Skip to content
AnalystLens

NIKE, Inc.NKE

Sector
Other
Industry
Rubber & Plastics Footwear
Exchange
NYSE

Stock Price $NKE

Latest filings

You are here#20 of 30 in Consumer Discretionary by market cap

Filing record · 2016–202610-K1110-Q338-K113

NKE filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 113 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Jul ’16Jul ’16
  2. Material agreement8-K · Aug ’19Aug ’19
  3. Leadership change8-K · Nov ’21Nov ’21
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $46.31B
YoY changeLargest recent move+19.1%in FY21Latest −9.8%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All NKE Financial Metrics55 metrics

Income Statement14

Balance Sheet22

Cash Flow14

Per Share5

02—Overview

NIKE, Inc. Financial Overview 2021–2025

Updated Jul 10, 2026

Nike's direct-to-consumer engine has aggressively stalled, highlighted by a 13% collapse in NIKE Direct revenues during FY2025. The company's attempt to sideline wholesale partners in favor of owned digital channels has backfired, forcing an expensive operational reset. Revenue initially grew from $44.5 billiona in FY2021 to a peak of $51.4 billion in FY2024, before those gains reversed and sales shrank to $46.3 billion in FY2025.

The unwinding of this strategy has severely degraded profitability. Gross margins peaked at 46.0% in FY2022 but eroded to 42.7% in FY2025 as the company relied on heavy discounting to clear excess product. The margin bleed accelerated into Q3 2026, contracting to 40.2% under the weight of new North American tariffs and inventory obsolescence. Net income subsequently plunged 35% in Q3 2026, exacerbated by a $230 millionb severance charge as Nike cuts corporate headcount. Return on invested capital nearly halved during the disruption, dropping from 34.9% in FY2024 to 20.2% by the end of FY2025.

To stem the bleeding, leadership is injecting capital back into brand marketing and legacy wholesale distribution. Investors are paying a premium for this uncertain turnaround. The market valued the stock at $60.59c at the close of FY2025, trading at 28.1x its $2.16 in earnings per share.

Recent Developments (Q2 and Q3 2026)

Nike's top-line stabilization efforts yielded $12.4 billiond in Q2 2026 revenues (up 1%) and $11.3 billion in Q3 2026 (flat year-over-year). While overall sales hovered near equilibrium, underlying channels remained volatile, with Q2 2026 wholesale revenues climbing 8% to offset continued direct-to-consumer weakness. To navigate this transitional period, management secured a new $1 billion revolving credit facility in March 2026 and announced David Denton will take over as CFO in August 2026.

Bulls argue the expanded wholesale reinvestment and steady $7.5 billione inventory levels provide a stable foundation for an eventual turnaround. Bears counter that ongoing demand weakness in Greater China and Converse, alongside C-suite turnover, signals deeper operational distress. Shares traded at a relatively discounted 20.7x earnings as of April 1, 2026.

What to watch: David Denton's strategic adjustments upon assuming the CFO role; currency-neutral sales trajectories in Greater China.

03—Filings

Recent SEC Filings

  1. 8-KNIKE, Inc. 8-K Report, Financial Results (Oct 1, 2026)NIKE reported fiscal Q1 2027 (quarter ended August 31, 2026) revenue of $11.2 billion, down 4% reported and down 5% currency-neutral. Gross margin expanded 60 basis points to 42.8%, driven by lower warehousing and logistics costs, and selling and administrative expense fell 3% to $3.9 billion. Diluted EPS was $0.48 versus $0.49 a year ago, with net income of $712 million down 2%. Pre-tax income was flat at $921 million, and the decline in net income reflects a higher effective tax rate of 22.7%, which included foreign tax audit settlements. Demand was weak in Greater China (revenue down 22%, EBIT down 34%), Converse (down 28%), and NIKE Direct (down 8%, with NIKE Brand Digital down 13%). North America grew 2%, and wholesale revenue was down only 1%. The central new item is "Pace," a multi-year enterprise operating model transformation that builds on the March 2026 cost realignment. Management expects roughly $2.5 billion in cumulative pre-tax savings through fiscal 2031, stated before charges and any reinvestment. Pace involves approximately $1.0 billion of new pre-tax charges, mostly employee-related, on top of about $0.3 billion of severance already recognized in fiscal 2026. About $0.3 billion is expected in fiscal 2027, with the remainder through fiscal 2031. Pace also includes a new campus in India, a realignment into three geographies, and supply chain optimization. Management is also repositioning NIKE Sportswear, Jordan Brand, and Greater China. Fiscal 2027 guidance is weak at the top line: revenue is expected to decline high-single digits. Adjusted diluted EPS is guided to $1.15 to $1.35, excluding about $0.15 of Pace restructuring expense, and the effective tax rate is expected in the mid-20% range. Balance sheet metrics are mixed. Cash and short-term investments were $8.4 billion, down about $0.2 billion, and total debt fell to about $7.9 billion ($2.0 billion current, $5.9 billion long-term) from roughly $8.0 billion a year earlier, with the current portion reflecting near-term maturities. Inventories declined 3% to $7.8 billion, and dividends of about $610 million were paid, up 3%. Investors will likely focus on whether the savings materialize, whether revenue stabilizes in Greater China and digital, and whether the restructuring charges prove to be a cost of a durable margin recovery.
  2. 8-KNIKE, Inc. 8-K Report, Executive Changes (Sep 16, 2026)NIKE, Inc. filed a Form 8-K on September 16, 2026 reporting the appointment of Alexandre Arnault to its Board of Directors. The Board, on September 15, 2026, increased its size from eleven to twelve directors and named Arnault as a director effective immediately, with a term expiring at the 2027 annual meeting. Arnault, 34, is Deputy CEO of Moët Hennessy, the wines and spirits division of LVMH, and sits on the LVMH board. His prior roles include Executive Vice President at Tiffany & Co. and CEO of RIMOWA. The filing describes no material related-party transactions and no family relationships with existing directors or officers. For investors, this is a governance event rather than a financial one. The filing contains no earnings, guidance, or financial results, and the 8-K does not disclose a committee assignment yet. Arnault's standard director compensation includes a $200,000 sign-on award of Class B restricted shares, which is subject to forfeiture if he leaves before the first anniversary of the grant. That amount is immaterial to NIKE's financial position. The appointment is notable for its strategic signal. Management's press release frames Arnault's background in brand building, digital transformation, and innovation as relevant to NIKE's stated effort to strengthen consumer connections and sharpen its competitive edge. Investors may note that Arnault's LVMH role places a senior executive from a major competitor in the luxury and premium goods sector on NIKE's board, which could be watched for any implications for competitive dynamics or governance, though the filing itself does not address this.
  3. 8-KNIKE, Inc. 8-K Report, Executive Changes (Sep 10, 2026)This 8-K filing from NIKE, Inc. reports on the outcomes of its Annual Meeting of Shareholders held on September 8, 2026. The primary focus for investors is the shareholder approval of the amended and restated NIKE, Inc. Employee Stock Purchase Plan (the "Plan"). This approval, critical for ongoing employee incentive programs, included an increase of 16,000,000 shares of Class B Common Stock authorized for issuance under the Plan. All incumbent directors were overwhelmingly re-elected, indicating continued confidence in the current leadership. Additionally, the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the upcoming fiscal year was ratified with strong support.
  4. 8-KNIKE, Inc. 8-K Report, Executive Changes (Aug 10, 2026)NIKE, Inc. has filed an 8-K to report the resignation of Johanna Nielsen as Vice President, Chief Accounting Officer, and Corporate Controller, effective September 4, 2026. Investors should note that Ms. Nielsen's departure is amicable and not due to any disagreements with the company. This transition marks a change in key financial leadership for the athletic footwear and apparel giant. Following Ms. Nielsen's resignation, David Denton, who was recently appointed Executive Vice President and Chief Financial Officer (effective August 17, 2026), will assume the additional responsibilities of Interim Corporate Controller and principal accounting officer. This move is intended to ensure a seamless handover of critical accounting functions until a permanent successor is appointed. Notably, Mr. Denton's compensation will not be adjusted for these interim duties, indicating a strategic internal realignment of executive responsibilities.
  5. 8-KNIKE, Inc. 8-K Report, Financial Results (Jun 30, 2026)NIKE reported fiscal 2026 fourth-quarter and full-year results for the period ended May 31, 2026. Full-year revenue was $46.4 billion, flat on a reported basis and down 2% on a currency-neutral basis. Fourth-quarter revenue was $11.0 billion, down 1% reported and down 4% currency-neutral. Wholesale grew 4% reported, while NIKE Direct fell 7% and Greater China fell 12% reported (17% currency-neutral). Management said sell-through remains challenged. Profitability was inflated by a one-time item. Fourth-quarter gross margin rose 890 basis points to 49.2%, and diluted EPS was $0.72, but both include the expected recovery of IEEPA tariffs following the Supreme Court ruling of February 20, 2026. That recovery totals $986 million, of which $965 million is in North America and $21 million in Converse. It adds roughly $0.52 to fourth-quarter EPS. Excluding this benefit, gross margin was roughly 40% (about flat year over year) and EPS was roughly $0.20, versus $0.14 a year earlier. This is an estimate derived from the disclosed figures, not a figure NIKE reported. For the full year, net income was $3.1 billion (down 3%) and diluted EPS was $2.10 (down 3%). The balance sheet and capital returns remain solid. Cash and short-term investments were $9.0 billion, and inventories were flat at $7.5 billion. Long-term debt fell to $5.9 billion from $8.0 billion, with $2.0 billion reclassified as current. NIKE returned about $2.5 billion to shareholders in fiscal 2026, mostly through $2.4 billion in dividends, and repurchased only $123 million of stock under its four-year, $18 billion program. Investors should weigh the headline margin and EPS recovery against weak top-line trends, particularly in China and digital.
View all 8-K filings →
View all filings (10-K, 10-Q, 8-K, proxy & more) →

04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.