Nike 8-K

Summary

Fiscal Q3 2026 results. Revenue was flat Y/Y, while net income and diluted EPS each fell 35%. NIKE said its “Win Now” actions will continue to affect results through the rest of the calendar year as it positions for long-term profitable growth.

Key Figures

• Gross margin was 40.2%, down 130bp, primarily due to higher North American tariffs. Selling and administrative expense rose 2% to $3.98B; operating overhead increased 3% to $2.89B, partly due to employee severance costs and unfavorable foreign exchange.
• Wholesale revenue was $6.5B, up 5% reported and 1% currency-neutral; NIKE Direct was $4.5B, down 4% reported and 7% currency-neutral, including a 9% decline in digital sales and a 5% decline in owned stores. Greater China revenue fell 7% reported and 10% currency-neutral; Converse revenue declined 35% to $264M.
• Cash and equivalents plus short-term investments totaled $8.1B, down approximately $2.3B; operating cash generation was more than offset by dividends, bond repayment, capital expenditures and share repurchases. Inventories were $7.49B, down 1%; quarterly dividends were approximately $609M, up 3%.

Guidance

No guidance in this filing.

Investor Takeaways

• Watch the effect of “Win Now” actions on results through the rest of the calendar year, including whether wholesale momentum offsets continued weakness in NIKE Direct and Greater China.