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Nike (NKE) Q1 FY27 earnings results (first quarter fiscal 2027)
10-Q filed Oct 2, 2026
Nike (NKE) reported revenue of $11.2B for the first quarter fiscal 2027 (Q1 FY27), -4% from a year earlier and +2% from the quarter before. Operating margin was 8.2%, net earnings $712M (6.3% of revenue).
Nike, Q1 FY27: revenue $11.2B (-4% year over year), operating margin 8.2%, net earnings $712M, operating cash flow $135M. The chart follows the revenue to costs, profit and cash.
| Q1 FY27 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.2B | +2% | -4% |
| Gross profit | $4.8B | -11% | -3% |
| Operating profit | $921M | -31% | -0.1% |
| Net earnings | $712M | -33% | -2% |
| Operating cash flow | $135M | -92% | -39% |
What changed
Revenue was $11.2B in Q1 FY27, down 4% year over year and up 2% from the previous quarter. Footwear was the largest line at 64% of revenue. Footwear lost $0.55B year over year (down 7%), 109% of the total change.
Gross margin was 42.8%, up 0.6 points from Q1 FY26. Operating profit was $0.92B, a 8.2% margin (up 0.3 points year over year). Operating expenses fell 4% while revenue fell 4%. Net earnings were $0.71B, down 2% year over year. The effective tax rate was 22.7%.
Operating cash flow was $0.14B (down 39% year over year), 19% of net earnings. Non-cash charges added back $0.19B of depreciation and amortization and $0.16B of share-based compensation. Working capital and other items used $0.93B. Capital expenditures of $0.20B exceeded it, leaving free cash flow of −$0.06B.
Questions
What was Nike's revenue in the first quarter fiscal 2027?
Nike (NKE) reported revenue of $11.2B for the first quarter fiscal 2027 (Q1 FY27), -4% from a year earlier and +2% from the quarter before.
Was Nike profitable in the first quarter fiscal 2027?
Operating profit was $921M (8.2% of revenue) and net earnings $712M.
Source: Nike 10-Q on SEC EDGAR.