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Nike

Win Now and Sport Offense, June 2025 to December 2026

Leading with sport
How Nike says it will grow

Win Now and Sport Offense

Nike sold $46.4 billion in fiscal 2026, the same as a year earlier and 2% less at constant currency. It spent the year changing how it sells: more through wholesale partners, less through its own stores and apps, fewer of some footwear lines, and more spending on sport. It calls the actions Win Now, and expects to finish them by the end of December 2026.

Product management

  1. 1. InnovationAccelerate product innovation.
  2. 2. Footwear supplyReduce the supply of certain footwear products in the marketplace, to rebalance the mix of the footwear portfolio.
  3. 3. Key sportsDrive distinction within key sports and build a complete product portfolio.

NIKE Brand footwear revenue was $29.5 billion in fiscal 2026, level with the year before, and apparel rose 4% to $13.4 billion.

Jordan Brand revenue fell 3% to $7.0 billion.

Inventories were $7.5 billion, level with the year before, with more units and a different mix.

Nike is selling more through wholesale and less direct

Nike is repositioning NIKE Brand Digital as a full-price platform and reinvesting in wholesale distribution. Each block’s area is a year’s revenue for that channel.

Wholesale
$27.5bn
NIKE Direct
$17.7bn

In the fourth quarter alone, wholesale was $6.6 billion, up 4%, and NIKE Direct $4.1 billion, down 7%.

Wholesale$27.5bnNIKE Direct$17.7bn

Nike says North America has made the most progress

Nike says Greater China and Converse will take longer. Each block is as wide as the segment’s revenue, and the coloured slice is its EBIT as a share of that revenue.

North AmericaEurope, Middle East& AfricaGreater ChinaAsia Pacific& Latin America
North America
$20.5bnrevenue+5%EBIT $5.4bn, a margin of 26.2%
Europe, Middle East & Africa
$12.6bnrevenue+3%EBIT $2.4bn, a margin of 19.2%
Greater China
$5.8bnrevenue−11%EBIT $1.3bn, a margin of 21.9%
Asia Pacific & Latin America
$6.2bnrevenue0%EBIT $1.4bn, a margin of 22.2%
Converse
$1.2bnrevenue−31%EBIT $0.0bn, a margin of 1.5%

North America’s fiscal 2026 EBIT includes a $965 million benefit for the expected recovery of tariffs it paid. Without it the margin is 21.5%, worked out, not reported. Segment EBIT is before the $4.6 billion cost of the Global Brand Divisions and Corporate’s costs.

Wholesale grew in every quarter of fiscal 2026

NIKE Direct shrank in every quarter. Gross margin fell against the year before in the first three, and the fourth includes the expected recovery of tariffs paid.

Revenue, $ billion6.84.5Q1quarter to August 20257.54.6Q2quarter to November 20256.54.5Q3quarter to February 20266.64.1Q4quarter to May 2026WholesaleNIKE DirectGross margin, and the same quarter a year earlier40%45%50%45.4%42.2%43.6%40.6%41.5%40.2%40.3%49.2%About 9 points from theexpected recovery oftariffs paid

The year-earlier margins are each quarter’s reported margin less the change Nike reported. Quarterly revenue is rounded to a hundred million dollars in the releases, so the quarters need not add to the year.

  1. Name the reversal, and count it.

    Nike is repositioning its own digital sales as full price and reinvesting in wholesale. It says so, and the numbers show it: wholesale rose $1.6 billion in a year while NIKE Direct fell $1.1 billion. We recommend stating a reversal plainly, with the figures that will show whether it has happened, so no one reads it as drift.

  2. Give a repair a finish date, and say who will miss it.

    Nike expects to complete the Win Now actions by the end of December 2026, and says North America has made the most progress while Greater China and Converse will take longer, with drag from both through fiscal 2027. We recommend a date for finishing a repair together with the parts already known to run past it.

  3. Report a one-off beside the run rate.

    Nike’s fourth-quarter gross margin was 49.2%, up 890 basis points, of which about 900 basis points came from the expected recovery of tariffs it had paid. The full year was 42.9%, against 42.7%. We recommend showing a one-off next to the underlying figure in the same sentence, so a single quarter is not mistaken for a recovery.

Sources

  1. 1. NIKE, Inc. (2026). Annual report on Form 10-K for the fiscal year ended 31 May 2026. U.S. Securities and Exchange Commission, 15 July 2026. sec.gov
  2. 2. NIKE, Inc. (2026). NIKE, Inc. reports fiscal 2026 fourth quarter and full year results. News release, Form 8-K exhibit 99.1, 30 June 2026. sec.gov
  3. 3. NIKE, Inc. (2026). NIKE, Inc. reports fiscal 2026 third quarter results. NIKE newsroom, 31 March 2026. about.nike.com
  4. 4. NIKE, Inc. (2025). NIKE, Inc. reports fiscal 2026 second quarter results. News release, Form 8-K exhibit 99.1, 18 December 2025. sec.gov
  5. 5. NIKE, Inc. (2025). NIKE, Inc. reports fiscal 2026 first quarter results. News release, Form 8-K exhibit 99.1, 30 September 2025. sec.gov

Headwater is not connected with NIKE, Inc. NIKE, Jordan, Converse, and the Swoosh are trade marks of their owners. Updated 28 September 2026.

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