Nike (NKE) Q1 2026 Earnings
How Did NKE Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: +2.04%.
Did NKE Beat Earnings? Q1 2026 Results
Yes. Nike reported Q1 2026 earnings of $0.49 a share on Sep 30, 2025, beating the $0.27 consensus estimate by 84.5%. Revenue was $11.7B against a $11.0B estimate.
Nike delivered a notably strong earnings beat in fiscal first-quarter 2026, with GAAP diluted EPS of $0.49 clearing the $0.27 consensus estimate by 84.49%, even as net income fell 31% year-over-year amid significant margin pressure. Revenue of $11.72 billion edged up 1.1% from a year ago, topping the $10.99 billion consensus by 6.64%, though the headline growth masked real underlying strain: gross margin contracted 320 basis points to 42.2%, squeezed by heavier discounting, an unfavorable channel mix, and rising tariffs in North America. The strategic pivot toward wholesale was the quarter's clearest structural story, with that channel climbing 7% to $6.80 billion while Nike Direct slipped 4% to $4.50 billion, including a 12% decline in digital. CEO Elliott Hill, who has centered his turnaround agenda on North America, wholesale, and running under the "Win Now" framework, cautioned that recovery across geographies and channels will not be linear, a message that carries particular weight given persistent tariff headwinds and ongoing softness in Greater China, where revenues dropped 9% to $1.51 billion.
- Wholesale revenue growth of 7% on a reported basis offset NIKE Direct decline
- North America revenue grew 4% driven by the Win Now strategy
- Apparel revenue grew 9% and Equipment grew 4% for NIKE Brand
- Gross margin contracted 320 basis points to 42.2% due to higher discounts, channel mix, and North America tariffs
- NIKE Brand Digital declined 12%, dragging NIKE Direct results
- Greater China revenue declined 9% on a reported basis
- Converse declined 27% across all territories
“This quarter NIKE drove progress through our Win Now actions in our priority areas of North America, Wholesale, and Running. While we're getting wins under our belt, we still have work ahead to get all sports, geographies, and channels on a similar path as we manage a dynamic operating environment. I'm confident that we have the right focus in Win Now and that our new alignment in the Sport Offense will be the key to maximizing NIKE, Inc.'s complete portfolio over the long-term.”
Nike CEO, on the earnings call
What Was Nike's Outlook in Q1 2026?
Management indicated that progress will not be linear as different dimensions of the business recover on different timelines. The company is navigating several external headwinds including higher tariffs in North America while focusing on executing against factors within its control. The strategic focus remains on 'Win Now' priorities in North America, Wholesale, and Running, with the new 'Sport Offense' alignment expected to drive long-term portfolio maximization.
NKE YoY Financials
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $11.7B | $11.6B | +1.1% |
| Gross Profit | $4.9B | $5.3B | −6.0% |
| Operating Income | $927.0M | $1.2B | −23.3% |
| Net Income | $727.0M | $1.1B | −30.8% |
NKE Revenue by Segment
NKE Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.