Q3 25 EPS
$0.54
BEAT +94.88%
Est. $0.28
Q3 25 Revenue
$11.27B
BEAT +2.13%
Est. $11.03B
vs S&P Since Q3 25
-67.1%
TRAILING MARKET
NKE -37.1% vs S&P +30.0%
Market Reaction
Did NKE Beat Earnings? Q3 2025 Results
Nike delivered a sharper-than-expected profit recovery in fiscal Q3 2025, even as the broader turnaround story remains a work in progress. The sportswear giant posted diluted EPS of $0.54, well ahead of the $0.28 consensus estimate, a 92.86% beat dri… Read more Nike delivered a sharper-than-expected profit recovery in fiscal Q3 2025, even as the broader turnaround story remains a work in progress. The sportswear giant posted diluted EPS of $0.54, well ahead of the $0.28 consensus estimate, a 92.86% beat driven in meaningful part by a one-time non-cash deferred tax benefit that pulled the effective tax rate down to just 5.9% from 16.5% a year ago. Revenue came in at $11.27 billion, down 9% on a reported basis, with weakness spanning all geographies and channels; Greater China was the hardest-hit region, with revenues tumbling 17% to $1.73 billion and EBIT plunging 42%. Gross margin contracted 330 basis points to 41.5%, pressured by higher discounts, elevated inventory obsolescence reserves, and unfavorable channel mix. Analysts have trimmed price targets in response to the persistent top-line softness, reflecting skepticism about the near-term pace of recovery. CEO Elliott Hill reaffirmed the second-half outlook, pointing to renewed investment in sport storytelling and performance product innovation as the foundation for rebuilding brand momentum.
Key Takeaways
- • Revenue declines across all geographies and channels
- • Gross margin compression of 330 basis points due to higher discounts, inventory obsolescence reserves, higher product costs, and channel mix changes
- • NIKE Brand Digital revenue declined 15%
- • One-time non-cash deferred tax benefit from finalized US tax regulations on foreign currency gains and losses reduced effective tax rate to 5.9%
- • Operating overhead decreased 13% partly due to absence of prior-year restructuring charges of $340 million
- • Demand creation expense increased 8% reflecting higher brand marketing investment
NKE YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
NKE Revenue by Segment
With YoY comparisons, source: SEC Filings
NKE Revenue by Geography
With YoY comparisons, source: SEC Filings
“The progress we made against the 'Win Now' strategic priorities we committed to 90 days ago reinforces my confidence that we are on the right path.”
— Elliott Hill, Q3 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% |