NIKE, Inc. (NKE) Announced Q3 2026 Earnings on March 31, 2026, Reporting "revenues were flat on a reported basis and down 3% on a currency-neutral basis."

For the third quarter of fiscal 2026, Executive Vice President and Chief Financial Officer Matt Friend stated that "revenues were flat on a reported basis and down 3% on a currency-neutral basis." Friend noted that "NIKE Direct was down 7% with NIKE Digital declining 9% and and NIKE stores down 5%", while "Wholesale grew 1%." "Gross margins declined 130 basis points to 40.2% on a reported basis," which was "primarily due to 300 basis points associated with higher tariffs in North America." The company reported that "Earnings per share was $0.35" for the quarter, and "inventory decreased 1% versus the prior year with units down mid-single digits."President and Chief Executive Officer Elliott Hill provided an update on the company's turnaround, noting they "have continued to take meaningful actions to improve the health, quality and foundation of our business." A major priority was "further removing unhealthy inventory of our classic footwear franchises from the marketplace," which "created roughly a 5-point headwind to our reported results." Hill highlighted that "NIKE Running was the first team to move into the sport offense," leading to "NIKE running up over 20% for the quarter." The company also detailed a "$230 million charge we incurred this quarter due to employee-related severance costs primarily in supply chain and technology" as part of steps to "reset our cost base to improve NIKE's long-term profitability."Regarding forward guidance, Friend stated they expect "revenues to be down low single digits versus the prior year" through the end of the calendar year.

For the fourth quarter of fiscal 2026 specifically, management expects "revenues in Q4 to be down 2% to 4%", with "Greater China to be down approximately 20% in the fourth quarter." Friend added they expect "sequential improvement in gross margin with Q4 down approximately 25 to 75 basis points, including 250 basis points due to higher tariffs in North America." The "full year tax rate" is expected "to be in the low 20% range."Leadership highlighted new product innovations, with Hill unveiling the "new NIKE Mind platform with over 150 patents filed globally," which "sold out in all geographies." The company also introduced Aero-FIT for football, described as our "new elite apparel cooling platform that increases airflow by 200% over regular dry fit," and plans to expand it into multiple sports including NIKE Running in the fall.