Filing Flows › Nike (NKE) › Q1 FY27 › vs Q1 FY26
Nike (NKE) Q1 FY27 vs Q1 FY26 (year over year)
Nike's revenue fell $507M (-4%) from $11.7B in Q1 FY26 to $11.2B in Q1 FY27. The biggest changes: Footwear −$553M (-7%); Apparel +$68.0M (+2%); Equipment −$21.0M (-3%). Gross margin 42.8% against 42.2% (+0.6 pts).
Nike, Q1 FY27: revenue $11.2B (-4% year over year), operating margin 8.2%, net earnings $712M, operating cash flow $135M. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q1 FY27 | Q1 FY26 | Change | |
|---|---|---|---|
| Gross margin | 42.8% | 42.2% | +0.6 pts |
| Operating margin | 8.2% | 7.9% | +0.3 pts |
| Net margin | 6.3% | 6.2% | +0.1 pts |
Every line
| Line | Q1 FY27 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| Footwear | $7.2B | $7.7B | −$553M | -7% |
| Apparel | $3.4B | $3.3B | $68.0M | +2% |
| Equipment | $617M | $638M | −$21.0M | -3% |
| Other | $26.0M | $27.0M | −$1.0M | -4% |
| Revenue | $11.2B | $11.7B | −$507M | -4% |
| Gross profit | $4.8B | $4.9B | −$145M | -3% |
| Cost of revenue | $6.4B | $6.8B | −$362M | -5% |
| Operating profit | $921M | $922M | −$1.0M | -0.1% |
| Operating expenses | $3.9B | $4.0B | −$144M | -4% |
| Pre-tax earnings | $921M | $922M | −$1.0M | -0.1% |
| Net earnings | $712M | $727M | −$15.0M | -2% |
| Income tax | $209M | $195M | $14.0M | +7% |
| Operating cash sources | $1.1B | $1.1B | −$39.0M | -4% |
| Depreciation & amortization | $193M | $190M | $3.0M | +2% |
| Share-based compensation | $158M | $185M | −$27.0M | -15% |
| Working capital & other | $928M | $880M | $48.0M | +5% |
| Operating cash flow | $135M | $222M | −$87.0M | -39% |
| Capital expenditures | $199M | $207M | −$8.0M | -4% |
| Negative free cash flow (OCF − capex) | $64.0M | −$15.0M | $79.0M | — |
Questions
How much did Nike's revenue grow year over year in Q1 FY27?
Nike's revenue fell $507M (-4%) from $11.7B in Q1 FY26 to $11.2B in Q1 FY27.
What drove Nike's revenue change in Q1 FY27?
Footwear −$553M (-7%); Apparel +$68.0M (+2%); Equipment −$21.0M (-3%).