4 25 BEAT FY | $0.12 | $0.14 | +13.45% | $11.10B | +3.48% |
| FY Full Year | $2.15 | $2.16 | +0.47% | $46.31B | +0.86% |
| Q3 25 BEAT | $0.28 | $0.54 | +94.88% | $11.27B | +2.13% |
| Q2 25 BEAT | $0.63 | $0.78 | +23.30% | $12.35B | +2.01% |