Nike Q4 FY2026 earnings beat masked by tariff refund

Nike reported fiscal fourth-quarter earnings of 72 cents per diluted share on Tuesday, a figure that included a 52-cent benefit tied to the anticipated recovery of import tariffs — without which underlying results remained weak, with revenue falling and sales in Greater China declining sharply.

Strip out the tariff windfall and Nike's per-share profit came to 20 cents, topping Wall Street's consensus estimate of 12 cents on revenue of $10.85 billion, according to Reuters.

A $986 million anticipated refund of duties collected under the International Emergency Economic Powers Act provided the primary lift to the headline number, pushing gross margin up roughly 900 basis points to 49.2%. Without that item, the operating picture remained under pressure, the company said.

Greater China revenue dropped 17% when measured on a constant-currency basis, a sharper deterioration than the 10% slide recorded in the preceding quarter; on a reported basis the decline was 12%. Local brands have gained ground at Nike's expense as shoppers gravitate away from the American label, the company said. The region generates approximately 15% of Nike's total annual sales, according to the outlet.

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Fuente original: Yahoo Finance (https://finance.yahoo.com/markets/stocks/articles/nike-q4-fy2026-earnings-beat-111250528.html)