Filing Flows › Nike (NKE) › Q1 FY27 › vs Q4 FY26
Nike (NKE) Q1 FY27 vs Q4 FY26 (quarter over quarter)
Nike's revenue rose $241M (+2%) from $11.0B in Q4 FY26 to $11.2B in Q1 FY27. The biggest changes: Apparel +$337M (+11%); Footwear −$133M (-2%); Equipment +$62.0M (+11%). Gross margin 42.8% against 49.2% (-6.4 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 Q4 FY26, the increases inside each band.
Margins
| Q1 FY27 | Q4 FY26 | Change | |
|---|---|---|---|
| Gross margin | 42.8% | 49.2% | -6.4 pts |
| Operating margin | 8.2% | 12.1% | -3.9 pts |
| Net margin | 6.3% | 9.7% | -3.4 pts |
Every line
| Line | Q1 FY27 | Q4 FY26 | Change | % |
|---|---|---|---|---|
| Footwear | $7.2B | $7.3B | −$133M | -2% |
| Apparel | $3.4B | $3.1B | $337M | +11% |
| Equipment | $617M | $555M | $62.0M | +11% |
| Other | $26.0M | $51.0M | −$25.0M | -49% |
| Revenue | $11.2B | $11.0B | $241M | +2% |
| Gross profit | $4.8B | $5.4B | −$595M | -11% |
| Cost of revenue | $6.4B | $5.6B | $836M | +15% |
| Operating profit | $921M | $1.3B | −$408M | -31% |
| Operating expenses | $3.9B | $4.1B | −$187M | -5% |
| Pre-tax earnings | $921M | $1.3B | −$408M | -31% |
| Net earnings | $712M | $1.1B | −$357M | -33% |
| Income tax | $209M | $260M | −$51.0M | -20% |
| Operating cash sources | $1.1B | $1.4B | −$359M | -25% |
| Depreciation & amortization | $193M | $193M | $0 | 0% |
| Share-based compensation | $158M | $160M | −$2.0M | -1% |
| Working capital & other | $928M | −$215M | $1.1B | — |
| Operating cash flow | $135M | $1.6B | −$1.5B | -92% |
| Capital expenditures | $199M | $138M | $61.0M | +44% |
| Negative free cash flow (OCF − capex) | $64.0M | −$1.5B | $1.6B | — |
Questions
How much did Nike's revenue grow quarter over quarter in Q1 FY27?
Nike's revenue rose $241M (+2%) from $11.0B in Q4 FY26 to $11.2B in Q1 FY27.
What drove Nike's revenue change in Q1 FY27?
Apparel +$337M (+11%); Footwear −$133M (-2%); Equipment +$62.0M (+11%).