Executive Summary & TL;DR
Headline Performance vs. Consensus & Prior Period
| Metric | Q1 FY27 Actual | Consensus Estimate | Q1 FY26 Actual | YoY Delta | Beat / Miss | Source / Confidence |
|---|---|---|---|---|---|---|
| Revenue | $11,213M | $11,320M | $11,589M | -3.2% | Miss (-$107M / -0.9%) | High / SEC Filing & Consensus |
| Gross Margin % | 42.8% | N/A | 42.2% | +60 bps | N/A | High / SEC Filing |
| Diluted EPS (GAAP) | $0.48 | $0.44 | $0.49 | -2.0% | Beat (+$0.04 / +9.1%) | High / SEC Filing & Consensus |
| Diluted EPS (Non-GAAP) | N/A | N/A | N/A | N/A | N/A | Not Disclosed for Actuals |
Stance & Rationale
Stance: Cautious While NIKE delivered a bottom-line EPS beat ($0.48 vs. $0.44 est.) and expanded gross margins by 60 bps to 42.8%, top-line erosion across key growth engines remains concerning. Revenue fell 3.2% YoY, led by a steep contraction in Greater China (-22%), Converse (-28%), and NIKE Brand Digital (-13%). Management guided full-year FY27 revenue down high-single digits and announced "Pace", a multi-year $1.0B restructuring program. Near-term growth visibility remains impaired despite operational cost-cutting.