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Nike (NKE) Q3 FY26 earnings results (third quarter fiscal 2026)
10-Q filed Apr 1, 2026
Nike (NKE) reported revenue of $11.3B for the third quarter fiscal 2026 (Q3 FY26), +0.1% from a year earlier and -9% from the quarter before. Operating margin was 5.8%, net earnings $520M (4.6% of revenue).
Nike, Q3 FY26: revenue $11.3B (+0.1% year over year), operating margin 5.8%, net earnings $520M, operating cash flow $430M. The chart follows the revenue to costs, profit and cash.
| Q3 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.3B | -9% | +0.1% |
| Gross profit | $4.5B | -10% | -3% |
| Operating profit | $650M | -35% | -23% |
| Net earnings | $520M | -34% | -35% |
| Operating cash flow | $430M | -26% | -76% |
| Free cash flow | $284M | -26% | -83% |
What changed
Revenue was $11.3B in Q3 FY26, roughly flat year over year and down 9% from the previous quarter. Footwear was the largest line at 67% of revenue. Footwear added $0.03B year over year (roughly flat), 270% of the total change. Equipment declined 2%.
Gross margin was 40.2%, down 1.3 points from Q3 FY25. Operating profit was $0.65B, a 5.8% margin (down 1.7 points year over year). Operating profit fell $0.19B even though revenue rose $0.01B versus Q3 FY25, so costs grew faster than sales. Operating expenses grew 1% against flat revenue. Net earnings were $0.52B, down 35% year over year. The effective tax rate was 20.0%.
Operating cash flow was $0.43B (down 76% year over year), 83% of net earnings. Non-cash charges added back $0.18B of depreciation and amortization and $0.19B of share-based compensation. Working capital and other items used $0.47B. Capital expenditures of $0.15B left free cash flow of $0.28B.
Questions
What was Nike's revenue in the third quarter fiscal 2026?
Nike (NKE) reported revenue of $11.3B for the third quarter fiscal 2026 (Q3 FY26), +0.1% from a year earlier and -9% from the quarter before.
Was Nike profitable in the third quarter fiscal 2026?
Operating profit was $650M (5.8% of revenue) and net earnings $520M.
Source: Nike 10-Q on SEC EDGAR.