Q2 26 EPS
$0.53
BEAT +41.90%
Est. $0.37
Q2 26 Revenue
$12.43B
BEAT +1.79%
Est. $12.21B
vs S&P Since Q2 26
-29.6%
TRAILING MARKET
NKE -23.7% vs S&P +5.9%
Market Reaction
Did NKE Beat Earnings? Q2 2026 Results
Nike delivered a stronger-than-expected fiscal Q2 2026, posting diluted EPS of $0.53 against a consensus estimate of $0.37, a 41.90% beat, even as net income fell 32% year-over-year amid mounting tariff headwinds and gross margin compression of 300 b… Read more Nike delivered a stronger-than-expected fiscal Q2 2026, posting diluted EPS of $0.53 against a consensus estimate of $0.37, a 41.90% beat, even as net income fell 32% year-over-year amid mounting tariff headwinds and gross margin compression of 300 basis points to 40.6%. Revenue of $12.43 billion edged past the $12.21 billion estimate by 1.79%, rising just 0.6% from a year ago as a deliberate strategic pivot toward wholesale, which surged 8% to $7.50 billion, was partially offset by an 8% decline in NIKE Direct. North America was the clearest bright spot, with revenues climbing 9% to $5.63 billion, though Greater China slid 17% and Converse continued to struggle, dropping 30% to $300 million. CEO Elliott Hill, who recently added shares in an open-market buy, characterized the company as being in the "middle innings" of its comeback, with the "Win Now" strategy centering on wholesale realignment, brand reinvestment, and athlete-driven innovation pointing toward a full recovery ahead.
Key Takeaways
- • Strong wholesale revenue growth of 8%, primarily driven by North America
- • North America revenue growth of 9% led by footwear, apparel, and equipment gains
- • Increased demand creation expense up 13% reflecting higher brand and sports marketing investment
- • Gross margin declined 300 basis points to 40.6% primarily due to higher tariffs in North America
- • NIKE Direct revenues declined 8% with NIKE Brand Digital down 14%
- • Greater China revenues declined 17% across all product categories
NKE YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
NKE Revenue by Segment
With YoY comparisons, source: SEC Filings
NKE Revenue by Geography
With YoY comparisons, source: SEC Filings
“NIKE is in the middle innings of our comeback. We are making progress in the areas we prioritized first and remain confident in the actions we're taking to drive the long-term growth and profitability of our brands.”
— Elliott Hill, Q2 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% |