$NKE · NIKE, Inc.

Nike reported Q1 FY2027 results with revenue of $11.2B, down 4% reported and 5% currency-neutral. Gross margin expanded 60bps to 42.8%. Diluted EPS was $0.48. The company announced "Pace," an operating model transformation targeting ~$2.5B in cumulative savings through FY2031 with ~$1.0B in pre-tax charges. FY2027 guidance calls for high-single-digit revenue decline and adjusted EPS of $1.15-$1.35.

Stock down 1.90% since filing at $35.15 in after-hours trading. The combination of a 22% Greater China collapse, guided high-single-digit full-year revenue decline, and a $1.15-$1.35 adjusted EPS range that implies significant earnings compression is weighing on the $52B market-cap name.

Nike's FY2027 guidance implies a deep earnings trough — adjusted EPS of $1.15-$1.35 on high-single-digit revenue declines signals a multi-year turnaround that will test investor patience.

Nike's struggles mirror broader athletic/retail headwinds but are amplified by brand-specific repositioning in Sportswear, Jordan, and Greater China. The Pace transformation signals a multi-year restructuring cycle that peers like Adidas have already navigated, suggesting Nike is playing catch-up on

Greater China revenue fell 22% reported (26% currency-neutral), with wholesale down 28% and Direct down 13% — a structural demand problem in a key growth market. Converse revenue collapsed 28% across all territories. The Pace restructuring carries ~$1.0B in pre-tax charges and execution risk across