| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q1'27 | October 1, 2026 | 6/12 | 2 high, 2 medium, 2 low flags | 2 | 1 | Call sheet → |
| Q4'26 | June 30, 2026 | 6/12 | 3 high, 5 medium flags | 2 | 2 | Call sheet → |
| Q3'26 | March 31, 2026 | 10/12 | 4 medium, 3 low flags | 6 | 0 | Call sheet → |
| Q2'26 | December 18, 2025 | 9/12 | 1 high, 4 medium, 1 low flags | 5 | 0 | Call sheet → |
| Q4'25 | 2025-06-26 | 9/12 | 1 high, 5 medium, 2 low flags | 4 | 0 | Call sheet → |
| Q3'25 | March 20, 2025 | 10/12 | 1 high, 4 medium, 2 low flags | 3 | 0 | Call sheet → |
| Q2'25 | December 19, 2024 | 10/12 | 1 high, 3 medium, 2 low flags | 4 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q1'27 | Pending | Full year FY27 tax rate expected in the low-20% range Full fiscal year has not ended; no updated tax rate commentary given this quarter. |
| Q1'27 | Pending | Remain on track to sunset the Win Now actions by the end of the calendar year Calendar year-end has not yet arrived at this call; a new program ('Pace') was introduced this quarter which may supersede rather than conclude Win Now, actual not stated on the call. |
| Q1'27 | Pending | Margins stabilizing with a pathway back toward gross margin expansion (forward framing) This quarter's FY27 guidance calls for EBIT to decline by a greater percentage than revenue and the CFO declined to give specific full-year gross margin guidance, a revision of tone from the prior quarter's expansion confidence, but the fiscal year is not complete and the actual full-year margin outcome has not been stated. |
| Q1'27 | Pending | Sportswear and Jordan streetwear to continue negative in FY27 with improvement expected in the back half Q1 shows continued steep declines (Sportswear low-double digits, Jordan mid-teens) consistent with the 'negative' half of the promise; back-half improvement is unverifiable until H2 FY27. |
| Q1'27 | Missed | Greater China revenue trends over the near term to be in line with recent performance (then -7%) China declined 26% this quarter, a severe acceleration versus the -7% base that was supposed to hold. |
| Q1'27 | Exceeded | Q1 FY27 SG&A dollars flat with operating overhead declining SG&A actually declined 3% reported, better than the 'flat' guide. |
| Q1'27 | Delivered | Q1 FY27 reported revenue down low-to-mid single digits, gross margin slightly positive Actual Q1 revenue came in down 4% reported (within the guided range) and gross margin was up 60bps, beating 'slightly positive'. |
| Q4'26 | Pending | Supply chain actions to deliver positive operating leverage in FY27 Maintained this promise but no quantification of expected benefit |
| Q4'26 | Delivered | Greater China to take additional actions to improve position But actions are making it worse: guiding -20% for H1 FY27 |
| Q4'26 | Missed | Running to maintain double digit growth momentum Decelerated to 'mid single digits' for full year despite Q3's 20% growth |
| Q4'26 | Missed | North America to return to balanced growth across channels Wholesale grew 10% but Nike Direct down 6%, getting more imbalanced not less |
| Q4'26 | Exceeded | Gross margin expansion to begin in Q2 FY27 Now saying Q1, but only due to tariff benefit not operational improvement |
| Q4'26 | Pending | Complete Win Now actions by end of calendar year Reiterated but with softer language ('expect to have finished' vs 'will complete') |
| Q3'26 | Delivered | Order book improvement for back half Football booking units 40% higher than World Cup 2022 |
| Q3'26 | Delivered | Innovation pipeline strengthening Delivered NIKE MIND, AeroFit platforms, plus liquid Air Max and thermal air apparel |
| Q3'26 | Delivered | NIKE Digital promotional activity reduction Continued improvement in average retail discounts and full-price realization |
| Q3'26 | Exceeded | Inventory cleanup in Greater China Inventory down mid-teens vs prior year, units down over 20%, faster than expected |
| Q3'26 | Delivered | Running business momentum continuation Running maintained 20%+ growth for second consecutive quarter |
| Q3'26 | Delivered | North America wholesale growth acceleration Wholesale grew 11% vs 24% in Q2, but still positive growth as promised |
| Q2'26 | Pending | SG&A to grow low single digits in fiscal 2026 Up 1% both quarters - tracking to promise |
| Q2'26 | Delivered | Begin to see modest headwind from lapping clearance activity Mentioned $550M classics headwind - clearance comparison impact |
| Q2'26 | Delivered | Greater China headwinds to continue throughout fiscal 2026 China deteriorated to -16% from -10% as expected |
| Q2'26 | Delivered | North America will continue to lead global recovery North America accelerated to +9% from +4%, leading all regions |
| Q2'26 | Delivered | Do not expect NIKE Direct to return to growth for fiscal 2026 NIKE Direct down 9% vs down 5% in Q1 - as predicted |
| Q2'26 | Delivered | Expect wholesale revenue to return to modest growth for fiscal 2026 Wholesale up 8% in Q2 after 5% in Q1 - accelerating |
| Q4'25 | Delivered | Meaningful improvement in markdown rates and higher share of demand at full price Claimed improvements in Q4 but stopped providing specific metrics on markdown rates |
| Q4'25 | Pending | Digital traffic to be down double digits in fiscal 2026 New guidance provided, extending the digital traffic decline through full fiscal year |
| Q4'25 | Pending | We remain on track to exit the first half of fiscal '26 in a healthy and clean position Reaffirmed this timeline, still tracking to first half FY26 for marketplace cleanup |
| Q4'25 | Delivered | Q4 will reflect the largest impact from our Win Now actions Management confirmed Q4 had the largest financial impact and headwinds should moderate from here |
| Q4'25 | Delivered | Q4 gross margins to be down approximately 400-500 basis points Q4 gross margins down 440 basis points, within the guided range |
| Q4'25 | Delivered | Q4 revenues to be down in the mid-teens range, albeit at the low end Q4 revenue down 11% currency-neutral, which is mid-teens at the low end as guided |
| Q3'25 | Pending | Empower teams in key countries and cities Narrowed focus to 3 countries, 5 cities but execution still ramping |
| Q3'25 | Delivered | Focus on five sports: running, basketball, football, training, sportswear Clear evidence of sports-led growth with specific performance metrics provided |
| Q3'25 | Pending | Rebuild sales organization and wholesale partnerships Fall order book shows progress but still working through partner confidence building |
| Q3'25 | Delivered | Increase brand marketing investment Demand creation up high single digits vs 1% prior quarter - clear acceleration |
| Q3'25 | Delivered | Shift NIKE Digital to full-price model Achieved zero promotional days in Jan-Feb vs 30+ prior year - exceeded commitment |
| Q3'25 | Pending | Return to pull market for largest classic footwear franchises Air Force 1 inventory stabilizing but AJ1 and Dunk still elevated - partial progress |
| Q2'25 | Delivered | Investment in demand creation to continue leading SG&A growth Demand creation up 1% while SG&A down 3%, showing prioritization |
| Q2'25 | Pending | Spring order books set to grow double-digits in running footwear No update provided on spring order book performance |
| Q2'25 | Missed | Continue to see indications of slight second half improvement Q3 guidance worsened to low double-digit decline vs prior 8-10% |
| Q2'25 | Exceeded | Q2 gross margins down approximately 150 bps Actual decline was only 100 bps, better than guided |
| Q2'25 | Delivered | Q2 revenue down 8-10% range Came in at -8% reported, within guided range |
| Q2'25 | Exceeded | Mid-single digit headwind on revenue for balance of fiscal year from franchise management Q1 predicted mid-single digit impact; Q2 shows accelerated actions creating larger headwinds |
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