Demand
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자본지출
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NKE
FY2026 Q1
둔화
Nike, Inc. 실적 발표
Buzzberg 분석
Nike running revenue grew over 20% in Q1
Nike reported Q1 FY26 results with revenue down 1% currency-neutral and EPS $0.49, while guiding Q2 revenue down low single digits and gross margins down 300-375 bps due to tariff escalation and restructuring. Management highlighted progress in running (+20%) and wholesale, but cautioned that sportswear, Greater China, and Nike Direct remain challenged. The new 'sport offense' organizational shift is expected to drive long-term innovation and consumer engagement. Q1 revenue -1% CN, EPS $0.49; gross margin dropped 320 bps to 42.2% on tariff and promotional headwinds.
Buzzberg 분석 Nike running revenue grew over 20% in Q1 Nike reported Q1 FY26 results with revenue down 1% currency-neutral and EPS $0.49, while guiding Q2 revenue down low single digits and gross margins down 300-375 bps due to tariff escalation and restructuring. Management highlighted progress in running (+20%) and wholesale, but cautioned that sportswear, Greater China, and Nike Direct remain challenged. The new 'sport offense' organizational shift is expected to drive long-term innovation and consumer engagement. Q1 revenue -1% CN, EPS $0.49; gross margin dropped 320 bps to 42.2% on tariff and promotional headwinds. 전체 분석 보기분석 접기
Nike reported Q1 FY26 results with revenue down 1% currency-neutral and EPS $0.49, while guiding Q2 revenue down low single digits and gross margins down 300-375 bps due to tariff escalation and restructuring. Management highlighted progress in running (+20%) and wholesale, but cautioned that sportswear, Greater China, and Nike Direct remain challenged. The new 'sport offense' organizational shift is expected to drive long-term innovation and consumer engagement. Q1 revenue -1% CN, EPS $0.49; gross margin dropped 320 bps to 42.2% on tariff and promotional headwinds.
- Q2 guide: revenue down low single digits, gross margin down 300-375 bps (175 bps from tariffs), SG&A up high single digits.
- Annualized tariff cost increased to $1.5 billion, up from $1 billion 90 days ago.
- Running grew 20% in Q1; North America wholesale returned to growth (+11%) with spring order book up year-over-year.
매출$11.72B보고값
주당순이익(EPS)$0.49보고값
매출총이익률42.18%보고값
영업이익률7.91%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Guidance
Spring order book up year-over-year, led by sport
Supply
New tariffs estimated at $1.5 billion annualized cost
핵심 내용 3개 더 보기
Demand
Nike Direct not expected to return to growth in fiscal 26
Guidance
Greater China and Converse to remain headwinds through fiscal 26
Demand
North America wholesale grew 11% in Q1
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $11.72B | 보고값 |
| 주당순이익(EPS) | $0.49 | 보고값 |
| 매출총이익률 | 42.18% | 보고값 |
| 영업이익률 | 7.91% | 보고값 |
| 잉여현금흐름 | $0.015B | 보고값 |
| 자본지출 | $0.207B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 매출총이익률 | FY2026 Q2 | 3%–3.75% | 3.375% | 유지 |
AI, 자본지출 및 수요 분석
경영진 분석
Measured Optimism
Management acknowledged progress and momentum in key areas like running and North America, but repeatedly emphasized that recovery is early-stage and non-linear, with significant work ahead in other areas.
투자 및 생산능력
Management discussed investments in refreshing retail environments, particularly in Greater China, and mentioned that this will require investment and time, but no specific capital expenditure guidance was provided.
아래에 언급된 기업 3개 모두 표시
기업발표 이후 수익률
고객
고객
Elliott Hill
Nike's Amazon store is performing above expectations, indicating increased platform attractiveness for branded apparel and potentially higher Amazon marketplace fees.
근거
“pleased with the launch of the Nike Brand Store on Amazon, where we are driving stronger engagement and sales than anticipated.”
고객
Elliott Hill
Nike is investing in retail presentation at Dick's, strengthening the wholesale relationship but no direct demand signal.
근거
“We reset over 1,300 running spaces in the quarter, from Dick's to Nordstrom's to Heartbreak Hill.”
외부 신호
공급망 알파 · 2발표 이후 수익률
New reciprocal tariffs on footwear imports are now estimated to cost Nike $1.5 billion annually, up from $1 billion 90 days ago, with a 120 bps gross margin headwind for fiscal 2026.
근거
“We now estimate the gross incremental cost to Nike on an annualized basis to be approximately $1.5 billion. Up from the $1 billion we shared 90 days ago.”
Nike's spring order book is up year-over-year led by sport, suggesting wholesale partners are betting on new product innovation despite cautious consumer outlook.
근거
“Our spring order book is up year over year. So excited with the progress that we're making from a product perspective...”
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 3개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.