Nike says it expects $986 million in IEEPA tariff refunds

Nike says it’s in a better financial position as it awaits nearly $1 billion in refunds related to tariffs imposed under the International Emergency Economic Powers Act.

On Tuesday, Nike shared that its growth margin for its fiscal fourth quarter of 2026 increased 890 basis points to 49.2%, “primarily due to the expected recovery of the IEEPA tariffs.” The company added that its North America business expects to recover $965 million in tariff refunds from the U.S. government, while its Converse business expects to recover $21 million.

For its fiscal year ending May 31, Nike already received approximately $300 million in cash “from IEEPA tariff recoveries.”

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