Nike turnaround tracker and FY27 forecast
Is Nike's comeback working? I track seven quarterly signals from Nike's SEC filings and forecast FY27 revenue by region and operating profit under three scenarios. Sneakers are where I started in business, so I wanted to understand the company behind them.
What I built
- A scorecard of quarterly signals: regional growth, Nike Direct vs wholesale, gross margin and costs
- A regional forecast for the rest of FY27, checked against management's guidance
- A sensitivity table showing which assumption moves profit the most
What I learned
Headline numbers can hide a lot. Nike's FY26 gross margin looked stable at 42.9%, but a one-time $986M tariff refund was holding it up. Without it, margin was 40.8%. And to hit its own guidance, Nike's sales have to fall about twice as fast for the rest of the year as they did in Q1.