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NKE · NIKE, Inc.

33 filings

10-K

NKE 10-K Annual Reports

NIKE, Inc. - 33 annual reports

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

2026
NIKE, Inc. Annual Report, Year Ended May 31, 2026
NIKE, Inc. reported flat revenues of $46.4 billion for fiscal year 2026 compared to fiscal year 2025, with a 2% decrease on a currency-neutral basis. This performance was impacted by mixed results across its geographic segments, with North America showing growth driven by wholesale, while Greater China and EMEA experienced revenue declines. The company's strategic initiatives, including product management and marketplace repositioning, are aimed at reigniting brand momentum and driving long-term shareholder value, although these actions have presented short-term revenue and profitability challenges, particularly in Greater China and with the Converse brand. Gross margin saw a slight improvement of 20 basis points to 42.9% in fiscal 2026, aided by lower warehousing and logistics costs and favorable currency hedges. However, the company's NIKE Direct segment experienced a 6% decline in revenue due to reduced traffic. Management is actively managing costs, as evidenced by $385 million in severance costs recognized in fiscal 2026 to support operational efficiency. The company also successfully recovered $986 million in IEEPA tariffs paid, significantly offsetting associated costs.
Jul 15, 2026
2025
NIKE, Inc. Annual Report, Year Ended May 31, 2025
NIKE, Inc. reported revenues of $46.3 billion for fiscal year 2025, a decrease of 10% from $51.4 billion in fiscal year 2024. This decline was primarily driven by a 13% decrease in NIKE Direct revenues and a 7% decrease in wholesale revenues, reflecting strategic actions taken by the company to reduce inventory and rebalance its product mix. Gross margin contracted by 190 basis points to 42.7%, impacted by higher discounts and inventory obsolescence reserves, though partially offset by lower product costs. Despite the revenue and margin headwinds, NIKE Inc. continued to focus on innovation and brand building, increasing investment in demand creation. The company returned $5.3 billion to shareholders through share repurchases and dividends. While facing challenging market conditions and strategic shifts, NIKE's operational structure and global brand presence remain strong. Investors should monitor the impact of ongoing marketplace repositioning and strategic inventory management on future revenue and profitability trends.
Jul 17, 2025
2024
NIKE, Inc. Annual Report, Year Ended May 31, 2024
NIKE, Inc. reported revenues of $51.4 billion for fiscal year 2024, a slight increase from the previous year. The company maintained strong gross margins at 44.6%, driven by strategic pricing actions and lower logistics costs, though this was partially offset by higher input costs and lower margins within the NIKE Direct business. The company returned $6.4 billion to shareholders through repurchases and dividends, reflecting a commitment to capital return. A notable strategic move was the announcement of a multi-year enterprise initiative aimed at streamlining operations, delivering cost savings, and fueling future growth, which included workforce reductions. Despite global economic uncertainties and cautious consumer spending, NIKE is investing in technology and innovation to enhance consumer connections and experiences. The company's geographical performance showed mixed results, with growth in Greater China and Asia Pacific & Latin America, while North America experienced a slight revenue decline. Converse continued to face headwinds, with a significant revenue decrease. NIKE's direct-to-consumer strategy saw comparable store sales grow by 3%, but NIKE Brand Digital sales declined by 3%, indicating a shift in consumer purchasing behavior. The company's robust balance sheet and cash flow generation provide a solid foundation for continued investment and shareholder returns.
Jul 25, 2024
2023
NIKE, Inc. Annual Report, Year Ended May 31, 2023
NIKE, Inc. reported record revenues of $51.2 billion for fiscal year 2023, marking a 10% increase on a reported basis and a 16% increase on a currency-neutral basis, demonstrating strong global demand for its products despite economic uncertainties. The company saw significant growth in its NIKE Direct channel, with revenues up 14% to $21.3 billion, representing approximately 44% of total NIKE Brand revenues. This growth was driven by a 24% increase in NIKE Brand Digital sales and a 14% rise in comparable store sales. However, the company's gross margin decreased by 250 basis points to 43.5% due to higher product costs, elevated freight and logistics expenses, and unfavorable foreign currency exchange rate movements, partially offset by strategic pricing actions. Despite margin pressures, NIKE returned $7.5 billion to shareholders in fiscal 2023 through share repurchases and dividends, underscoring a commitment to shareholder value. Management noted improvements in supply chain conditions throughout the year, which stabilized product flow by the fourth quarter.
Jul 20, 2023
2022
NIKE, Inc. Annual Report, Year Ended May 31, 2022
NIKE, Inc. demonstrated resilience and achieved record revenues of $46.7 billion for the fiscal year ended May 31, 2022, marking a 5% increase over the prior year. This growth was primarily driven by strong performance in EMEA, North America, and APLA, despite a decline in Greater China attributed to COVID-19 resurgence and marketplace dynamics. The company's strategic shift towards NIKE Direct, which now accounts for 42% of total NIKE Brand revenues, continues to be a key growth driver, with NIKE Brand Digital sales increasing by 18%. Despite supply chain disruptions and elevated logistics costs that impacted gross margins, NIKE managed to expand its gross margin by 120 basis points year-over-year, signaling effective cost management and pricing strategies. The company faced challenges including production losses due to government-mandated shutdowns in Vietnam and Indonesia, contributing to a 23% increase in inventories to $8.4 billion. However, NIKE is actively managing these impacts through its operational playbook, including inventory balancing and pricing actions. The company also announced a new $18 billion share repurchase program, underscoring its commitment to returning capital to shareholders and its confidence in future performance.
Jul 21, 2022
2021
NIKE, Inc. Annual Report, Year Ended May 31, 2021
NIKE, Inc.'s fiscal year 2021 filing indicates a strong recovery and significant growth, with revenues reaching a record $44.5 billion, a 19% increase year-over-year. This performance was driven by a robust rebound across all geographic segments, particularly in NIKE Direct, which saw a 30% increase on a currency-neutral basis, fueled by a 60% surge in digital sales. The company demonstrated improved profitability, with income before income taxes increasing by 131% and gross margins expanding by 140 basis points. This was attributed to higher revenues, favorable product margins, and efficiencies gained from lower demand creation expenses and the annualization of COVID-19 impacts. NIKE also maintained a strong liquidity position with substantial cash reserves. Looking ahead, NIKE is focused on its "Consumer Direct Acceleration" strategy, aiming to further enhance consumer experiences through digital platforms and strategic retail partnerships, align product offerings around consumer needs (Men's, Women's, Kids'), and unify technology investments. The company is confident in its ability to achieve high single-digit to low double-digit revenue growth and mid-to-high teens diluted earnings per share growth by fiscal 2025.
Jul 20, 2021
2020
NIKE, Inc. Annual Report, Year Ended May 31, 2020
NIKE, Inc.'s fiscal year 2020 10-K filing reveals a challenging year, primarily impacted by the COVID-19 pandemic, which led to a 4% decline in total revenues to $37.4 billion. The fourth quarter was particularly affected, with a 38% revenue decline due to widespread store closures and disruptions. Despite these headwinds, NIKE's digital commerce channel demonstrated significant resilience, growing 49% currency-neutral, highlighting a successful pivot to digital engagement. The company is actively navigating the pandemic's impact by managing inventory, enhancing liquidity through debt issuance, and strategically adjusting its business model. This includes a new phase of its Consumer Direct Offense strategy, "Consumer Direct Acceleration," focusing on premium digital and direct-to-consumer experiences, aligning product creation around consumer needs (Men's, Women's, Kids'), and unifying digital investments. NIKE also announced leadership and operating model changes expected to result in job losses but aimed at streamlining execution and accelerating its digital-first transformation. The company's long-term financial goals remain, targeting high single-digit revenue growth and mid-teens earnings per share growth.
Jul 24, 2020
2019
NIKE, Inc. Annual Report, Year Ended May 31, 2019
NIKE, Inc.'s 2019 10-K filing highlights a year of robust revenue growth, with total revenues reaching $39.1 billion, a 7% increase year-over-year. This growth was primarily driven by an 11% increase in NIKE Brand revenues, with strong performance across all geographic segments and a significant surge in digital commerce, which grew by 35%. The company is executing its 'Consumer Direct Offense' strategy, focusing on innovation, speed to market, and direct consumer connections, with ambitious financial goals through fiscal year 2023 including high single-digit revenue growth and mid-teens earnings per share growth. The company demonstrated improved profitability, with gross margin expanding by 90 basis points to 44.7%, attributed to higher average selling prices and growth in the higher-margin NIKE Direct business. Despite increased investments in digital capabilities and enterprise resource planning tools, income before income taxes rose by 11%. NIKE also continued its capital return program, repurchasing $4.3 billion in shares during fiscal 2019 and initiating a new $15 billion share repurchase program.
Jul 23, 2019
2018
NIKE, Inc. Annual Report, Year Ended May 31, 2018
NIKE, Inc. reported solid revenue growth in fiscal year 2018, reaching $36.4 billion, a 6% increase year-over-year. This growth was primarily driven by a strong performance in the NIKE Brand, which saw a 7% increase in revenue, and notable growth across international geographies and the direct-to-consumer (NIKE Direct) channel. The Consumer Direct Offense strategy, focused on digital acceleration and closer consumer connections, continued to show promise, with NIKE Direct sales increasing by 12% on a currency-neutral basis, representing 30% of total NIKE Brand revenue. However, the company experienced a significant drop in net income, down 54% to $1.93 billion, largely impacted by a substantial income tax expense related to the U.S. Tax Cuts and Jobs Act of 2017, which included a one-time transition tax on repatriated foreign earnings. Despite this, the company continued its commitment to shareholder returns through its share repurchase program, buying back approximately $4.25 billion of stock in fiscal year 2018.
Jul 25, 2018
2017
NIKE, Inc. Annual Report, Year Ended May 31, 2017
NIKE, Inc.'s 2017 10-K report highlights a year of solid revenue and net income growth, with revenues reaching $34.4 billion and net income increasing by 13% to $4.24 billion. The company demonstrated strong performance across its NIKE Brand geographies and the Converse brand, driven by innovative product offerings and effective brand connections with consumers. Despite foreign currency headwinds that impacted gross margin, NIKE managed to achieve record revenues and earnings per share, underscoring the resilience of its diversified global portfolio and operational strategies. The company is strategically focusing on its "Consumer Direct Offense" initiative, aiming to leverage digital capabilities to drive growth by moving closer to the consumer and deepening individual connections. This strategy includes significant investments in innovation, product creation, and key city expansion, signaling a commitment to adapt to evolving consumer behaviors and maintain its market leadership. Management remains optimistic about future growth and profitability, emphasizing continued operational excellence and effective capital deployment.
Jul 20, 2017
2016
NIKE, Inc. Annual Report, Year Ended May 31, 2016
NIKE, Inc.'s 2016 10-K filing reveals a company in a strong growth phase, marked by a 6% revenue increase to $32.4 billion and a 17% rise in diluted EPS to $2.16, despite significant foreign currency headwinds. This growth was driven by broad-based performance across NIKE Brand geographies and key product categories, supported by innovative product technologies and strong brand marketing efforts. The company's Direct to Consumer (DTC) segment, particularly e-commerce, showed robust growth, increasing 51% year-over-year, and represented a significant portion of the NIKE Brand's revenue. The company continues to strategically invest in its infrastructure, DTC capabilities, and digital platforms to fuel future growth. NIKE also demonstrated strong capital deployment through its share repurchase program, returning significant value to shareholders. While facing competitive pressures and risks related to global economic conditions and currency fluctuations, NIKE's diversified portfolio and strategic focus on product innovation and consumer connection position it well for continued success.
Jul 21, 2016
2015
NIKE, Inc. Annual Report, Year Ended May 31, 2015
NIKE, Inc.'s 10-K filing for the fiscal year ending May 31, 2015, reveals a robust performance characterized by significant revenue growth and expanding gross margins. The company reported record revenues of $30.6 billion, a 10% increase year-over-year, driven by strong demand across its NIKE Brand geographies and categories, particularly in footwear and apparel. Despite facing headwinds from foreign currency fluctuations, NIKE demonstrated resilience, with net income from continuing operations rising 22% to $3.3 billion and diluted earnings per share increasing 25% to $3.70. Key growth drivers included innovative product offerings utilizing proprietary technologies, strong brand connections fostered through athlete endorsements and marketing campaigns, and an expanding Direct to Consumer (DTC) channel, which saw a 29% currency-neutral revenue increase. The company also highlighted its commitment to operational excellence, margin expansion, and effective capital deployment, including a significant share repurchase program. While risks related to competition, consumer preferences, currency exchange rates, and global economic conditions are acknowledged, NIKE's financial results indicate a strong operational footing and a positive outlook for continued growth.
Jul 23, 2015
2014
NIKE, Inc. Annual Report, Year Ended May 31, 2014
NIKE, Inc.'s 2014 10-K filing highlights a strong financial performance with a 10% increase in revenues to $27.8 billion and a 10% rise in net income from continuing operations to $2.7 billion, achieving diluted earnings per share of $2.97, an 11% increase year-over-year. This growth was driven by robust demand across key product categories and geographies, particularly in North America, Western Europe, and Emerging Markets. The company's strategy continues to focus on delivering innovative products, building deep consumer connections through marketing and endorsements, and enhancing the consumer experience across its Direct to Consumer (DTC) channels, which saw significant growth. The company's financial health remains solid, supported by strong cash flow from operations. NIKE also actively returned capital to shareholders through share repurchases and dividends, demonstrating a commitment to shareholder value. While facing currency headwinds, NIKE's diversified global portfolio and strategic focus on key growth drivers position it well for continued success, though potential risks include intense competition, changing consumer preferences, and global economic uncertainties.
Jul 25, 2014
2013
NIKE, Inc. Annual Report, Year Ended May 31, 2013
NIKE, Inc.'s 2013 10-K filing showcases robust revenue growth and profitability, driven by strong performance across its core NIKE Brand and its other businesses like Converse and Hurley. The company reported a 15% increase in revenue on a currency-neutral basis, demonstrating resilience and effective brand management in a competitive global market. Key growth drivers included innovation in product technology, strong brand connections through endorsements and marketing, and expanding Direct to Consumer (DTC) channels, which saw a 24% currency-neutral revenue increase. Operationally, NIKE focused on improving gross margins through higher average selling prices and manufacturing efficiency, though this was partially offset by increased product costs and currency headwinds. The company also strategically divested non-core brands like Cole Haan and Umbro to sharpen its focus on key growth areas. Financially, NIKE strengthened its balance sheet through debt issuance and continued its share repurchase program, signaling confidence in its future growth and commitment to shareholder returns. The filing also highlights proactive risk management, particularly concerning foreign currency exposures and supply chain operations, underscoring the company's global operational complexity and strategic approach to mitigating potential challenges.
Jul 23, 2013
2012
NIKE, Inc. Annual Report, Year Ended May 31, 2012
NIKE, Inc. filed its 2012 10-K report, detailing its financial performance and strategic direction. The company reported record revenues of $24.1 billion, a 16% increase year-over-year, driven by strong demand across all NIKE Brand geographies and key product categories. Net income also saw a modest increase of 4% to $2.2 billion, with diluted earnings per share rising 8% to $4.73. Despite facing headwinds from higher product input costs which compressed gross margins, NIKE demonstrated operational efficiency by improving selling and administrative expense as a percentage of revenue. A significant strategic move announced was the intention to divest the Cole Haan and Umbro businesses to sharpen focus on the core NIKE, Jordan, Converse, and Hurley brands. The company continues to invest in innovation, highlighted by the launch of the NIKE Fuelband and Flyknit technology, and expansion of its NIKE+ platform. NIKE's robust financial health is supported by strong operating cash flow and a significant cash and short-term investments balance, enabling continued capital allocation through share repurchases and dividends.
Jul 24, 2012
2011
NIKE, Inc. Annual Report, Year Ended May 31, 2011
NIKE, Inc. reported robust growth in its fiscal year ended May 31, 2011, with revenues increasing by 10% to $20.9 billion and diluted earnings per share rising by 14% to $4.39. This performance was driven by broad-based demand across most NIKE Brand geographies, particularly in North America, Emerging Markets, and Greater China, supported by innovative product lines and strong retail execution. The company's Direct to Consumer (DTC) business also showed significant expansion, with DTC revenues growing 16% on a currency-neutral basis, representing 16% of total NIKE Brand revenues. This highlights the increasing importance of direct engagement with consumers through owned retail stores and e-commerce. While gross margins saw a slight decline due to increased input and transportation costs, the company is focusing on operational excellence, cost reduction, and effective capital deployment to drive sustained, profitable long-term growth. Investors should note the company's commitment to returning capital to shareholders through share repurchases and dividends.
Jul 22, 2011
2010
NIKE, Inc. Annual Report, Year Ended May 31, 2010
NIKE, Inc. reported fiscal year 2010 revenues of $19.0 billion, a slight decrease of 1% from the prior year, reflecting challenging global economic conditions. Despite the revenue dip, net income increased by a robust 28% to $1.9 billion, driven by a significant improvement in gross margin percentage to 46.3% and a lower effective tax rate. This margin expansion was attributed to favorable product mix, cost reduction initiatives, and growth in NIKE-owned retail, which more than offset the revenue decline and increased selling and administrative expenses. The company's financial health remains strong, with a substantial increase in cash flow from operations and a continued commitment to returning capital to shareholders through dividends and share repurchases. Looking ahead, NIKE anticipates continued revenue growth, supported by a 7% increase in futures orders for NIKE Brand footwear and apparel. The company remains focused on its long-term strategy of high single-digit revenue growth and mid-teens earnings per share growth, emphasizing operational excellence, innovation, and strong brand connections with consumers. Despite potential headwinds from currency fluctuations and input cost changes, NIKE is well-positioned to navigate the macroeconomic landscape.
Jul 20, 2010
2009
NIKE, Inc. Annual Report, Year Ended May 31, 2009
NIKE, Inc.'s 2009 10-K filing reveals a company navigating a challenging global economic climate, reporting a 3% revenue increase to $19.2 billion for the fiscal year ended May 31, 2009. Despite the revenue growth, net income saw a significant 21% decrease to $1.5 billion, impacted by $401.3 million in restructuring and impairment charges, primarily related to the Umbro brand. The company implemented a restructuring plan to streamline operations and reduce its global workforce by 5%. International sales represented a substantial 58% of total revenues, highlighting the company's global reach. Looking ahead, NIKE focused on cost management, operational efficiency, and strategic investments in growth areas. The company's futures orders showed a decline of 12% year-over-year, indicating potential headwinds in the coming periods. Management emphasized its commitment to long-term shareholder value through revenue and earnings per share growth, despite the current economic pressures. The company also continued its share repurchase program, demonstrating confidence in its financial position.
Jul 27, 2009
2008
NIKE, Inc. Annual Report, Year Ended May 31, 2008
NIKE, Inc. reported robust financial performance for the fiscal year ended May 31, 2008, demonstrating significant revenue growth and increased profitability. Revenues climbed 14% to $18.6 billion, driven by strong demand across all geographic regions and product categories, with international sales now representing 57% of total revenue. The company experienced a notable increase in net income, up 26% to $1.9 billion, and diluted earnings per share grew by 28% to $3.74. This growth was supported by improved gross margins, which rose to 45.0% from 43.9% in the prior year, attributed to strategic pricing, better inventory management, and improved hedge rates. Strategically, NIKE continued to invest in growth drivers, including its brand endorsers and major sporting events like the Olympics and European Football Championships, leading to a 120 basis point increase in selling and administrative expenses as a percentage of revenue. The company also made strategic acquisitions, notably Umbro Plc, and divested non-core assets like the Starter and NIKE Bauer Hockey businesses. NIKE remains committed to returning value to shareholders, repurchasing approximately $1.2 billion in stock and increasing its dividend. The company's financial health is strong, with significant cash flow from operations and ample liquidity to fund future growth and initiatives.
Jul 28, 2008
2007
NIKE, Inc. Annual Report, Year Ended May 31, 2007
NIKE, Inc. demonstrated solid performance in fiscal year 2007, reporting revenue growth of 9% to $16.3 billion and a 7% increase in net income to $1.5 billion. Diluted earnings per share also saw a healthy 11% increase to $2.93. The company's strategy focuses on delivering premium consumer experiences, innovative products, and operational excellence. A notable event impacting reported results was the adoption of SFAS No. 123R for stock-based compensation, which led to a $141.9 million pre-tax charge, alongside the settlement of a Converse arbitration. Excluding these items, net income grew by 11% and diluted EPS by 15%, highlighting the underlying strength of the business. The company also benefited from a reduced effective tax rate due to a European tax agreement. NIKE continued to return capital to shareholders through increased dividends and share repurchases, signaling confidence in its ongoing financial health and future prospects. Geographically, all four major regions and all three product business units contributed to revenue growth, with particular strength noted in the Asia Pacific region, driven by China.
Jul 27, 2007
2006
NIKE, Inc. Annual Report, Year Ended May 31, 2006
NIKE, Inc.'s 2006 10-K filing reveals a company experiencing robust revenue growth, reaching $14.95 billion, a 9% increase year-over-year. This growth was driven by strong performance in the U.S. and international markets, with sales in the U.S. accounting for 47% of total revenues. The company maintained its position as the world's largest seller of athletic footwear and apparel, emphasizing innovation and aggressive marketing. Net income grew by 15% to $1.39 billion, translating to diluted earnings per share of $5.28, demonstrating effective cost management and operational leverage. Key financial highlights include a gross margin of 44.0%, slightly down from the previous year, primarily due to increased product costs influenced by oil prices and higher sales incentives. However, improved selling and administrative expense leverage and higher interest income helped offset this. NIKE continued to focus on returning value to shareholders through increased dividends and significant share repurchases, underscoring financial strength and confidence in future performance. The company also highlighted its strategic focus on deepening consumer relationships, delivering innovative products, optimizing its supply chain, and accelerating growth.
Jul 28, 2006
2005
NIKE, Inc. Annual Report, Year Ended May 31, 2005
NIKE, Inc. reported robust financial performance for the fiscal year ended May 31, 2005, with revenues growing 12% to $13.7 billion and net income increasing by 28% to $1.2 billion. This growth was driven by a strong global demand for its athletic footwear and apparel, supported by effective marketing strategies and a focus on product innovation. The company successfully navigated a dynamic market, leveraging its diversified brand portfolio, including subsidiaries like Converse and Cole Haan, to achieve these results. The company's strategy centers on deepening consumer relationships, delivering innovative products, optimizing its supply chain, and accelerating growth. This approach has led to improved gross margins, up 160 basis points to 44.5%, benefiting from favorable currency exchange rates and effective hedging strategies. NIKE also demonstrated strong operational discipline, with selling and administrative expenses growing at a slightly lower rate than revenues, contributing to an increase in earnings per diluted share of 28% to $4.48. The company's financial health is further evidenced by its increased return on invested capital and accelerated cash flows, alongside consistent returns to shareholders through dividends and share repurchases.
Jul 29, 2005
2004
NIKE, Inc. Annual Report, Year Ended May 31, 2004
NIKE, Inc. reported strong financial performance for the fiscal year ended May 31, 2004, with revenues growing 15% year-over-year to $12.25 billion. This growth was driven by a combination of currency tailwinds, particularly a stronger euro, and robust sales in international regions, notably Asia Pacific and EMEA. The company also saw significant improvement in its gross margin, up 190 basis points to 42.9%, attributed to favorable hedge rates, improved in-line pricing, and better margins on closeout sales. The acquisition of Converse in the second quarter of fiscal 2004 contributed to revenue growth and expanded NIKE's brand portfolio. The company continued to invest in demand creation and operating overhead to support global growth initiatives and supply chain upgrades. Management reiterated its commitment to long-term financial goals of high single-digit revenue growth and mid-teens earnings per share growth, supported by strong cash flow generation and ongoing share repurchases.
Jul 30, 2004
2003
NIKE, Inc. Annual Report, Year Ended May 31, 2003
NIKE, Inc. reported record revenues of $10.7 billion for the fiscal year ended May 31, 2003, an 8% increase over the prior year, driven primarily by strong international growth in the EMEA and Asia Pacific regions. While pre-tax income saw a healthy increase, net income and diluted earnings per share were impacted by a significant $266.1 million charge related to the adoption of new accounting standards (FAS 142), which included goodwill and intangible asset impairments for Bauer NIKE Hockey and Cole Haan. The company is actively managing its U.S. distribution strategy, particularly with its largest customer, Foot Locker, to improve brand presentation and profitability. This realignment is expected to continue impacting U.S. footwear revenues in the near term. NIKE also announced its agreement to acquire Converse Inc. for $305 million cash, a move subject to regulatory review, which is anticipated to enhance its long-term brand portfolio.
Aug 7, 2003
2002
NIKE, Inc. Annual Report, Year Ended May 31, 2002
NIKE, Inc. reported robust financial performance for the fiscal year ended May 31, 2002, with revenues reaching $9.89 billion, a 4.3% increase year-over-year. Net income also saw a significant rise of 13.3% to $668.3 million (before an accounting change adjustment), demonstrating the company's ability to grow its top and bottom lines in a competitive market. This growth was driven by strong international performance, particularly in the EMEA and Asia Pacific regions, and increased sales in apparel and equipment within the U.S., offsetting a slight decline in U.S. footwear revenue. The company maintained healthy gross margins of 39.3% and managed its selling and administrative expenses effectively, although strategic investments in supply chain initiatives and marketing continued to impact this category. NIKE continues to leverage its strong brand by investing in product innovation and marketing, including a significant push around the World Cup 2002. The company also strategically acquired Hurley International LLC to expand its presence in the action sports market. Despite some headwinds, such as a reduction in orders from a major customer, Foot Locker, Inc., NIKE remains confident in its long-term growth prospects, supported by a solid cash flow from operations and established credit facilities. The company also announced its intention to adopt new accounting standards, including FAS 142, which is expected to result in a significant impairment charge related to goodwill for its Bauer NIKE Hockey and Cole Haan subsidiaries.
Aug 14, 2002
2001
NIKE, Inc. Annual Report, Year Ended May 31, 2001
NIKE, Inc.'s 2001 10-K filing reports a fiscal year ended May 31, 2001, showing continued revenue growth, albeit at a slower pace than prior years, reaching $9.49 billion. Net income saw a modest increase to $589.7 million. The company experienced a slight decrease in gross margin percentage due to foreign exchange fluctuations and inventory issues related to a new demand and supply planning system implementation, which also caused some supply chain disruptions. International sales continued to be a strong growth driver, representing 46% of total revenues, up from 44% in the previous year, with significant growth in the Asia Pacific and EMEA regions. The company highlights investments in e-commerce, retail expansion, and supply chain initiatives to drive future growth and efficiency. Despite challenges such as a decrease in U.S. footwear sales and the termination of the NFL apparel license, NIKE is focused on product innovation and marketing. The company maintains a strong liquidity position and continues its share repurchase program. Legal proceedings, specifically securities class action lawsuits, are noted but management does not anticipate a material financial impact. Overall, NIKE demonstrates resilience, adapting to market dynamics and investing in strategic growth areas.
Aug 9, 2001
1999
NIKE, Inc. Annual Report, Year Ended May 31, 1999
NIKE's fiscal 1999 10-K (year ended May 31, 1999) shows a company in a demand-driven revenue slowdown that nonetheless protected profitability. Revenues fell 8.1% to $8.78 billion, the first decline in five years, driven by a 8% drop in U.S. revenues and a 33% collapse in Asia Pacific, partly offset by 8% growth in Europe. Despite this, net income rose 13% to $451.4 million, or $1.57 per diluted share, helped by a gross margin improvement to 37.4% from 36.5%, nearly $200 million in lower selling and administrative expenses, and a smaller net restructuring charge ($45.1 million versus $129.9 million the prior year). Excluding restructuring charges in both years, earnings were essentially flat. Balance sheet and cash flow were the strongest parts of the report. Operating cash flow nearly doubled to $961.0 million as inventories fell 14% to $1.2 billion and receivables fell 8%. Cash rose to $198.1 million, working capital held at $1.8 billion, and the current ratio improved to 2.26:1. Management repurchased $302 million of stock and maintained its dividend, raising it to $0.48 per share, while shareholders' equity stood at $3.3 billion. Looking forward, management guided to fiscal 2000 revenues up slightly, with footwear futures orders trending up in every region except the Americas and Asia Pacific showing improvement. Investors should weigh the near-term risks: U.S. apparel futures had declined for seven consecutive quarters, Asia Pacific remains weak, and the company depends on contract manufacturers concentrated in China (40% of footwear) and Indonesia (30%), with China's trade status an ongoing policy risk. Fiscal 2000 SG&A will also carry investments in a new systems project, new retail stores, and expanded headquarters.
Aug 26, 1999
1998-A
NIKE, Inc. Annual Report (Amendment), Year Ended May 31, 1998
This document is an amendment (Form 10-K/A) to NIKE, Inc.'s annual report for the fiscal year ended May 31, 1998. It does not contain NIKE's financial results. It restates only the Report of Independent Accountants, from PricewaterhouseCoopers LLP and dated June 30, 1998, which gives an unqualified opinion that the financial statements present fairly NIKE's financial position at May 31, 1998 and 1997 and its results and cash flows for the three years then ended. It also revises the Item 14 exhibits and financial statement index, which lists the income statement, balance sheet, cash flow statement, shareholders' equity statement, and notes. None of those statements appear in the text provided, so no revenue, earnings, margin, debt, or cash flow figures can be drawn from it. The cover page supplies only limited market and share data as of July 24, 1998. Class A common stock held by nonaffiliates had an aggregate market value of about $194.3 million, and Class B stock held by nonaffiliates had about $8.32 billion. Outstanding shares were 101.4 million Class A and 185.8 million Class B, about 287 million in total. Class B is the class registered on the New York Stock Exchange and the Pacific Stock Exchange. The filing also notes that Part III information is incorporated by reference from the proxy statement dated August 13, 1998. Investors who need NIKE's fiscal 1998 operating performance should consult the complete original 10-K, which contains the financial statements and MD&A. The request describes a March 5, 1999 filing date, but this document shows no filing date, and its supporting data are dated July 1998, so that date should be verified against EDGAR.
Mar 5, 1999
1997
NIKE, Inc. Annual Report, Year Ended May 31, 1997
NIKE's fiscal 1997 (year ended May 31, 1997) was a record year: revenues rose 42% to $9.19 billion from $6.47 billion, and net income grew 44% to $795.8 million, or $2.68 per share. Gross margin crossed 40% for the first time in company history, reaching 40.1%, driven mainly by price increases in certain U.S. footwear categories in the second half of the year. Selling and administrative expenses rose to 25.1% of revenues from 24.6%, reflecting heavier marketing and international infrastructure investment. Return on equity was 28.5%, and the company ended the year with $5.36 billion in total assets and $3.16 billion in shareholders' equity. Growth was broad-based. U.S. footwear rose 36% to $3.77 billion, and U.S. apparel exceeded $1 billion for the first time, up 70%. Non-U.S. revenues grew 49% to $3.48 billion, though a stronger U.S. dollar muted reported results; on a constant-dollar basis non-U.S. growth would have been 59%. Asia/Pacific grew 70% and Europe 38%. Management expects slower U.S. growth in fiscal 1998 given the company's already dominant share, and warns that rising product costs, infrastructure spending, and more close-out sales could pressure margins. The balance sheet took on more leverage to fund expansion. Inventories rose 44% to $1.34 billion, receivables rose 30%, and operating cash flow fell slightly to $323 million. Capital expenditures reached $466 million, with about $680 million planned for fiscal 1998. Long-term debt rose to $296 million from about $10 million, following a $200 million seven-year note issue and a Japanese yen borrowing. Notes payable increased to $553 million. The company paid $0.38 per share in dividends and did not repurchase shares during fiscal 1997. Current liquidity remains strong, with a current ratio of 2.1 and no commercial paper outstanding.
Aug 29, 1997
1996-A
NIKE, Inc. Annual Report (Amendment), Year Ended May 31, 1996
This document is not a full annual report. It is Amendment No. 1 to NIKE, Inc.'s Form 10-K for the fiscal year ended May 31, 1996, filed September 23, 1996. It contains no financial statements, revenue, earnings, balance sheet, or operating data, so it offers no basis for assessing NIKE's financial performance or valuation. Investors should use the original 10-K for fiscal 1996 results. The amendment makes two narrow changes. It revises the Part III reference, which incorporates most governance and compensation disclosures by reference from the proxy statement for the 1996 annual shareholder meeting, except for the executive officer information in Item 1. It also restates Part IV, Item 14(b) to list the 8-K reports filed in the last fiscal quarter. The only report listed is a March 29, 1996 Item 5 filing announcing third-quarter earnings. The signature pages were also amended. The filing is administrative in nature. It adds no new substantive financial disclosure, and the excerpt provided does not include the exhibits or signature content it references. Any analysis of NIKE's fiscal 1996 financial condition needs the original 10-K and the related proxy statement.
Sep 23, 1996
1996
NIKE, Inc. Annual Report, Year Ended May 31, 1996
NIKE, Inc.'s fiscal 1996 10-K (year ended May 31, 1996) reports a record year. Revenues rose 35.9% to $6.47 billion and net income rose 38.4% to $553.2 million, or $3.77 per share. Gross margin was essentially flat at 39.6% (vs. 39.8%), while selling and administrative expenses fell to 24.6% of revenues from 25.4%, showing operating leverage. Growth was broad: U.S. footwear rose 20% to $2.77 billion, U.S. apparel nearly doubled (up 99%) to $842.5 million, and international revenues rose 36% to $2.33 billion. Other brands (Cole Haan, Bauer, Sports Specialties, Tetra Plastics) grew 68%, with Bauer contributing $173.7 million of that increase. Balance sheet strength is evident. Total assets grew to $3.95 billion, shareholders' equity rose to $2.43 billion, and working capital increased to $1.26 billion. Cash rose to $262 million. Inventories grew 48% to $931 million and receivables grew 28% to $1.35 billion, both driven by strong demand. Operating cash flow of $330 million lagged net income, largely because working capital absorbed cash. Long-term debt is negligible at $9.6 million, but short-term notes payable rose to $445 million, and the company has no commercial paper outstanding. Management plans $400 million in fiscal 1997 capital expenditures and continues share repurchases under a program extended to 1999. Investors should weigh several forward-looking points. Advance and futures orders for June through November 1996 reached $3.9 billion, up 55%, though management cautions this is not a reliable predictor of revenue growth. Key risks include potential EU anti-dumping duties on footwear from China and Indonesia, and the annual renewal of China's MFN trade status, under which China is a material footwear source. Competition from Reebok and Adidas is intense, and the Air technology patents begin expiring in 1997.
Aug 30, 1996
1995-A
NIKE, Inc. Annual Report (Amendment), Year Ended Sep 25, 1995
This filing is Amendment No. 1 to NIKE, Inc.'s Form 10-K for the fiscal year ended May 31, 1995, signed by CFO Robert S. Falcone on September 25, 1995. It is a limited amendment, not a complete annual report. It contains no financial statements, revenue or earnings figures, balance sheet data, or management discussion, so it cannot support an assessment of NIKE's 1995 financial performance. The amendment makes three changes. It replaces the second paragraph of Item 2 (Business) with a revised description of the company: NIKE designs, develops, and markets footwear, apparel, and accessories; sells to about 16,000 U.S. retail accounts; reaches roughly 110 countries through independent distributors, licensees, and subsidiaries; relies on independent contractors for virtually all manufacturing, with most footwear made outside the U.S. and apparel made both domestically and abroad. It also revises Exhibit 10.2 to extend the termination date of the revolving credit facility to November 30, 1995, and adds Exhibit 27, a Financial Data Schedule. For investors, the practical takeaways are limited. The revolving credit extension is the only item with a financial implication, and it is short-term. The contractor-based manufacturing model and broad distribution footprint are the most relevant business facts. The filing contains several typographical errors ("mmix," "Untied," "Securiities"). Investors should review the original Form 10-K for the full financial picture, and the Exhibit 27 financial data schedule for summary figures if it is available.
Sep 28, 1995
1995
NIKE, Inc. Annual Report, Year Ended May 31, 1995
NIKE's fiscal 1995 10-K (year ended May 31, 1995) reports a record year: revenues rose 25.6% to $4.76 billion, the first time above $4 billion, and net income climbed 33.8% to $399.7 million. Diluted-style EPS rose 37.4% to $5.44 per share, helped by a share repurchase program. Gross margin reached a record 39.8%, up from 39.3%, and selling and administrative expenses fell to 25.4% of revenues from 25.7%. Growth was broad-based: U.S. revenues rose 24% to $2.73 billion, and international revenues rose 27% to $1.72 billion. The company also gained U.S. market share in a mature market where industry growth was expected at only 3 to 5%. The balance sheet grew substantially but became more leveraged. Total assets passed $3 billion, driven largely by the roughly $409 million cash acquisition of Canstar Sports, the world's largest hockey equipment maker. Cash fell 58% to $216 million, the current ratio dropped to 1.8 from 3.2, and short-term notes payable rose to $397 million. Accounts receivable rose 50% and inventories rose about 33%. Operating cash flow fell sharply to $255 million from $576 million, largely because of the receivables build. Management still described the balance sheet as extremely strong, with long-term debt of only about $10.6 million. Forward-looking indicators were positive. Orders for June through November 1995 delivery totaled $2.5 billion, up 35%. The company expects roughly 95% of those orders to ship in that window, though they may be cancelable. Management guided to a fiscal 1996 effective tax rate near 38.5%, planned about $177 million in capital expenditures, and kept its dividend policy at 15% to 25% of trailing earnings. Risks flagged include possible EU anti-dumping duties on footwear from China, Indonesia, and Thailand, the uncertain renewal of China's most-favored-nation trade status, and the expiration of some Air patents in 1997.
Aug 30, 1995