Nike Inc. saw its stock move higher in after-hours trading Tuesday, rising roughly 2% after the company disclosed a planned chief financial officer transition and flagged a tariff refund that will favorably affect its fourth-quarter results.
The company said David M. Denton will assume the role of Executive Vice President and Chief Financial Officer on August 17. Current CFO Matthew Friend will vacate the position at that time but will remain with Nike through September 4 to support the transition process.
Denton joins Nike from Pfizer, where he has been Chief Financial Officer and Executive Vice President since May 2022. The company noted Denton brings more than 30 years of finance and operating leadership across public companies. Before his tenure at Pfizer, Denton served as chief financial officer at Lowe’s Companies from 2018 to 2022, and he spent two decades at CVS Health Corporation, including serving as CFO during that period.
Nike also provided an update on expectations for fourth quarter fiscal 2026 results. Management said those results will include a benefit from tariff refunds that had not been contemplated in previously provided guidance. The company emphasized that, when that one-time benefit is excluded, fourth-quarter results are expected to be generally in line with the guidance Nike had already issued.
Nike is scheduled to release fourth-quarter and full fiscal year 2026 results on June 30.
Context summary
- Shares rose in after-hours trading following the CFO appointment announcement and tariff refund disclosure.
- David M. Denton will take over as CFO on August 17; Matthew Friend will stay through September 4 to aid the transition.
- Management says Q4 fiscal 2026 will include a tariff refund benefit not included in prior guidance; excluding that one-time item, results should be generally consistent with earlier guidance.
What remains to be reported
The company will provide full details when it reports fourth-quarter and fiscal year 2026 results on June 30, at which point the magnitude and accounting of the tariff refund and other items will be disclosed.