Total revenues for NIKE, Inc. were $11.3 billion, flat on a reported basis and down 3% on a currency-neutral basis for the fiscal third quarter ended February 28, 2026. NIKE Brand revenues increased 1% on a reported basis to $11.0 billion but were down 2% currency-neutral, primarily due to declines in EMEA and Greater China, partially offset by North America growth. Wholesale revenues grew 5% reported and 1% currency-neutral to $6.5 billion, driven by North America. NIKE Direct revenues decreased 4% reported and 7% currency-neutral to $4.5 billion, with NIKE Brand Digital down 9% and NIKE-owned stores down 5%. Converse revenues significantly declined by 35% reported and 37% currency-neutral to $264 million, with decreases across all territories. Gross margin decreased by 130 basis points to 40.2%, primarily due to higher tariffs in North America. Net income was $0.5 billion, a 35% decrease from the prior year, and diluted earnings per share also fell 35% to $0.35. The effective tax rate increased to 20.0% from 5.9% in the prior year, mainly due to a one-time non-cash deferred tax benefit in the previous period. Inventories were $7.5 billion, down 1%, reflecting a decrease in units and product mix shifts, partially offset by increased product costs due to higher tariffs. Cash and equivalents and short-term investments decreased by approximately $2.3 billion to $8.1 billion, as cash generated by operations was more than offset by shareholder returns, bond repayment, and capital expenditures. The company returned approximately $609 million to shareholders through dividends, a 3% increase from the prior year, marking 24 consecutive years of increasing dividend payouts.