Nike has reported its financial results for the fiscal 2026 second quarter ended November 30, 2025, showing modest revenue growth alongside ongoing profit pressure as it navigates a multi-year business turnaround.
Nike’s second-quarter revenues reached US$12.4 billion, up 1% on a reported basis and flat on a currency-neutral basis. Wholesale revenues grew 8% to US$7.5 billion, while Nike Direct revenue fell 8% to US$4.6 billion amid softer digital and retail sales. Gross margin narrowed to 40.6%. Net income declined about 32% to US$792 million compared with the prior year period.
Nike President and CEO Elliott Hill said: “Nike is in the middle innings of our comeback. We are making progress in the areas we prioritised first and remain confident in the actions we’re taking to drive the long-term growth and profitability of our brands,” said Elliott Hill, President & CEO of Nike.
CFO Matthew Friend said the portfolio showed resilience “while managing headwinds from repositioning our business in a dynamic operating environment”.
Regionally, growth in North America helped offset declines in Greater China and parts of Asia Pacific and Latin America. Inventories fell 3% to US$7.7 billion, while cash and equivalents totalled US$8.3 billion. Nike also returned about US$598 million to shareholders in dividends, continuing its streak of annual increases.
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