Overview

• Nike reported Q1 FY2026 revenue of $11.72 billion, up 1% and above the roughly $11.0 billion consensus, with earnings of 49 cents per share versus 27 cents expected.
• Wholesale revenue rose 7% to $6.8 billion while Nike Direct declined 4% to $4.5 billion, and Nike Brand revenue increased 2% to $11.4 billion.
• Regional results showed North America up 4%, EMEA up 6%, Asia Pacific & Latin America up 2%, and Greater China down 9%.
• Inventories fell 2% to $8.1 billion; cash and short-term investments totaled $8.6 billion, and the company returned $591 million in dividends and repurchased $123 million of stock.
• Management continues to flag margin pressure, reiterating guidance for a 350–425 basis‑point gross‑margin headwind including about 100 bps from U.S. tariffs, with the CFO estimating roughly $1 billion in incremental tariff costs and targeting a high‑single‑digit share of China sourcing for U.S. imports by year‑end.