Nike 8-K

Summary

Fiscal 2026 fourth-quarter and full-year results. Full-year revenue was flat as reported and down 2% on a currency-neutral basis; Q4 revenue fell 1% and 4%, respectively. Q4 gross margin and EPS included a substantial benefit from the expected recovery of IEEPA tariffs, while management cited ongoing top-line headwinds and challenged sell-through.

Key Figures

• Q4 wholesale revenue was $6.6B (+4%); NIKE Direct was $4.1B (-7%), including a 12% decline in NIKE Brand Digital. Greater China and EMEA declines weighed on NIKE Brand revenue; North America partly offset them.
• The expected $986M IEEPA tariff recovery added approximately 900 bp to Q4 gross margin and $0.52 to diluted EPS. The company had received approximately $0.3B of tariff-recovery cash by year-end.
• At 5/31/2026, cash and short-term investments were $9.0B, down approximately $0.1B; inventory was $7.5B, flat. Total debt was $7.94B ($2.0B current and $5.94B long-term), versus $7.96B the prior year. FY shareholder returns were $2.5B, including $2.4B in dividends and $123M in repurchases; 1.8M shares were retired.

Guidance

No guidance in this filing.

Investor Takeaways

• Next-quarter sell-through and NIKE Direct trends, particularly in Greater China and EMEA, will indicate whether top-line headwinds are easing.
• Progress in performance product and improved profitability are management’s stated priorities; subsequent results will show whether those gains can scale.