NIKE reports $986M tariff recovery boosting Q4 EPS by $0.52; underlying revenue down 4%

Filed June 30, 2026 · Period ending June 30, 2026 · ~1 min read

Key Changes

• high

  Q4 EPS of $0.72 included $0.52 benefit from $986M IEEPA tariff recovery following Supreme Court ruling; underlying EPS approximately $0.20 as revenue declined 4% currency-neutral to $11.0B

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• high

  Gross margin expanded 890bp to 49.2% driven entirely by tariff recovery; excluding the benefit, underlying margin approximately 40.3%, flat year-over-year

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• high

  NIKE Direct revenues fell 9% currency-neutral (digital down 12%, stores down 7%) while wholesale grew 1%, reversing prior direct-to-consumer emphasis

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