NASDAQ:NKE 30 September 2025 - 9 January 2026

Nike’s late-September earnings release showed a clear beat on both sales and profit. Total Q1 revenue was $11.72 B, up 1% year-over-year; analysts had expected a decline to about $11.0 B businesswire.com reuters.com. On the bottom line, Nike earned $0.49 per share, far above the $0.27 consensus estimate businesswire.com reuters.com. The 1.5-point rise in gross margin to 42.2% was powered by stronger-than-expected wholesale restocking. Indeed, wholesale revenues jumped 7% to $6.8 B businesswire.com. In contrast, Nike’s Direct-to-Consumer sales were down 4% businesswire.com, as Nike cuts promotions and trims excess inventory. Overall profit fell due to higher discounting and tariffs businesswire.com reuters.com, but the upside surprise was a relief to investors who had braced for a downturn. CEO Elliott Hill hailed the quarter as evidence that Nike’s “Win Now” turnaround is taking hold. He emphasized progress in key areas and said he’s “confident… we have the right focus in Win Now” businesswire.com. But Hill also warned “we still have work ahead” to restore all sports categories, regions and channels. CFO Matt Friend similarly struck a balanced tone. He said he’s “encouraged by the momentum… but progress will not be linear as [we] manage a dynamic operating environment” businesswire.com. In other words,