Q3 25 EPS
$0.54
BEAT +94.88%
Est. $0.28
Q3 25 Revenue
$11.27B
BEAT +2.13%
Est. $11.03B
vs S&P Since Q3 25
-61.0%
TRAILING MARKET
NKE -33.2% vs S&P +27.8%
Market Reaction
Did NKE Beat Earnings? Q3 2025 Results
Nike posted a sharply better-than-expected fiscal Q3 2025, delivering earnings per share of $0.54 against a Wall Street consensus of $0.28, a 94.88% beat, while revenue of $11.27 billion edged past estimates by 2.13%, though both metrics reflected an… Read more Nike posted a sharply better-than-expected fiscal Q3 2025, delivering earnings per share of $0.54 against a Wall Street consensus of $0.28, a 94.88% beat, while revenue of $11.27 billion edged past estimates by 2.13%, though both metrics reflected an underlying business still working through a difficult transition. Revenue fell 9% year-over-year to $11.27 billion, with declines across every geographic segment, led by a steep 17% drop in Greater China to $1.73 billion. The headline EPS outperformance was meaningfully shaped by a one-time non-cash deferred tax benefit that drove the effective tax rate down to 5.9% from 16.5% a year ago, while gross margin contracted 330 basis points to 41.5% under pressure from higher discounts and elevated inventory costs. CEO Elliott Hill's 'Win Now' strategy, centered on performance product innovation and sport-led brand storytelling, is still in its early stages, and CFO Matthew Friend reaffirmed the second-half outlook while acknowledging a dynamic operating environment, signaling that a meaningful recovery remains a longer-term proposition.
Key Takeaways
- • Revenue declines across all geographies and channels
- • Gross margin contraction of 330 basis points driven by higher discounts, inventory obsolescence reserves, and higher product costs
- • Lower effective tax rate of 5.9% due to one-time non-cash deferred tax benefit from finalized US tax regulations
- • NIKE Brand Digital revenues declined 15%
- • Greater China was the weakest geography with 17% revenue decline
- • Demand creation expense increased 8% due to higher brand marketing spend
- • Operating overhead decreased 13% partly due to prior year restructuring charges of $340 million
NKE YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
NKE Revenue by Segment
With YoY comparisons, source: SEC Filings
NKE Revenue by Geography
With YoY comparisons, source: SEC Filings
“The progress we made against the 'Win Now' strategic priorities we committed to 90 days ago reinforces my confidence that we are on the right path.”
— Elliott Hill, Q3 2025 Earnings Press Release
NKE Earnings Trends
NKE vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NKE EPS Trend
Earnings per share: estimate vs actual
NKE Revenue Trend
Quarterly revenue: estimate vs actual
NKE Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 26 | — | $0.35 | — | $11.28B | +0.44% |
| Q3 26 | — | — | — | — | — |
| Q2 26 BEAT | $0.37 | $0.53 | +41.90% | $12.43B | +1.79% |
| Q1 26 BEAT | $0.27 | $0.49 | +84.49% | $11.72B | +6.64% |
| Q4 25 BEAT FY | $0.12 | $0.14 | +16.67% | $11.10B | +3.69% |
| FY Full Year | $2.15 | $2.16 | +0.47% | $46.31B | +0.86% |
| Q3 25 BEAT | $0.28 | $0.54 | +94.88% | $11.27B | +2.13% |