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Nike reported diluted earnings per share of $0.48 for fiscal 2027’s first quarter, $0.04 above the $0.44 consensus estimate reported by Investing.com. Revenue was $11.213 billion, below Investing.com’s $11.35 billion estimate, and fell 4% year over year. The earnings beat came alongside weaker sales and a full-year outlook calling for another decline in revenue.
How Nike’s results compared with estimates
Nike announced results on October 1, 2026, for the quarter ended August 31. The company’s release reports actual results; analyst estimates come from separate providers, and those providers did not agree on a single consensus figure.
| Measure | Reported result | Estimate and comparison |
|---|---|---|
| Diluted EPS | $0.48 | Investing.com reported a $0.44 consensus estimate, making the beat $0.04. MarketBeat reported $0.43, which would make the beat $0.05. |
| Revenue | $11.213 billion, down 4% year over year on a reported basis | Investing.com reported an $11.35 billion estimate; MarketBeat reported $11.32 billion. Revenue was below both. |
The headline’s $0.04 EPS beat therefore uses Investing.com’s estimate, not a universally reported consensus. The revenue miss was between roughly $107 million and $137 million, depending on whether the comparison is with MarketBeat’s or Investing.com’s estimate.
Why an EPS beat did not mean sales were strong
EPS measures profit per diluted share, while revenue measures sales. Nike’s $0.48 diluted EPS exceeded Investing.com’s estimate even as its $11.213 billion in revenue missed estimates and declined year over year. The release also reported net income of $0.7 billion, down 2% from a year earlier.
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Revenue declined 5% on a currency-neutral basis, a steeper fall than the reported 4% decrease. The difference reflects the effect of currency movements on the reported comparison; it does not change the fact that sales contracted.
Where Nike’s sales declined
Direct sales weakened more than wholesale
NIKE Brand revenue was $11.0 billion, down 4% both on a reported and currency-neutral basis. Within the brand, wholesale revenue was $6.8 billion, down 1%, while NIKE Direct revenue was $4.1 billion, down 8% reported and 9% currency-neutral.
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- NIKE Direct digital revenue fell 13%.
- NIKE Direct owned-store revenue fell 5%.
- Wholesale revenue declined 1%.
Regional and brand results were mixed
Declines in Greater China and EMEA weighed on NIKE Brand revenue, partly offset by growth in North America. Converse revenue was $263 million, down 28% year over year, a much sharper drop than the NIKE Brand’s 4% decline.
Gross margin improved while revenue fell
Gross margin rose 60 basis points to 42.8%. Nike attributed the improvement primarily to lower warehousing and logistics costs. That margin gain helped support earnings, but it did not prevent the revenue decline or Converse’s steep drop.
Rank #3
- Mesh on upper adds breathability.
- Foam midsole delivers a soft ride.
- Flex grooves create a cushioned effect for your run.
- Waffle outsole is a made of a durable, flexible material that helps keep you on the move.
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What Nike said about fiscal 2027
Management expects fiscal 2027 revenue to decline by a high-single-digit percentage. It forecast adjusted diluted EPS of $1.15 to $1.35, excluding approximately $0.15 per share of Pace restructuring expense. This is an adjusted full-year forecast, not the quarter’s reported GAAP diluted EPS of $0.48.
Nike also announced Pace, an operating-model transformation that builds on its earlier cost-realignment plan. The company says it includes supply-chain modernization, a new India campus for enterprise capabilities, a realignment to three geographies, and further organizational streamlining.
Rank #4
- Mesh on upper adds breathability.
- Foam midsole delivers a soft ride.
- Flex grooves create a cushioned effect for your run.
- Waffle outsole is a made of a durable, flexible material that helps keep you on the move.
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Nike expects approximately $2.5 billion in cumulative Pace savings through fiscal 2031 and approximately $1.0 billion in pretax charges through that year. The latter is in addition to approximately $0.3 billion in severance costs recognized in fiscal 2026. Nike cautions that these estimates depend on assumptions and actual results may differ materially.
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The quarter was a mixed report: EPS topped the cited consensus, but revenue missed estimates and fell year over year, with direct sales, Converse, and several international markets under pressure. Gross margin improved, yet Nike’s own full-year outlook still anticipated a high-single-digit revenue decline. That outlook, rather than the EPS beat alone, is central to understanding the company’s near-term operating picture.
Quick Recap
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