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On October 30th, Eastern Time, Nike released its Q1 financial report for the fiscal year 2026: The first quarter revenue was $11.7 billion, a year-on-year increase of 1% based on reported figures, and a year-on-year decrease of 1% when excluding the impact of exchange rates. Nike Direct revenue was $4.5 billion, a year-on-year decrease of 4% based on reported figures, and a year-on-year decrease of 5% when excluding the impact of exchange rates. Wholesale revenue was $6.8 billion, a year-on-year increase of 7% based on reported figures, and a year-on-year increase of 5% when excluding the impact of exchange rates. Gross margin decreased by 320 basis points to 42.2%. Diluted earnings per share were $0.49, compared to $0.70 in the same period last year. In the first quarter, the company returned approximately $714 million to shareholders, which included: dividends amounting to $591 million, an increase of 6% compared to the previous year. The stock repurchase cost totaled $123 million, which included the repurchase of 1.8 million shares as part of the company's four-year plan. The total amount of this four-year plan is $18 billion and was approved by the board in June 2022.

Regionally, the currency-neutral growth in North America was offset by a decline in revenue from the Greater China market. Revenue from Nike Direct channels was $4.5 billion, a year-on-year decrease of 4%. Based on reported figures, sales decreased by 5%; if measured on a currency-neutral basis, the decline was also 5%. The main reason for this decline was a 12% decrease in revenue from NIKE brand digital business, while revenue from NIKE-owned retail stores also decreased by 1%. Wholesale revenue reached $6.8 billion, with a comparable growth of 7%, and the actual growth rate was 5% on a currency-neutral basis. The main reason was the decline in average selling prices, reflecting increased discounts offered by merchants and adjustments in sales channels; at the same time, tariffs in North America also increased. Marketing expenses were $1.2 billion, a year-on-year decrease of 3%; the main reason was a reduction in brand marketing spending—this was due to the company's higher investment in key sporting events last year, while this year's spending in this area has increased, although this increase partially offset the overall downward trend in expenses. Operating expenses were $2.8 billion, unchanged from the previous year. The main reason was an increase in wage-related expenses, but other administrative costs decreased, offsetting this increase. Nike's revenue was $8.1 billion, a year-on-year decrease of 2%. This decline was mainly due to a decrease in sales, but was partially offset by an increase in product costs—the main reason for the increase in product costs was the rise in tariffs in North America