NIKE reported fiscal 2026 full-year revenues of $46.4 billion, essentially flat year-over-year, and fourth-quarter revenues of $11.0 billion. Gross margin expanded to 49.2% in the fourth quarter (including an expected $986 million IEEPA tariff recovery) and diluted earnings per share were $0.72 for the quarter. Full-year diluted EPS was $2.10 and net income for FY2026 was $3.1 billion.

Financial Highlights

  • Full-year revenues: $46.4 billion (flat on a reported basis; down 2% currency-neutral).
  • Fourth-quarter revenues: $11.0 billion (down 1% reported; down 4% currency-neutral).
  • Gross profit (Q4): $5,393 million; gross margin (Q4): 49.2% (includes ~900 bps benefit from expected IEEPA tariff recovery of $986 million).
  • Net income: Q4 $1,069 million; FY2026 $3,108 million.
  • Diluted earnings per share: Q4 $0.72 (includes $0.52 benefit from expected IEEPA tariff recovery); FY2026 $2.10.

Business Highlights

  • Channel mix: Wholesale grew in Q4 (wholesale revenues $6.6 billion, up 4% reported; up 1% currency-neutral) while NIKE Direct declined (Q4 NIKE Direct $4.1 billion, down 7% reported; down 9% currency-neutral) driven by a 12% decrease in NIKE Brand Digital and a 7% decrease in NIKE-owned stores.
  • Geographic performance: North America showed growth in the period, while Greater China and EMEA experienced declines contributing to overall NIKE Brand softness.
  • Converse performance: Converse revenues declined materially — Q4 $244 million (down 32% reported; down 34% currency-neutral) and FY revenues $1.174 billion (down 31% reported; down 32% currency-neutral).
  • Operational actions: Management cited structural improvements and repositioning efforts focused on product, brand strength, team culture and marketplace execution to drive future growth and improved profitability.
  • Shareholder returns: In FY2026 NIKE returned approximately $2.5 billion to shareholders, including $2.4 billion in dividends (up 5%) and $123 million in share repurchases (1.8 million shares retired under the Board-approved repurchase program).

Original SEC Filing:

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