Nike Q3 FY26 flat on tariff hit; $230M restructuring; Greater China woes to persist through FY27

Filed April 1, 2026 · Period ending February 28, 2026 · Compared to 10-Q Apr 3, 2025 · ~1 min read

Key Changes

• high

  Gross margin compressed 130 basis points to 40.2% as tariffs drove 270bp headwind in North America, offsetting strategic pricing gains. Supreme Court ruled $1.0B in paid IEEPA tariffs unauthorized, but Nike deems recovery not probable.

  MD&A: Gross Margin & Tariffs verify on EDGAR →
• high

  Recognized $230M in Q3 severance charges ($304M YTD) as part of cost realignment; company signals additional restructuring charges likely in future quarters, with completion targeted by December 2026.

  MD&A: Restructuring verify on EDGAR →
• high

  Greater China revenues down 10% currency-neutral amid declining store traffic, elevated promotions, and excess marketplace inventory; Nike expects negative impacts to continue throughout fiscal 2027.

  MD&A: Greater China Outlook verify on EDGAR →