Nike FY2026: flat sales, profit down 3.0%, and a one-time tariff lift
Nike's fiscal 2026 was a holding year: revenue flat, profit slightly lower, and a fourth quarter whose headline numbers look far better than the underlying business because of a one-time tariff refund. Read the year, not the quarter. Full-year revenue was $46.40 billion and net income fell 3.0% to $3.11 billion, while NIKE Direct kept shrinking. Our view is Neutral.
1 · Expected vs. Actual
Free preview belowFull-year diluted EPS was $2.10, down 3.0%, on net income of $3.11 billion, also down 3.0%. The fourth quarter looked spectacular — EPS of $0.72 and net income of $1.07 billion, up 407.0% — but $0.52 of that EPS was a benefit from the expected recovery of IEEPA tariffs. Strip that one item out and the quarter's EPS was about $0.20, which is much closer to how the business actually performed.
Full-year revenue was $46.40 billion, flat on a reported basis and down 2.0% in currency-neutral terms. The mix moved backwards on the direct side: wholesale rose 6.0% for the year while NIKE Direct fell 6.0%, with digital down 12.0%. The fourth quarter showed the same pattern — revenue of $10.97 billion, down 1.0% reported and 4.0% currency-neutral, with wholesale up 4.0% and Direct down 7.0%.
Log in to read 35 analyses a week for free
Create a free account to read 35 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.