Nike
NKE NYSE Apparel, Accessories & Luxury Goods Financials FY2017–FY2026
Nike's revenue rose 0.2% to $46.4 billion in fiscal 2026. Its net margin was 6.7%, down from 7.0% a year earlier. Free cash flow was $2.2 billion, down 33.2%. It paid out $2.6 billion in dividends and buybacks, 117% of free cash flow. The diluted share count fell 0.4%.
About these figures. Nike's short-term borrowings line ($5 million in fiscal 2025) no longer appears in the fiscal 2026 filing and is counted as zero.
What Nike does
Nike designs and sells athletic shoes, clothing, equipment and accessories under the Nike, Jordan and Converse brands. Most of its shoes are made for specific sports, though many people wear them every day. It sells through its own stores and apps and websites, which it calls Nike Direct, and to wholesale customers such as sporting goods, shoe and department stores, distributors and licensees in nearly every country.
Nike reports its Nike Brand business in four regional segments: North America; Europe, Middle East and Africa; Greater China; and Asia Pacific and Latin America. Converse is reported separately. Sales in the United States made up about 44% of revenue in fiscal 2026, and no single customer reached a tenth of revenue. Nike names adidas, Anta, ASICS, Deckers, Li Ning, lululemon, New Balance, On, Puma and Under Armour among its competitors.
Nike owns almost no factories. Independent contract manufacturers make nearly all of its products, mostly in Asia; factories in Vietnam made about 52% of Nike Brand shoes in fiscal 2026. At the end of May 2026 Nike had about 73,000 employees, including retail and part-time staff, and it ran 347 stores in the United States and 641 elsewhere.
- Legal name
- NIKE, Inc.
- Fiscal year ends
- May 31, 2026
- Latest annual report
- 10-K · Jul 15, 2026
- Accession · CIK
- 0000320187-26-000088
0000320187
Revenue and margins
Nike had $46.4B of revenue in fiscal 2026, up 0.2% on the year before.
Net income and earnings per share
From fiscal 2017 to 2026, diluted EPS grew −2.0% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $2.2B in fiscal 2026, 4.7% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Nike returned $2.6B to shareholders in fiscal 2026, 117% of free cash flow. The diluted share count fell 0.4%.
Value Nike yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $1.1B and divides by 1,481.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 17.9x · peers 36.9x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Nike can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $13.0B | $10.7B | $11.6B | $9.2B | $9.0B |
| Debt incl. finance leases | $9.4B | $8.9B | $8.9B | $8.0B | $7.9B |
| Net debt / EBITDA | −0.5x | −0.2x | −0.3x | −0.2x | −0.2x |
| Debt / equity | 0.6x | 0.6x | 0.6x | 0.6x | 0.5x |
| Interest coverage | 23.9x | 18.9x | 18.6x | 11.0x | 13.1x |
| Current ratio | 2.6x | 2.7x | 2.4x | 2.2x | 2.0x |
| Quick ratio | 1.8x | 1.8x | 1.7x | 1.5x | 1.4x |
| Total assets | $40.3B | $37.5B | $38.1B | $36.6B | $38.4B |
| Total liabilities | $25.0B | $23.5B | $23.7B | $23.4B | $23.5B |
| Shareholders' equity | $15.3B | $14.0B | $14.4B | $13.2B | $14.9B |
| Net debt (− = net cash) | −$3.6B | −$1.7B | −$2.7B | −$1.2B | −$1.1B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$2.2M
3 insiders
Sold, 12 months
$1.6M
5 insiders
Of sales under plans
100%
$1.6M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 9, 2026 | Philip McCartneyEvp: Chief Inn,prod&dsg Ofcr | Sold plan | 2,559 | $37.59 | $0.1M | Form 4 |
| Sep 9, 2026 | Robert LeinwandEVP: Chief Legal Officer | Sold plan | 3,646 | $37.59 | $0.1M | Form 4 |
| Sep 9, 2026 | Venkatesh AlagirisamyEvp: Chief Operating Officer | Sold plan | 3,671 | $37.59 | $0.1M | Form 4 |
| Aug 7, 2026 | Amy MontagnePresident, Nike | Sold plan | 4,867 | $42.05 | $0.2M | Form 4 |
| Aug 5, 2026 | Matthew FriendEvp: CFO | Sold plan | 2,463 | $41.60 | $0.1M | Form 4 |
| Aug 5, 2026 | Philip McCartneyEvp: Chief Inn,prod&dsg Ofcr | Sold plan | 524 | $41.60 | $0.0M | Form 4 |
| Aug 5, 2026 | Robert LeinwandEVP: Chief Legal Officer | Sold plan | 821 | $41.60 | $0.0M | Form 4 |
| Aug 5, 2026 | Venkatesh AlagirisamyEvp: Chief Operating Officer | Sold plan | 890 | $41.60 | $0.0M | Form 4 |
| Jun 12, 2026 | Philip McCartneyEvp: Chief Inn,prod&dsg Ofcr | Sold plan | 17,398 | $46.18 | $0.8M | Form 4 |
| Apr 13, 2026 | Elliott HillPresident & CEO, Director | Bought plan | 23,660 | $42.27 | $1.0M | Form 4 |
| Apr 10, 2026 | Timothy D CookDirector | Bought plan | 25,000 | $42.43 | $1.1M | Form 4 |
| Apr 9, 2026 | John W Rogers JrDirector | Bought plan | 4,000 | $43.34 | $0.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ |
| Debt fell relative to assets | ✕ | ✓ | ✓ |
| Current ratio rose | ✕ | ✕ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✕ | ✓ |
| Revenue rose relative to assets | ✓ | ✕ | ✓ |
| F-score | 7 / 9 | 5 / 9 | 7 / 9 |
| Accruals ratio | −4.6% | −1.3% | 0.6% |
| Altman Z'' | 4.52 | 3.61 | 3.45 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Nike NKE | $55.4B | 0.2% | — | 4.7% | 26.1% | 17.9x | 7 | |
| Target TGT | $69.8B | −1.7% | 4.9% | 2.7% | 15.0% | 15.9x | 6 | Compare → |
| Starbucks SBUX | $115.3B | 2.8% | 7.9% | 6.6% | 47.8% | 57.9x | 4 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $34.4B | $36.4B | $39.1B | $37.4B | $44.5B | $46.7B | $51.2B | $51.4B | $46.3B | $46.4B |
| Gross profit | $15.3B | $16.0B | $17.5B | $16.2B | $20.0B | $21.5B | $22.3B | $22.9B | $19.8B | $19.9B |
| Interest expense | $98.0M | $125M | $153M | $140M | $293M | $290M | $347M | $381M | $389M | $323M |
| Pretax income | $4.9B | $4.3B | $4.8B | $2.9B | $6.7B | $6.7B | $6.2B | $6.7B | $3.9B | $3.9B |
| Income tax | $646M | $2.4B | $772M | $348M | $934M | $605M | $1.1B | $1.0B | $666M | $792M |
| Net income | $4.2B | $1.9B | $4.0B | $2.5B | $5.7B | $6.0B | $5.1B | $5.7B | $3.2B | $3.1B |
| Diluted EPS | $2.51 | $1.17 | $2.49 | $1.60 | $3.56 | $3.75 | $3.23 | $3.73 | $2.16 | $2.10 |
| Diluted shares | 1.69B | 1.66B | 1.62B | 1.59B | 1.61B | 1.61B | 1.57B | 1.53B | 1.49B | 1.48B |
| Cash flow | ||||||||||
| Cash from operations | $3.8B | $5.0B | $5.9B | $2.5B | $6.7B | $5.2B | $5.8B | $7.4B | $3.7B | $2.9B |
| Capital expenditure | $1.1B | $1.0B | $1.1B | $1.1B | $695M | $758M | $969M | $812M | $430M | $684M |
| Free cash flow | $2.7B | $3.9B | $4.8B | $1.4B | $6.0B | $4.4B | $4.9B | $6.6B | $3.3B | $2.2B |
| Depreciation and amortization | $706M | $747M | $705M | $721M | $744M | $717M | $703M | $796M | $775M | $747M |
| Stock-based compensation | $215M | $218M | $325M | $429M | $611M | $638M | $755M | $804M | $709M | $715M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $3.2B | $4.3B | $4.3B | $3.1B | $608M | $4.0B | $5.5B | $4.3B | $3.0B | $146M |
| Dividends paid | $1.1B | $1.2B | $1.3B | $1.5B | $1.6B | $1.8B | $2.0B | $2.2B | $2.3B | $2.4B |
| Dividends and buybacks | $4.4B | $5.5B | $5.6B | $4.5B | $2.2B | $5.9B | $7.5B | $6.4B | $5.3B | $2.6B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $3.8B | $5.2B | $4.7B | $8.8B | $13.5B | $13.0B | $10.7B | $11.6B | $9.2B | $9.0B |
| Total debt | $3.8B | $3.8B | $3.5B | $9.7B | $9.4B | $9.4B | $8.9B | $8.9B | $8.0B | $7.9B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $16.1B | $15.1B | $16.5B | $20.6B | $26.3B | $28.2B | $25.2B | $25.4B | $23.4B | $24.6B |
| Current liabilities | $5.5B | $6.0B | $7.9B | $8.3B | $9.7B | $10.7B | $9.3B | $10.6B | $10.6B | $12.5B |
| Inventory | $5.1B | $5.3B | $5.6B | $7.4B | $6.9B | $8.4B | $8.5B | $7.5B | $7.5B | $7.5B |
| Property and equipment, net | $4.0B | $4.5B | $4.7B | $4.9B | $4.9B | $4.8B | $5.1B | $5.0B | $4.8B | $4.8B |
| Total assets | $23.3B | $22.5B | $23.7B | $31.3B | $37.7B | $40.3B | $37.5B | $38.1B | $36.6B | $38.4B |
| Total liabilities | $10.9B | $12.7B | $14.7B | $23.3B | $25.0B | $25.0B | $23.5B | $23.7B | $23.4B | $23.5B |
| Shareholders' equity | $12.4B | $9.8B | $9.0B | $8.1B | $12.8B | $15.3B | $14.0B | $14.4B | $13.2B | $14.9B |
| Margins | ||||||||||
| Gross margin | 44.6% | 43.8% | 44.7% | 43.4% | 44.8% | 46.0% | 43.5% | 44.6% | 42.7% | 42.9% |
| EBITDA margin | 16.6% | 14.3% | 14.5% | 10.0% | 17.3% | 16.4% | 14.2% | 15.3% | 10.9% | 10.7% |
| Net margin | 12.3% | 5.3% | 10.3% | 6.8% | 12.9% | 12.9% | 9.9% | 11.1% | 7.0% | 6.7% |
| FCF margin | 8.0% | 10.8% | 12.2% | 3.7% | 13.4% | 9.5% | 9.5% | 12.9% | 7.1% | 4.7% |
| Returns | ||||||||||
| Return on capital | 74.5% | 21.4% | 51.2% | 31.7% | 67.8% | 61.8% | 44.7% | 50.2% | 29.8% | 26.1% |
| Return on capital employed | 29.5% | 26.0% | 30.6% | 15.6% | 27.2% | 24.1% | 22.6% | 25.4% | 16.0% | 16.3% |
| Return on equity | 34.4% | 17.4% | 42.7% | 29.7% | 55.0% | 43.1% | 34.6% | 40.1% | 23.3% | 22.1% |
| Return on assets | 19.0% | 8.4% | 17.4% | 9.2% | 16.6% | 15.5% | 13.0% | 15.1% | 8.6% | 8.3% |
| Growth | ||||||||||
| Revenue growth | 6.1% | 6.0% | 7.5% | −4.4% | 19.1% | 4.9% | 9.7% | 0.3% | −9.8% | 0.2% |
| Net income growth | 12.8% | −54.4% | 108.4% | −37.0% | 125.6% | 5.6% | −16.1% | 12.4% | −43.5% | −3.5% |
| EPS growth | 16.2% | −53.4% | 112.8% | −35.7% | 122.5% | 5.3% | −13.9% | 15.5% | −42.1% | −2.8% |
| FCF growth | 21.5% | 43.3% | 21.8% | −70.8% | 326.2% | −25.7% | 10.0% | 35.8% | −50.6% | −33.2% |
| Share count change | −2.9% | −1.9% | −2.5% | −1.7% | 1.1% | 0.1% | −2.6% | −2.6% | −2.8% | −0.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.0x | −0.3x | −0.2x | 0.2x | −0.5x | −0.5x | −0.2x | −0.3x | −0.2x | −0.2x |
| Debt / equity | 0.3x | 0.4x | 0.4x | 1.2x | 0.7x | 0.6x | 0.6x | 0.6x | 0.6x | 0.5x |
| Interest coverage | 50.9x | 35.6x | 32.4x | 21.6x | 23.7x | 23.9x | 18.9x | 18.6x | 11.0x | 13.1x |
| Current ratio | 2.9x | 2.5x | 2.1x | 2.5x | 2.7x | 2.6x | 2.7x | 2.4x | 2.2x | 2.0x |
| Quick ratio | 2.0x | 1.6x | 1.4x | 1.6x | 2.0x | 1.8x | 1.8x | 1.7x | 1.5x | 1.4x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.2% | 2.8% | 2.9% | 2.9% | 1.6% | 1.6% | 1.9% | 1.6% | 0.9% | 1.5% |
| Stock comp / revenue | 0.6% | 0.6% | 0.8% | 1.2% | 1.4% | 1.4% | 1.5% | 1.6% | 1.5% | 1.5% |
| Payouts / FCF | 158.9% | 140.0% | 117.4% | 323.0% | 37.7% | 132.1% | 153.8% | 97.0% | 161.7% | 116.9% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 5.0 | 8.0 | 4.0 | 7.0 | 4.0 | 7.0 | 7.0 | 5.0 | 7.0 |
| Altman Z'' | 6.6 | 5.3 | 4.7 | 3.6 | 4.9 | 4.9 | 4.7 | 4.5 | 3.6 | 3.5 |
| Accruals ratio | 1.8% | −13.2% | −8.1% | 0.2% | −2.7% | 2.2% | −2.0% | −4.6% | −1.3% | 0.6% |
Source: SEC EDGAR XBRL filings (CIK 0000320187). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.