NIKE (NKE) Company Report

Nike delivered 1% reported and flat currency-neutral revenue in Q2, driven by 8% wholesale growth offset by a 9% decline in Direct; EPS was $0.53.
By region, North America sales rose 9% (wholesale +24%), EMEA fell 1%, and Greater China dropped 16% on weakened store traffic and higher aged inventory.
Gross margin declined 300 bps to 40.6%, pressured by a 320 bps tariff headwind ($1.5 billion in annualized costs) partly offset to 120 bps through mitigation efforts.
CEO Elliott Hill is implementing Win Now Actions and a Sport Offense strategy, with all geographies now reporting directly to the CEO to accelerate execution, prioritizing a reset in China.
For Q3, Nike guides gross margin down 175–225 bps (including 315 bps from tariffs), with modest North America growth expected and China/Converse trends in line with Q2.

4 days ago

Transcript

Nike reports Q2 2026 results

NKE

Earnings

Guidance Update

Nike delivered 1% reported revenue growth and flat currency-neutral revenue in Q2, with gross margin down 300 bps to 40.6% and $0.53 EPS, as higher tariffs and Greater China inventory charges weighed on profitability.
North America drove performance with 9% revenue growth, 24% wholesale growth, and a 330 bps gross-margin decline despite a 520 bps tariff headwind, underscoring improving marketplace health and margin recovery.
Greater China remained challenged, with 16% revenue and 49% EBIT declines; Nike is reducing aged inventory, cutting promotions, and trimming spring/summer buys to restore brand premium.
Management’s Win Now Actions and new Sport Offense strategy are accelerating the performance business (led by Running) and diversifying the portfolio, with a target to return to double-digit EBIT margins over time.
Q3 guidance calls for a low-single-digit revenue decline, gross margins down 175–225 bps (positive ex-tariff), SG&A up low single digits, and a ~3-point FX tailwind.

4 days ago

Transcript

Nike reports Q2 fiscal 2026 results

NKE

Earnings

Guidance Update

Management Change

Overall revenue was up 1% on a reported basis—and flat on a currency-neutral basis—driven by an 8% increase in wholesale while Nike Direct declined 9%.
Gross margin contracted 300 bps to 40.6%, primarily due to higher product costs from new U.S. tariffs (a 320 bps headwind) and Greater China inventory obsolescence.
Regional results were mixed: North America revenue grew 9% (wholesale +24%, Digital -16%, stores -2%) , whereas Greater China revenue fell 16% (Direct -18%, wholesale -15%).
The “Sport Offense” strategy is gaining traction—Running grew over 20%—and Nike reorganized leadership with all geographies reporting to the CEO and appointed a new COO to drive operational efficiency.
Q3 guidance calls for revenues down low single digits and gross margins down 175–225 bps; excluding a 315 bps tariff impact, margins would expand.

4 days ago

Transcript

NIKE announces fiscal Q2 2026 results

NKE

Earnings

NIKE reported Q2 revenues of $12.4 billion, flat on a currency-neutral basis (up 1% reported).
Wholesale grew 8% to $7.5 billion, NIKE Direct declined 8% to $4.6 billion, and Converse fell 30% to $300 million.
Gross margin contracted by 300 bps to 40.6%.
Net income was $0.8 billion (−32%) and diluted EPS was $0.53 (−32%).

4 days ago

8-K

NIKE reports fiscal 2026 second quarter results

NKE

Earnings

Dividends

Revenues of $12.4 billion, up 1% on a reported basis and flat on a currency-neutral basis.
Wholesale revenues increased 8% to $7.5 billion, while NIKE Direct revenues fell 8% to $4.6 billion.
Gross margin declined 300 basis points to 40.6%, and net income decreased 32% to $792 million, yielding diluted EPS of $0.53.
Returned $598 million to shareholders through dividends, a 7% increase year-over-year.

4 days ago

Press Release

Nike restructures leadership, creates COO role

NKE

Management Change

Hiring

Nike appoints Venkatesh Alagirisamy as Chief Operating Officer, consolidating technology, supply chain, operations, manufacturing, and sustainability effective December 8, 2025.
The roles of Chief Technology Officer and Chief Commercial Officer are eliminated, leading to the departures of Muge Dogan and Craig Williams.
Four regional heads—Angela Dong, Carl Grebert, Tom Peddie, and Cathy Sparks—will now report directly to CEO Elliott Hill to enhance brand-to-geography alignment.
Global sales and Nike Direct will report to CFO Matt Friend to streamline management and operational focus.

Dec 2, 2025, 10:54 PM

Bloomberg

NIKE, Inc. announces senior leadership reorganization

NKE

Management Change

Executive Compensation

NIKE establishes a new EVP, Chief Operating Officer role reporting to CEO Elliott Hill and appoints Venkatesh Alagirisamy effective December 8, 2025 to lead Technology, Supply Chain, Planning, Operations, Manufacturing and Sustainability ** **.
The EVP, Chief Technology Officer role is eliminated and CTO Dr. Muge Dogan will depart the company .
The EVP, Chief Commercial Officer role is eliminated; Craig Williams will transition off the SLT December 5 and separate April 6, 2026 .
Senior leaders of NIKE’s four geographic regions join the SLT, and Global Sales & Nike Direct now report to CFO Matt Friend to better align marketplace strategy with corporate planning .
In his new role, Alagirisamy’s base salary increases to $1,025,000, target bonus to 120%, and target long-term incentive to $5,500,000, plus one-time equity awards on December 10, 2025 .

Dec 2, 2025, 9:18 PM

8-K

Nike outlines reinvention amid mixed analyst outlook

NKE

CEO Change

Revenue Acceleration/Inflection

Nike CEO Elliott Hill is leading a cautious turnaround after taking the helm in 2024 amid declining sales and stock weakness.
Board member Jorgen Knudstorp bought 16,150 shares worth $1 million on November 7, signaling confidence in the company’s strategy.
KeyBanc, RBC, Jefferies, JPMorgan and Williams Trading have upgraded Nike’s ratings and raised price targets, citing better inventory and innovation pipelines.
Jefferies added Nike to its Franchise Picks List with a $115 price target and forecasts EPS well above consensus by FY 2027.
Analysts still cite risks from tariffs, valuation and inventory management despite early signs of revenue recovery.

Nov 15, 2025, 5:12 PM

Barron's

Nike CEO outlines gradual turnaround amid digital slump

NKE

Demand Weakening

Guidance Update

CEO Elliott Hill warns of a gradual, non-linear recovery with several quarters of uneven results ahead as Nike shifts from its pandemic-era digital-first strategy to rebuild wholesale relationships and expand partnerships with Amazon and Aritzia.
In Q1 2026, reported revenues rose 1% while currency-neutral sales declined 1%; direct-to-consumer sales fell, wholesale grew, and net income and EPS dropped sharply due to margin pressures from discounting and $1.5 billion in estimated tariffs for the year.
The company is reorganizing its business by sport rather than customer category to better serve athlete needs and is pursuing new brand collaborations like SKIMS and strategic retail partnerships.
Regional performance disparities include a 9% decline in Greater China revenues (footwear down 11%), while North American apparel rose 11% and footwear remained flat, highlighting an uneven recovery across markets.

Oct 6, 2025, 3:01 PM

CNBC

Nike reports first revenue growth since 2024 amid $1.5B tariff headwind

NKE

Revenue Acceleration/Inflection

Guidance Update

Layoffs

Nike posted a 1% year-over-year increase in quarterly sales, its first revenue gain since early 2024, driven by North America strength and wholesale growth.
Wholesale revenue rose 7% to $6.8 billion, while direct-to-consumer sales fell 4% to $4.5 billion.
Despite higher sales, profit declined 31% due to excess inventory, tariff costs, and the drop in direct-to-consumer sales.
Nike raised its annual tariff cost forecast to $1.5 billion, expecting a 120 bps gross-margin hit in fiscal 2026.
The company will restructure into sports-based teams, reduce its workforce by 1%, and launch the NikeSKIMS line to expand its women’s apparel business.

Sep 30, 2025, 11:00 PM

Morningstar

Earnings Transcripts

Quarterly earnings call transcripts for NIKE.

Q2 2026

Dec 18, 2025

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Q1 2026

Sep 30, 2025

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Q4 2025

Jun 26, 2025

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View All Transcripts

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