NIKE, Inc. Earnings Recaps
Q1 2027
Oct 3, 2026
NIKE shares fell 3.6% after earnings, as steep declines in Greater China and Sportswear—and a mid-teens drop in Jordan—showed that growth in Performance is not yet enough to offset pressure elsewhere. Management also said inventory and marketplace cleanup will weigh on future order books, with benefits from its repositioning expected to take time.
Key takeaways
- Revenue was within the company’s guided range, and gross margin improved as expected; management said results were in line with expectations.
- NIKE Performance grew at a high-single-digit rate, but the business was not large enough to offset weakness in Sportswear, Jordan Brand and Greater China.
- Sportswear, just under half of quarterly revenue, declined at a low-double-digit rate. The planned near-50% reduction in Dunk revenue created an approximately $200 million headwind, alongside weaker sell-through of some older footwear.
- Jordan Brand revenue fell at a mid-teens rate and represented 13% of global business. NIKE plans to reduce the volume and frequency of selected Retro launches, with the biggest near-term impact expected in North America.
- Greater China revenue declined 26%. NIKE is narrowing its digital distribution and working with wholesale partners to address excess inventory, actions that management said will take time to deliver their full benefit.
Q4 2026
Jul 2, 2026
Nike's shares rose 3.8% following the quarter on strength in running and football segments, where product launches and market share gains notably outperformed expectations.
Key takeaways
- Nike Running delivered its fifth consecutive quarter of double-digit growth, adding approximately $1 billion to the business and gaining 5 points of running market share in Western Europe and North America.
- Nike Football leveraged a successful World Cup campaign with record sales of national team kits (2.5x the prior World Cup period) and a fastest-ever 24-hour Mercurial cleated footwear launch on Nike Direct.
- Wholesale revenue increased 4% for the fiscal year, driven by double-digit growth in North America and refreshed physical retail spaces globally.
- Nike Sportswear and Jordan Streetwear segments remain challenged, with sell-through issues and discounting impacting current sales and future orders, representing roughly half of revenue.
- Management outlined ongoing efforts to improve inventory management, planning accuracy, and margins while scaling growth initiatives beyond running into basketball, training, and ACG.
Q3 2026
Apr 1, 2026
Nike’s Q3 FY2026 demonstrated early signs of a strategic turnaround with accelerated progress in key sports and innovative product launches, though margin pressures remain due to deliberate inventory reductions.
Key takeaways
- Running segment surged over 20%, driven by a full offense strategy that improved product storytelling and assortments.
- Nike successfully relaunched the Tiempo football footwear and elevated global football presence ahead of the 2026 World Cup.
- Innovation platforms like NIKE MIND and Liquid Air Max gained strong market traction; production doubled for NIKE MIND to meet demand.
- Intentional inventory de-risking caused a ~5-point headwind to reported results but is improving marketplace health.
- Nike’s end-of-year goal includes completing “Win Now” actions, resulting in healthier inventory, more localized marketing, and a detailed long-term strategic update at Investor Day.