Nike reported QQ2 2026 results with revenue of $12.427 billion, up about 7.2% year over year, and a gross margin of 40.6%. Adjusted for the reported figures, operating income stood at $1.006 billion and net income was $792 million, yielding a net margin of 6.37% and an EPS of $0.54. EBITDA was $719 million, with an EBITDARatio of 5.79%. Despite top-line growth, Nike’s gross margin and operating margin contracted on a YoY basis (gross margin down roughly 4.0 percentage points, operating margin down meaningfully YoY), while QoQ metrics improved (operating income up ~8.5% QoQ; net income up ~8.9% QoQ). The results highlight a company benefiting from direct-to-consumer strength and brand equity, but facing margin headwinds from product mix, discounting pressures, and input costs in a still uneven macro environment. Management commentary (where available) underscored ongoing investments in DTC infrastructure and brand-building as core strategic pillars, with a continued focus on profitability through mix optimization and cost discipline. Investors should watch gross margin trajectory, DTC growth, regional demand dynamics (notably China exposure), and ongoing currency effects as key drivers of the next leg of earnings evolution.