Q1 FY2026 revenues were $11.7B, up 1% year-over-year, with North America leading growth and Greater China and Converse declining.
Net income fell 31% to $727M, and diluted EPS dropped 30% to $0.49.
Gross margin contracted 320 basis points to 42.2% due to higher discounts, product costs, and tariffs.
NIKE Direct revenues declined 4–5%, while wholesale revenues rose 5–7%.
Sport Offense realigned 8,000 teammates by sport to drive consumer insights and innovation.
Operating income (EBIT) was $904M, down 28% year-over-year; EBIT margin fell to 7.7% from 10.9%.
Inventories were $8.1B, down 2% year-over-year, but up 8% since May 31, 2025.
Cash provided by operations was $222M, down from $394M in the prior year quarter.
SG&A expenses decreased 1% to $4.0B, with lower brand marketing offset by higher sports marketing.
$714M was returned to shareholders via dividends and share repurchases.
Q2 revenue expected to decline low single digits, with one point FX benefit.
Q2 gross margin projected down 300–375 basis points, including 175 basis points headwind from tariffs.
SG&A to rise high single digits in Q2, with increased demand creation investment.
Wholesale revenue expected to return to modest growth in fiscal 2026; Nike Direct not expected to grow.
North America to lead recovery; Greater China and Converse to remain headwinds throughout fiscal 2026.
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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.
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.
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.
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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