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All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions
What does “challenging” mean?
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
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Firm
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Nike's fiscal Q4 revenue fell 1% on a reported basis (down 4% currency neutral), and while reported EPS jumped to $0.72, that figure was lifted by a one-time $986 million IEPAA tariff-recovery benefit; excluding it, EPS was $0.20 and gross margin was 40.2%, down 10 basis points, leaving underlying profitability roughly flat year over year. Performance sport continued to build, with Nike running growing double digits for a fifth straight quarter, but Nike sportswear and Jordan streetwear (about half of revenue) declined double digits and the consumer weakened from mid April on softer traffic and discretionary spending. Greater China revenue fell 7% as the reset continued, though inventory dropped double digits and management expects profitability to bottom before sales. Looking ahead, Nike lowered its revenue outlook to down low-to-mid single digits while reiterating flattish earnings excluding the tariff benefit and pulling gross margin expansion forward to Q1 fiscal 2027.
Key Themes7
mixed📊 company
Reported Revenue Down 1%, Performance Sport Grows
Q4 revenues were down 1% on a reported basis and down 4% on a currency neutral basis, with North America growing 3% and Wholesale up 1% while Nike Direct fell 9%; performance sport grew mid single digits and Nike running delivered a fifth consecutive quarter of double digit growth.
A onetime benefit of $986 million from the probable recovery of IEPAA tariff claims was recognized in cost of sales, lifting Q4 gross margin to 49.2%, up 890 basis points, and EPS to $0.72; excluding the benefit, gross margin would have been 40.2%, down 10 basis points, and EPS was $0.20.
Trade TariffsMargin
negative📊 company
Sportswear And Jordan Streetwear Decline Double Digits
Sportswear declined double digits in the quarter with a similar decline in retail sales, and management expects Nike sportswear and Jordan streetwear, which together represent approximately half of revenue, to continue to be negative this fiscal year with improvement expected in the back half.
After a stronger start in March, especially in North America, retail sales decelerated by mid April as the consumer came under pressure on traffic and discretionary spend across geographies, though management cited a World Cup-driven bounce back as the business moved into June.
DemandMacroeconomic
mixed📊 company
Greater China Reset Continues, Profitability To Bottom First
Greater China Q4 revenue declined 7% with Wholesale down 19% and EBIT down 20% on a reported basis, but in-season sell through improved sequentially, inventory was down double digits, and the Shanghai House of Innovation grew double digits as management expects profitability to bottom before sales.
Geographic ExpansionMargin
positive📊 company
World Cup Sport Offense Fuels Brand Momentum
Nike built a full football universe for the World Cup, reaching 1.5 billion story views by the first week, selling 2.5x the number of national team kits compared to the same period in World Cup 22, and posting the fastest selling 24 hour launch for cleated footwear in Nike Direct history with the new Mercurial.
Product LaunchInnovation & R&D
positive📊 company
Margin Stabilization And Structural Supply Chain Cost Cuts
Management cited four quarters of sequential gross margin improvement through fiscal 26 and pulled gross margin expansion forward to Q1 fiscal 27, driven by better North America discount realization, lower cancellations and reserves, and nearly $400 million of severance charges taken to structurally reduce supply chain costs toward double-digit margins.
What NKE and other companies said about each other on FY2026 Q4 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
Companies NKE discussed
2 mentions
Foot Lockernot trackedFY2026 Q4Customer
“I referenced Foot Locker and the fact that this quarter was the first quarter that we grew both Nike revenue plus Nike retail sales in Foot Locker in over 4 years.”
Nike reiterated that both Nike revenue and Nike retail sales at Foot Locker grew for the first time in over four years, underscoring a recovering wholesale relationship with the retailer.
Foot Lockernot trackedFY2026 Q4Customer
“our revenue growth and retail sales comp with Foot Locker was positive for the first time in 4 years.”
Nike's revenue and retail sales comp with wholesale customer Foot Locker turned positive for the first time in four years, a positive signal for Foot Locker's Nike sell-through.
CompanyFiscal year ends MayMost recent earnings call: Oct 1, 2026 (FY2027 Q1)Est. next earnings call: Dec 17, 2026
3/ 10
FY2026 Q4Cautious−2.0 vs FY2026 Q3
Calendar quarter Q2 2026Earnings call Jun 30, 2026
FY2026 Q4 in brief
Nike's fiscal Q4 revenue fell 1% on a reported basis (down 4% currency neutral), and while reported EPS jumped to $0.72, that figure was lifted by a one-time $986 million IEPAA tariff-recovery benefit; excluding it, EPS was $0.20 and gross margin was 40.2%…
MixedReported Revenue Down 1%, Performance Sport Grows
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters
10%
Share price · trailing year
daily closes, last 12 months — not scoped to the selected quarter · dots mark earnings calls, colored by that quarter’s score
NKE $35.301Y -48.4%YTD -44.6%● earnings calls (score)
Sources.Tellvest earnings-call sentiment score for NIKE, Inc. (NKE), FY2026 Q4: 3/10. Scores: NIKE, Inc.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: NKE daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Key financials
FY2026 Q4 selectedReported GAAP figures from SEC filings
The table scrolls sideways. Swipe it, or select it and use the arrow keys.
Quarter
Revenue
Rev YoY
EPS
EPS YoY
Gross margin
Net margin
FCF
FY2025 Q2
$12.35B
-7.7%
$0.78
-24.3%
43.6%
9.4%
$920M
FY2025 Q3
$11.27B
-9.3%
$0.54
-29.9%
41.5%
7.0%
$1.71B
FY2025 Q4
$11.10B
-12.0%
$0.14
-85.9%
40.3%
1.9%
$363M
FY2026 Q1
$11.72B
+1.1%
$0.49
-30.0%
42.2%
6.2%
$15M
FY2026 Q2
$12.43B
+0.6%
$0.54
-30.8%
40.6%
6.4%
$386M
FY2026 Q3
$11.28B
+0.1%
$0.35
-35.2%
40.2%
4.6%
$284M
FY2026 Q4Selected
$10.97B
-1.1%
$0.72
+414.3%
49.2%
9.7%
$1.50B
FY2027 Q1
$11.21B
-4.3%
$0.48
-2.0%
42.8%
6.3%
—
Annual (fiscal years)
Year
Revenue
Rev YoY
EPS
EPS YoY
Gross margin
Net margin
FCF
FY2023
$51.22B
+9.6%
$3.23
-14.1%
Quarter
company-level, not the selected quarter
GAAP revenue YoY -1.13% → base 4. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
▸How this score was built
Base4Base 4GAAP revenue YoY -1.13% → base 4. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean. NKE is not in the Sector Rules Table. Reported revenue down 1% matches -1.13% within rounding; the currency-neutral -4% is not used for base scoring. Base 4 (decline 0.5-5%).+EPS0EPS 0GAAP EPS YoY +414.29% vs revenue YoY -1.13% gives a GAAP spread of +415.42 percentage points, and reported operating income YoY +308.41% gives a reported operating income spread of +309.54 percentage points -- both far outside +5 percentage points, which mechanically would be +1. But both are inflated by the SAME one-time item: management recognized a $986M benefit from probable recovery of IEPAA tariff claims booked to cost of sales ('This resulted in the recognition of a onetime benefit of $986 million'), an operating-line credit that lifts reported EPS AND reported operating income by the same amount, so the reported-OI cross-check is contaminated and cannot vouch for GAAP EPS. Management gave the ex-item figures directly: EPS excluding the benefit was $0.20 (vs $0.72 GAAP), and gross margin excluding the benefit would have been 40.2%, down 10 basis points YoY. Backing the $986M credit out of reported OI ($1,311M) gives ex-benefit OI of about $325M vs prior-year $321M, roughly +1.25%; the ex-benefit operating income spread is about +1.25 - (-1.13) = +2.4 percentage points, INSIDE the +/-5 percentage points band, and the -10bps ex-benefit gross margin confirms operating profitability was essentially flat year over year. No real margin expansion to reward -> EPS adjustment = 0. Override flipped to true with the ex-benefit math shown.+Guidance-1Guidance -1Q4 is fiscal year-end, but management did NOT introduce fresh full-year FY27 guidance -- they updated the cumulative outlook given last quarter (Q4 FY26 through Q2 FY27). Earnings were reiterated as 'flattish' excluding the tariff-recovery benefit (0 on the earnings line) and gross margin expansion was pulled earlier to Q1 (a positive), but the revenue outlook was lowered from 'down low single digits' to 'down low to mid single digits' ('we now expect revenue to be down low to mid single digits'). Scoring the metric with the larger change (revenue), this is a modest qualitative reduction -> -1. Guidance is qualitative/directional with no dollar midpoints, so both midpoint fields are null.=Final3
How this score was built
Base4Base 4GAAP revenue YoY -1.13% → base 4. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean. NKE is not in the Sector Rules Table. Reported revenue down 1% matches -1.13% within rounding; the currency-neutral -4% is not used for base scoring. Base 4 (decline 0.5-5%).+
69.68
33.87
4
5
3
Oct 25Oct 26
43.5%
9.9%
$4.87B
FY2024
$51.36B
+0.3%
$3.73
+15.5%
44.6%
11.1%
$6.62B
FY2025
$46.31B
-9.8%
$2.16
-42.1%
42.7%
7.0%
$3.27B
FY2026Selected
$46.40B
+0.2%
$2.10
-2.8%
42.9%
6.7%
$2.18B
As stated by management
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
EPS
“Earnings per share for the quarter was $0.72. And excluding the benefit on tariff recovery, was $0.20”
Revenue
“revenues were down 1% on a reported basis. And down 4% on a currency neutral basis”
Guidance
“We now expect revenue to be down low to mid single digits”
Key metric
“Gross margin was 49.2%. up 890 basis points versus the prior year”
Corporate events
Filed after the FY2026 Q4 call day (Jun 30, 2026) through the next call day (Oct 1, 2026)From SEC 8-K filings · Filings made on the next call day are included; filings made on the selected call day are not.
Oct 1, 2026
Restructuring
Launches multi-year Pace program with about $1.0 billion of pre-tax charges and $2.5 billion in targeted savings
On October 1, 2026, the company announced Pace, a multi-year program building on its March 2026 cost realignment plan to optimize its global supply chain, establish a new campus in India, realign its operating model into three geographies and streamline the organization. It expects about $1.0 billion of pre-tax charges, mainly severance, about $0.3 billion of it in fiscal 2027 and the rest through fiscal 2031, and about $2.5 billion of cumulative savings through fiscal 2031.
Nike's fiscal Q4 revenue fell 1% on a reported basis (down 4% currency neutral), and while reported EPS jumped to $0.72, that figure was lifted by a one-time $986 million IEPAA tariff-recovery benefit; excluding it, EPS was $0.20 and gross margin was 40.2%, down 10 basis points, leaving underlying profitability roughly flat year over year
EPS 0GAAP EPS YoY +414.29% vs revenue YoY -1.13% gives a GAAP spread of +415.42 percentage points, and reported operating income YoY +308.41% gives a reported operating income spread of +309.54 percentage points -- both far outside +5 percentage points, which mechanically would be +1. But both are inflated by the SAME one-time item: management recognized a $986M benefit from probable recovery of IEPAA tariff claims booked to cost of sales ('This resulted in the recognition of a onetime benefit of $986 million'), an operating-line credit that lifts reported EPS AND reported operating income by the same amount, so the reported-OI cross-check is contaminated and cannot vouch for GAAP EPS. Management gave the ex-item figures directly: EPS excluding the benefit was $0.20 (vs $0.72 GAAP), and gross margin excluding the benefit would have been 40.2%, down 10 basis points YoY. Backing the $986M credit out of reported OI ($1,311M) gives ex-benefit OI of about $325M vs prior-year $321M, roughly +1.25%; the ex-benefit operating income spread is about +1.25 - (-1.13) = +2.4 percentage points, INSIDE the +/-5 percentage points band, and the -10bps ex-benefit gross margin confirms operating profitability was essentially flat year over year. No real margin expansion to reward -> EPS adjustment = 0. Override flipped to true with the ex-benefit math shown.
+
Guidance-1Guidance -1Q4 is fiscal year-end, but management did NOT introduce fresh full-year FY27 guidance -- they updated the cumulative outlook given last quarter (Q4 FY26 through Q2 FY27). Earnings were reiterated as 'flattish' excluding the tariff-recovery benefit (0 on the earnings line) and gross margin expansion was pulled earlier to Q1 (a positive), but the revenue outlook was lowered from 'down low single digits' to 'down low to mid single digits' ('we now expect revenue to be down low to mid single digits'). Scoring the metric with the larger change (revenue), this is a modest qualitative reduction -> -1. Guidance is qualitative/directional with no dollar midpoints, so both midpoint fields are null.
=
Final3
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