Investor Contact: Media Contact:
Investor Contact: Media Contact: Paul Trussell Sandra Carreon-John investor.relations@nike.… media.relations@nike.com
• Announces Pace, an operating model transformation to scale the success of the Sport Offense
— NIKE, Inc. (NYSE:NKE) today reported fiscal 2027 financial results for its first quarter ended August 31, 2026.
"The Sport Offense is driving measurable progress across our performance business, and we introduced Pace to help us accelerate and scale that momentum across NIKE," said Elliott Hill, President and Chief Executive Officer, NIKE, Inc. "We have more work to do in NIKE Sportswear, Jordan Brand and Greater China, and we're taking deliberate actions to strengthen those businesses the right way for the long-term."
"We delivered first quarter results consistent with our expectations, supported by improved gross margin and disciplined cost management," said Dave Denton, Executive Vice President and Chief Financial Officer, NIKE, Inc. "As we move forward, we remain focused on strengthening the health of our product portfolio, improving productivity across the enterprise and allocating resources with discipline to support long-term shareholder value."
• First quarter revenues were $11.2 billion, down 4 percent on a reported basis and down 5 percent on a currency-neutral basis*
for NIKE, Inc. were $11.2 billion, down 4 percent on a reported basis and down 5 percent on a currency-neutral basis.
◦ NIKE Brand revenues were $11.0 billion, down 4 percent on a reported and currency-neutral basis, primarily due to declines in Greater China and EMEA, partially offset by growth in North America.
◦ NIKE Brand wholesale revenues were $6.8 billion, down 1 percent on a reported and currency-neutral basis, primarily due to declines in Greater China, partially offset by growth in North America.
◦ NIKE Direct revenues were $4.1 billion, down 8 percent on a reported basis and down 9 percent on a currency-neutral basis, due to a 13 percent decrease in NIKE Brand Digital and a 5 percent decrease in NIKE-owned stores.
◦ Revenues for Converse were $263 million, down 28 percent on a reported and currency-neutral basis, due to declines across all territories.
expanded 60 basis points to 42.8 percent, primarily due to lower warehousing and logistics costs.
◦ Demand creation expense was $1.3 billion, up 5 percent, primarily due to higher brand marketing expense, reflecting higher investment in key sports events.
◦ Operating overhead expense was $2.7 billion, down 6 percent, primarily due to lower wage-related expense and lower other administrative costs.
was 22.7 percent compared to 21.1 percent for the same period last year, primarily due to foreign tax audit settlements recognized in the current year.
for NIKE, Inc. were $7.8 billion, down 3 percent, primarily reflecting shifts in product mix.
were $8.4 billion, down approximately $0.2 billion, as cash generated by operations was more than offset by cash dividends and capital expenditures.
NIKE has a strong track record of returns to shareholders. In the first quarter, the Company returned approximately $610 million to shareholders through dividends, up 3 percent from the prior year.
Pace is an operating model transformation to accelerate and scale the success of the Sport Offense. The program includes and builds upon the previous cost realignment plan announced in March 2026. Pace includes efforts to modernize NIKE's global supply chain, the establishment of a new campus in India to fuel its enterprise capabilities, a realignment to three geographies, and further streamlining of the organization to reduce costs.
NIKE expects Pace to deliver approximately $2.5 billion in cumulative savings through fiscal 2031, with approximately $1.0 billion of pre-tax charges, primarily consisting of employee-related costs, through fiscal 2031, in addition to approximately $0.3 billion of severance costs recognized in fiscal 2026. NIKE expects approximately $0.3 billion to be recognized in fiscal 2027.
The savings estimate is stated before the expected pre-tax charges described above and any future reinvestment. The expected savings, pre-tax charges and future cash expenditures are estimates and are subject to a number of assumptions, including local law requirements in various jurisdictions. Actual savings, charges and cash expenditures may differ, possibly materially, from these estimates.
for fiscal 2027 is expected to be in the mid-20 percent range, subject to changes in earnings mix and discrete tax items.
is expected to be in the range of $1.15 to $1.35, which excludes approximately $0.15 of restructuring expenses related to Pace for fiscal 2027.
NIKE, Inc. management will host a conference call beginning at approximately 2:00 p.m. PT on October 1, 2026, to review fiscal first quarter results. The conference call will be broadcast live via the Internet and can be accessed at http://investors.nike.com. For those unable to listen to the live broadcast, an archived version will be available at the same location through approximately 9:00 p.m. PT, October 29, 2026.
NIKE, Inc., based near Beaverton, Oregon, is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Converse, a wholly-owned NIKE, Inc. subsidiary brand, designs, markets and distributes athletic lifestyle footwear, apparel and accessories. For more information, NIKE, Inc.'s earnings releases and other financial information are available on the Internet at http://investors.nike.com. Individuals can also visit http://news.nike.com and follow @NIKE.
This press release contains forward-looking statements regarding our expectations of our future results and our strategy, including our fiscal 2027 outlook and the program, which involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among others, the risk that NIKE is not able to realize anticipated cost savings in the amounts or within the timeframes expected, or at all, risks related to the preliminary nature of the estimates of the charges to be incurred and future cash expenditures to be made in connection with the program and the possibility that those estimates may change in amount or timing as NIKE refines the estimates over time, risks related to any delays in the timing for implementing the program, including as a result of local law requirements, or potential disruptions to NIKE's business, operations or workforce as it executes on the program, and other factors that may cause NIKE to be unable to achieve the expected benefits of the program, as well as the risks and uncertainties detailed from time to time in reports filed by NIKE with the U.S. Securities and Exchange Commission (SEC), including Forms 8-K, 10-Q and 10-K.
* Non-GAAP financial measure. See additional information in the accompanying Divisional Revenues and Channel Revenues tables. Adjusted Diluted earnings per share isDiluted earnings per share excluding restructuring and severance charges, which is a non-GAAP financial measure. The most comparable GAAP measure is Diluted earnings per share. The Company uses Adjusted Diluted earnings per share to facilitate the evaluation of the Company's performance. The ** Company believes that providing Adjusted Diluted earnings per share is useful to investors for comparability between periods and allows investors to evaluate the impacts of restructuring and severance charges separately. This measure should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies.
NIKE, Inc. CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in millions) ASSETS Current assets: 8/31/2026 8/31/2025 % Change ────────────────────────────────────────────────────────────────────────────── Cash and $ 6,903 $ 7,024 -2 % equivalents Short-term 1,465 1,551 -6 % investments Accounts receivable, 5,242 4,962 6 % net Inventories 7,846 8,114 -3 % Prepaid expenses and 2,217 2,247 -1 % other current assets Total current 23,673 23,898 -1 % assets Property, plant and 4,887 4,861 1 % equipment, net Operating lease 2,947 2,727 8 % right-of-use assets, net Identifiable intangible 259 259 0 % assets, net Goodwill 240 240 0 % Deferred income taxes 5,788 5,349 8 % and other assets TOTAL ASSETS $ 37,794 $ 37,334 1 % LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of $ 2,000 $ — 100 % long-term debt Accounts 3,420 3,772 -9 % payable Current portion of operating 473 506 -7 % lease liabilities Accrued 5,338 5,927 -10 % liabilities Income taxes 178 706 -75 % payable Total current 11,409 10,911 5 % liabilities Long-term debt 5,893 7,996 -26 % Operating lease 2,706 2,555 6 % liabilities Deferred income taxes 2,566 2,404 7 % and other liabilities Redeemable preferred — — — stock Shareholders' 15,220 13,468 13 % equity TOTAL LIABILITIES AND $ 37,794 $ 37,334 1 % SHAREHOLDERS' EQUITY
NIKE, Inc. CHAN… REVE… (Una… (Dol… % in THREE Change mill… MONTHS Exclu… North ENDED % Curre… Amer… 8/31/… 8/31/2… Change Chang… ────────────────────────────────────────────────────────────────────────────── Sales to $ 2,981 $ 2,736 9 % 9 % Whol… Cust… Sales thro… 2,146 2,284 -6 % -6 % NIKE Dire… Total 5,127 5,020 2 % 2 % Euro… Midd… East & Afri… Sales to 2,233 2,261 -1 % -1 % Whol… Cust… Sales thro… 943 1,070 -12 % -12 % NIKE Dire… Total 3,176 3,331 -5 % -5 % Grea… China Sales to 644 893 -28 % -31 % Whol… Cust… Sales thro… 536 619 -13 % -18 % NIKE Dire… Total 1,180 1,512 -22 % -26 % Asia Paci… & Latin Amer… Sales to 946 949 0 % 2 % Whol… Cust… Sales thro… 517 541 -4 % -3 % NIKE Dire… Total 1,463 1,490 -2 % 0 % Glob… Brand 6 9 — — Divi… TOTAL NIKE 10,952 11,362 -4 % -4 % BRAND Conv… 263 366 -28 % -28 % Corp… -2 -8 — — TOTAL NIKE, $ 11,213 $ 11,720 -4 % -5 % INC. REVE… NIKE Brand Reve… by: Sales to $ 6,804 $ 6,839 -1 % -1 % Whol… Cust… Sales thro… 4,142 4,514 -8 % -9 % NIKE Dire… Glob… Brand 6 9 — — Divi… TOTAL NIKE $ 10,952 $ 11,362 -4 % -4 % BRAND REVE… 1The perc… chan… has been calc… using actu… exch… rates in use duri… the comp… prior year peri… and is prov… to enha… the visi… of the unde… busi… tren… by excl… the impa… of tran… aris… from fore… curr… exch… rate fluc… which is cons… a non-… fina… meas… Mana… uses this non-… fina… meas… when eval… the Comp… perf… incl… when maki… fina… and oper… deci… Addi… mana… beli… this non-… fina… meas… prov… inve… with addi… fina… info… that shou… be cons… when asse… the Comp… unde… busi… perf… and tren… Refe… to this meas… shou… not be cons… in isol… or as a subs… for other fina… meas… calc… and pres… in acco… with U.S. GAAP and may not be comp… to simi… titl… non-… meas… used by other comp… 2Glo… Brand Divi… reve… incl… NIKE Brand lice… and other misc… reve… that are not part of a geog… oper… segm… 3Cor… reve… prim… cons… of fore… curr… gains and loss… rela… to reve… gene… by enti… with… the NIKE Brand geog… oper… segm… and Conv… but mana… thro… the Comp… cent… fore… exch… risk mana… prog…
NIKE, Inc. EARNINGS BEFORE INTEREST AND TAXES ("EBIT")1 (Unaudited) THREE MONTHS (Dollars in ENDED % millions) 8/31/2026 8/31/2025 Change ────────────────────────────────────────────────────────────────────────────── North $ 1,170 $ 1,134 3 % America Europe, Middle East 728 735 -1 % & Africa Greater 248 377 -34 % China Asia Pacific & 324 350 -7 % Latin America Global Brand -1,110 -1,192 7 % Divisions2 TOTAL NIKE 1,360 1,404 -3 % BRAND EBIT1 Converse 25 39 -36 % Corporate3 -478 -539 11 % TOTAL NIKE, 907 904 0 % INC. EBIT1 Interest (income) -14 -18 — expense, net Income tax 209 195 7 % expense NET INCOME $ 712 $ 727 -2 % Total NIKE, Inc. $ 11,213 $ 11,720 -4 % Revenues Net income 6.3 % 6.2 % margin EBIT 8.1 % 7.7 % margin1 1Total NIKE Brand EBIT, Total NIKE, Inc. EBIT and EBIT margin are considered non-GAAP financial measures. EBIT is calculated as Net income before Interest (income) expense, net and Income tax expense. EBIT margin is calculated as total NIKE, Inc. EBIT divided by total NIKE, Inc. Revenues. References to EBIT and EBIT margin should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies. Management uses these non-GAAP financial measures when evaluating the Company's performanc… including segment performanc… when making financial and operating decisions. Additional… management believes these non-GAAP financial measures provide investors with additional financial information that should be considered when assessing the Company's underlying business performance and trends. 2Global Brand Divisions primarily represents costs, including product creation and design expenses, that are centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology. Global Brand Divisions revenues include NIKE Brand licensing and other miscellane… revenues that are not part of a geographic operating segment. 3Corporate consists primarily of unallocated general and administra… expenses, including expenses associated with centrally managed department… depreciati… and amortizati… related to the Company's corporate headquarte… unallocated insurance; benefit and compensati… programs, including stock-based compensati… and certain foreign currency gains and losses, including certain hedge gains and losses.
Full text with the tables
Investor Contact: Media Contact:
Paul Trussell Sandra Carreon-John
investor.relations@nike.… media.relations@nike.com
NIKE, INC. REPORTS FISCAL 2027 FIRST QUARTER RESULTS
• Sport Offense continued to drive momentum across priority sports
• Taking actions to reposition NIKE Sportswear, Jordan Brand, and Greater China
• Announces Pace, an operating model transformation to scale the success of the
Sport Offense
BEAVERTON, Ore., Oct. 1, 2026
— NIKE, Inc. (NYSE:NKE) today reported fiscal 2027 financial results for its
first quarter ended August 31, 2026.
Executive Commentary
"The Sport Offense is driving measurable progress across our performance
business, and we introduced Pace to help us accelerate and scale that momentum
across NIKE," said Elliott Hill, President and Chief Executive Officer, NIKE,
Inc. "We have more work to do in NIKE Sportswear, Jordan Brand and Greater
China, and we're taking deliberate actions to strengthen those businesses the
right way for the long-term."
"We delivered first quarter results consistent with our expectations, supported
by improved gross margin and disciplined cost management," said Dave Denton,
Executive Vice President and Chief Financial Officer, NIKE, Inc. "As we move
forward, we remain focused on strengthening the health of our product portfolio,
improving productivity across the enterprise and allocating resources with
discipline to support long-term shareholder value."
Overall Results
• First quarter revenues were $11.2 billion, down 4 percent on a reported basis
and down 5 percent on a currency-neutral basis*
• Gross margin expanded 60 basis points to 42.8 percent
• Selling and administrative expense decreased 3 percent to $3.9 billion
• Diluted earnings per share was $0.48
First Quarter Income Statement Review
•
Revenues
for NIKE, Inc. were $11.2 billion, down 4 percent on a reported basis and down 5
percent on a currency-neutral basis.
◦ NIKE Brand revenues were $11.0 billion, down 4 percent on a reported and
currency-neutral basis, primarily due to declines in Greater China and EMEA,
partially offset by growth in North America.
◦ NIKE Brand wholesale revenues were $6.8 billion, down 1 percent on a reported
and currency-neutral basis, primarily due to declines in Greater China,
partially offset by growth in North America.
◦ NIKE Direct revenues were $4.1 billion, down 8 percent on a reported basis and
down 9 percent on a currency-neutral basis, due to a 13 percent decrease in NIKE
Brand Digital and a 5 percent decrease in NIKE-owned stores.
◦ Revenues for Converse were $263 million, down 28 percent on a reported and
currency-neutral basis, due to declines across all territories.
•
Gross margin
expanded 60 basis points to 42.8 percent, primarily due to lower warehousing and
logistics costs.
•
Selling and administrative expense
decreased 3 percent to $3.9 billion.
◦ Demand creation expense was $1.3 billion, up 5 percent, primarily due to
higher brand marketing expense, reflecting higher investment in key sports
events.
◦ Operating overhead expense was $2.7 billion, down 6 percent, primarily due to
lower wage-related expense and lower other administrative costs.
• The
effective tax rate
was 22.7 percent compared to 21.1 percent for the same period last year,
primarily due to foreign tax audit settlements recognized in the current year.
•
Net income
was $0.7 billion, down 2 percent, and
Diluted earnings per share
was $0.48.
August 31, 2026 Balance Sheet Review
•
Inventories
for NIKE, Inc. were $7.8 billion, down 3 percent, primarily reflecting shifts in
product mix.
•
Cash and equivalents and Short-term investments
were $8.4 billion, down approximately $0.2 billion, as cash generated by
operations was more than offset by cash dividends and capital expenditures.
Shareholder Returns
NIKE has a strong track record of returns to shareholders. In the first quarter,
the Company returned approximately $610 million to shareholders through
dividends, up 3 percent from the prior year.
Recent Developments
Pace is an operating model transformation to accelerate and scale the success of
the Sport Offense. The program includes and builds upon the previous cost
realignment plan announced in March 2026. Pace includes efforts to modernize
NIKE's global supply chain, the establishment of a new campus in India to fuel
its enterprise capabilities, a realignment to three geographies, and further
streamlining of the organization to reduce costs.
NIKE expects Pace to deliver approximately $2.5 billion in cumulative savings
through fiscal 2031, with approximately $1.0 billion of pre-tax charges,
primarily consisting of employee-related costs, through fiscal 2031, in addition
to approximately $0.3 billion of severance costs recognized in fiscal 2026. NIKE
expects approximately $0.3 billion to be recognized in fiscal 2027.
The savings estimate is stated before the expected pre-tax charges described
above and any future reinvestment. The expected savings, pre-tax charges and
future cash expenditures are estimates and are subject to a number of
assumptions, including local law requirements in various jurisdictions. Actual
savings, charges and cash expenditures may differ, possibly materially, from
these estimates.
Outlook
•
Revenues
are expected to decline high-single digits in fiscal 2027 .
•
Effective tax rate
for fiscal 2027 is expected to be in the mid-20 percent range, subject to
changes in earnings mix and discrete tax items.
•
Adjusted Diluted earnings per share**
is expected to be in the range of $1.15 to $1.35, which excludes approximately
$0.15 of restructuring expenses related to Pace for fiscal 2027.
Conference Call
NIKE, Inc. management will host a conference call beginning at approximately
2:00 p.m. PT on October 1, 2026, to review fiscal first quarter results. The
conference call will be broadcast live via the Internet and can be accessed at
http://investors.nike.com. For those unable to listen to the live broadcast, an
archived version will be available at the same location through approximately
9:00 p.m. PT, October 29, 2026.
About NIKE, Inc.
NIKE, Inc., based near Beaverton, Oregon, is the world's leading designer,
marketer and distributor of authentic athletic footwear, apparel, equipment and
accessories for a wide variety of sports and fitness activities. Converse, a
wholly-owned NIKE, Inc. subsidiary brand, designs, markets and distributes
athletic lifestyle footwear, apparel and accessories. For more information,
NIKE, Inc.'s earnings releases and other financial information are available on
the Internet at http://investors.nike.com. Individuals can also visit
http://news.nike.com and follow @NIKE.
Forward-Looking Statements
This press release contains forward-looking statements regarding our
expectations of our future results and our strategy, including our fiscal 2027
outlook and the program, which involve risks and uncertainties that could cause
actual results to differ materially. These risks and uncertainties include,
among others, the risk that NIKE is not able to realize anticipated cost savings
in the amounts or within the timeframes expected, or at all, risks related to
the preliminary nature of the estimates of the charges to be incurred and future
cash expenditures to be made in connection with the program and the possibility
that those estimates may change in amount or timing as NIKE refines the
estimates over time, risks related to any delays in the timing for implementing
the program, including as a result of local law requirements, or potential
disruptions to NIKE's business, operations or workforce as it executes on the
program, and other factors that may cause NIKE to be unable to achieve the
expected benefits of the program, as well as the risks and uncertainties
detailed from time to time in reports filed by NIKE with the U.S. Securities and
Exchange Commission (SEC), including Forms 8-K, 10-Q and 10-K.
* Non-GAAP financial measure. See additional information in the
accompanying Divisional Revenues and Channel Revenues tables.
Adjusted Diluted earnings per share isDiluted earnings per share
excluding restructuring and severance charges, which is a non-GAAP
financial measure. The most comparable GAAP measure is Diluted
earnings per share. The Company uses Adjusted Diluted earnings per
share to facilitate the evaluation of the Company's performance. The
** Company believes that providing Adjusted Diluted earnings per share is
useful to investors for comparability between periods and allows
investors to evaluate the impacts of restructuring and severance
charges separately. This measure should not be considered in isolation
or as a substitute for other financial measures calculated and
presented in accordance with U.S. GAAP and may not be comparable to
similarly titled non-GAAP measures used by other companies.
(Tables Follow)
NIKE,
Inc.
CONSOLI…
STATEME…
OF
INCOME
(Unaudi…
(In
million…
except THREE
per MONTHS
share ENDED %
data) 8/31/2026 8/31/20… Change
──────────────────────────────────────────────────────────────────────────────
Revenues $ 11,213 $ 11,720 -4 %
Cost of 6,415 6,777 -5 %
sales
Gross 4,798 4,943 -3 %
profit
Gross 42.8 % 42.2 % 60 bps
margin
Demand
creation 1,252 1,188 5 %
expense
Operati…
overhead 2,658 2,828 -6 %
expense
Total
selling
and 3,910 4,016 -3 %
adminis…
expense
% of 34.9 % 34.3 % 60 bps
revenues
Interest
(income) -14 -18 —
expense,
net
Other
(income) -19 23 —
expense,
net
Income
before 921 922 0 %
income
taxes
Income
tax 209 195 7 %
expense
Effecti… 22.7 % 21.1 % 160 bps
tax rate
NET $ 712 $ 727 -2 %
INCOME
Earnings
per
common
share:
Basic $ 0.48 $ 0.49
Diluted $ 0.48 $ 0.49
Weighted
average
common
shares
outstan…
Basic 1,483.6 1,476.6
Diluted 1,484.2 1,479.0
Dividen…
declared
per $ 0.410 $ 0.400
common
share
NIKE, Inc.
CONSOLIDATED
BALANCE SHEETS
(Unaudited)
(Dollars in
millions)
ASSETS
Current
assets: 8/31/2026 8/31/2025 % Change
──────────────────────────────────────────────────────────────────────────────
Cash and $ 6,903 $ 7,024 -2 %
equivalents
Short-term 1,465 1,551 -6 %
investments
Accounts
receivable, 5,242 4,962 6 %
net
Inventories 7,846 8,114 -3 %
Prepaid
expenses and 2,217 2,247 -1 %
other current
assets
Total current 23,673 23,898 -1 %
assets
Property,
plant and 4,887 4,861 1 %
equipment, net
Operating
lease 2,947 2,727 8 %
right-of-use
assets, net
Identifiable
intangible 259 259 0 %
assets, net
Goodwill 240 240 0 %
Deferred
income taxes 5,788 5,349 8 %
and other
assets
TOTAL ASSETS $ 37,794 $ 37,334 1 %
LIABILITIES
AND
SHAREHOLDERS'
EQUITY
Current
liabilities:
Current
portion of $ 2,000 $ — 100 %
long-term debt
Accounts 3,420 3,772 -9 %
payable
Current
portion of
operating 473 506 -7 %
lease
liabilities
Accrued 5,338 5,927 -10 %
liabilities
Income taxes 178 706 -75 %
payable
Total current 11,409 10,911 5 %
liabilities
Long-term debt 5,893 7,996 -26 %
Operating
lease 2,706 2,555 6 %
liabilities
Deferred
income taxes 2,566 2,404 7 %
and other
liabilities
Redeemable
preferred — — —
stock
Shareholders' 15,220 13,468 13 %
equity
TOTAL
LIABILITIES
AND $ 37,794 $ 37,334 1 %
SHAREHOLDERS'
EQUITY
NIKE,
Inc.
DIVI…
REVE…
(Una…
(Dol… %
in THREE Change
mill… MONTHS Exclu…
North ENDED % Curre…
Amer… 8/31/… 8/31/2… Change Chang…
──────────────────────────────────────────────────────────────────────────────
Foot… $ 3,259 $ 3,219 1 % 1 %
Appa… 1,566 1,474 6 % 6 %
Equi… 302 327 -8 % -8 %
Total 5,127 5,020 2 % 2 %
Euro…
Midd…
East
&
Afri…
Foot… 1,798 2,021 -11 % -11 %
Appa… 1,163 1,106 5 % 5 %
Equi… 215 204 5 % 5 %
Total 3,176 3,331 -5 % -5 %
Grea…
China
Foot… 866 1,109 -22 % -26 %
Appa… 279 362 -23 % -27 %
Equi… 35 41 -15 % -18 %
Total 1,180 1,512 -22 % -26 %
Asia
Paci…
&
Latin
Amer…
Foot… 1,028 1,061 -3 % -1 %
Appa… 376 371 1 % 4 %
Equi… 59 58 2 % 2 %
Total 1,463 1,490 -2 % 0 %
Glob…
Brand 6 9 — —
Divi…
TOTAL
NIKE 10,952 11,362 -4 % -4 %
BRAND
Conv… 263 366 -28 % -28 %
Corp… -2 -8 — —
TOTAL
NIKE, $ 11,213 $ 11,720 -4 % -5 %
INC.
REVE…
NIKE
Brand
Reve…
by:
Foot… $ 6,951 $ 7,410 -6 % -6 %
Appa… 3,384 3,313 2 % 2 %
Equi… 611 630 -3 % -3 %
Glob…
Brand 6 9 — —
Divi…
TOTAL
NIKE $ 10,952 $ 11,362 -4 % -4 %
BRAND
REVE…
1The
perc…
chan…
has
been
calc…
using
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in
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the
comp…
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visi…
of
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unde…
busi…
tren…
by
excl…
the
impa…
of
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from
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fluc…
which
is
cons…
a
non-…
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meas…
Mana…
uses
this
non-…
fina…
meas…
when
eval…
the
Comp…
perf…
incl…
when
maki…
fina…
and
oper…
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meas…
prov…
inve…
with
addi…
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that
shou…
be
cons…
when
asse…
the
Comp…
unde…
busi…
perf…
and
tren…
Refe…
to
this
meas…
shou…
not
be
cons…
in
isol…
or
as a
subs…
for
other
fina…
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and
pres…
in
acco…
with
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GAAP
and
may
not
be
comp…
to
simi…
titl…
non-…
meas…
used
by
other
comp…
2Glo…
Brand
Divi…
reve…
incl…
NIKE
Brand
lice…
and
other
misc…
reve…
that
are
not
part
of a
geog…
oper…
segm…
3Cor…
reve…
prim…
cons…
of
fore…
curr…
gains
and
loss…
rela…
to
reve…
gene…
by
enti…
with…
the
NIKE
Brand
geog…
oper…
segm…
and
Conv…
but
mana…
thro…
the
Comp…
cent…
fore…
exch…
risk
mana…
prog…
NIKE,
Inc.
CHAN…
REVE…
(Una…
(Dol… %
in THREE Change
mill… MONTHS Exclu…
North ENDED % Curre…
Amer… 8/31/… 8/31/2… Change Chang…
──────────────────────────────────────────────────────────────────────────────
Sales
to $ 2,981 $ 2,736 9 % 9 %
Whol…
Cust…
Sales
thro… 2,146 2,284 -6 % -6 %
NIKE
Dire…
Total 5,127 5,020 2 % 2 %
Euro…
Midd…
East
&
Afri…
Sales
to 2,233 2,261 -1 % -1 %
Whol…
Cust…
Sales
thro… 943 1,070 -12 % -12 %
NIKE
Dire…
Total 3,176 3,331 -5 % -5 %
Grea…
China
Sales
to 644 893 -28 % -31 %
Whol…
Cust…
Sales
thro… 536 619 -13 % -18 %
NIKE
Dire…
Total 1,180 1,512 -22 % -26 %
Asia
Paci…
&
Latin
Amer…
Sales
to 946 949 0 % 2 %
Whol…
Cust…
Sales
thro… 517 541 -4 % -3 %
NIKE
Dire…
Total 1,463 1,490 -2 % 0 %
Glob…
Brand 6 9 — —
Divi…
TOTAL
NIKE 10,952 11,362 -4 % -4 %
BRAND
Conv… 263 366 -28 % -28 %
Corp… -2 -8 — —
TOTAL
NIKE, $ 11,213 $ 11,720 -4 % -5 %
INC.
REVE…
NIKE
Brand
Reve…
by:
Sales
to $ 6,804 $ 6,839 -1 % -1 %
Whol…
Cust…
Sales
thro… 4,142 4,514 -8 % -9 %
NIKE
Dire…
Glob…
Brand 6 9 — —
Divi…
TOTAL
NIKE $ 10,952 $ 11,362 -4 % -4 %
BRAND
REVE…
1The
perc…
chan…
has
been
calc…
using
actu…
exch…
rates
in
use
duri…
the
comp…
prior
year
peri…
and
is
prov…
to
enha…
the
visi…
of
the
unde…
busi…
tren…
by
excl…
the
impa…
of
tran…
aris…
from
fore…
curr…
exch…
rate
fluc…
which
is
cons…
a
non-…
fina…
meas…
Mana…
uses
this
non-…
fina…
meas…
when
eval…
the
Comp…
perf…
incl…
when
maki…
fina…
and
oper…
deci…
Addi…
mana…
beli…
this
non-…
fina…
meas…
prov…
inve…
with
addi…
fina…
info…
that
shou…
be
cons…
when
asse…
the
Comp…
unde…
busi…
perf…
and
tren…
Refe…
to
this
meas…
shou…
not
be
cons…
in
isol…
or
as a
subs…
for
other
fina…
meas…
calc…
and
pres…
in
acco…
with
U.S.
GAAP
and
may
not
be
comp…
to
simi…
titl…
non-…
meas…
used
by
other
comp…
2Glo…
Brand
Divi…
reve…
incl…
NIKE
Brand
lice…
and
other
misc…
reve…
that
are
not
part
of a
geog…
oper…
segm…
3Cor…
reve…
prim…
cons…
of
fore…
curr…
gains
and
loss…
rela…
to
reve…
gene…
by
enti…
with…
the
NIKE
Brand
geog…
oper…
segm…
and
Conv…
but
mana…
thro…
the
Comp…
cent…
fore…
exch…
risk
mana…
prog…
NIKE, Inc.
EARNINGS
BEFORE
INTEREST
AND TAXES
("EBIT")1
(Unaudited) THREE MONTHS
(Dollars in ENDED %
millions) 8/31/2026 8/31/2025 Change
──────────────────────────────────────────────────────────────────────────────
North $ 1,170 $ 1,134 3 %
America
Europe,
Middle East 728 735 -1 %
& Africa
Greater 248 377 -34 %
China
Asia
Pacific & 324 350 -7 %
Latin
America
Global
Brand -1,110 -1,192 7 %
Divisions2
TOTAL NIKE 1,360 1,404 -3 %
BRAND EBIT1
Converse 25 39 -36 %
Corporate3 -478 -539 11 %
TOTAL NIKE, 907 904 0 %
INC. EBIT1
Interest
(income) -14 -18 —
expense,
net
Income tax 209 195 7 %
expense
NET INCOME $ 712 $ 727 -2 %
Total NIKE,
Inc. $ 11,213 $ 11,720 -4 %
Revenues
Net income 6.3 % 6.2 %
margin
EBIT 8.1 % 7.7 %
margin1
1Total NIKE
Brand EBIT,
Total NIKE,
Inc.
EBIT and
EBIT margin
are
considered
non-GAAP
financial
measures.
EBIT is
calculated
as Net
income
before
Interest
(income)
expense,
net and
Income tax
expense.
EBIT margin
is
calculated
as
total NIKE,
Inc. EBIT
divided by
total
NIKE, Inc.
Revenues.
References
to EBIT
and EBIT
margin
should not
be
considered
in
isolation
or as a
substitute
for
other
financial
measures
calculated
and
presented
in
accordance
with U.S.
GAAP
and may not
be
comparable
to
similarly
titled
non-GAAP
measures
used by
other
companies.
Management
uses these
non-GAAP
financial
measures
when
evaluating
the
Company's
performanc…
including
segment
performanc…
when
making
financial
and
operating
decisions.
Additional…
management
believes
these
non-GAAP
financial
measures
provide
investors
with
additional
financial
information
that
should be
considered
when
assessing
the
Company's
underlying
business
performance
and trends.
2Global
Brand
Divisions
primarily
represents
costs,
including
product
creation
and design
expenses,
that are
centrally
managed for
the NIKE
Brand, as
well as
costs
associated
with NIKE
Direct
global
digital
operations
and
enterprise
technology.
Global
Brand
Divisions
revenues
include
NIKE Brand
licensing
and other
miscellane…
revenues
that are
not part of
a
geographic
operating
segment.
3Corporate
consists
primarily
of
unallocated
general and
administra…
expenses,
including
expenses
associated
with
centrally
managed
department…
depreciati…
and
amortizati…
related to
the
Company's
corporate
headquarte…
unallocated
insurance;
benefit and
compensati…
programs,
including
stock-based
compensati…
and certain
foreign
currency
gains and
losses,
including
certain
hedge gains
and
losses.