Nike FY2026 Q4: revenue $11.0B, down 4% currency-neutral; EPS $0.72 includes tariff gain

Nike reported fourth-quarter and full-year fiscal 2026 results for the year ended May 31, 2026. Q4 revenue was $11.0 billion, down 1% as reported and down 4% in constant currency, with NIKE Direct down 7% and wholesale up 4%. Gross margin rose to 49.2% and diluted EPS was $0.72, but both include a one-time IEEPA tariff recovery worth about 900 basis points of margin and $0.52 per share, so underlying EPS was about $0.20. Full-year revenue was $46.4 billion, flat as reported.

• Q4 revenue $11.0B, down 1% reported and down 4% currency-neutral
• NIKE Direct down 7% to $4.1B; wholesale up 4% to $6.6B
• Q4 gross margin 49.2%, including about 900 bp from expected IEEPA tariff recovery
• Diluted EPS $0.72, including a $0.52 per-share tariff recovery benefit
• FY2026 revenue $46.4B, flat reported and down 2% currency-neutral
• FY2026 shareholder returns about $2.5B: dividends $2.4B and buybacks $123M