NYSE: NKE
NIKE, Inc.CIK 0000320187 · 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 appoints LVMH executive Alexandre Arnault to its board of directors
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NIKE shareholders approve 16M-share ESPP expansion; say-on-pay passes with 32% opposition
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Nike's Chief Accounting Officer resigns; CFO to serve as Interim Controller
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revenue $46.4B, net income $3.11B. Nike FY26 revenue flat at +0.2%; tariff recovery offsets 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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revenue $11.3B, net income $520.0M. Nike Q3 FY26 flat on tariff hit; 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). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Income
(In millions, except per share data)
| Description | Year ended May 31, 2026 | Year ended May 31, 2025 | Year ended May 31, 2024 |
|---|---|---|---|
| Revenues | 46,398 | 46,309 | 51,362 |
| Cost of sales | 26,487 | 26,519 | 28,475 |
| Gross profit | 19,911 | 19,790 | 22,887 |
| Demand creation expense | 4,754 | 4,689 | 4,285 |
| Operating overhead expense | 11,360 | 11,399 | 12,291 |
| Total selling and administrative expense | 16,114 | 16,088 | 16,576 |
| Interest (income) expense, net | (50) | (107) | (161) |
| Other (income) expense, net | (53) | (76) | (228) |
| Income before income taxes | 3,900 | 3,885 | 6,700 |
| Income tax expense | 792 | 666 | 1,000 |
| NET INCOME | 3,108 | 3,219 | 5,700 |
| Earnings per common share: | |||
| Basic | 2.10 | 2.17 | 3.76 |
| Diluted | 2.10 | 2.16 | 3.73 |
| Weighted average common shares outstanding: | |||
| Basic | 1,479.8 | 1,484.9 | 1,517.6 |
| Diluted | 1,481.0 | 1,487.6 | 1,529.7 |
Consolidated Balance Sheets
(In millions)
| Description | May 31, 2026 | May 31, 2025 |
|---|---|---|
| ASSETS | ||
| 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 | 259 |
| Goodwill | 240 | 240 |
| Deferred income taxes and other assets | 5,674 | 5,178 |
| TOTAL ASSETS | 38,410 | 36,579 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Current portion of long-term debt | 2,000 | — |
| Accounts payable | 3,600 | 3,479 |
| Current portion of operating lease liabilities | 478 | 502 |
| Accrued liabilities | 6,092 | 5,916 |
| Income taxes payable | 377 | 669 |
| 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 |
| Commitments and contingencies (Note 16) | ||
| Redeemable preferred stock | — | — |
| Shareholders' equity: | ||
| Common stock at stated value: | ||
| Class A convertible 281 and 290 shares outstanding | — | — |
| Class B 1,202 and 1,186 shares outstanding | 3 | 3 |
| Capital in excess of stated value | 15,158 | 14,195 |
| Accumulated other comprehensive income (loss) | (141) | (258) |
| Retained earnings (deficit) | (155) | (727) |
| Total shareholders' equity | 14,865 | 13,213 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 38,410 | 36,579 |
Consolidated Statements of Cash Flows
(Dollars in millions)
| Description | Year ended May 31, 2026 | Year ended May 31, 2025 | Year ended May 31, 2024 |
|---|---|---|---|
| Cash provided (used) by operations: | |||
| Net income | 3,108 | 3,219 | 5,700 |
| Adjustments to reconcile net income to net cash provided (used) by operations: | |||
| Depreciation and amortization | 747 | 775 | 796 |
| Deferred income taxes | (96) | (288) | (497) |
| Stock-based compensation | 715 | 709 | 804 |
| Impairment and other | 50 | 33 | 48 |
| Net foreign currency adjustments | 22 | 37 | (138) |
| Changes in certain working capital components and other assets and liabilities: | |||
| (Increase) decrease in accounts receivable | (1,207) | (257) | (329) |
| (Increase) decrease in inventories | (31) | 120 | 908 |
| (Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets | 519 | (224) | (260) |
| Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities | (959) | (426) | 397 |
| Cash provided (used) by operations | 2,868 | 3,698 | 7,429 |
| Cash provided (used) by investing activities: | |||
| Purchases of short-term investments | (1,316) | (3,234) | (4,767) |
| Maturities of short-term investments | 556 | 319 | 2,269 |
| Sales of short-term investments | 1,021 | 3,062 | 4,219 |
| Additions to property, plant and equipment | (684) | (430) | (812) |
| Other investing activities | (65) | 8 | (15) |
| Cash provided (used) by investing activities | (488) | (275) | 894 |
| Cash provided (used) by financing activities: | |||
| Repayment of borrowings | — | (1,000) | — |
| Proceeds from exercise of stock options and other stock issuances | 354 | 551 | 667 |
| Repurchase of common stock | (146) | (2,985) | (4,250) |
| Dividends common and preferred | (2,407) | (2,300) | (2,169) |
| Other financing activities | (93) | (86) | (136) |
| Cash provided (used) by financing activities | (2,292) | (5,820) | (5,888) |
| Effect of exchange rate changes on cash and equivalents | 11 | 1 | (16) |
| Net increase (decrease) in cash and equivalents | 99 | (2,396) | 2,419 |
| Cash and equivalents, beginning of year | 7,464 | 9,860 | 7,441 |
| CASH AND EQUIVALENTS, END OF YEAR | 7,563 | 7,464 | 9,860 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid during the year for: | |||
| Interest, net of capitalized interest | 323 | 389 | 381 |
| Non-cash additions to property, plant and equipment | 174 | 184 | 160 |
| Dividends declared and not paid | 614 | 593 | 558 |
Amounts as printed on the EDGAR/iXBRL face — (In millions, except per share data); (In millions); (Dollars in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. 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