Q1 26 EPS
$0.49
BEAT +84.49%
Est. $0.27
Q1 26 Revenue
$11.72B
BEAT +6.64%
Est. $10.99B
vs S&P Since Q1 26
-46.1%
TRAILING MARKET
NKE -38.3% vs S&P +7.8%
Market Reaction
Did NKE Beat Earnings? Q1 2026 Results
Nike delivered a stronger-than-expected fiscal first quarter, posting diluted EPS of $0.49 against a consensus estimate of $0.27, a beat of 84.49%, while revenue of $11.72 billion edged past the $10.99 billion estimate by 6.64% and grew 1.1% year ove… Read more Nike delivered a stronger-than-expected fiscal first quarter, posting diluted EPS of $0.49 against a consensus estimate of $0.27, a beat of 84.49%, while revenue of $11.72 billion edged past the $10.99 billion estimate by 6.64% and grew 1.1% year over year. The headline numbers, however, masked meaningful pressure beneath the surface; gross margin contracted 320 basis points to 42.2%, driven by higher discounts, elevated tariffs in North America, and a channel mix shift as wholesale grew 7% to $6.80 billion while Nike Direct slipped 4% to $4.50 billion. Net income fell 31% to $727 million, weighed down by the margin compression even as operating expenses were trimmed modestly. Geographically, North America's 4% growth and EMEA's 6% gain were partially offset by a 9% decline in Greater China, a headwind that institutional investors appear to be monitoring closely as they recalibrate positions in the stock. CFO Matthew Friend acknowledged encouraging momentum while cautioning that recovery across all sports, geographies, and channels would remain uneven amid persistent currency and tariff headwinds.
Key Takeaways
- • Wholesale revenue growth of 7% offsetting NIKE Direct declines
- • North America revenue growth of 4% driven by apparel and equipment
- • EMEA revenue growth of 6% on reported basis
- • NIKE Brand Apparel growth of 9% across the portfolio
- • Equipment revenue growth of 4% for NIKE Brand
NKE YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
NKE Revenue by Segment
With YoY comparisons, source: SEC Filings
NKE Revenue by Geography
With YoY comparisons, source: SEC Filings
“This quarter NIKE drove progress through our Win Now actions in our priority areas of North America, Wholesale, and Running. While we're getting wins under our belt, we still have work ahead to get all sports, geographies, and channels on a similar path as we manage a dynamic operating environment. I'm confident that we have the right focus in Win Now and that our new alignment in the Sport Offense will be the key to maximizing NIKE, Inc.'s complete portfolio over the long-term.”
— Elliott Hill, Q1 2026 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% |