New York, July 1, 2026, 14:06 (EDT)
- NYSE’s schedule shows Friday, July 3, will be closed for Independence Day in 2026, with Wednesday running normal hours.
- NIKE, Inc. NYSE:NKE rose 2.4% to $42.02, topping both SPDR S&P 500 ETF Trust NYSEARCA:SPY and SPDR S&P Retail ETF (NYSEARCA:XRT).
- Nike’s quarterly EPS got a $0.52 boost from a $986 million tariff recovery, bringing EPS to $0.72. Gross margin benefited by about 900 basis points.
- Wholesale rose but Nike Direct, Greater China and Converse dropped, so margin is still driving the comeback, not sales.
NIKE, Inc. NYSE:NKE shares were up Wednesday, getting a 2.4% lift to $42.02, last check. The move came as the SPDR S&P 500 ETF Trust NYSEARCA:SPY added 0.1%, and the SPDR S&P Retail ETF (NYSEARCA:XRT) ticked up 0.2%. Nike’s intraday range was wide, running from $39.21 to $43.09, a 9.5% band. The market did not fully back the move.
| Market read | Latest | Day move | Extra |
|---|---|---|---|
| NIKE, Inc. NYSE:NKE | $42.02 | +$0.97, +2.4% | Traded between $39.21 and $43.09 with 56.2 million shares changing hands |
| SPDR S&P 500 ETF Trust NYSEARCA:SPY | $747.44 | +0.1% | Used as main U.S. equity barometer |
| SPDR S&P Retail ETF (NYSEARCA:XRT) | $87.93 | +0.2% | Tracks the retail sector |
Nike’s stock gain tacked on about $1.4 billion in market cap, going by the latest share price and market cap data. The quarter saw a $986 million tariff recovery, which supplied most of the punch to EPS. Investors are focused less on sales growth now, with the shares trading more off margin performance.
| Nike Q4 FY26 item | Result | Change / read |
|---|---|---|
| Revenue | $10.97 billion | Revenue slipped 1% as reported; fell 4% at currency-neutral |
| Reported gross margin | 49.2% | Grew 890 basis points |
| Tariff recovery effect | $986 million | Pushed margin up about 900 bps; added $0.52 to EPS |
| EPS | $0.72 | EPS at $0.20 if you back out tariff recovery |
| Wholesale revenue | $6.6 billion | Wholesale up 4% reported; up 1% currency-neutral |
| Nike Direct revenue | $4.1 billion | Direct sales fell 7% reported; down 9% currency-neutral |
| Greater China revenue | $1.30 billion | China revenue down 12% reported; fell 17% currency-neutral |
| Converse revenue | $244 million | Converse down 32% reported; down 34% currency-neutral |
Excluding the tariff line, gross margin came in at 40.2%, off 10 basis points, Reuters said. EPS before the tariff add-back was 20 cents, topping the 13 cents LSEG estimate Reuters noted, but much lower than the 72 cents reported in the headline number.
The channel break stood out. Wholesale made up around 60% of revenue for the quarter and increased, but Nike Direct was 37% and dropped. Nike Brand Digital sales were down 12%, and the company’s own stores fell 7%. Nike’s old direct-to-consumer push keeps shifting as retail partnerships start to matter again.
Nike CEO Elliott Hill said the company is still seeing “top-line headwinds” and talked up “progress in performance product.” CFO Matthew Friend flagged that sell-through “remains challenged.” On the earnings call, Hill got more direct, saying results “aren’t there yet” and admitting Nike was “not living up” to potential. Nike Investors
Friend said the “consumer is under pressure” globally, according to Reuters. Nike is trying to boost wholesale and stick to full-price sales, but the plan faces headwinds as Greater China and Converse keep shrinking. Reuters
Telsey Advisory Group’s Cristina Fernandez said the turnaround is “progressing slowly” and flagged continued weakness in sportswear and international sales, Reuters said. Fernandez does not expect a rebound before fiscal 2028. Morningstar’s David Swartz said low expectations weren’t enough to make the quarter look good given the sales drop. Reuters
Nike’s inventory picture was mixed. The company reported $7.5 billion in inventory, basically flat year over year, with higher units but offset by changes in mix. If demand stays weak, that limits the cushion for another sales shortfall, with shares now depending on margin, cleaner inventory and how Nike does on wholesale next.
Nike is looking for revenue to keep slipping through the first half of fiscal 2027 and is guiding to only a modest increase in gross margin for the first quarter, Reuters said. The company is planning over a dozen footwear launches later in the fiscal year, but Hill said it may be a while before those new shoes drive growth.
