Aug 2026 (Q1 FY27) — Oct 1, 2026
NIKE, Inc. Q1 FY27 — Performance momentum offset by a deeper portfolio reset
Read the full callNIKE (NKE) earnings
- Aug 2026
- Aug 2026 (Q1 FY27)
- May 2026
NIKE earnings: last reported Thu, 1 Oct 2026, for the quarter ended Aug 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 11,213 | −4.3% YoY | Quarterly, as filed | Quarter to Aug 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Aug 2026 | Not in the filed figures for the quarter to aug 2026. No older figure is substituted. | ||
| Net profit | 712 | −2.1% YoY | Quarterly, as filed | Quarter to Aug 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
23 of 24 judged targets kept · 40 open · verdicts reflect calls analysed to May 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Greater China revenue decline | approximately 20% decline | Feb 2026 | In Greater China, Q4 revenue declined 17%. | Achieved |
| Classics footwear franchise revenue decline from peak | decline from peak levels by more than $4 billion by fiscal year-end | Nov 2025 | we have taken $2 billion out of the market in FY '26 of our classic franchises | Missed |
| Gross margin expansion inflection timing | gross margin expansion to begin in the second quarter of fiscal '27 | Feb 2026 | We now expect gross margin expansion earlier beginning in Q1. | Revised Up |
1 of NIKE, Inc.'s 64 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 61 more targets are in the full ledger.
Claimed
- NIKE Performance grew high single digits in Q1 after reaching $16B and growing mid-single digits in FY26.
- Gross margin improved 60 basis points to 42.8%, helped by supply-chain cost management and FX.
- NIKE has nearly tripled its Max Cushioning running-category share over the past year.
- World Cup team-kit sales doubled versus the 2022 tournament, while club football kits grew high teens.
- NIKE ended the quarter with $8.4B of cash and short-term investments and approximately 2x leverage.
Qualified
- Greater China revenue fell 26%, and management expects the decline to worsen over the balance of FY27 as the digital and marketplace reset continues.
- NIKE Sportswear, just under half of quarterly revenue, declined low double digits; the planned reduction in dock revenue produced an approximately $200M headwind.
- Jordan Brand represented 13% of global business and declined by the mid-teens as excess Retro supply pressured marketplace health.
- FY27 revenue is expected to decline at a high-single-digit rate, with deliberate supply reductions pressuring results into FY28.
- Q2 revenue growth faces an approximately 400-basis-point headwind from EMEA Cyber Week and North America sell-in comparisons.
Price
$37.21 +0.22% · +$0.08
Performance −44.8% 1Y
1Y: $67.37 on 17 Oct 2025 → $37.21. High $69.68 (23 Oct 2025), low $33.87 (2 Oct 2026).
- Previous close
- $37.13
- 52-week range
- $33.87 – $69.68
- One year
- −44.97%
Overview
- Symbol
- NKE
- Sector
- Consumer Discretionary
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
23 of 24 judged targets kept · 40 open · verdicts reflect calls analysed to May 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Greater China revenue decline | approximately 20% decline | Feb 2026 | In Greater China, Q4 revenue declined 17%. | Achieved |
| Classics footwear franchise revenue decline from peak | decline from peak levels by more than $4 billion by fiscal year-end | Nov 2025 | we have taken $2 billion out of the market in FY '26 of our classic franchises | Missed |
| Gross margin expansion inflection timing | gross margin expansion to begin in the second quarter of fiscal '27 | Feb 2026 | We now expect gross margin expansion earlier beginning in Q1. | Revised Up |
Claimed
- NIKE Performance grew high single digits in Q1 after reaching $16B and growing mid-single digits in FY26.
- Gross margin improved 60 basis points to 42.8%, helped by supply-chain cost management and FX.
- NIKE has nearly tripled its Max Cushioning running-category share over the past year.
- World Cup team-kit sales doubled versus the 2022 tournament, while club football kits grew high teens.
- NIKE ended the quarter with $8.4B of cash and short-term investments and approximately 2x leverage.
Qualified
- Greater China revenue fell 26%, and management expects the decline to worsen over the balance of FY27 as the digital and marketplace reset continues.
- NIKE Sportswear, just under half of quarterly revenue, declined low double digits; the planned reduction in dock revenue produced an approximately $200M headwind.
- Jordan Brand represented 13% of global business and declined by the mid-teens as excess Retro supply pressured marketplace health.
- FY27 revenue is expected to decline at a high-single-digit rate, with deliberate supply reductions pressuring results into FY28.
- Q2 revenue growth faces an approximately 400-basis-point headwind from EMEA Cyber Week and North America sell-in comparisons.
The full ledger
Open NIKE, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 64 tracked commitments, with each call’s wording and source.
Call summaries
May 2026 (Q4 FY26) — Jun 30, 2026
NIKE, Inc. Q4 FY26 — Tariff Recovery Boosts Gross Margin Amidst Sportswear Headwinds
Read the full callFeb 2026 (Q3 FY26) — Mar 31, 2026
NIKE, Inc. Q3 FY26 — Strategic Rebalancing and North America Momentum
Read the full callNews
Latest news
From the news desk, item by item, hours after each call.
Every analysed call
NIKE earnings calls (NKE)
Financials
What the filings say
Net profit, year on year: −2% (quarter to aug 2026 against aug 2025).
| Line item | Nov 2024 | Feb 2025 | May 2025 | Aug 2025 | Nov 2025 | Feb 2026 | May 2026 | Aug 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 12,354 | 11,269 | 11,097 | 11,720 | 12,427 | 11,279 | 10,972 | 11,213 |
| Profit before tax | 1,416 | 844 | 318 | 922 | 999 | 650 | 1,329 | 921 |
| Tax rate | 17.9% | 5.9% | 33.6% | 21.1% | 20.7% | 20.0% | 19.6% | 22.7% |
| Net profit | 1,163 | 794 | 211 | 727 | 792 | 520 | 1,069 | 712 |
| EPS ($ per share) | 0.78 | 0.54 | — | 0.49 | 0.54 | 0.35 | — | 0.48 |
| Line item | May 2019 | May 2020 | May 2021 | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|---|---|---|
| Reserves | 1,643 | -191 | 3,179 | 3,476 | 1,358 | 965 | -727 | -155 |
| Total liabilities | 14,677 | 23,287 | 24,973 | 25,040 | 23,527 | 23,680 | 23,366 | 23,545 |
| Fixed assets | 4,744 | 4,866 | 4,904 | 4,791 | 5,081 | 5,000 | 4,828 | 4,796 |
| Total assets | 23,717 | 31,342 | 37,740 | 40,321 | 37,531 | 38,110 | 36,579 | 38,410 |
| Line item | May 2019 | May 2020 | May 2021 | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 5,903 | 2,485 | 6,657 | 5,188 | 5,841 | 7,429 | 3,698 | 2,868 |
| Cash from investing | -264 | -1,028 | -3,800 | -1,524 | 564 | 894 | -275 | -488 |
| Cash from financing | -5,293 | 2,491 | -1,459 | -4,836 | -7,447 | -5,888 | -5,820 | -2,292 |
| Net cash flow | 217 | 3,882 | 1,541 | -1,315 | -1,133 | 2,419 | -2,396 | 99 |
| Capital expenditure | -1,119 | -1,086 | -695 | -758 | -969 | -812 | -430 | -684 |
| Free cash flow | 4,784 | 1,399 | 5,962 | 4,430 | 4,872 | 6,617 | 3,268 | 2,184 |
NKE revenue by segment
Converse shrank from 3% to 2% of revenue over the last two years.
| Segment | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| NIKE Brand | 97% | 97% | 97% | 97% | 98% | 98% | 98% | 98% | -3.6% |
| Converse | 3% | 4% | 3% | 3% | 2% | 2% | 2% | 2% | -28.1% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
NKE operating KPIs by quarter
| KPI | Aug 2025 Q1 FY26 | Nov 2025 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Stores China | 5,000+With over 5,000 mono-brand stores in China, this will take investment, and it will take time.Source: earnings call transcript | 5,000As you know, it's a mono-brand marketplace with thousands of -- 5,000 doors with the teams working the presentation of our product at retail and we weren't making the investment in our store fleet, so our stores aren't compelling.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
76 filings between Nov 7, 2025 and Oct 14, 2026.
Open market
decisions to buy or sellPurchases
$8.19M
8 purchases by 5 insiders
Sales
$7.72M
11 sales by 6 insiders
91% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 26
- Award — granted as compensation
- 17
- Tax withheld — shares kept back by the company to cover tax
Also filed: 7 gifts, 6 other filings, 1 conversion.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| PARKER MARK G | — | $5.58M | Nov 14, 2025 |
| COOK TIMOTHY D | $4.01M | — | Apr 10, 2026 |
| Hill Elliott | $2.00M | — | Apr 13, 2026 |
| KNUDSTORP JORGEN VIG | $1.00M | — | Nov 7, 2025 |
| SWAN ROBERT HOLMES | $1.00M | — | Apr 7, 2026 |
| McCartney Philip | — | $921.4K | Sep 9, 2026 |
| Leinwand Robert | — | $736.2K | Sep 9, 2026 |
| Montagne Amy | — | $204.7K | Aug 7, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 14, 2026 | Hill Elliott PRESIDENT & CEO | Tax withheld | 5,635 | $199.1K |
| Sep 15, 2026 | Arnault Alexandre Director | Award | 5,171 | $0 |
| Sep 9, 2026 | Alagirisamy Venkatesh EVP: CHIEF OPERATING OFFICER | Sale 10b5-1 plan | 3,671 | $138.0K |
| Sep 9, 2026 | McCartney Philip EVP: CHIEF INN,PROD&DSG OFCR | Sale 10b5-1 plan | 2,559 | $96.2K |
| Sep 9, 2026 | Leinwand Robert EVP: Chief Legal Officer | Sale 10b5-1 plan | 3,646 | $137.1K |
| Sep 8, 2026 | Gil Monica Director | Award | 5,047 | $0 |
| Sep 8, 2026 | KNUDSTORP JORGEN VIG Director | Award | 5,047 | $0 |
| Sep 8, 2026 | PELUSO MICHELLE A Director | Award | 5,047 | $0 |
| Sep 8, 2026 | Henry Peter B. Director | Award | 5,047 | $0 |
| Sep 8, 2026 | Duckett Thasunda Director | Award | 5,047 | $0 |
| Sep 8, 2026 | HENRY MARIA Director | Award | 5,047 | $0 |
| Sep 8, 2026 | SWAN ROBERT HOLMES Director | Award | 5,047 | $0 |
| Sep 8, 2026 | COOK TIMOTHY D Director | Award | 5,047 | $0 |
| Sep 8, 2026 | Knight Travis A Director | Award | 5,047 | $0 |
| Sep 1, 2026 | Montagne Amy PRESIDENT, NIKE | Award | 30,972 | $0 |
| Sep 1, 2026 | Montagne Amy PRESIDENT, NIKE | Tax withheld | 2,647 | $103.4K |
| Sep 1, 2026 | Hill Elliott PRESIDENT & CEO | Tax withheld | 9,462 | $369.6K |
| Sep 1, 2026 | Alagirisamy Venkatesh EVP: CHIEF OPERATING OFFICER | Tax withheld | 3,453 | $134.9K |
| Sep 1, 2026 | Denton David M EVP: CFO | Award | 71,234 | $0 |
| Sep 1, 2026 | Hill Elliott PRESIDENT & CEO | Award | 108,400 | $0 |
| Sep 1, 2026 | Heinle Treasure EVP: CHIEF PEOPLE OFFICER | Award | 34,069 | $0 |
| Sep 1, 2026 | McCartney Philip EVP: CHIEF INN,PROD&DSG OFCR | Tax withheld | 2,407 | $94.0K |
| Sep 1, 2026 | Heinle Treasure EVP: CHIEF PEOPLE OFFICER | Tax withheld | 3,430 | $134.0K |
| Sep 1, 2026 | Nielsen Johanna VP: CORP CONTROLLER | Tax withheld | 263 | $10.3K |
| Sep 1, 2026 | Alagirisamy Venkatesh EVP: CHIEF OPERATING OFFICER | Award | 37,166 | $0 |
| Sep 1, 2026 | Leinwand Robert EVP: Chief Legal Officer | Tax withheld | 3,430 | $134.0K |
| Sep 1, 2026 | Leinwand Robert EVP: Chief Legal Officer | Award | 34,069 | $0 |
| Sep 1, 2026 | McCartney Philip EVP: CHIEF INN,PROD&DSG OFCR | Award | 30,972 | $0 |
| Sep 1, 2026 | Nielsen Johanna VP: CORP CONTROLLER | Award | 11,893 | $0 |
| Aug 14, 2026 | PARKER MARK G EXECUTIVE CHAIRMAN | Gift 10b5-1 plan | 11,386 | $0 |
| Aug 7, 2026 | Montagne Amy PRESIDENT, NIKE | Sale | 4,867 | $204.7K |
| Aug 5, 2026 | Leinwand Robert EVP: Chief Legal Officer | Sale 10b5-1 plan | 821 | $34.2K |
| Aug 5, 2026 | Friend Matthew EVP: CFO | Sale 10b5-1 plan | 2,463 | $102.5K |
| Aug 5, 2026 | Alagirisamy Venkatesh EVP: CHIEF OPERATING OFFICER | Sale 10b5-1 plan | 890 | $37.0K |
| Aug 5, 2026 | McCartney Philip EVP: CHIEF INN,PROD&DSG OFCR | Sale 10b5-1 plan | 524 | $21.8K |
| Aug 3, 2026 | Friend Matthew EVP: CFO | Tax withheld | 1,239 | $51.7K |
| Aug 3, 2026 | Montagne Amy PRESIDENT, NIKE | Tax withheld | 578 | $24.1K |
| Aug 3, 2026 | Leinwand Robert EVP: Chief Legal Officer | Tax withheld | 413 | $17.2K |
| Aug 3, 2026 | McCartney Philip EVP: CHIEF INN,PROD&DSG OFCR | Tax withheld | 494 | $20.6K |
| Aug 3, 2026 | Alagirisamy Venkatesh EVP: CHIEF OPERATING OFFICER | Tax withheld | 837 | $34.9K |
| Jul 30, 2026 | Knight Travis A Director | Gift | 2,850,717 | $0 |
| Jul 30, 2026 | Knight Travis A Director | Gift | 2,850,717 | $0 |
| Jun 12, 2026 | McCartney Philip EVP: CHIEF INN,PROD&DSG OFCR | Sale 10b5-1 plan | 17,398 | $803.4K |
| Jun 10, 2026 | Alagirisamy Venkatesh EVP: CHIEF OPERATING OFFICER | Tax withheld | 9,853 | $439.9K |
| Jun 10, 2026 | McCartney Philip EVP: CHIEF INN,PROD&DSG OFCR | Tax withheld 10b5-1 plan | 9,836 | $439.2K |
| May 14, 2026 | PARKER MARK G EXECUTIVE CHAIRMAN | Gift | 22,230 | $0 |
| Apr 13, 2026 | Hill Elliott PRESIDENT & CEO | Purchase | 23,660 | $1.00M |
| Apr 10, 2026 | COOK TIMOTHY D Director | Purchase | 25,000 | $1.06M |
| Apr 9, 2026 | ROGERS JOHN W JR Director | Purchase | 4,000 | $173.4K |
| Apr 7, 2026 | SWAN ROBERT HOLMES Director | Purchase | 11,781 | $500.0K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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