Nike’s Late‑September 2025 Earnings (Fiscal Q1 2026): The Key Takeaways Investors Need Now
Nike opened its fiscal 2026 with a result that surprised on the top line and earnings per share, while underscoring a more difficult story at the margin line. The company delivered modest sales growth and a clear beat versus expectations, but it also raised the size of its tariff headwinds and guided to another revenue decline in the current quarter, which includes most of the holiday season. The print and outlook together paint a nuanced picture: the turnaround under CEO Elliott Hill is gaining traction in key areas like wholesale, North America, and running, even as direct-to-consumer, Greater China, and Converse remain pressured. For investors, the near-term setup turns on execution against tariff mitigation, inventory normalization, and the quality of wholesale demand into spring, with the stock now recalibrating to a tougher—but clearer—profit path. Below, we break down what Nike reported versus the Street, how tariffs and clearance are shaping gross margins, where the turnaround is working and where it isn’t, what to watch into the holidays, and how to balance the bull/bear cases with concrete catalysts and risk monitors.