Filing Flows › Nike (NKE) › Q2 FY26
Nike (NKE) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Dec 30, 2025
Nike (NKE) reported revenue of $12.4B for the second quarter fiscal 2026 (Q2 FY26), +0.6% from a year earlier and +6% from the quarter before. Operating margin was 8.0%, net earnings $792M (6.4% of revenue).
Nike, Q2 FY26: revenue $12.4B (+0.6% year over year), operating margin 8.0%, net earnings $792M, operating cash flow $579M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $12.4B | +6% | +0.6% |
| Gross profit | $5.0B | +2% | -6% |
| Operating profit | $999M | +8% | -29% |
| Net earnings | $792M | +9% | -32% |
| Operating cash flow | $579M | +161% | -45% |
| Free cash flow | $386M | 26× | -58% |
What changed
Revenue was $12.4B in Q2 FY26, up 1% year over year and up 6% from the previous quarter. Footwear was the largest line at 64% of revenue. Apparel added $0.16B year over year (up 4%), 215% of the total change. Footwear declined 1%.
Gross margin was 40.6%, down 3.0 points from a year earlier. Operating profit was $1.0B, a 8.0% margin (down 3.4 points year over year). Operating profit fell $0.42B even though revenue rose $0.07B versus a year earlier, so costs grew faster than sales. Operating expenses grew 2% against revenue growth of 1%. Net earnings were $0.79B, down 32% year over year. The effective tax rate was 20.7%.
Operating cash flow was $0.58B (down 45% year over year), 73% of net earnings. Non-cash charges added back $0.18B of depreciation and amortization and $0.18B of share-based compensation. Working capital and other items used $0.57B. Capital expenditures of $0.19B left free cash flow of $0.39B.
Questions
What was Nike's revenue in the second quarter fiscal 2026?
Nike (NKE) reported revenue of $12.4B for the second quarter fiscal 2026 (Q2 FY26), +0.6% from a year earlier and +6% from the quarter before.
Was Nike profitable in the second quarter fiscal 2026?
Operating profit was $999M (8.0% of revenue) and net earnings $792M.
Source: Nike 10-Q on SEC EDGAR.