Overview

• Fiscal Q1 adjusted EPS came in at $0.49 on $11.7 billion in revenue, beating Wall Street forecasts.
• Wholesale revenue rose 7% to $6.8 billion as Nike Direct fell 4% to $4.5 billion, and the company does not expect direct sales to grow this fiscal year.
• Running sales increased 20% after Nike reset about 1,300 specialty retail environments to refocus the category.
• Gross margin declined to 42.2%, down roughly 320 basis points, with the annual tariff impact now estimated at about $1.5 billion and a 120-basis-point hit to FY26 margin.
• Greater China revenue fell around 10% with operating profit down about 25%, while shares gained roughly 5% following the report.