Filing Flows › Nike (NKE) › Q4 FY26 › vs Q3 FY26
Nike (NKE) Q4 FY26 vs Q3 FY26 (quarter over quarter)
Nike's revenue fell $307M (-3%) from $11.3B in Q3 FY26 to $11.0B in Q4 FY26. The biggest changes: Footwear −$273M (-4%); Apparel −$141M (-4%); Equipment +$83.0M (+18%). Gross margin 49.2% against 40.2% (+9.0 pts).
Nike, Q4 FY26: revenue $11.0B (-1% year over year), operating margin 12.1%, net earnings $1.1B, operating cash flow $1.6B. The chart draws each line against Q3 FY26, the increases inside each band.
Margins
| Q4 FY26 | Q3 FY26 | Change | |
|---|---|---|---|
| Gross margin | 49.2% | 40.2% | +9.0 pts |
| Operating margin | 12.1% | 5.8% | +6.3 pts |
| Net margin | 9.7% | 4.6% | +5.1 pts |
| Free cash flow margin | 13.7% | 2.5% | +11.1 pts |
Every line
| Line | Q4 FY26 | Q3 FY26 | Change | % |
|---|---|---|---|---|
| Footwear | $7.3B | $7.6B | −$273M | -4% |
| Apparel | $3.1B | $3.2B | −$141M | -4% |
| Equipment | $555M | $472M | $83.0M | +18% |
| Other | $51.0M | $27.0M | $24.0M | +89% |
| Revenue | $11.0B | $11.3B | −$307M | -3% |
| Gross profit | $5.4B | $4.5B | $863M | +19% |
| Cost of revenue | $5.6B | $6.7B | −$1.2B | -17% |
| Operating profit | $1.3B | $650M | $679M | +104% |
| Operating expenses | $4.1B | $3.9B | $184M | +5% |
| Pre-tax earnings | $1.3B | $650M | $679M | +104% |
| Net earnings | $1.1B | $520M | $549M | +106% |
| Income tax | $260M | $130M | $130M | +100% |
| Depreciation & amortization | $193M | $185M | $8.0M | +4% |
| Share-based compensation | $160M | $194M | −$34.0M | -18% |
| Working capital & other | $215M | −$469M | $684M | — |
| Operating cash flow | $1.6B | $430M | $1.2B | +281% |
| Free cash flow (OCF − capex) | $1.5B | $284M | $1.2B | +428% |
| Capital expenditures | $138M | $146M | −$8.0M | -5% |
Questions
How much did Nike's revenue grow quarter over quarter in Q4 FY26?
Nike's revenue fell $307M (-3%) from $11.3B in Q3 FY26 to $11.0B in Q4 FY26.
What drove Nike's revenue change in Q4 FY26?
Footwear −$273M (-4%); Apparel −$141M (-4%); Equipment +$83.0M (+18%).