As of Q2'26 (2025-11-30), Nike's latest gross margin stands at 40.6%, operating margin at 8.1%, and net profit margin at 6.4%. These figures reflect a modest recovery from the previous quarter, particularly in net and operating margins, which had seen notable declines earlier in 2025. Over the period from Q3'23 to Q2'26, Nike's profit margins have exhibited a generally declining trend, especially from mid-2024 onward. Gross margin peaked at 45.4% in Q1'25 before gradually decreasing, while operating and net profit margins both experienced significant drops in Q4'25, reaching lows of 2.9% and 1.9% respectively. Although there has been a slight rebound in the most recent quarters, overall profitability remains below the highs observed in early 2024, indicating ongoing margin pressure.