NIKE, Inc. (NYSE: NKE), headquartered near Beaverton, Oregon, reported fiscal Q3 2026 results for the quarter ended February 28, 2026, with total revenues of $11.3 billion, flat on a reported basis but down 3% on a currency neutral basis. The quarter reflects a company in active transition, with CEO Elliott Hill accelerating a “Win Now” turnaround strategy that is producing uneven but directionally positive results across the portfolio.
Q3 FY2026 Headline Numbers at a Glance
- Total revenues: $11.3 billion, flat reported, down 3% currency neutral
- NIKE Brand revenues: $11.0 billion, up 1% reported, down 2% currency neutral
- Wholesale revenues: $6.5 billion, up 5% reported, up 1% currency neutral
- NIKE Direct revenues: $4.5 billion, down 4% reported, down 7% currency neutral
- Gross margin: 40.2%, down 130 basis points, primarily due to higher tariffs in North America
- Net income: $520 million, down 35%
- Diluted EPS: $0.35, down 35%
- Inventories: $7.5 billion, down 1%
- Cash and equivalents and short term investments: $8.1 billion, down approximately $2.3 billion
North America Leads While Greater China and Converse Drag
North America was the standout performer, with total revenues of $5.0 billion, up 3%, driven by footwear growth of 6% to $3.3 billion. EMEA posted revenues of $2.9 billion, up 2% reported but down 7% currency neutral, while Asia Pacific & Latin America came in at $1.5 billion, up 1% reported but down 2% currency neutral.
Greater China remained a pressure point, with revenues of $1.6 billion, down 7% reported and down 10% currency neutral, as declines in footwear and apparel persisted. Converse was the steepest decliner of the quarter, with revenues of $264 million, down 35% reported and 37% currency neutral, with declines across all territories.
CEO AND CFO Remarks
Elliott Hill, President and CEO of NIKE, Inc., said, “This quarter we took meaningful actions to improve the health and quality of our business. The pace of progress is different across the portfolio, and the areas we prioritized first continue to drive momentum. The work is not finished, but the direction is clear, our teams are moving with focus and urgency, and our foundation is getting even stronger to build the future of NIKE.”
Matthew Friend, EVP and CFO, said, “We delivered third quarter results in line with our expectations, and our teams continue to execute with discipline. Win Now actions will continue to impact results over the balance of the calendar year, and we remain confident in our ability to position the Company for profitable growth long term.” On shareholder returns, NIKE returned approximately $609 million to shareholders through dividends in the quarter, up 3% from the prior year, extending its record of 24 consecutive years of increasing dividend payouts.
