Nike's fourth quarter 2026 EPS beats estimates driven by a one-time tariff recovery, as China's decline proved less severe than feared.

Nike reported fourth quarter revenues of $11.0 billion, a 1% decrease year-over-year, and diluted earnings per share of $0.72. Full fiscal year 2026 revenues were flat at $46.4 billion with diluted EPS of $2.10, a 3% decrease. The quarterly results were significantly impacted by a one-time benefit from the recovery of IEEPA tariffs.

Key Highlights

• Diluted EPS of $0.72 was largely driven by a $0.52 per share benefit from a one-time tariff recovery, without which earnings would have been closer to $0.20.
• Revenue from Greater China fell 12% year-over-year, a notable improvement compared to analyst expectations for a 20% decline.
• The company's strategic channel shift showed progress, as Wholesale revenues grew 4% to $6.6 billion, while NIKE Direct revenues declined 7% to $4.1 billion, led by a 12% drop in digital sales.