Nike (NKE) Q4 2025 Earnings
Effective tax rate was 33.6% vs. 13.1% prior year due to decreased benefits from stock-based compensation and one-time items with outsized impact on tax rate because of lower pre-tax income. No material restructuring charges in Q4 FY2025, unlike prior year which included restructuring charges adding $0.03 per share.
How Did NKE Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: +3.18%.
Did NKE Beat Earnings? Q4 2025 Results
Yes. Nike reported Q4 2025 earnings of $0.14 a share on Jun 26, 2025, beating the $0.12 consensus estimate by 13.5%. Revenue was $11.1B against a $10.7B estimate.
Nike delivered a better-than-feared fiscal fourth quarter, with revenue of $11.10 billion and GAAP diluted EPS of $0.14 each clearing Wall Street's expectations, even as both figures underscored the depth of the brand's ongoing reset. Revenue beat the $10.72 billion consensus by 3.48%, while EPS topped the $0.12 estimate by 13.45%, though the headline numbers tell only part of the story: sales still fell 12% year over year, net income plunged 86% to $211 million, and gross margin contracted 440 basis points to 40.3% as heavy discounting and an unfavorable channel shift, most visible in a 26% collapse in digital revenues, took their toll. The GAAP results also absorbed a sharp tax-rate swing to 33.6% from 13.1% a year ago, amplified by lower pre-tax income and reduced stock-compensation benefits. CEO Elliott Hill called Q4 the peak financial impact of the company's "Win Now" transformation, and early product momentum, including the Vomero 18 running franchise reaching $100 million in sales within 90 days of launch, offered investors a tangible signal that a sport-led recovery may be taking shape.
- NIKE Brand Digital declined 26% in Q4, the steepest channel decline
- Higher discounts and channel mix changes drove 440 bps gross margin contraction
- Demand creation expense up 15% due to higher sports marketing and brand marketing
- Greater China was weakest geography with 21% revenue decline
- Effective tax rate increased to 33.6% from 13.1% due to lower pre-tax income and reduced stock-comp benefits
“While our financial results are in-line with our expectations, they are not where we want them to be. Moving forward, we expect our business to improve as a result of the progress we're making through our Win Now actions.”
Nike CEO, on the earnings call
What Was Nike's Outlook in Q4 2025?
Nike expects the financial headwinds from its Win Now actions to moderate from here, with Q4 representing the largest financial impact. The company is introducing a 'sport offense' realignment for the new fiscal year focused on driving distinction within key sports, building a complete product portfolio, creating stories to inspire consumers, and elevating and growing the entire marketplace. CFO Matthew Friend expressed confidence in navigating the current dynamic and uncertain environment by focusing on controllable factors and executing Win Now actions.
NKE YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $11.1B | $12.6B | −12.0% |
| Gross Profit | $4.5B | $5.6B | −20.7% |
| Operating Income | $321.0M | $1.5B | −79.2% |
| Net Income | $211.0M | $1.5B | −85.9% |
NKE Revenue by Segment
NKE Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.