Insight · Nike
Nike's revenue fell 10% to $46.3 billion in fiscal 2025 and stayed flat at $46.4 billion in fiscal 2026. For fiscal 2027 Nike expects another decline. Here are the reported numbers, and what they mean for brands and retailers in Europe.
By Marcel Melzig · First published 27 February 2025 · Updated 8 November 2026
| Period | Revenue | Change, reported | Currency-neutral |
|---|---|---|---|
| Fiscal 2024 (to 31 May 2024) | $51.4bn | – | – |
| Fiscal 2025 | $46.3bn | −10% | −9% |
| Fiscal 2026 | $46.4bn | flat | −2% |
| Q1 fiscal 2027 (Jun–Aug 2026) | $11.2bn | −4% | −5% |
| Fiscal 2027 outlook | – | high single-digit decline | – |
Nike's fiscal year ends on 31 May. All figures from Nike's reported results, see sources below.
| Channel | Fiscal 2025 | Fiscal 2026 | Q1 fiscal 2027 |
|---|---|---|---|
| Nike Direct | $18.8bn (−13%) | $17.7bn (−6%) | $4.1bn (−8%) |
| Wholesale | $25.9bn (−7%) | $27.5bn (+6%) | $6.8bn (−1%)* |
* Nike Brand wholesale. Changes on a reported basis.
For years Nike pulled volume out of wholesale and into its own stores and app. The numbers now show the reversal: in fiscal 2026 wholesale grew 6% while Nike Direct fell 6%. Digital is the weakest part. Nike Brand Digital was down 13% in the first quarter of fiscal 2027.
For retailers that means better access to product again. It does not mean easy sell-through. CFO Matthew Friend said in June 2026 that sell-through "remains challenged".
In the first quarter of fiscal 2027 the decline came mainly from Greater China and EMEA, while North America grew. Footwear was the weak spot at $7.0 billion (−6%); apparel grew 2% to $3.4 billion. Nike's press release does not give an exact EMEA figure for the quarter, so I don't put a number on Europe here.
CEO Elliott Hill said on the June 2026 earnings call that Nike Running had grown double digits for five consecutive quarters, adding about $1 billion, and that Nike had gained five points of running share in Western Europe and North America. These are company statements, not audited market data. They fit the wider market, though: running is the strongest footwear category in Europe right now (see who is gaining share in Europe).
Gross margin moved from 42.7% in fiscal 2025 to 42.9% in fiscal 2026 and 42.8% in the first quarter of fiscal 2027. In October 2026 Nike announced Pace, an operating-model overhaul targeting about $2.5 billion in cumulative savings through fiscal 2031, with around $1 billion in charges, mostly employee-related.
Correction: The February 2025 version of this article relied on a forecast and stated that Nike's revenue peaked at $55 billion in 2024. That was wrong: reported revenue for fiscal 2024 was $51.4 billion. All figures now come from Nike's reported results.
Further reading: Nike's clean print: when wholesale is a culture decision (MarketPuls).
Marcel Melzig · Brand & commercial strategy · sportswear & luxury. Turning brand and channel signals into commercial decisions. Based in Germany.
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