Revenue: As of FY2026 Q2, the actual value is USD 12.43 B, beating the estimate of USD 12.21 B.EPS: As of FY2026 Q2, the actual value is USD 0.53, beating the estimate of USD 0.3735.EBIT: As of FY2026 Q2, the actual value is USD 990 M.<h4>Consolidated Operating Results (Three Months Ended November 30, 2025 vs 2024)</h4><ul><li>Revenues: NIKE, Inc. reported revenues of $12,427 million in 2025, a 1% increase on a reported basis compared to $12,354 million in 2024, and flat on a currency-neutral basis.</li><li>Gross Profit: Gross profit was $5,045 million in 2025, a -6% decrease from $5,389 million in 2024.</li><li>Gross Margin: Gross margin was 40.6% in 2025, a decrease of -300 basis points from 43.6% in 2024.</li><li>Selling and Administrative Expense: Total selling and administrative expense increased 1% to $4,039 million in 2025 from $4,005 million in 2024. Demand creation expense increased 13% to $1,273 million in 2025 from $1,122 million in 2024, while operating overhead expense decreased -4% to $2,766 million in 2025 from $2,883 million in 2024.</li><li>Other (Income) Expense, Net: Other (income) expense, net was $16 million in 2025 compared to - $8 million in 2024.</li></ul><h4>Consolidated Operating Results (Six Months Ended November 30, 2025 vs 2024)</h4><ul><li>Revenues: NIKE, Inc. reported revenues of $24,147 million in 2025, a 1% increase on a reported basis compared to $23,943 million in 2024, and a -1% decrease on a currency-neutral basis.</li><li>Gross Profit: Gross profit was $9,988 million in 2025, a -6% decrease from $10,646 million in 2024.</li><li>Gross Margin: Gross margin was 41.4% in 2025, a decrease of -310 basis points from 44.5% in 2024.</li><li>Selling and Administrative Expense: Total selling and administrative expense showed a 0% change, at $8,055 million in 2025 compared to $8,053 million in 2024. Demand creation expense increased 5% to $2,461 million in 2025 from $2,348 million in 2024, while operating overhead expense decreased -2% to $5,594 million in 2025 from $5,705 million in 2024.</li><li>Other (Income) Expense, Net: Other (income) expense, net was $39 million in 2025 compared to - $63 million in 2024.</li></ul><h4>Segment Performance (Three Months Ended November 30, 2025 vs 2024)</h4><ul><li>North America: Revenues increased 9% to $5,633 million in 2025 from $5,179 million in 2024. EBIT decreased -8% to $1,261 million in 2025 from $1,371 million in 2024, and gross margin contracted -330 basis points to 40.8% in 2025 from 44.1% in 2024.</li><li>Europe, Middle East &amp; Africa (EMEA): Revenues increased 3% to $3,392 million in 2025 from $3,303 million in 2024. EBIT decreased -12% to $733 million in 2025 from $831 million in 2024, and gross margin contracted -270 basis points to 43.2% in 2025 from 45.9% in 2024.</li><li>Greater China: Revenues decreased -17% to $1,423 million in 2025 from $1,711 million in 2024. EBIT decreased -49% to $191 million in 2025 from $375 million in 2024, and gross margin contracted -280 basis points to 41.3% in 2025 from 44.1% in 2024.</li><li>Asia Pacific &amp; Latin America (APLA): Revenues decreased -4% to $1,667 million in 2025 from $1,744 million in 2024. EBIT decreased -15% to $389 million in 2025 from $460 million in 2024, and gross margin contracted -180 basis points to 42.2% in 2025 from 44.0% in 2024.</li><li>Converse: Revenues decreased -30% to $300 million in 2025 from $429 million in 2024. EBIT decreased -108% to - $4 million in 2025 from $53 million in 2024, and gross margin contracted -700 basis points to 41.3% in 2025 from 48.3% in 2024.</li></ul><h4>Segment Performance (Six Months Ended November 30, 2025 vs 2024)</h4><ul><li>North America: Revenues increased 6% to $10,653 million in 2025 from $10,005 million in 2024. EBIT decreased -7% to $2,395 million in 2025 from $2,587 million in 2024, and gross margin contracted -330 basis points to 41.5% in 2025 from 44.8% in 2024.</li><li>Europe, Middle East &amp; Africa (EMEA): Revenues increased 4% to $6,723 million in 2025 from $6,446 million in 2024. EBIT decreased -10% to $1,468 million in 2025 from $1,623 million in 2024, and gross margin contracted -290 basis points to 43.1% in 2025 from 46.0% in 2024.</li><li>Greater China: Revenues decreased -13% to $2,935 million in 2025 from $3,377 million in 2024. EBIT decreased -35% to $568 million in 2025 from $877 million in 2024, and gross margin contracted -200 basis points to 44.3% in 2025 from 46.3% in 2024.</li><li>Asia Pacific &amp; Latin America (APLA): Revenues decreased -2% to $3,157 million in 2025 from $3,206 million in 2024. EBIT decreased -14% to $739 million in 2025 from $862 million in 2024, and gross margin contracted -220 basis points to 42.9% in 2025 from 45.1% in 2024.</li><li>Converse: Revenues decreased -28% to $666 million in 2025 from $930 million in 2024. EBIT decreased -80% to $35 million in 2025 from $174 million in 2024, and gross margin contracted -650 basis points to 44.6% in 2025 from 51.1% in 2024.</li></ul><h4>Inventories (as of November 30, 2025 vs May 31, 2025)</h4><ul><li>Total inventories were $7.7 billion as of November 30, 2025, an increase of 3% compared to May 31, 2025, driven by higher product costs and increased tariffs in North America.</li><li>North America: $3,261 million (November 30, 2025) vs $3,198 million (May 31, 2025).</li><li>Europe, Middle East &amp; Africa: $2,172 million (November 30, 2025) vs $2,042 million (May 31, 2025).</li><li>Greater China: $1,074 million (November 30, 2025) vs $951 million (May 31, 2025).</li><li>Asia Pacific &amp; Latin America: $1,001 million (November 30, 2025) vs $905 million (May 31, 2025).</li><li>Converse: $229 million (November 30, 2025) vs $272 million (May 31, 2025).</li></ul><h4>Cash Flow Activity (Six Months Ended November 30, 2025 vs 2024)</h4><ul><li>Cash provided by operations: $801 million in 2025, a decrease of - $642 million from $1,443 million in 2024, primarily due to a - $580 million decrease in net income adjusted for non-cash items and a - $62 million decrease from changes in working capital.</li><li>Cash used by investing activities: - $108 million in 2025, a decrease of - $132 million from - $240 million in 2024, mainly due to net changes in short-term investments, partially offset by increased additions to property, plant and equipment.</li><li>Cash used by financing activities: - $1,177 million in 2025, a decrease of - $1,893 million from - $3,070 million in 2024, primarily driven by lower share repurchases.</li><li>Cash and equivalents, end of period: $6,974 million in 2025 compared to $7,979 million in 2024.</li></ul><h4>Future Outlook and Strategy</h4>NIKE, Inc. aims for sustainable, profitable long-term revenue growth through product innovation, deep consumer connections, and compelling consumer experiences, while accelerating product innovation and repositioning NIKE Brand Digital as a full-price platform. These actions are expected to negatively impact short-term revenues and profitability, particularly in Greater China and Converse, throughout fiscal 2026. A negative impact on gross margin for fiscal 2026 is also anticipated due to new tariffs, projected to incur an incremental cost of approximately $1.5 billion annually.

Nike | 10-Q: FY2026 Q2 Revenue Beats Estimate at USD 12.43 B