Nike earnings – Nike’s quarterly results topped Wall Street expectations, driven by a gross margin lift tied to a tariff refund after the U.S. Supreme Court struck down major duties—yet sales in Greater China fell 12% to $1.30 billion.
On a day when Nike’s numbers landed above Wall Street expectations, the company also delivered a reminder of how fragile one corner of its business remains. Greater China sales fell 12% to $1.30 billion, even as overall revenue and earnings beat forecasts for its fiscal fourth quarter.
Nike reported adjusted earnings per share of 20 cents, compared with 13 cents expected. Revenue came in at $10.97 billion versus $10.86 billion expected.
The swing didn’t come from demand alone. Nike said its gross margin increased 8.9% during the quarter. largely due to an expected tariff refund of nearly $986 million after the U.S. Supreme Court struck down many of President Donald Trump’s global duties. Analysts had excluded that gain from their earnings expectations.
Net income rose to $1.07 billion, or 72 cents per share, compared with $211 million, or 14 cents per share, a year earlier. Revenue, however, still slid—down 1% from $11.10 billion in the prior-year period.
In North America, Nike found firmer footing. Revenue climbed 3% to $4.83 billion, but still fell short of analysts’ expectations of $4.88 billion.
Then came the pressure point. Nike’s revenue in its Greater China market dropped 12% to $1.30 billion. Even with that decline, the company beat expectations of $1.24 billion in revenue.
The picture that emerges from the quarter is a clear split: profits and margins were boosted by a high-value tariff refund, while performance in China moved in the opposite direction. One set of numbers points to stability; the other points to ongoing strain in a market Nike still depends on.
Where the situation stands now is defined by that mismatch. Nike can point to quarterly earnings and revenue that topped estimates. but the 12% drop in Greater China sales keeps the next question locked on pace—how quickly the company can narrow the gap in its most sensitive regions without relying on one-off financial relief.
Nike earnings Nike revenue Greater China sales tariff refund U.S. Supreme Court gross margin fiscal fourth quarter