Detailed financial statements for NIKE, Inc. (NKE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
NIKE, Inc., through its various subsidiaries, operates as a global enterprise focused on the design, development, marketing, and sale of athletic footwear, apparel, equipment, and accessories for all ages and genders. Beyond its primary offerings, the company provides a range of athletic and casual footwear, clothing, and accessories under the notable Jumpman trademark.
Analysis Summary
NIKE, Inc. reported revenue of $46.40B in the most recent fiscal year, growing at a 5-year CAGR of 0.8%. Net income reached $3.11B, with a -11.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 43.1%, operating margin 8.2%, net margin 6.7%. Free cash flow grew at -18.2% CAGR over 5 years.
At the current price of $33.96, NKE trades at a P/E of 16.21 and an ROE of 21.24%. Market capitalisation stands at $50.3B, placing it among large-cap names.
Balance sheet quality for NKE: current ratio of 2.0, net debt of $2.01B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $2.18B represents 70% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $34.35B | $36.40B | $39.12B | $37.40B | $44.54B | $46.71B | $51.22B | $51.36B | $46.31B | $46.40B |
| Cost of Revenue | $19.04B | $20.44B | $21.64B | $21.16B | $24.58B | $25.23B | $28.93B | $28.48B | $26.52B | $26.49B |
| Gross Profit | $15.31B | $15.96B | $17.47B | $16.24B | $19.96B | $21.48B | $22.29B | $22.89B | $19.79B | $19.91B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $10.56B | $11.51B | $12.70B | $13.13B | $13.03B | $14.80B | $16.38B | $16.58B | $16.09B | $16.11B |
| Operating Expenses | $10.56B | $11.51B | $12.70B | $13.13B | $13.03B | $14.80B | $16.38B | $16.58B | $16.09B | $16.11B |
| Operating Income | $4.75B | $4.45B | $4.77B | $3.12B | $6.94B | $6.67B | $5.92B | $6.31B | $3.70B | $3.80B |
| EBITDA | $5.46B | $5.22B | $5.49B | $4.23B | $7.73B | $7.78B | $7.34B | $7.80B | $4.98B | $4.59B |
| Interest Expense | $82.0M | $117.0M | $124.0M | $144.0M | $289.0M | $292.0M | $283.0M | $261.0M | $289.0M | $50.0M |
| Pre-tax Income | $4.89B | $4.33B | $4.80B | $2.89B | $6.66B | $6.65B | $6.20B | $6.70B | $3.88B | $3.90B |
| Income Tax | $646.0M | $2.39B | $772.0M | $348.0M | $934.0M | $605.0M | $1.13B | $1.00B | $666.0M | $792.0M |
| Net Income | $4.24B | $1.93B | $4.03B | $2.54B | $5.73B | $6.05B | $5.07B | $5.70B | $3.22B | $3.11B |
| EPS | $2.56 | $1.19 | $2.55 | $1.63 | $3.64 | $3.83 | $3.27 | $3.76 | $2.17 | $2.10 |
| EPS (Diluted) | $2.51 | $1.17 | $2.49 | $1.60 | $3.56 | $3.75 | $3.23 | $3.73 | $2.16 | $2.10 |
| Shares Outstanding (Diluted) | $1.69B | $1.66B | $1.62B | $1.59B | $1.61B | $1.61B | $1.57B | $1.53B | $1.49B | $1.48B |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $12.43B | $11.28B | $10.97B | $11.21B |
| Gross Profit | $5.04B | $4.53B | $5.39B | $4.80B |
| Operating Income | $1.01B | $553.0M | $1.31B | $888.0M |
| EBITDA | $1.23B | $769.0M | $1.51B | $888.0M |
| Net Income | $792.0M | $520.0M | $1.07B | $712.0M |
| EPS | $0.54 | $0.35 | $0.72 | $0.48 |
| EPS (Diluted) | $0.54 | $0.35 | $0.72 | $0.48 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.81B | $4.25B | $4.47B | $8.35B | $9.89B | $8.57B | $7.44B | $9.86B | $7.46B | $7.56B |
| Short-term Investments | $2.37B | $996.0M | $197.0M | $439.0M | $3.59B | $4.42B | $3.23B | $1.72B | $1.69B | $1.46B |
| Receivables | $3.68B | $3.50B | $4.27B | $2.75B | $4.46B | $4.67B | $4.13B | $4.43B | $4.72B | $5.93B |
| Inventory | $5.05B | $5.26B | $5.62B | $7.37B | $6.85B | $8.42B | $8.45B | $7.52B | $7.49B | $7.50B |
| Total Current Assets | $16.06B | $15.13B | $16.52B | $20.56B | $26.29B | $28.21B | $25.20B | $25.38B | $23.36B | $24.60B |
| Property, Plant & Equipment | $3.99B | $4.45B | $4.74B | $7.96B | $8.02B | $7.72B | $8.00B | $7.72B | $7.54B | $7.63B |
| Goodwill | $139.0M | $154.0M | $154.0M | $223.0M | $242.0M | $284.0M | $281.0M | $240.0M | $240.0M | $240.0M |
| Intangible Assets | $283.0M | $285.0M | $283.0M | $274.0M | $269.0M | $286.0M | $274.0M | $259.0M | $259.0M | $259.0M |
| Total Assets | $23.26B | $22.54B | $23.72B | $31.34B | $37.74B | $40.32B | $37.53B | $38.11B | $36.58B | $38.41B |
| Accounts Payable | $2.05B | $2.28B | $2.61B | $2.25B | $2.84B | $3.36B | $2.86B | $2.85B | $3.48B | $3.60B |
| Short-term Debt | $331.0M | $342.0M | $15.0M | $251.0M | $2.0M | $510.0M | $6.0M | $1.01B | $5.0M | $2.00B |
| Total Current Liabilities | $5.47B | $6.04B | $7.87B | $8.28B | $9.67B | $10.73B | $9.26B | $10.59B | $10.57B | $12.55B |
| Long-term Debt | $3.47B | $3.47B | $3.46B | $9.41B | $9.41B | $8.92B | $8.93B | $7.90B | $7.96B | $5.94B |
| Total Liabilities | $10.85B | $12.72B | $14.68B | $23.29B | $24.97B | $25.04B | $23.53B | $23.68B | $23.37B | $23.55B |
| Retained Earnings | $6.91B | $3.52B | $1.64B | -$191.0M | $3.18B | $3.48B | $1.36B | $965.0M | -$727.0M | 0 |
| Total Equity | $12.41B | $9.81B | $9.04B | $8.05B | $12.77B | $15.28B | $14.00B | $14.43B | $13.21B | $14.87B |
| Total Debt | $3.80B | $3.81B | $3.48B | $13.02B | $12.81B | $12.63B | $12.14B | $11.95B | $11.02B | $11.03B |
| Net Debt | -$2.38B | -$1.44B | -$1.18B | $4.23B | -$663.0M | -$370.0M | $1.47B | $370.0M | $1.87B | $2.01B |
| Working Capital | $10.59B | $9.09B | $8.66B | $12.27B | $16.62B | $17.48B | $15.95B | $14.79B | $12.80B | $12.06B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $6.97B | $6.66B | $7.56B | $6.90B |
| Total Assets | $37.79B | $37.06B | $38.41B | $37.79B |
| Total Liabilities | $23.70B | $22.97B | $23.55B | $22.57B |
| Total Equity | $14.09B | $14.09B | $14.87B | $37.79B |
| Total Debt | $11.28B | $11.18B | $11.03B | $11.07B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $4.24B | $1.93B | $4.03B | $2.54B | $5.73B | $6.05B | $5.07B | $5.70B | $3.22B | $3.11B |
| Depreciation & Amortization | $716.0M | $774.0M | $720.0M | $1.12B | $797.0M | $840.0M | $859.0M | $844.0M | $808.0M | $747.0M |
| Stock-based Compensation | $215.0M | $218.0M | $325.0M | $429.0M | $611.0M | $638.0M | $755.0M | $804.0M | $709.0M | $715.0M |
| Change in Working Capital | -$1.14B | $1.48B | $562.0M | -$1.25B | $45.0M | -$1.66B | -$513.0M | $716.0M | -$787.0M | -$2.68B |
| Operating Cash Flow | $3.64B | $4.96B | $5.90B | $2.48B | $6.66B | $5.19B | $5.84B | $7.43B | $3.70B | $2.87B |
| Capital Expenditure | -$1.10B | -$1.03B | -$1.12B | -$1.09B | -$695.0M | -$758.0M | -$969.0M | -$812.0M | -$430.0M | -$684.0M |
| Acquisitions | $13.0M | $3.0M | $5.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$3.22B | -$4.25B | -$4.29B | -$3.07B | -$608.0M | -$4.01B | -$5.48B | -$4.25B | -$2.98B | -$146.0M |
| Dividends Paid | -$1.13B | -$1.24B | -$1.33B | -$1.45B | -$1.64B | -$1.84B | -$2.01B | -$2.17B | -$2.30B | -$2.41B |
| Free Cash Flow | $2.54B | $3.93B | $4.78B | $1.40B | $5.96B | $4.43B | $4.87B | $6.62B | $3.27B | $2.18B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $579.0M | $430.0M | $1.64B | $135.0M |
| Capital Expenditure | -$193.0M | -$146.0M | -$138.0M | -$199.0M |
| Free Cash Flow | $386.0M | $284.0M | $1.50B | -$64.0M |
| Dividends Paid | -$598.0M | -$609.0M | -$609.0M | -$610.0M |
| Stock-based Compensation | $176.0M | $194.0M | $165.0M | $158.0M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.0% | +7.5% | -4.4% | +19.1% | +4.9% | +9.6% | +0.3% | -9.8% | +0.2% | |
| Net Income Growth (YoY) | -54.4% | +108.4% | -37.0% | +125.6% | +5.6% | -16.1% | +12.4% | -43.5% | -3.4% | |
| EPS Growth (YoY) | -53.5% | +114.3% | -36.1% | +123.3% | +5.2% | -14.6% | +15.0% | -42.3% | -3.2% | |
| Shares Change (YoY) | -1.9% | -2.5% | -1.7% | +1.1% | +0.1% | -2.5% | -2.6% | -2.8% | -0.3% | |
| FCF Growth (YoY) | +54.9% | +21.8% | -70.8% | +326.2% | -25.7% | +10.0% | +35.8% | -50.6% | -33.2% | |
| Gross Margin | 44.6% | 43.8% | 44.7% | 43.4% | 44.8% | 46.0% | 43.5% | 44.6% | 42.7% | 42.9% |
| Operating Margin | 13.8% | 12.2% | 12.2% | 8.3% | 15.6% | 14.3% | 11.5% | 12.3% | 8.0% | 8.2% |
| EBITDA Margin | 15.9% | 14.3% | 14.0% | 11.3% | 17.4% | 16.7% | 14.3% | 15.2% | 10.8% | 9.9% |
| Net Margin | 12.3% | 5.3% | 10.3% | 6.8% | 12.9% | 12.9% | 9.9% | 11.1% | 7.0% | 6.7% |
| FCF Margin | 7.4% | 10.8% | 12.2% | 3.7% | 13.4% | 9.5% | 9.5% | 12.9% | 7.1% | 4.7% |
| Effective Tax Rate | 13.2% | 55.3% | 16.1% | 12.1% | 14.0% | 9.1% | 18.2% | 14.9% | 17.1% | 20.3% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.50 | $2.37 | $2.96 | $0.88 | $3.70 | $2.75 | $3.10 | $4.33 | $2.20 | $1.47 |
| Dividends Per Share | $0.67 | $0.75 | $0.82 | $0.91 | $1.02 | $1.14 | $1.28 | $1.42 | $1.55 | $1.62 |
| Shares Outstanding (Basic) | $1.66B | $1.62B | $1.58B | $1.56B | $1.57B | $1.58B | $1.55B | $1.52B | $1.48B | $1.48B |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 21.24% |
| Return on Invested Capital | 10.34% |
| Return on Assets | 8.18% |
| Gross Margin | 43.07% |
| Operating Margin | 8.20% |
| Net Margin | 6.74% |
Financial Health
| Debt / Equity | 0.73 |
| Current Ratio | 2.07 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 3.65 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 20.70 | 60.34 | 30.25 | 61.07 | 36.95 | 31.03 | 32.19 | 25.28 | 27.92 | 21.87 |
| P/B | 7.08 | 11.88 | 13.48 | 19.26 | 16.57 | 12.28 | 11.66 | 10.00 | 6.81 | 4.58 |
| P/S | 2.56 | 3.20 | 3.12 | 4.15 | 4.75 | 4.02 | 3.19 | 2.81 | 1.94 | 1.47 |
| Gross Margin | 44.6% | 43.8% | 44.7% | 43.4% | 44.8% | 46.0% | 43.5% | 44.6% | 42.7% | 42.9% |
| Operating Margin | 13.8% | 12.2% | 12.2% | 8.3% | 15.6% | 14.3% | 11.5% | 12.3% | 8.0% | 8.2% |
| Net Margin | 12.3% | 5.3% | 10.3% | 6.8% | 12.9% | 12.9% | 9.9% | 11.1% | 7.0% | 6.7% |
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Explore sector: Consumer Cyclical · Apparel - Footwear & Accessories
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