NIKE, Inc. filed a Form 8-K with the Securities and Exchange Commission on October 1 — the form a public company must file within four business days of certain events. It reports two things: a new restructuring program called Pace, and the company's first-quarter fiscal 2027 results.
What Pace is
The filing says NIKE's board "approved steps to implement" Pace, which it describes as "a multi-year enterprise program" that "includes and builds upon" a cost-realignment plan the company announced in March 2026. Item 2.05 — the item a company files when it commits to a plan that costs money to carry out — says Pace covers further optimizing NIKE's global supply chain, establishing a new campus in India, realigning the company's operating model into three geographies, and further streamlining the organization to reduce costs.
The charge: components and timing
These numbers come from Item 2.05 of the 8-K itself, not only its exhibit. NIKE expects Pace to result in pre-tax charges of approximately $1.0 billion, in addition to about $0.3 billion of severance costs already recognized in fiscal 2026 in connection with the March 2026 plan. The new charges are expected to "consist primarily of employee severance and other employee-related costs." About $0.3 billion is expected to be recognized in fiscal 2027, with the remainder expected to be recognized through fiscal 2031. The filing estimates that the majority of the charges will result in future cash expenditures, and that all charges will be "substantially incurred by the end of fiscal 2031, subject to local law requirements." NIKE expects Pace to deliver about $2.5 billion in cumulative savings through fiscal 2031, stated before those charges and any future reinvestment. The filing calls the savings, charges and cash expenditures estimates, subject to "a number of assumptions," and says actual results "may differ, possibly materially."
Jobs and locations
Neither the 8-K nor the press release furnished with it gives a count of affected positions or a list of locations beyond the new India campus and the three-geography realignment.
The quarter's results (Exhibit 99.1)
Item 2.02 of the 8-K says only that the company issued a press release; the numbers are in that release, furnished as Exhibit 99.1. It reports revenue of $11.2 billion for the quarter ended August 31, 2026, down 4 percent from a year earlier on a reported basis, and down 5 percent on a currency-neutral basis — a measure that strips out exchange-rate movement; NIKE labels it non-GAAP. Gross margin expanded 60 basis points to 42.8 percent. Net income was $0.7 billion, down 2 percent, and diluted earnings per share were $0.48. NIKE Brand revenue was $11.0 billion, and Converse revenue was $263 million, down 28 percent. The exhibit repeats the Pace figures, calling the charges "primarily consisting of employee-related costs," and its fiscal 2027 outlook excludes "approximately $0.15 of restructuring expenses related to Pace."
What it does not say
The filing does not say whether the quarter's reported net income already includes any Pace-related charges. It gives no dollar split between the cash and non-cash portions of the $1.0 billion, and names no specific number of jobs or facilities.