What were the key takeaways from NIKE's earnings call?

What is the market's earnings forecast for NIKE next quarter?

What is the revenue and EPS growth rate for NIKE year over year?

What were the key takeaways from NIKE’s earnings call?

What does NIKE do and what are its main business segments?

What factors drove the changes in NIKE's revenue and profit?

What guidance did NIKE's management provide for the next earnings period?

What is NIKE's gross profit margin?

- **North America Dominance**: 9% revenue growth, Running up over 20%, NIKE Digital Black Friday record. Wholesale growth balanced across new and existing partners.
- **China Challenges**: 16% revenue decline, off-price selling cycle. Actions include inventory cleanup and store pilots, but recovery slow.
- **Tariff Headwinds**: $1.5B annualized impact, net 120bps reduction through pricing. Q3 gross margin down 175-225bps (excluding tariffs).
- **Strategic Focus**: Sport offense driving innovation pipeline (Nike Mind, Aero-FIT). Committed to double-digit EBIT margins, with North America leading recovery.

**【CEO Summary Section】**
- **Strategic Progress**: Highlighted progress in 'Win Now' actions and the 'sport offense' strategy, emphasizing athlete-centered innovation across 190 countries.
- **North America Growth**: Q2 revenue up 9%, driven by Running (over 20% growth), Basketball, and Training. NIKE Digital saw its best Black Friday with Jordan Black Hat launch success.
- **China Challenges**: Revenue down 16% due to off-price selling and aged inventory. Actions include store pilots, reduced sell-in plans, and inventory cleanup, but recovery expected to take time.
- **Product Diversification**: Rightsizing Classics franchises (down over $4B YoY) and expanding into SKIMS, Nike Mind, and Aero-FIT innovations.
- **Margin Focus**: Committed to double-digit EBIT margins, with North America showing early signs of margin recovery despite tariff headwinds.

**【CFO Financial Commentary】**
- **Q2 Results**: Revenue flat YoY (1% reported), NIKE Direct down 9%, Wholesale up 8%. Gross margin 40.6% (-300bps YoY) due to tariffs and China obsolescence.
- **Tariff Impact**: $1.5B annualized tariff headwind, net impact reduced to 120bps through pricing and cost management.
- **Q3 Guidance**: Revenue down low single digits, gross margin down 175-225bps (excluding 315bps tariff impact). SG&A up low single digits due to demand creation.
- **North America Momentum**: Wholesale growth and order book improvement, with confidence in sustaining momentum.

**【Q&A Highlights】**
- **Margin Recovery Timeline**: No specific timeline, but North America showing early signs. China and Converse expected to remain challenging in Q3.
- **China Reset**: Requires new capabilities and fresh approach; early store pilots show promise but progress slow.
- **Product Growth Drivers**: Running, SKIMS, and Basketball leading innovation pipeline. Order book up for back half of FY26.
- **Wholesale Impact**: Wholesale growth creates cost leverage, with focus on demand creation for long-term brand health.

NIKE, Inc. (NKE) Q2 2026 Earnings Call Transcript

- **Strategic Reorganization Success**: Running footwear up 20% Q1; Sport Offense driving cross-sport innovation.\n- **North America Leadership**: Revenue +4%, with double-digit gains in key sports; NIKE Direct reset underway.\n- **Tariff Headwinds**: FY26 gross margin impacted by 120bps from tariffs; $1.5B annualized cost.\n- **China Challenges**: Down 10% Q1; digital promotional intensity requiring aggressive marketplace cleaning.\n- **Long-Term Margin Target**: Double-digit achievable via full-price mix expansion and operating leverage.\n- **Q2 Outlook**: Revenue down low single digits; gross margin down 300-375bps.\n

**【CEO Summary Section】**
- **Strategic Reorganization**: Launched the 'Sport Offense' to align teams by sport (e.g., running, football, basketball), driving 20% Q1 growth in running footwear.\n- **Marketplace Momentum**: North America revenue up 4%, with double-digit growth in running, training, and basketball.\n- **Challenges**: Sportswear and NIKE Direct (down 5%) still underperforming; Greater China down 10% due to promotional-heavy digital landscape.\n- **Innovation Focus**: Emphasized product innovation (e.g., Vomero 18, ACG Ultrafly) and brand storytelling (e.g., U.S. Open, England Women's Euro win campaigns).\n
**【CFO Financial Commentary】**
- **Q1 Results**: Revenue flat YoY (1% reported, -1% currency-neutral), gross margin down 320bps to 42.2% due to tariffs and discounts.\n- **Key Metrics**:\n  - NIKE Direct down 5% (Digital -12%, Stores -1%); Wholesale up 5%.\n  - Operating expenses flat YoY; tax rate 21.1%.\n  - Inventory down 2% YoY, with closeout mix stabilizing.\n- **Tariff Impact**: New tariffs now estimated at $1.5B annualized, adding 120bps headwind to FY26 gross margin.\n- **Guidance**: Q2 revenue down low single digits, gross margin down 300-375bps.\n- **Long-Term Outlook**: Targeting double-digit margins through full-price mix expansion and operating leverage.\n
**【Q&A Highlights】**\n- **Spring Order Book**: Up YoY across North America, EMEA, APLA; running and sportswear driving momentum.\n- **China Strategy**: Piloting store resets and localized assortments; digital focus on full-price storytelling.\n- **Inventory Management**: Q1 units down in NA, EMEA, China; APLA up due to selective buys.\n- **Tariff Mitigation**: Actions (e.g., sourcing shifts) expected to offset costs over time.\n- **Digital Recovery**: NIKE Direct not expected to return to growth in FY26; focus on full-price discipline.\n

NIKE, Inc. (NKE) Q1 2026 Earnings Call Transcript

- **Product Portfolio Reset**: Classic franchises down 30% YoY, freeing up $1B+ for innovation in running (Vomero 18), basketball (A'ja Wilson), and football.
- **Marketplace Expansion**: New Amazon partnership and 200+ women's specialty doors drive +10% wholesale sell-through on new products.
- **Tariff Resilience**: $1B cost headwind partially mitigated via China supply chain diversification (footwear share to 8% by Q2 2026) and price adjustments.
- **China Recovery Signal**: Testing new retail concepts; ST Flare basketball shoes show strong consumer reaction, signaling potential return to growth.
- **Q1 2026 Outlook**: Revenue down mid-single digits, but holiday order book up 10% YoY in key geos; gross margin to improve sequentially post-H1 2026 cleanup.


**【CEO Opening Remarks】**
- **Win Now Actions Progress**: Accelerated product portfolio reset (e.g., Air Force 1, Dunk, AJ1 down 30% YoY), repositioning NIKE Digital as full-price, and sport-led marketplace segmentation.
- **Key Product Wins**: Vomero 18 became a $100M+ franchise in 90 days; A'ja Wilson's Signature Collection sold out in 3 minutes on NIKE Digital.
- **Marketplace Expansion**: New Amazon partnership to launch Q1 2026, adding 200+ women's specialty doors, and I-95 corridor activations.
- **Geographic Momentum**: North America and EMEA showing recovery signals; APLA mixed progress; China requires longer-term cleanup.

**【CFO Financial Update】**
- **Q4 Results**: Revenue down 12% (currency-neutral), Gross Margin 40.3% (-440bps), EBIT down 29% in North America.
- **Tariff Impact**: $1B incremental cost headwind, partially mitigated via supply chain diversification (China footwear share to drop to ~8% by Q2 2026) and price adjustments.
- **Q1 2026 Guidance**: Revenue down mid-single digits, Gross Margin -350-425bps (including 100bps tariff impact), SG&A up low single digits.
- **Inventory Management**: Flat vs. prior year, with sequential improvement; targeting healthy exit by H1 2026.

**【Q&A Highlights】**
- **Order Book Strength**: Holiday orders up in North America, EMEA, APLA (offset by China); wholesale partners seeing +10% sell-through on new products.
- **Tariff Mitigation Timeline**: Full impact mitigation by end of 2026; Q1 2026 gross margin impact at 100bps, moderating in H2.
- **China Recovery**: Testing new retail concepts; expects gradual recovery driven by sportswear innovation (e.g., outdoor basketball ST Flare).
- **Digital Transformation**: NIKE Digital markdown rates improving; targeting full-price growth through sport-led storytelling.


NIKE, Inc. (NKE) Q4 2025 Earnings Call Transcript

- **Q3 Results**: Revenue down 7% YoY, but running (+mid-single digits) and training (+double digits) outperform. 
- **Key Initiatives**: 
  - **Product Reset**: Peg Premium/Vomero 18 driving running momentum; sportswear diversification (Shox, Air Max Muse) gaining traction. 
  - **Channel Restructuring**: NIKE Digital promotions cut to 0 days in Jan/Feb; wholesale discounts increased to clean up inventory. 
  - **China Focus**: Aggressive marketplace cleanup with newness (Peg Premium, Vomero 18) over promotions. 
- **FY26 Outlook**: Classic franchises (Dunk, Air Force 1) to decline >10pts of footwear mix; gross margin recovery contingent on inventory cleanup. 
- **Critical Risks**: China macro challenges, promotional environment, and inventory liquidation headwinds. 


**【CEO Opening Remarks】**
- **Revenue Growth & Strategy**: Q3 revenue down 7% YoY (currency neutral), driven by holiday strength offset by January/February declines. Emphasized 'Win Now' strategy focusing on 5 sports (running, basketball, football, training, sportswear) and 3 key geographies (US, China, UK). 
- **Product Innovation**: Highlighted new running shoes (Peg Premium, Vomero 18) with strong sell-through and planned scale-up. Sportswear diversification efforts (e.g., Shox, Air Max Muse) show early momentum. 
- **Brand Activation**: Major events like Super Bowl and NBA All-Star Weekend showcased integrated storytelling across NIKE, Jordan, and Converse. Peg Premium sold out in North America, Vomero 18 distribution doubled by mid-April. 
- **Marketplace Reset**: Reduced NIKE Digital promotions (0 days in Jan/Feb vs 30+ last year), repositioning as full-price channel. Wholesale partners seeing performance growth offset classic franchise declines. 

**【CFO Financial Update】**
- **Topline**: Q3 revenue $13.3B (-7% YoY). NIKE Direct down 10% (Digital -15%, Stores -2%), Wholesale -4% (Greater China -18%). 
- **Margins**: Gross margin 41.5% (-330bps YoY) due to markdowns, discounts, and inventory obsolescence. SG&A -8% YoY (brand marketing offset by cost control). 
- **Inventory**: +2% YoY, elevated across geographies. Air Force 1 inventory stabilizing, Air Jordan 1/Dunk still elevated. 
- **Forward Guidance**: Q4 revenue -mid-teens, gross margin -400-500bps. FY26 focus on reducing classic franchises (Dunk, Air Force 1) by >10pts of footwear mix. 

**【Q&A Highlights】**
- **Inventory Cleanup**: Classic franchises (Dunk, Air Force 1) expected to decline >10pts of footwear mix in Q4, accelerating in FY26. NIKE Direct inventory transitioning to factory stores. 
- **China Strategy**: Aggressive marketplace cleanup, prioritizing newness (Peg Premium, Vomero 18) over promotions. Long-term opportunity remains despite short-term pain. 
- **Innovation Pipeline**: Spring '26 product review shows strong pipeline across 5 sports. Focus on balanced portfolio of 'seeding' (new) and 'scaling' (proven) products. 
- **Wholesale Recovery**: Order book in North America/EMEA/APLA shows performance/sportswear growth offsetting classic franchise declines. Wholesale discounts to accelerate inventory liquidation. 


Actual																0.53	-0.51	0.95	0.78	0.9	0.93	1.16	0.83	0.87	0.9	0.93	0.85	0.79	0.66	0.94	1.03	0.98	1.01	0.7	0.78	0.54	0.14	0.49	0.53
Forecast																0.5866	0.089	0.4712	0.6254	0.7635	0.5111	1.1187	0.6307	0.7126	0.8015	0.922	0.6441	0.5551	0.6774	0.7558	0.8404	0.7548	0.8376	0.5177	0.6689	0.3007	0.1303	0.272	0.3747	0.3028
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-9.65%	-673.03%	+101.61%	+24.72%	+17.88%	+81.96%	+3.69%	+31.60%	+22.09%	+12.29%	+0.87%	+31.97%	+42.32%	-2.57%	+24.37%	+22.56%	+29.84%	+20.58%	+35.21%	+16.61%	+79.58%	+7.44%	+80.15%	+41.45%	0.00%

Actual	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	10.10B	6.31B	10.59B	11.24B	10.36B	12.34B	12.25B	11.36B	10.87B	12.23B	12.69B	13.31B	12.39B	12.82B	12.94B	13.39B	12.43B	12.61B	11.59B	12.35B	11.27B	11.10B	11.72B	12.43B	--
Forecast	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	9.80B	7.30B	9.13B	10.55B	11.01B	11.03B	12.47B	11.25B	10.60B	12.06B	12.28B	12.58B	11.48B	12.58B	13.00B	13.39B	12.28B	12.86B	11.64B	12.13B	11.02B	10.73B	10.99B	12.21B	11.23B
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+3.10%	-13.46%	+16.08%	+6.56%	-5.90%	+11.94%	-1.80%	+0.96%	+2.58%	+1.44%	+3.32%	+5.84%	+7.91%	+1.94%	-0.47%	-0.03%	+1.22%	-1.98%	-0.47%	+1.85%	+2.27%	+3.44%	+6.65%	+1.82%	0.00%

NKE

NKE fundamentals

NKE Q3 2026 Earnings Preview

Earnings Call

You can ask Aime

NKE

NKE fundamentals

NKE Q3 2026 Earnings Preview

Earnings Call

NKE Earnings Call Summary for Q3/2026Upcoming5:00 PM on Mar 31, 2026

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NKE Earnings Call Summary for Q3/20255:00 PM on Mar 20, 2025

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