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NKENike, Inc.

Consumer discretionary · Footwear · NYSE
NKE quote by TradingView
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FY2026 at a glance

Sales up 0.2%, free cash flow down to $2.2B

XBRL, from each 10-K
RevenueStatements ↓
$46.4B
from $46.3B in FY2025
FY2017FY2026
Net incomeStatements ↓
$3.1B
from $3.2B in FY2025
FY2017FY2026
Free cash flowStatements ↓
$2.2B
from $3.3B in FY2025
FY2017FY2026
EPS (diluted)Statements ↓
$2.10
from $2.16 in FY2025
FY2017FY2026
Total debtStatements ↓
$7.9B
from $8.0B in FY2025
FY2017FY2026
Price and key numbers

The latest figures

All key numbers (37, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)2.09Sales (ttm)45.9BNet income (ttm)3.1BSales growth+0.2%EPS growth-2.8%Sales Q/Q-4.3%
Free cash flow2.1BGross margin43.1%Oper. margin-Net margin6.7%FCF margin4.6%ROE20.3%
ROA8.2%R&D / sales-Dividend1.63Debt/Eq0.52Curr. ratio2.07Cash6.9B
Op. cash flow (ttm)2.8BNet debt990.0MQuick ratio2.07Payout ratio77.6%Tax rate20.3%Stock pay / sales1.5%
Shares out.1.5BShares Y/Y-0.4%Book / share10.25Cash / share4.65Sales / share30.92Asset turnover1.21
Days sales out.47Sales 3Y CAGR-3.2%Sales 5Y CAGR+0.8%EPS 3Y CAGR-13.4%EPS 5Y CAGR-10.0%Employees73,000
Sales / employee629K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2026 against FY2025
  • Free cash flow fell 33%$3.3B → $2.2B · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth sped up to +0.2%-9.8% → +0.2% · Revenue FY2026 / revenue FY2025 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

NKE against Consumer discretionary peers

Ten years, side by side → · All 47 →
GrowthProfitBalanceCleanInsiders
NKEPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 47 companies, the better end on the right. Hover a dot for the company.

Sales growth
+0.2%40th of 47 · median +5.4%
Net margin
6.7%34th of 47 · median 10.8%
Return on equity
20.3%25th of 34 · median 32.5%
Free cash flow margin
4.6%35th of 45 · median 9.4%
Debt / equity (less is better)
0.5213th of 28 · median 0.73
NKE and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
NKE Nike, Inc.$45.9B +0.2%43.1%6.7%20.3%4.6%0.52
TJX TJX Companies$62.4B +7.1%32.0%9.7%57.0%9.4%0.27
BBY Best Buy$42.2B +0.4%22.7%3.0%40.0%4.2%0.37
SBUX Starbucks$38.3B +2.8%-5.2%-9.5%-
DHI D. R. Horton$33.4B -6.9%22.6%9.2%12.8%9.6%-
LEN Lennar$32.0B -3.5%-4.1%6.1%2.5%0.27
Where each dollar goes

From $46.7B of sales to $6.0B of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $21.5BRevenue to Cost of revenue: $25.2BGross profit to Net profit: $6.0BGross profit to Costs, tax, other: $15.4B Revenue: $46.7B Revenue$46.7B +5% Y/Y Gross profit: $21.5B · 46% margin Gross profit$21.5B46% margin +8% Y/Y Cost of revenue: $25.2B · 54% of revenue Cost of revenue$25.2B54% of revenue Net profit: $6.0B · 13% margin Net profit$6.0B13% margin +6% Y/Y Costs, tax, other: $15.4B · 33% of revenue Costs, tax, other$15.4B33% of revenue

Swipe sideways for the whole flow →

From $51.2B of sales to $5.1B of profit

FY2023, from the 10-K income statement and revenue by product
Footwear to Revenue: $35.3BApparel to Revenue: $13.9BEquipment to Revenue: $1.8BOther to Revenue: $239.0MRevenue to Gross profit: $22.3BRevenue to Cost of revenue: $28.9BGross profit to Net profit: $5.1BGross profit to Costs, tax, other: $17.2B Footwear: $35.3B · 69% Footwear$35.3B69% Apparel: $13.9B · 27% Apparel$13.9B27% Equipment: $1.8B · 3% Equipment$1.8B3% Other: $239.0M · 0% Other$239.0M0% Revenue: $51.2B Revenue$51.2B +10% Y/Y Gross profit: $22.3B · 44% margin Gross profit$22.3B44% margin +4% Y/Y Cost of revenue: $28.9B · 56% of revenue Cost of revenue$28.9B56% of revenue Net profit: $5.1B · 10% margin Net profit$5.1B10% margin −16% Y/Y Costs, tax, other: $17.2B · 34% of revenue Costs, tax, other$17.2B34% of revenue

Swipe sideways for the whole flow →

From $51.4B of sales to $5.7B of profit

FY2024, from the 10-K income statement and revenue by product
Footwear to Revenue: $35.2BApparel to Revenue: $13.9BEquipment to Revenue: $2.1BOther to Revenue: $155.0MRevenue to Gross profit: $22.9BRevenue to Cost of revenue: $28.5BGross profit to Net profit: $5.7BGross profit to Costs, tax, other: $17.2B Footwear: $35.2B · 69% Footwear$35.2B69% Apparel: $13.9B · 27% Apparel$13.9B27% Equipment: $2.1B · 4% Equipment$2.1B4% Other: $155.0M · 0% Other$155.0M0% Revenue: $51.4B Revenue$51.4B +0% Y/Y Gross profit: $22.9B · 45% margin Gross profit$22.9B45% margin +3% Y/Y Cost of revenue: $28.5B · 55% of revenue Cost of revenue$28.5B55% of revenue Net profit: $5.7B · 11% margin Net profit$5.7B11% margin +12% Y/Y Costs, tax, other: $17.2B · 33% of revenue Costs, tax, other$17.2B33% of revenue

Swipe sideways for the whole flow →

From $46.3B of sales to $3.2B of profit

FY2025, from the 10-K income statement and revenue by product
Footwear to Revenue: $31.0BApparel to Revenue: $13.0BEquipment to Revenue: $2.2BOther to Revenue: $74.0MRevenue to Gross profit: $19.8BRevenue to Cost of revenue: $26.5BGross profit to Net profit: $3.2BGross profit to Costs, tax, other: $16.6B Footwear: $31.0B · 67% Footwear$31.0B67% Apparel: $13.0B · 28% Apparel$13.0B28% Equipment: $2.2B · 5% Equipment$2.2B5% Other: $74.0M · 0% Other$74.0M0% Revenue: $46.3B Revenue$46.3B −10% Y/Y Gross profit: $19.8B · 43% margin Gross profit$19.8B43% margin −14% Y/Y Cost of revenue: $26.5B · 57% of revenue Cost of revenue$26.5B57% of revenue Net profit: $3.2B · 7% margin Net profit$3.2B7% margin −44% Y/Y Costs, tax, other: $16.6B · 36% of revenue Costs, tax, other$16.6B36% of revenue

Swipe sideways for the whole flow →

From $46.4B of sales to $3.1B of profit

FY2026, from the 10-K income statement and revenue by product
Footwear to Revenue: $30.5BApparel to Revenue: $13.5BEquipment to Revenue: $2.2BOther to Revenue: $143.0MRevenue to Gross profit: $19.9BRevenue to Cost of revenue: $26.5BGross profit to Net profit: $3.1BGross profit to Costs, tax, other: $16.8B Footwear: $30.5B · 66% Footwear$30.5B66% Apparel: $13.5B · 29% Apparel$13.5B29% Equipment: $2.2B · 5% Equipment$2.2B5% Other: $143.0M · 0% Other$143.0M0% Revenue: $46.4B Revenue$46.4B +0% Y/Y Gross profit: $19.9B · 43% margin Gross profit$19.9B43% margin +1% Y/Y Cost of revenue: $26.5B · 57% of revenue Cost of revenue$26.5B57% of revenue Net profit: $3.1B · 7% margin Net profit$3.1B7% margin −3% Y/Y Costs, tax, other: $16.8B · 36% of revenue Costs, tax, other$16.8B36% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2022
FY2023
FY2024
FY2025
FY2026
  • Cost of revenue
  • Costs, tax, other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 4
  • !
    Net margin below the peer median6.7% vs 10.8%
  • !
    Gross margin down over 5 years44.8% → 42.9%
  • ✓
    Return on equity above 15%20.3%
  • ✓
    A profit in every one of 10 years
Net margin, FY2017 to FY2026: 12.3% → 6.7%

Balance sheet

3 of 3
  • ✓
    Debt smaller than equityDebt / equity 0.52 on the latest balance sheet (peer median 0.73)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 2.07
  • ✓
    Net debt under 3 years of free cash flow$990.0M net debt, 0.5 years
Debt / equity at each year end, FY2017 to FY2026: 0.31 → 0.53
What the debt is made of ↓

Cash and shareholders

3 of 4
  • ✓
    Free cash flow positive in every one of 10 years$2.2B last year
  • ✓
    Share count down over 5 years−8.0%
  • ✓
    Dividend per share up over 5 years$1.07 → $1.63
  • !
    Cash from operations below net income$2.9B vs $3.1B
Free cash flow, FY2017 to FY2026: 2.7B → 2.2B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$3.5B of principal due, schedule of May 31, 2026

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2017 to FY2026

Revenue 46.4B Net income 3.1B
FY2017 revenue 34.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000320187-19-000051 FY2017 net income 4.2B · NetIncomeLoss, 0000320187-19-000051 34.4B FY2017 FY2018 revenue 36.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000320187-20-000047 FY2018 net income 1.9B · NetIncomeLoss, 0000320187-20-000047 36.4B FY2018 FY2019 revenue 39.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000320187-21-000028 FY2019 net income 4.0B · NetIncomeLoss, 0000320187-21-000028 39.1B FY2019 FY2020 revenue 37.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000320187-22-000038 FY2020 net income 2.5B · NetIncomeLoss, 0000320187-22-000038 37.4B FY2020 FY2021 revenue 44.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000320187-23-000039 FY2021 net income 5.7B · NetIncomeLoss, 0000320187-23-000039 44.5B FY2021 FY2022 revenue 46.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000320187-24-000044 FY2022 net income 6.0B · NetIncomeLoss, 0000320187-24-000044 46.7B FY2022 FY2023 revenue 51.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000320187-25-000047 FY2023 net income 5.1B · NetIncomeLoss, 0000320187-25-000047 51.2B FY2023 FY2024 revenue 51.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000320187-26-000088 FY2024 net income 5.7B · NetIncomeLoss, 0000320187-26-000088 51.4B FY2024 FY2025 revenue 46.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000320187-26-000088 FY2025 net income 3.2B · NetIncomeLoss, 0000320187-26-000088 46.3B FY2025 FY2026 revenue 46.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000320187-26-000088 FY2026 net income 3.1B · NetIncomeLoss, 0000320187-26-000088 46.4B FY2026

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

NKE's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue46.4B
FY2017: 34.4BFY2018: 36.4BFY2019: 39.1BFY2020: 37.4BFY2021: 44.5BFY2022: 46.7BFY2023: 51.2BFY2024: 51.4BFY2025: 46.3BFY2026: 46.4B FY2018FY2020FY2022FY2024FY2026
Net income3.1B
FY2017: 4.2BFY2018: 1.9BFY2019: 4.0BFY2020: 2.5BFY2021: 5.7BFY2022: 6.0BFY2023: 5.1BFY2024: 5.7BFY2025: 3.2BFY2026: 3.1B FY2018FY2020FY2022FY2024FY2026
Free cash flow2.2B
FY2017: 2.7BFY2018: 3.9BFY2019: 4.8BFY2020: 1.4BFY2021: 6.0BFY2022: 4.4BFY2023: 4.9BFY2024: 6.6BFY2025: 3.3BFY2026: 2.2B FY2018FY2020FY2022FY2024FY2026
EPS (diluted)2.10
FY2017: 2.51FY2018: 1.17FY2019: 2.49FY2020: 1.60FY2021: 3.56FY2022: 3.75FY2023: 3.23FY2024: 3.73FY2025: 2.16FY2026: 2.10 FY2018FY2020FY2022FY2024FY2026
Dividend per share1.63
FY2017: 0.70FY2018: 0.78FY2019: 0.86FY2020: 0.95FY2021: 1.07FY2022: 1.19FY2023: 1.32FY2024: 1.45FY2025: 1.57FY2026: 1.63 FY2018FY2020FY2022FY2024FY2026
Diluted shares1.5B
FY2017: 1.7BFY2018: 1.7BFY2019: 1.6BFY2020: 1.6BFY2021: 1.6BFY2022: 1.6BFY2023: 1.6BFY2024: 1.5BFY2025: 1.5BFY2026: 1.5B FY2018FY2020FY2022FY2024FY2026

Revenue by business segment

year to May 31, 2026
RevenueSharevs year before
NIKE Brand 45.2B97.5% +1.1%
Converse 1.2B2.5% -30.6%

10-K 0000320187-26-000088, segment and revenue notes (XBRL).

Revenue by product or service

year to May 31, 2026
RevenueSharevs year before
Footwear 30.5B65.8% -1.4%
Apparel 13.5B29.1% +3.5%
Equipment 2.2B4.8% -0.1%
Other 143.0M0.3% +93.2%

10-K 0000320187-26-000088, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue34.4B36.4B39.1B37.4B44.5B46.7B51.2B51.4B46.3B46.4B
Cost of revenue19.0B20.4B21.6B21.2B24.6B25.2B28.9B28.5B26.5B26.5B
Gross profit15.3B16.0B17.5B16.2B20.0B21.5B22.3B22.9B19.8B19.9B
SG&A10.6B11.5B12.7B13.1B13.0B14.8B16.4B16.6B16.1B16.1B
Interest expense98.0M125.0M153.0M140.0M293.0M290.0M347.0M381.0M389.0M323.0M
Pretax income4.9B4.3B4.8B2.9B6.7B6.7B6.2B6.7B3.9B3.9B
Income tax646.0M2.4B772.0M348.0M934.0M605.0M1.1B1.0B666.0M792.0M
Net income4.2B1.9B4.0B2.5B5.7B6.0B5.1B5.7B3.2B3.1B
EPS (diluted)2.511.172.491.603.563.753.233.732.162.10
Diluted shares1.7B1.7B1.6B1.6B1.6B1.6B1.6B1.5B1.5B1.5B
Depreciation & amortization706.0M747.0M705.0M721.0M744.0M717.0M703.0M796.0M775.0M747.0M
Gross margin44.6%43.8%44.7%43.4%44.8%46.0%43.5%44.6%42.7%42.9%
Net margin12.3%5.3%10.3%6.8%12.9%12.9%9.9%11.1%7.0%6.7%
Revenue growth-+6.0%+7.5%-4.4%+19.1%+4.9%+9.6%+0.3%-9.8%+0.2%
EPS growth--53.4%+113%-35.7%+123%+5.3%-13.9%+15.5%-42.1%-2.8%

Balance sheet

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash3.8B4.2B4.5B8.3B9.9B8.6B7.4B9.9B7.5B7.6B
Short-term investments-996.0M197.0M439.0M3.6B-----
Receivables3.7B3.5B4.3B2.7B4.5B4.7B4.1B4.4B4.7B5.9B
Current assets16.1B15.1B16.5B20.6B26.3B28.2B25.2B25.4B23.4B24.6B
Property & equipment4.0B4.5B4.7B4.9B4.9B4.8B5.1B5.0B4.8B4.8B
Goodwill139.0M154.0M154.0M223.0M242.0M284.0M281.0M240.0M240.0M240.0M
Total assets23.3B22.5B23.7B31.3B37.7B40.3B37.5B38.1B36.6B38.4B
Accounts payable2.0B2.3B2.6B2.2B2.8B3.4B2.9B2.9B3.5B3.6B
Current liabilities5.5B6.0B7.9B8.3B9.7B10.7B9.3B10.6B10.6B12.5B
Total debt3.8B3.8B3.5B9.7B9.4B9.4B8.9B8.9B8.0B7.9B
Shareholders' equity12.4B9.8B9.0B8.1B12.8B15.3B14.0B14.4B13.2B14.9B
Retained earnings6.9B3.5B1.6B-191.0M3.2B3.5B1.4B965.0M-727.0M-155.0M

Cash flow

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow3.8B5.0B5.9B2.5B6.7B5.2B5.8B7.4B3.7B2.9B
Capital spending1.1B1.0B1.1B1.1B695.0M758.0M969.0M812.0M430.0M684.0M
Free cash flow2.7B3.9B4.8B1.4B6.0B4.4B4.9B6.6B3.3B2.2B
Stock-based pay (added back)215.0M218.0M325.0M429.0M611.0M638.0M755.0M804.0M709.0M715.0M
Dividends paid1.1B1.2B1.3B1.5B1.6B1.8B2.0B2.2B2.3B2.4B
Buybacks3.2B4.3B4.3B3.1B608.0M4.0B5.5B4.2B3.0B146.0M
Debt raised1.5B006.1B00----
Debt repaid44.0M6.0M6.0M6.0M197.0M0500.0M01.0B0
Investing cash flow-1.0B276.0M-264.0M-1.0B-3.8B-1.5B564.0M894.0M-275.0M-488.0M
Financing cash flow-2.1B-4.8B-5.3B2.5B-1.5B-4.8B-7.4B-5.9B-5.8B-2.3B
Dividend per share0.700.780.860.951.071.191.321.451.571.63

Stock-based pay and leases

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Stock-based pay (expense)215.0M218.0M325.0M429.0M611.0M638.0M755.0M804.0M709.0M715.0M
Stock-based pay / revenue0.6%0.6%0.8%1.1%1.4%1.4%1.5%1.6%1.5%1.5%
Operating lease cost---569.0M589.0M593.0M585.0M618.0M663.0M693.0M
Operating lease cash paid---532.0M583.0M589.0M575.0M613.0M647.0M668.0M
Right-of-use assets--03.1B3.1B2.9B2.9B2.7B2.7B2.8B
Operating lease liabilities--03.4B3.4B3.2B3.2B3.0B3.1B3.1B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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