NYSE: NKE
NIKE, Inc.CIK 0000320187 · Consumer Discretionary · SIC 3021 · Rubber & Plastics Footwear
NIKE, Inc. was incorporated in 1967 under the laws of the State of Oregon. As used in this Annual Report on Form 10-K (this "Annual Report"), the terms "we," "us," "our," "NIKE" and the "Company" refer to NIKE, Inc. and its predecessors, subsidiaries and affiliates, collectively, unless the context… About this business →
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Nike FY26 revenue flat at +0.2%; $986M tariff recovery offsets $385M severance as buybacks pause
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NIKE reports $986M tariff recovery boosting Q4 EPS by $0.52; underlying revenue down 4%
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Nike replaces CFO Matthew Friend with Pfizer's David Denton, effective Aug 17
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Nike director John Rogers, Jr. to retire from Board at September 2026 annual meeting
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Nike Q3 FY26 flat on tariff hit; $230M restructuring; Greater China woes to persist through FY27
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NIKE Q3 revenues flat, EPS down 35% to $0.35 as tariffs compress gross margin 130 bps
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Latest financial statements
From 10-K filed Jul 15, 2026 (period ending May 31, 2026). SEC XBRL (companyfacts) — not generated by the model.
Consolidated Statements of Operations
| Description | Year ended May 31, 2026 | Year ended May 31, 2025 | Year ended May 31, 2024 |
|---|---|---|---|
| Revenue: | |||
| Total revenue / net sales | 46,398 | 46,309 | 51,362 |
| Cost of revenue / cost of sales | 26,487 | 26,519 | 28,475 |
| Gross profit | 19,911 | 19,790 | 22,887 |
| Operating expenses: | |||
| General and administrative | 11,360 | 11,399 | 12,291 |
| Selling, general and administrative | 16,114 | 16,088 | 16,576 |
| Other income/(expense), net | 53.0 | 76.0 | 228.0 |
| Income before income taxes | 3,900 | 3,885 | 6,700 |
| Income tax expense/(benefit) | 792.0 | 666.0 | 1,000 |
| Net income | 3,108 | 3,219 | 5,700 |
| Basic earnings per share | 2.10 | 2.17 | 3.76 |
| Diluted earnings per share | 2.10 | 2.16 | 3.73 |
Consolidated Balance Sheets
| Description | May 31, 2026 | May 31, 2025 |
|---|---|---|
| Current assets: | ||
| Cash and equivalents | 7,563 | 7,464 |
| Short-term investments | 1,464 | 1,687 |
| Accounts receivable, net | 5,931 | 4,717 |
| Inventories | 7,501 | 7,489 |
| Prepaid expenses and other current assets | 2,144 | 2,005 |
| Total current assets | 24,603 | 23,362 |
| Property, plant and equipment, net | 4,796 | 4,828 |
| Operating lease right-of-use assets, net | 2,838 | 2,712 |
| Identifiable intangible assets, net | 259.0 | 259.0 |
| Goodwill | 240.0 | 240.0 |
| Deferred income taxes and other assets | 5,674 | 5,178 |
| TOTAL ASSETS | 38,410 | 36,579 |
| Current liabilities: | ||
| Current portion of long-term debt | 2,000 | — |
| Line of credit | 5.0 | |
| Accounts payable | 3,600 | 3,479 |
| Current portion of operating lease liabilities | 478.0 | 502.0 |
| Accrued liabilities | 6,092 | 5,916 |
| Income taxes payable | 377.0 | 669.0 |
| Total current liabilities | 12,547 | 10,566 |
| Long-term debt | 5,942 | 7,961 |
| Operating lease liabilities | 2,613 | 2,550 |
| Deferred income taxes and other liabilities | 2,443 | 2,289 |
| Redeemable preferred stock | — | — |
| Shareholders' equity: | ||
| Capital in excess of stated value | 15,158 | 14,195 |
| Accumulated other comprehensive income (loss) | (141.0) | (258.0) |
| Retained earnings (deficit) | (155.0) | (727.0) |
| Total shareholders' equity | 14,865 | 13,213 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 38,410 | 36,579 |
Consolidated Statements of Cash Flows
| Description | Year ended May 31, 2026 | Year ended May 31, 2025 |
|---|---|---|
| Operating Activities: | ||
| Net cash from operating activities | 2,868 | 3,698 |
| Investing Activities: | ||
| Net cash from investing activities | (488.0) | (275.0) |
| Financing Activities: | ||
| Net cash from financing activities | (2,292) | (5,820) |
| Net increase/(decrease) in cash | 99.0 | (2,396) |
Amounts in millions USD; EPS as reported. Line labels are presentation-friendly mappings of filer XBRL tags — not a re-audit of the full statements. Use EDGAR for interactive notes and detail. Interactive statements & notes on EDGAR ↗
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About NIKE, Inc.
Source: Item 1 (Business) from the 10-K filed July 15, 2026. Description as filed by the company with the SEC.
ITEM 1. BUSINESS
GENERAL
NIKE, Inc. was incorporated in 1967 under the laws of the State of Oregon. As used in this Annual Report on Form 10-K (this "Annual Report"), the terms "we," "us," "our," "NIKE" and the "Company" refer to NIKE, Inc. and its predecessors, subsidiaries and affiliates, collectively, unless the context indicates otherwise.
Our principal business activity is the design, development and worldwide marketing and selling of athletic footwear, apparel, equipment, accessories and services. NIKE is the largest seller of athletic footwear and apparel in the world. We sell our products through NIKE Direct operations, which are comprised of both NIKE-owned retail stores and sales through our digital platforms (also referred to as "NIKE Brand Digital") and to wholesale accounts, which include a mix of independent distributors, licensees and sales representatives in nearly all countries around the world. We also offer interactive consumer services and experiences. Nearly all of our products are manufactured by independent contractors. Nearly all footwear, apparel and equipment products are manufactured outside the United States.
All references to fiscal 2026, 2025 and 2024 are to NIKE, Inc.'s fiscal years ended May 31, 2026, 2025 and 2024, respectively. Any references to other fiscal years refer to a fiscal year ending on May 31 of that year.
PRODUCTS
We offer our products under the NIKE, Jordan and Converse brands. Our strategy is to achieve sustainable, profitable long-term growth by leading with sport, creating innovative, “must-have” products, building deep personal consumer connections with our brands and delivering compelling consumer experiences through digital platforms and at retail. We believe this approach will allow us to create products that better meet individual consumer needs while accelerating our largest growth opportunities.
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NIKE's athletic footwear products are designed primarily for specific athletic use, although a large percentage of the products are worn for casual or leisure purposes. We place considerable emphasis on innovation and high-quality construction in the development and manufacturing of our products.
We also sell sports apparel, which features the same trademarks and is sold predominantly through the same marketing and distribution channels as athletic footwear. Our sports apparel, similar to our athletic footwear products, is designed primarily for athletic use, although many of the products are worn for casual or leisure purposes, and demonstrates our commitment to innovation and high-quality construction. We often market footwear, apparel and accessories in "collections" of similar use. We also market apparel with licensed college and professional team and league logos.
We sell a line of performance equipment and accessories under the NIKE Brand name, including bags, socks, sport balls, eyewear, timepieces, digital devices, bats, gloves, protective equipment and other equipment designed for sports activities.
Our Jordan Brand designs, distributes and licenses athletic and casual footwear, apparel and accessories predominantly focused on sport performance and streetwear using the Jumpman trademark. Sales and operating results for Jordan Brand products are reported within the respective NIKE Brand geographic operating segments.
Our wholly-owned subsidiary brand, Converse, headquartered in Boston, Massachusetts, designs, distributes and licenses casual sneakers, apparel and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron and Jack Purcell trademarks. Operating results of the Converse brand are reported on a stand-alone basis.
In addition to the products we sell to our wholesale customers and directly to consumers through our NIKE Direct operations, we have also entered into license agreements that permit unaffiliated parties to manufacture and sell, using NIKE-owned trademarks, certain apparel, digital devices and applications and other equipment designed for sports activities.
We also offer interactive consumer services and experiences, including sport focused events and activations; fitness and activity apps; sport, fitness and wellness content; and digital services and features in retail stores that enhance the consumer experience.
2026 FORM 10-K 1
SALES AND MARKETING
We experience moderate fluctuations in aggregate sales volume during the year. The mix of product sales may vary considerably as a result of changes in seasonal and geographic demand for particular types of footwear, apparel and equipment, as well as other macroeconomic, strategic, operating and logistics-related factors.
Because NIKE is a consumer products company, the relative popularity and availability of various sports and fitness activities, as well as changing design trends and consumer preferences, affect the demand for our products. We must, therefore, respond to trends and shifts in consumer preferences by adjusting the mix of existing product offerings and channels, developing new products, styles and categories and influencing sports and fitness preferences through extensive marketing. Failure to respond in a timely and adequate manner could have a material adverse effect on our sales and profitability. This is a continuing risk. Refer to