- Revenue: $12.427B in Q2 FY2026, up 1% YoY (currency-neutral change not specified in press materials; management noted modest top-line growth).
- Gross margin: 40.6% (Q2 GAAP), down ~~3.0 percentage points YoY, largely driven by higher tariffs and inventory obsolescence in Greater China.
- Operating income: $1.006B, down about 16.8% YoY as margin headwinds offset top-line progress.
- Net income: $792M, down ~24.6% YoY; EPS: $0.54 vs prior-year level of roughly $0.70.
- Balance sheet: cash and equivalents $6.974B; total debt $11.282B; net debt $4.309B; total stockholders’ equity $14.085B.
- Free cash flow: $386M; Operating cash flow: $579M; Capex: $193M.
- Geography highlights: North America revenue +9% with Wholesale +24%, NIKE Direct down ~10%, Digital down ~16%; Greater China revenue down 16% with EBIT down ~49%; EMEA revenue -1%; APLA revenue -4%.
- Guidance: Q3 revenue expected to decline low single digits; gross margin down 175–225 bps, with about 315 bps tariff impact embedded; SG&A up low single digits.