Nike (NKE) Q4 FY2026 earnings: revenue $11.0 billion, down 1.1% on the year

Nike, Inc. (NKE) reported revenue of $11.0 billion for Q4 FY2026, the quarter ended 31 May 2026, down 1.1% on the same quarter a year earlier. Net income was $1.1 billion, up 406.6% on the year, and diluted earnings per share $0.72. The figures are the company's own, from the 10-K it filed with the SEC on 15 July 2026.

Revenue

$11.0 billion

-1.1% on the year · -2.7% on the quarter

Q1 FY2025Q4 FY2026

Operating margin

n/a

Q1 FY2025Q4 FY2026

Net income

$1.1 billion

+406.6% on the year · +105.6% on the quarter

Q1 FY2025Q4 FY2026

Diluted EPS

$0.72

+414.3% on the year · +105.7% on the quarter

Q1 FY2025Q4 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Fourth quarter revenue down 1%: The company reported fourth quarter revenues of $11.0 billion, down 1 percent reported and down 4 percent currency-neutral.
Fourth quarter EPS included tariff benefit: Net income was $1.1 billion, up 407 percent, and diluted EPS was $0.72, including a $0.52 benefit from the expected IEEPA tariff recovery.
NIKE Brand down 3% currency-neutral: NIKE Brand revenues were $10.7 billion in the fourth quarter and $45.2 billion for the year, with North America growth offset by Greater China and EMEA declines.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2026	Q3 FY2026	Q4 FY2025	On the quarter	On the year
Revenue	10,972	11,279	11,097	-2.7%	-1.1%
Cost of revenue	5,579	6,749	6,628	-17.3%	-15.8%
Gross profit	5,393	4,530	4,469	+19.1%	+20.7%
Gross margin	49.2%	40.2%	40.3%
Selling, general and administrative	4,082	3,977	4,148	+2.6%	-1.6%
Pre-tax income	1,329	650	318	+104.5%	+317.9%
Income tax	260	130	107	+100.0%	+143.0%
Effective tax rate	19.6%	20.0%	33.6%
Net income	1,069	520	211	+105.6%	+406.6%
Net margin	9.7%	4.6%	1.9%
Diluted EPS	$0.72	$0.35	$0.14	+105.7%	+414.3%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2026	Q3 FY2026	Q4 FY2025	On the quarter	On the year
Operating cash flow	1,637	430	463	+280.7%	+253.6%
Capital expenditure	138	146	100	-5.5%	+38.0%
Free cash flow	1,499	284	363	+427.8%	+312.9%
Free cash flow margin	13.7%	2.5%	3.3%
Cash from investing	-212	-168	14.0
Cash from financing	-514	-601	-1,644
Depreciation and amortisation	193	185	199	+4.3%	-3.0%
Share-based compensation	160	194	165	-17.5%	-3.0%
Buybacks	0.0	0.0	199
Dividends paid	609	609	591	0.0%	+3.0%
Dividend per share	n/a	$0.41	n/a
Diluted shares, weighted	1,483m	1,482m	1,478m	+0.1%	+0.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2026	Q3 FY2026	Q4 FY2025	On the quarter	On the year
Shareholders' equity	14,865	14,090	13,213	+5.5%	+12.5%
Redeemable equity	0.0	0.0	0.0
Short-term borrowings	n/a	0.0	5.0
Debt	7,942	8,029	7,961	-1.1%	-0.2%
Operating lease liabilities	2,613	2,656	2,550	-1.6%	+2.5%
Other liabilities	12,990	12,289	12,850	+5.7%	+1.1%
Total liabilities and equity	38,410	37,064	36,579	+3.6%	+5.0%
Fixed assets	4,796	4,766	4,828	+0.6%	-0.7%
Goodwill	240	240	240	0.0%	0.0%
Intangible assets	259	259	259	0.0%	0.0%
Cash and equivalents	7,563	6,660	7,464	+13.6%	+1.3%
Receivables	5,931	5,369	4,717	+10.5%	+25.7%
Other assets	19,621	19,770	19,071	-0.8%	+2.9%
Total assets	38,410	37,064	36,579	+3.6%	+5.0%

Questions

What was Nike's revenue in Q4 FY2026?

Nike (NKE) reported revenue of $11.0 billion for Q4 FY2026, the quarter ended 31 May 2026, down 1.1% on the same quarter a year earlier.

How much did Nike earn in Q4 FY2026?

Net income for Q4 FY2026 was $1.1 billion, up 406.6% on the year, and diluted earnings per share $0.72.

When did Nike report Q4 FY2026 results?

Nike filed its 10-K for the year that ended with the quarter on 15 July 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	11,357	10,871	12,234	12,687	13,315	12,390	12,825	12,939	13,388	12,429	12,606	11,589	12,354	11,269	11,097	11,720	12,427	11,279	10,972	11,213
Cost of revenue	6,144	5,804	6,731	7,072	7,604	7,019	7,230	7,219	7,417	6,867	6,972	6,332	6,965	6,594	6,628	6,777	7,382	6,749	5,579	6,415
Gross profit	5,213	5,067	5,503	5,615	5,711	5,371	5,595	5,720	5,971	5,562	5,634	5,257	5,389	4,675	4,469	4,943	5,045	4,530	5,393	4,798
Gross margin	46%	47%	45%	44%	43%	43%	44%	44%	45%	45%	45%	45%	44%	41%	40%	42%	41%	40%	49%	43%
SG&A	3,759	3,438	4,035	3,920	4,124	3,959	4,374	4,116	4,146	4,226	4,088	4,048	4,005	3,887	4,148	4,016	4,039	3,977	4,082	3,910
Pre-tax income	1,501	1,670	1,374	1,828	1,650	1,477	1,246	1,648	1,922	1,404	1,726	1,307	1,416	844	318	922	999	650	1,329	921
Tax rate	11%	16%	-5%	20%	19%	16%	17%	12%	18%	17%	13%	20%	18%	6%	34%	21%	21%	20%	20%	23%
Net income	1,337	1,396	1,439	1,468	1,331	1,240	1,031	1,450	1,578	1,172	1,500	1,051	1,163	794	211	727	792	520	1,069	712
Net margin	12%	13%	12%	12%	10%	10%	8%	11%	12%	9%	12%	9%	9%	7%	2%	6%	6%	5%	10%	6%
Diluted EPS	$0.83	$0.87	$0.89	$0.93	$0.85	$0.79	$0.66	$0.94	$1.03	$0.77	$0.99	$0.70	$0.78	$0.54	$0.14	$0.49	$0.53	$0.35	$0.72	$0.48
Operating cash flow	2,757	169	1,151	357	1,001	2,230	2,253	-66.0	2,817	2,059	2,619	394	1,049	1,792	463	222	579	430	1,637	135
Capital expenditure	178	154	242	264	236	200	269	253	205	141	213	120	129	81.0	100	207	193	146	138	199
Free cash flow	2,579	15.0	909	93.0	765	2,030	1,984	-319	2,612	1,918	2,406	274	920	1,711	363	15.0	386	284	1,499	-64.0
Buybacks	971	1,200	1,091	983	1,567	1,551	1,379	1,133	1,198	883	1,036	1,184	1,096	506	199	126	20.0	0.0	0.0	0.0
Dividends paid	438	483	481	480	480	528	524	524	523	562	560	558	557	594	591	591	598	609	609	610
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 May 2026, filed 15 July 2026: the filing.