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Nike (NKE) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Oct 1, 2025
Nike (NKE) reported revenue of $11.7B for the first quarter fiscal 2026 (Q1 FY26), +1% from a year earlier and +6% from the quarter before. Operating margin was 7.9%, net earnings $727M (6.2% of revenue).
Nike, Q1 FY26: revenue $11.7B (+1% year over year), operating margin 7.9%, net earnings $727M, operating cash flow $222M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.7B | +6% | +1% |
| Gross profit | $4.9B | +11% | -6% |
| Operating profit | $922M | +190% | -29% |
| Net earnings | $727M | +245% | -31% |
| Operating cash flow | $222M | -52% | -44% |
| Free cash flow | $15.0M | -96% | -95% |
What changed
Revenue was $11.7B in Q1 FY26, up 1% year over year and up 6% from the previous quarter. Footwear was the largest line at 66% of revenue. Apparel added $0.28B year over year (up 9%), 210% of the total change. Footwear declined 2%.
Gross margin was 42.2%, down 3.2 points from a year earlier. Operating profit was $0.92B, a 7.9% margin (down 3.4 points year over year). Operating profit fell $0.39B even though revenue rose $0.13B versus a year earlier, so costs grew faster than sales. Operating expenses grew 2% against revenue growth of 1%. Net earnings were $0.73B, down 31% year over year. The effective tax rate was 21.1%.
Operating cash flow was $0.22B (down 44% year over year), 31% of net earnings. Non-cash charges added back $0.19B of depreciation and amortization and $0.18B of share-based compensation. Working capital and other items used $0.88B. Capital expenditures of $0.21B left free cash flow of $0.01B.
Questions
What was Nike's revenue in the first quarter fiscal 2026?
Nike (NKE) reported revenue of $11.7B for the first quarter fiscal 2026 (Q1 FY26), +1% from a year earlier and +6% from the quarter before.
Was Nike profitable in the first quarter fiscal 2026?
Operating profit was $922M (7.9% of revenue) and net earnings $727M.
Source: Nike 10-Q on SEC EDGAR.