Nike (NKE) Q4 2026 Earnings
Includes a $0.52 per share benefit related to the expected recovery of $986 million in IEEPA tariffs deemed probable in Q4
How Did NKE Stock React to Q4 2026 Earnings?
S&P 500 over the same 30 days: +1.60%.
Did NKE Beat Earnings? Q4 2026 Results
Yes. Nike reported Q4 2026 earnings of $0.72 a share on Jun 30, 2026, beating the $0.13 consensus estimate by 466.0%. Revenue was $11.0B against a $11.4B estimate.
Nike's fiscal fourth quarter of 2026 delivered a headline earnings number that flattered on the surface but required significant context to interpret: GAAP diluted EPS came in at $0.72, well ahead of the consensus estimate near $0.13, though the gap owes almost entirely to a one-time $0.52 per share benefit tied to the expected recovery of $986 million in IEEPA tariffs, following a U.S. Supreme Court ruling that those import levies were unauthorized. Strip away that windfall and the underlying picture was considerably thinner. Revenue of $10.97 billion fell 1.1% year over year and missed analyst expectations of $11.38 billion by 3.61%, with NIKE Direct declining 7% and Greater China dropping 12% partially offsetting a 3% gain in North America. Wholesale channels showed resilience, growing 4% to $6.60 billion, as Nike continues leaning into marketplace partnerships. Analysts have noted the 2026 FIFA World Cup as a potential demand catalyst ahead, but for now, the quarter's headline profit masked a top line that remains under pressure.
- IEEPA tariff recovery of $986 million boosted gross margin by approximately 900 basis points in Q4
- Wholesale revenues grew 4% driven by North America strength
- NIKE Direct revenues declined 7%, with NIKE Brand Digital down 12%
- Greater China revenues declined 12% on a reported basis
- Selling and administrative expense decreased 2% year-over-year
- Effective tax rate declined to 19.6% from 33.6% in the prior year quarter
“In fiscal 2026, we took decisive actions to strengthen the foundation of NIKE, Inc. and reposition our business for long-term growth. We made meaningful structural improvements to lay the groundwork for our Sport Offense across our team culture, innovative product, brand strength, and how we serve consumers in our countries and cities. While we continue to face top-line headwinds, we're encouraged by progress in performance product and are focused on consistent execution, improved profitability and scaling our wins to realize our full potential.”
Nike CEO, on the earnings call
NKE YoY Financials
| Metric | Q4 2026 | Q4 2025 | Year over year |
|---|---|---|---|
| Revenue | $11.0B | $11.1B | −1.1% |
| Gross Profit | $5.4B | $4.5B | +20.7% |
| Operating Income | $1.3B | $321.0M | +311.5% |
| Net Income | $1.1B | $211.0M | +406.6% |
NKE Revenue by Segment
NKE Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.