NIKE, Inc. Reports Fiscal 2026 Third Quarter Results

3/31/26 4:15:00 PM ET

$NKE

Shoe Manufacturing

Consumer Discretionary

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NIKE, Inc. (NYSE:NKE) today reported fiscal 2026 financial results for its third quarter ended February 28, 2026.

Third quarter revenues were $11.3 billion, flat on a reported basis and down 3 percent on a currency-neutral basis*
Wholesale revenues were $6.5 billion, up 5 percent on a reported basis and up 1 percent on a currency-neutral basis
NIKE Direct revenues were $4.5 billion, down 4 percent on a reported basis and down 7 percent on a currency-neutral basis
Gross margin decreased 130 basis points to 40.2 percent
Diluted earnings per share was $0.35

"This quarter we took meaningful actions to improve the health and quality of our business. The pace of progress is different across the portfolio and the areas we prioritized first continue to drive momentum," said Elliott Hill, President and Chief Executive Officer, NIKE, Inc. "The work is not finished, but the direction is clear, our teams are moving with focus and urgency, and our foundation is getting even stronger to build the future of NIKE."

"We delivered third quarter results in line with our expectations, and our teams continue to execute with discipline," said Matthew Friend, Executive Vice President and Chief Financial Officer, NIKE, Inc. "Win Now actions will continue to impact results over the balance of the calendar year, and we remain confident in our ability to position the Company for profitable growth long-term."

Third Quarter Income Statement Review

Revenues for NIKE, Inc. were $11.3 billion, flat on a reported basis and down 3 percent on a currency-neutral basis.
- NIKE Brand revenues were $11.0 billion, up 1 percent on a reported basis and down 2 percent on a currency-neutral basis, primarily due to declines in EMEA and Greater China, partially offset by growth in North America.
- Wholesale revenues were $6.5 billion, up 5 percent on a reported basis and up 1 percent on a currency-neutral basis, primarily due to growth in North America.
- NIKE Direct revenues were $4.5 billion, down 4 percent on a reported basis and down 7 percent on a currency-neutral basis, due to a 9 percent decrease in NIKE Brand Digital and a 5 percent decrease in NIKE-owned stores.
- Revenues for Converse were $264 million, down 35 percent on a reported basis and down 37 percent on a currency-neutral basis, due to declines across all territories.
Gross margin decreased 130 basis points to 40.2 percent, primarily due to higher tariffs in North America.
Selling and administrative expense increased 2 percent to $4.0 billion.
- Demand creation expense was $1.1 billion, flat compared to the prior year, as higher sports marketing expense and unfavorable changes in foreign currency exchange rates were offset by lower brand marketing expense.
- Operating overhead expense was $2.9 billion, up 3 percent, due to employee severance costs and unfavorable changes in foreign currency exchange rates, partially offset by lower other administrative costs.
The effective tax rate was 20.0 percent compared to 5.9 percent for the same period last year, primarily due to a prior period one-time, non-cash deferred tax benefit provided by U.S. tax regulations related to foreign currency gains and losses.
Net income was $0.5 billion, down 35 percent, and Diluted earnings per share was $0.35, a decrease of 35 percent.

February 28, 2026 Balance Sheet Review

Inventories for NIKE, Inc. were $7.5 billion, down 1 percent, primarily reflecting a decrease in units and product mix shifts, partially offset by increased product costs, primarily due to higher tariffs in North America.
Cash and equivalents and short-term investments were $8.1 billion, down approximately $2.3 billion, as cash generated by operations was more than offset by cash dividends, bond repayment, capital expenditures and share repurchases.

Shareholder Returns

NIKE has a strong track record of returns to shareholders, including 24 consecutive years of increasing dividend payouts. In the third quarter, the Company returned approximately $609 million to shareholders through dividends, up 3 percent from the prior year.

Conference Call

NIKE, Inc. management will host a conference call beginning at approximately 2:00 p.m. PT on March 31, 2026, to review fiscal third quarter results. The conference call will be broadcast live via the Internet and can be accessed at https://investors.nike.com. For those unable to listen to the live broadcast, an archived version will be available at the same location through approximately 9:00 p.m. PT, April 23, 2026.

About NIKE, Inc.

NIKE, Inc., based near Beaverton, Oregon, is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Converse, a wholly-owned NIKE, Inc. subsidiary brand, designs, markets and distributes athletic lifestyle footwear, apparel and accessories. For more information, NIKE, Inc.'s earnings releases and other financial information are available on the Internet at https://investors.nike.com. Individuals can also visit https://news.nike.com and follow @NIKE.

Forward-Looking Statements

This press release contains forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed from time to time in reports filed by NIKE with the U.S. Securities and Exchange Commission (SEC), including Forms 8-K, 10-Q and 10-K.

Non-GAAP financial measure. See additional information in the accompanying Divisional Revenues table.

(Tables Follow)

NIKE, Inc.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)


(In millions, except per share data)	THREE MONTHS ENDED						%		NINE MONTHS ENDED						%
(In millions, except per share data)	2/28/2026			2/28/2025			Change		2/28/2026			2/28/2025			Change
Revenues	$	11,279		$	11,269		0	%	$	35,426		$	35,212		1	%
Cost of sales		6,749			6,594		2	%		20,908			19,891		5	%
Gross profit		4,530			4,675		-3	%		14,518			15,321		-5	%
Gross margin		40.2	%		41.5	%				41.0	%		43.5	%

Demand creation expense		1,090			1,088		0	%		3,551			3,436		3	%
Operating overhead expense		2,887			2,799		3	%		8,481			8,504		0	%
Total selling and administrative expense		3,977			3,887		2	%		12,032			11,940		1	%
% of revenues		35.3	%		34.5	%				34.0	%		33.9	%

Interest (income) expense, net		(15	)		(18	)	—			(42	)		(85	)	—
Other (income) expense, net		(82	)		(38	)	—			(43	)		(101	)	—
Income before income taxes		650			844		-23	%		2,571			3,567		-28	%
Income tax expense		130			50		160	%		532			559		-5	%
Effective tax rate		20.0	%		5.9	%				20.7	%		15.7	%

NET INCOME	$	520		$	794		-35	%	$	2,039		$	3,008		-32	%

Earnings per common share:
Basic	$	0.35		$	0.54		-35	%	$	1.38		$	2.02		-32	%
Diluted	$	0.35		$	0.54		-35	%	$	1.38		$	2.02		-32	%

Weighted average common shares outstanding:
Basic		1,480.5			1,478.1					1,478.9			1,487.6
Diluted		1,481.6			1,480.6					1,480.4			1,491.0

Dividends declared per common share	$	0.410		$	0.400				$	1.220		$	1.170

NIKE, Inc.
CONSOLIDATED BALANCE SHEETS
(Unaudited)


	February 28,		February 28,		% Change
(Dollars in millions)	2026		2025		% Change
ASSETS
Current assets:
Cash and equivalents	$	6,660	$	8,601	-23	%
Short-term investments		1,397		1,792	-22	%
Accounts receivable, net		5,369		4,491	20	%
Inventories		7,487		7,539	-1	%
Prepaid expenses and other current assets		2,271		2,186	4	%
Total current assets		23,184		24,609	-6	%
Property, plant and equipment, net		4,766		4,717	1	%
Operating lease right-of-use assets, net		2,886		2,614	10	%
Identifiable intangible assets, net		259		259	0	%
Goodwill		240		239	0	%
Deferred income taxes and other assets		5,729		5,355	7	%
TOTAL ASSETS	$	37,064	$	37,793	-2	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt	$	999	$	1,000	0	%
Notes payable		—		4	-100	%
Accounts payable		2,888		3,106	-7	%
Current portion of operating lease liabilities		493		474	4	%
Accrued liabilities		6,183		5,905	5	%
Income taxes payable		275		734	-63	%
Total current liabilities		10,838		11,223	-3	%
Long-term debt		7,030		7,956	-12	%
Operating lease liabilities		2,656		2,477	7	%
Deferred income taxes and other liabilities		2,450		2,130	15	%
Redeemable preferred stock		—		—	—
Shareholders' equity		14,090		14,007	1	%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	37,064	$	37,793	-2	%

NIKE, Inc.
DIVISIONAL REVENUES
(Unaudited)


								% Change Excluding Currency Changes¹										% Change Excluding Currency Changes¹
	THREE MONTHS ENDED					%				NINE MONTHS ENDED						%
(Dollars in millions)	2/28/2026		2/28/2025			Change				2/28/2026			2/28/2025			Change
North America
Footwear	$	3,326	$	3,132		6	%	6	%	$	10,087		$	9,580		5	%	5	%
Apparel		1,480		1,510		-2	%	-2	%		4,765			4,534		5	%	5	%
Equipment		220		222		-1	%	-1	%		827			755		10	%	10	%
Total		5,026		4,864		3	%	3	%		15,679			14,869		5	%	5	%
Europe, Middle East & Africa
Footwear		1,789		1,742		3	%	-7	%		5,822			5,676		3	%	-3	%
Apparel		926		913		1	%	-8	%		3,228			3,042		6	%	0	%
Equipment		159		156		2	%	-8	%		547			539		1	%	-5	%
Total		2,874		2,811		2	%	-7	%		9,597			9,257		4	%	-2	%
Greater China
Footwear		1,187		1,282		-7	%	-10	%		3,250			3,731		-13	%	-14	%
Apparel		397		412		-4	%	-7	%		1,201			1,244		-3	%	-5	%
Equipment		31		39		-21	%	-22	%		99			135		-27	%	-27	%
Total		1,615		1,733		-7	%	-10	%		4,550			5,110		-11	%	-12	%
Asia Pacific & Latin America
Footwear		1,051		1,052		0	%	-3	%		3,263			3,338		-2	%	-3	%
Apparel		381		358		6	%	4	%		1,209			1,143		6	%	5	%
Equipment		58		60		-3	%	-7	%		175			195		-10	%	-11	%
Total		1,490		1,470		1	%	-2	%		4,647			4,676		-1	%	-2	%
Global Brand Divisions²		7		12		-42	%	-37	%		25			39		-36	%	-34	%
TOTAL NIKE BRAND		11,012		10,890		1	%	-2	%		34,498			33,951		2	%	0	%
Converse		264		405		-35	%	-37	%		930			1,335		-30	%	-32	%
Corporate³		3		(26	)	—		—			(2	)		(74	)	—		—
TOTAL NIKE, INC. REVENUES	$	11,279	$	11,269		0	%	-3	%	$	35,426		$	35,212		1	%	-1	%

TOTAL NIKE BRAND
Footwear	$	7,353	$	7,208		2	%	-1	%	$	22,422		$	22,325		0	%	-1	%
Apparel		3,184		3,193		0	%	-4	%		10,403			9,963		4	%	2	%
Equipment		468		477		-2	%	-6	%		1,648			1,624		1	%	-1	%
Global Brand Divisions²		7		12		-42	%	-37	%		25			39		-36	%	-34	%
TOTAL NIKE BRAND REVENUES	$	11,012	$	10,890		1	%	-2	%	$	34,498		$	33,951		2	%	0	%
¹The percent change has been calculated using actual exchange rates in use during the comparative prior year period and is provided to enhance the visibility of the underlying business trends by excluding the impact of translation arising from foreign currency exchange rate fluctuations, which is considered a non-GAAP financial measure. Management uses this non-GAAP financial measure when evaluating the Company's performance, including when making financial and operating decisions. Additionally, management believes this non-GAAP financial measure provides investors with additional financial information that should be considered when assessing the Company's underlying business performance and trends. References to this measure should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies.
²Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.
³Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse, but managed through the Company's central foreign exchange risk management program.

NIKE, Inc.
EARNINGS BEFORE INTEREST AND TAXES ("EBIT")¹
(Unaudited)


	THREE MONTHS ENDED						%		NINE MONTHS ENDED						%
(Dollars in millions)	2/28/2026			2/28/2025			Change		2/28/2026			2/28/2025			Change
North America	$	981		$	1,103		-11	%	$	3,376		$	3,690		-9	%
Europe, Middle East & Africa		515			480		7	%		1,983			2,103		-6	%
Greater China		467			421		11	%		1,035			1,298		-20	%
Asia Pacific & Latin America		332			346		-4	%		1,071			1,208		-11	%
Global Brand Divisions²		(1,209	)		(1,093	)	-11	%		(3,473	)		(3,453	)	-1	%
TOTAL NIKE BRAND EBIT¹		1,086			1,257		-14	%		3,992			4,846		-18	%
Converse		(40	)		39		-203	%		(5	)		213		-102	%
Corporate³		(411	)		(470	)	13	%		(1,458	)		(1,577	)	8	%
TOTAL NIKE, INC. EBIT¹		635			826		-23	%		2,529			3,482		-27	%
Interest (income) expense, net		(15	)		(18	)	—			(42	)		(85	)	—
Income tax expense		130			50		160	%		532			559		-5	%
NET INCOME	$	520		$	794		-35	%	$	2,039		$	3,008		-32	%

Total NIKE, Inc. Revenues	$	11,279		$	11,269		0	%	$	35,426		$	35,212		1	%
Net income margin		4.6	%		7.0	%				5.8	%		8.5	%
EBIT margin¹		5.6	%		7.3	%				7.1	%		9.9	%
¹Total NIKE Brand EBIT, Total NIKE, Inc. EBIT and EBIT margin are considered non-GAAP financial measures. EBIT is calculated as Net income before Interest (income) expense, net and Income tax expense. EBIT margin is calculated as total NIKE, Inc. EBIT divided by total NIKE, Inc. Revenues. References to EBIT and EBIT margin should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies. Management uses these non-GAAP financial measures when evaluating the Company's performance, including segment performance, when making financial and operating decisions. Additionally, management believes these non-GAAP financial measures provide investors with additional financial information that should be considered when assessing the Company's underlying business performance and trends.
²Global Brand Divisions primarily represents costs, including product creation and design expenses, that are centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.
³Corporate consists primarily of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company's corporate headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses.

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Investor Contact:

Paul Trussell

[email protected]

Media Contact:

Sandra Carreon-John

[email protected]

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NIKE, Inc. Reports Fiscal 2026 Third Quarter Results

3/31/26 4:15:00 PM ET

$NKE

Shoe Manufacturing

Consumer Discretionary

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NIKE, Inc. (NYSE:NKE) today reported fiscal 2026 financial results for its third quarter ended February 28, 2026.

Third quarter revenues were $11.3 billion, flat on a reported basis and down 3 percent on a currency-neutral basis*
Wholesale revenues were $6.5 billion, up 5 percent on a reported basis and up 1 percent on a currency-neutral basis
NIKE Direct revenues were $4.5 billion, down 4 percent on a reported basis and down 7 percent on a currency-neutral basis
Gross margin decreased 130 basis points to 40.2 percent
Diluted earnings per share was $0.35

Third Quarter Income Statement Review

Revenues for NIKE, Inc. were $11.3 billion, flat on a reported basis and down 3 percent on a currency-neutral basis.
- NIKE Brand revenues were $11.0 billion, up 1 percent on a reported basis and down 2 percent on a currency-neutral basis, primarily due to declines in EMEA and Greater China, partially offset by growth in North America.
- Wholesale revenues were $6.5 billion, up 5 percent on a reported basis and up 1 percent on a currency-neutral basis, primarily due to growth in North America.
- NIKE Direct revenues were $4.5 billion, down 4 percent on a reported basis and down 7 percent on a currency-neutral basis, due to a 9 percent decrease in NIKE Brand Digital and a 5 percent decrease in NIKE-owned stores.
- Revenues for Converse were $264 million, down 35 percent on a reported basis and down 37 percent on a currency-neutral basis, due to declines across all territories.
Gross margin decreased 130 basis points to 40.2 percent, primarily due to higher tariffs in North America.
Selling and administrative expense increased 2 percent to $4.0 billion.
- Demand creation expense was $1.1 billion, flat compared to the prior year, as higher sports marketing expense and unfavorable changes in foreign currency exchange rates were offset by lower brand marketing expense.
- Operating overhead expense was $2.9 billion, up 3 percent, due to employee severance costs and unfavorable changes in foreign currency exchange rates, partially offset by lower other administrative costs.
The effective tax rate was 20.0 percent compared to 5.9 percent for the same period last year, primarily due to a prior period one-time, non-cash deferred tax benefit provided by U.S. tax regulations related to foreign currency gains and losses.
Net income was $0.5 billion, down 35 percent, and Diluted earnings per share was $0.35, a decrease of 35 percent.

February 28, 2026 Balance Sheet Review

Inventories for NIKE, Inc. were $7.5 billion, down 1 percent, primarily reflecting a decrease in units and product mix shifts, partially offset by increased product costs, primarily due to higher tariffs in North America.
Cash and equivalents and short-term investments were $8.1 billion, down approximately $2.3 billion, as cash generated by operations was more than offset by cash dividends, bond repayment, capital expenditures and share repurchases.

Shareholder Returns

Conference Call

About NIKE, Inc.

Forward-Looking Statements

Non-GAAP financial measure. See additional information in the accompanying Divisional Revenues table.

(Tables Follow)

NIKE, Inc.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)


(In millions, except per share data)	THREE MONTHS ENDED						%		NINE MONTHS ENDED						%
(In millions, except per share data)	2/28/2026			2/28/2025			Change		2/28/2026			2/28/2025			Change
Revenues	$	11,279		$	11,269		0	%	$	35,426		$	35,212		1	%
Cost of sales		6,749			6,594		2	%		20,908			19,891		5	%
Gross profit		4,530			4,675		-3	%		14,518			15,321		-5	%
Gross margin		40.2	%		41.5	%				41.0	%		43.5	%

Demand creation expense		1,090			1,088		0	%		3,551			3,436		3	%
Operating overhead expense		2,887			2,799		3	%		8,481			8,504		0	%
Total selling and administrative expense		3,977			3,887		2	%		12,032			11,940		1	%
% of revenues		35.3	%		34.5	%				34.0	%		33.9	%

Interest (income) expense, net		(15	)		(18	)	—			(42	)		(85	)	—
Other (income) expense, net		(82	)		(38	)	—			(43	)		(101	)	—
Income before income taxes		650			844		-23	%		2,571			3,567		-28	%
Income tax expense		130			50		160	%		532			559		-5	%
Effective tax rate		20.0	%		5.9	%				20.7	%		15.7	%

NET INCOME	$	520		$	794		-35	%	$	2,039		$	3,008		-32	%

Earnings per common share:
Basic	$	0.35		$	0.54		-35	%	$	1.38		$	2.02		-32	%
Diluted	$	0.35		$	0.54		-35	%	$	1.38		$	2.02		-32	%

Weighted average common shares outstanding:
Basic		1,480.5			1,478.1					1,478.9			1,487.6
Diluted		1,481.6			1,480.6					1,480.4			1,491.0

Dividends declared per common share	$	0.410		$	0.400				$	1.220		$	1.170

NIKE, Inc.
CONSOLIDATED BALANCE SHEETS
(Unaudited)


	February 28,		February 28,		% Change
(Dollars in millions)	2026		2025		% Change
ASSETS
Current assets:
Cash and equivalents	$	6,660	$	8,601	-23	%
Short-term investments		1,397		1,792	-22	%
Accounts receivable, net		5,369		4,491	20	%
Inventories		7,487		7,539	-1	%
Prepaid expenses and other current assets		2,271		2,186	4	%
Total current assets		23,184		24,609	-6	%
Property, plant and equipment, net		4,766		4,717	1	%
Operating lease right-of-use assets, net		2,886		2,614	10	%
Identifiable intangible assets, net		259		259	0	%
Goodwill		240		239	0	%
Deferred income taxes and other assets		5,729		5,355	7	%
TOTAL ASSETS	$	37,064	$	37,793	-2	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt	$	999	$	1,000	0	%
Notes payable		—		4	-100	%
Accounts payable		2,888		3,106	-7	%
Current portion of operating lease liabilities		493		474	4	%
Accrued liabilities		6,183		5,905	5	%
Income taxes payable		275		734	-63	%
Total current liabilities		10,838		11,223	-3	%
Long-term debt		7,030		7,956	-12	%
Operating lease liabilities		2,656		2,477	7	%
Deferred income taxes and other liabilities		2,450		2,130	15	%
Redeemable preferred stock		—		—	—
Shareholders' equity		14,090		14,007	1	%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	37,064	$	37,793	-2	%

NIKE, Inc.
DIVISIONAL REVENUES
(Unaudited)


								% Change Excluding Currency Changes¹										% Change Excluding Currency Changes¹
	THREE MONTHS ENDED					%				NINE MONTHS ENDED						%
(Dollars in millions)	2/28/2026		2/28/2025			Change				2/28/2026			2/28/2025			Change
North America
Footwear	$	3,326	$	3,132		6	%	6	%	$	10,087		$	9,580		5	%	5	%
Apparel		1,480		1,510		-2	%	-2	%		4,765			4,534		5	%	5	%
Equipment		220		222		-1	%	-1	%		827			755		10	%	10	%
Total		5,026		4,864		3	%	3	%		15,679			14,869		5	%	5	%
Europe, Middle East & Africa
Footwear		1,789		1,742		3	%	-7	%		5,822			5,676		3	%	-3	%
Apparel		926		913		1	%	-8	%		3,228			3,042		6	%	0	%
Equipment		159		156		2	%	-8	%		547			539		1	%	-5	%
Total		2,874		2,811		2	%	-7	%		9,597			9,257		4	%	-2	%
Greater China
Footwear		1,187		1,282		-7	%	-10	%		3,250			3,731		-13	%	-14	%
Apparel		397		412		-4	%	-7	%		1,201			1,244		-3	%	-5	%
Equipment		31		39		-21	%	-22	%		99			135		-27	%	-27	%
Total		1,615		1,733		-7	%	-10	%		4,550			5,110		-11	%	-12	%
Asia Pacific & Latin America
Footwear		1,051		1,052		0	%	-3	%		3,263			3,338		-2	%	-3	%
Apparel		381		358		6	%	4	%		1,209			1,143		6	%	5	%
Equipment		58		60		-3	%	-7	%		175			195		-10	%	-11	%
Total		1,490		1,470		1	%	-2	%		4,647			4,676		-1	%	-2	%
Global Brand Divisions²		7		12		-42	%	-37	%		25			39		-36	%	-34	%
TOTAL NIKE BRAND		11,012		10,890		1	%	-2	%		34,498			33,951		2	%	0	%
Converse		264		405		-35	%	-37	%		930			1,335		-30	%	-32	%
Corporate³		3		(26	)	—		—			(2	)		(74	)	—		—
TOTAL NIKE, INC. REVENUES	$	11,279	$	11,269		0	%	-3	%	$	35,426		$	35,212		1	%	-1	%

TOTAL NIKE BRAND
Footwear	$	7,353	$	7,208		2	%	-1	%	$	22,422		$	22,325		0	%	-1	%
Apparel		3,184		3,193		0	%	-4	%		10,403			9,963		4	%	2	%
Equipment		468		477		-2	%	-6	%		1,648			1,624		1	%	-1	%
Global Brand Divisions²		7		12		-42	%	-37	%		25			39		-36	%	-34	%
TOTAL NIKE BRAND REVENUES	$	11,012	$	10,890		1	%	-2	%	$	34,498		$	33,951		2	%	0	%
¹The percent change has been calculated using actual exchange rates in use during the comparative prior year period and is provided to enhance the visibility of the underlying business trends by excluding the impact of translation arising from foreign currency exchange rate fluctuations, which is considered a non-GAAP financial measure. Management uses this non-GAAP financial measure when evaluating the Company's performance, including when making financial and operating decisions. Additionally, management believes this non-GAAP financial measure provides investors with additional financial information that should be considered when assessing the Company's underlying business performance and trends. References to this measure should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies.
²Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.
³Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse, but managed through the Company's central foreign exchange risk management program.

NIKE, Inc.
EARNINGS BEFORE INTEREST AND TAXES ("EBIT")¹
(Unaudited)


	THREE MONTHS ENDED						%		NINE MONTHS ENDED						%
(Dollars in millions)	2/28/2026			2/28/2025			Change		2/28/2026			2/28/2025			Change
North America	$	981		$	1,103		-11	%	$	3,376		$	3,690		-9	%
Europe, Middle East & Africa		515			480		7	%		1,983			2,103		-6	%
Greater China		467			421		11	%		1,035			1,298		-20	%
Asia Pacific & Latin America		332			346		-4	%		1,071			1,208		-11	%
Global Brand Divisions²		(1,209	)		(1,093	)	-11	%		(3,473	)		(3,453	)	-1	%
TOTAL NIKE BRAND EBIT¹		1,086			1,257		-14	%		3,992			4,846		-18	%
Converse		(40	)		39		-203	%		(5	)		213		-102	%
Corporate³		(411	)		(470	)	13	%		(1,458	)		(1,577	)	8	%
TOTAL NIKE, INC. EBIT¹		635			826		-23	%		2,529			3,482		-27	%
Interest (income) expense, net		(15	)		(18	)	—			(42	)		(85	)	—
Income tax expense		130			50		160	%		532			559		-5	%
NET INCOME	$	520		$	794		-35	%	$	2,039		$	3,008		-32	%

Total NIKE, Inc. Revenues	$	11,279		$	11,269		0	%	$	35,426		$	35,212		1	%
Net income margin		4.6	%		7.0	%				5.8	%		8.5	%
EBIT margin¹		5.6	%		7.3	%				7.1	%		9.9	%
¹Total NIKE Brand EBIT, Total NIKE, Inc. EBIT and EBIT margin are considered non-GAAP financial measures. EBIT is calculated as Net income before Interest (income) expense, net and Income tax expense. EBIT margin is calculated as total NIKE, Inc. EBIT divided by total NIKE, Inc. Revenues. References to EBIT and EBIT margin should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies. Management uses these non-GAAP financial measures when evaluating the Company's performance, including segment performance, when making financial and operating decisions. Additionally, management believes these non-GAAP financial measures provide investors with additional financial information that should be considered when assessing the Company's underlying business performance and trends.
²Global Brand Divisions primarily represents costs, including product creation and design expenses, that are centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.
³Corporate consists primarily of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company's corporate headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses.

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Investor Contact:

Paul Trussell

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Media Contact:

Sandra Carreon-John

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Recent Analyst Ratings for

$NKE

Date	Price Target	Rating	Analyst
3/25/2026	$72.00 → $65.00	Market Perform	Telsey Advisory Group
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1/8/2026		Hold	Deutsche Bank
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