Nike Reports Q4 Earnings Boost Driven by Tariff Refunds

Nike reported a 407% increase in fourth-quarter net income to $1.1 billion, largely driven by a $0.52 per share benefit from expected IEEPA tariff refunds. Excluding this non-recurring recovery, adjusted earnings per share reached $0.20. Reported net sales for the quarter declined 1% to $10.97 billion, reflecting ongoing top-line pressure.

Segment performance showed divergence, with wholesale revenues rising 4% while Nike Direct revenues fell 7%. The Converse brand experienced a significant contraction, with revenues declining 32% across all territories. Regional performance was mixed, as growth in North America was offset by declines in Greater China and EMEA.

For the full fiscal year 2026, net income fell 3% to $3.11 billion on flat net sales of $46.4 billion. Management cited structural improvements and cost-efficiency measures as primary strategies to address current market headwinds. No forward-looking guidance was provided alongside the fiscal results.