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Nike (NKE) investor relations material
Nike Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary18 Dec, 2025
Executive summary
Fiscal Q2 2026 revenues reached $12.4 billion, up 1% year-over-year on a reported basis and flat on a currency-neutral basis, with North America leading recovery and other geographies at varying stages of turnaround.
Net income was $792 million, down 32% compared to the same quarter last year; diluted EPS was $0.53, also down 32%.
The company is executing its 'Win Now Actions' and 'Sport Offense' strategies, focusing on athlete-centered innovation, product diversification, and operational efficiency.
Leadership changes were made to accelerate decision-making and align geographies directly under the CEO.
Management emphasized ongoing portfolio repositioning and realignment to drive long-term growth.
Financial highlights
Q2 revenues up 1% reported, flat currency-neutral; excluding a $550M headwind from classic franchises, currency-neutral revenue grew 6%.
Wholesale revenues increased 8% to $7.5 billion, while NIKE Direct revenues fell 8% to $4.6 billion.
Gross margin declined 300 basis points to 40.6%, mainly due to higher tariffs and inventory obsolescence in China.
SG&A up 1% year-over-year, driven by higher brand marketing, offset by lower operating overhead.
EPS was $0.53; inventory decreased 3% year-over-year, with units down high single digits.
Outlook and guidance
Q3 revenues expected to be down low single digits, with modest growth in North America and continued headwinds in China and Converse.
Q3 gross margins guided down 175-225 basis points, but would expand excluding 315 basis points of tariff impact.
SG&A expected up low single digits in Q3 due to increased demand creation and sport offense investments.
Management reiterated confidence in long-term brand health and recovery, focusing on real-time decisions and portfolio shifts.
The company is executing its "Win Now" strategy, including team realignment and portfolio rebalancing.
Explain NIKE Direct revenue decline drivers
Analyze Greater China EBIT decline causes
North America tariffs: future gross margin impact
Elaborate on China's 'fresh perspective' and new approach
What drives EBIT margin recovery beyond tariffs?
Which product categories will quickly diversify portfolio?
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Next Nike earnings date
Q3 202619 Mar, 2026
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Frequently asked questions
One of the world's most iconic brands
Nike is a prominent player in the sports and athletic apparel industry. With a global presence and a strong brand identity, Nike offers a broad range of products including footwear, apparel, and accessories. Nike's business encompasses design, development, marketing, and distribution of its products through various channels, including its own stores, online platforms, and partnerships. With a commitment to providing the best possible equipment for both athletes and everyday people, Nike has been able to grow from a small Oregonian outfit to one of the leading brands in the broader fitness industry.
A clear vision
Nike, founded in 1964 as Blue Ribbon Sports, traces its roots to the partnership between Phil Knight and Bill Bowerman. Phil Knight, a track athlete at the University of Oregon, recognized the business potential in importing low-cost, high-quality running shoes from Japan. With a shared passion for sports and a vision for creating innovative athletic footwear, Knight and Bowerman formed a strong partnership. The name was changed to Nike, inspired by the Greek goddess of victory, in 1971. Nike has grown from a small outfit to a global powerhouse largely due to its focus on innovation, design, and marketing, but also thanks to the brand's ability to produce products that both athletes and private individuals love.
One of the worlds most recognizable brands
Nike, with its iconic Swoosh logo, has achieved a remarkable level of global brand recognition. The Swoosh, designed by Carolyn Davidson in 1971, has grown to become an instantly recognizable symbol for the brand. Through consistent and strategic brand positioning, Nike has become one of the world's most recognizable brands thanks to the distinctive look of their logo in conjunction with quality products, marketing campaigns, and partnerships with top athletes.
From The Beaver State to the world
Nike was founded in the state of Oregon, and has their global headquarters in Beaverton. Nike has evolved into a globally recognized brand with a broad international presence. With a widespread network of retail stores, e-commerce platforms, and strategic partnerships, Nike sells their products all over the globe. The company's commitment to continuous innovation, cutting-edge design, and advanced technologies has contributed to its impactful market position. Other similar brands and some of Nike's largest competitors include other behemoths of the athletic apparel industry such as Under Armour and Adidas.
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