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Sunday 11 October 2026 Export all NKE data to Excel Powerpack

NIKE, Inc.

NKE Consumer Cyclical Footwear & Accessories

NIKE, Inc.’s revenue for fiscal 2026 (year ended May 2026) was $46.4 billion, roughly unchanged from fiscal 2025. In the quarter to August 2026, revenue fell 4.33%, EPS fell 2.04%, free cash flow fell 526.7% and total debt fell 1.29%, each against the same quarter a year earlier. Member of the S&P 500 and Dow Jones; dividend growth for ten consecutive years; insiders bought in the last twelve months.

34.71 0.03 −0.09%
Market cap
$51.6B
P/E
16.6×
Fwd P/E
23.2×
Dividend yield
4.72%
F-score
5/9
Altman Z
3.65
Beneish M
−2.19
Dividend safety
41/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

NIKE, Inc. (NKE) Financial Analysis

Updated · Covers results through Q4 FY2026 · Sources · How this is made

Snapshot

NIKE generated $46.4 billion of revenue in FY2026, compared with $46.3 billion in FY2025. Net income was $3.1 billion in FY2026, compared with $3.2 billion in FY2025, and diluted EPS was $2.10 in FY2026, compared with $2.16 in FY2025.

In Q4 FY2026, revenue was $11.0 billion, gross profit was $5.4 billion, operating income was $1.3 billion, and net income was $1.1 billion. Diluted EPS was $0.72 in Q4 FY2026, while free cash flow was $1.5 billion in Q4 FY2026. Market capitalisation was $50.0 billion as of October 2, 2026.

Growth

Revenue grew 0.19% in FY2026 against FY2025, reaching $46.4 billion in FY2026 from $46.3 billion in FY2025. Revenue compound annual growth was −3.24% in FY2023–FY2026 and 0.82% in FY2021–FY2026. Diluted EPS declined 2.78% in FY2026 against FY2025; its compound annual growth was −13.4% in FY2023–FY2026 and −10.0% in FY2021–FY2026.

Free cash flow declined 33.2% in FY2026 against FY2025, to $2.2 billion in FY2026 from $3.3 billion in FY2025. Its compound annual growth was −23.5% in FY2023–FY2026 and −18.2% in FY2021–FY2026. Revenue in Q4 FY2026 was $11.0 billion, down 1.13% in Q4 FY2026 against Q4 FY2025, while diluted EPS rose 414.3% and free cash flow rose 312.9% over the same period.

Profitability

Gross margin was 42.9% in FY2026, an increase of 0.2 percentage points in FY2025–FY2026, but a change of −1.9 percentage points in FY2021–FY2026. Operating margin was 8.18% in FY2026, up 0.2 percentage points in FY2025–FY2026 and down −7.4 percentage points in FY2021–FY2026.

Pre-tax margin was 8.41% in FY2026, with a 0.0 percentage points change in FY2025–FY2026 and a −6.6 percentage points change in FY2021–FY2026. Net margin was 6.70% in FY2026, down −0.3 percentage points in FY2025–FY2026 and down −6.2 percentage points in FY2021–FY2026. Return on equity was 22.1%, return on assets was 8.29%, and return on invested capital was 17.2% in FY2026; each was lower than in FY2025.

Balance sheet

Total debt was $7.9 billion in FY2026, compared with $8.0 billion in FY2025. Cash and short-term investments were $9.0 billion in FY2026, compared with $9.2 billion in FY2025. Net debt was −$1.1 billion in FY2026, compared with −$1.2 billion in FY2025.

Shareholders’ equity was $14.9 billion in FY2026, up from $13.2 billion in FY2025, while book value per share was $10.05 in FY2026, compared with $8.90 in FY2025. Working capital was $12.1 billion in FY2026, below $12.8 billion in FY2025. The current ratio was 2.0× in Q4 FY2026, and debt to equity was 0.5× in Q4 FY2026. Net debt was −$1.1 billion in Q4 FY2026, compared with −$28.0 million in Q3 FY2026.

Cash flow & capital return

Operating cash flow was $2.9 billion in FY2026, down 22.4% in FY2026 against FY2025. Capital expenditure was $684.0 million in FY2026, compared with $430.0 million in FY2025. Free cash flow was $2.2 billion in FY2026, down 33.2% in FY2026 against FY2025, and represented 70.3% of net income in FY2026.

Dividends paid were $2.4 billion in FY2026, compared with $2.3 billion in FY2025. Net share repurchases were −$208.0 million in FY2026, following $2.4 billion in FY2025. Capital returned to shareholders was $2.2 billion in FY2026 and $24.2 billion in FY2022–FY2026. Weighted average shares were 1.5 billion shares in FY2026, and the share count change was −5.92% in FY2021–FY2026.

Valuation

As of October 2, 2026, NIKE’s P/E was 16.7×, below its 28.5× five-year median and 30.7× ten-year median, while above the 15.2× industry median. As of October 2, 2026, P/S was 1.1×, below its 2.8× five-year median and 3.2× ten-year median, and below the 1.2× industry median.

As of October 2, 2026, P/B was 3.5×, below its 10.0× five-year median and 11.8× ten-year median, while above the 2.6× industry median. As of October 2, 2026, EV/Sales was 1.1×, below its 2.8× five-year median, 3.1× ten-year median, and 1.3× industry median. As of October 2, 2026, EV/Cash flow was 23.3×, below its 30.6× five-year median and 30.8× ten-year median.

What changed since last quarter

Revenue was $11.0 billion in Q4 FY2026, down 2.72% in Q4 FY2026 against Q3 FY2026 and down 1.13% in Q4 FY2026 against Q4 FY2025. Gross margin was 49.2% in Q4 FY2026, increasing 9.0 percentage points in Q4 FY2026 against Q3 FY2026 and 8.9 percentage points in Q4 FY2026 against Q4 FY2025. Operating margin was 11.9% in Q4 FY2026, increasing 7.0 percentage points sequentially and 9.1 percentage points from a year earlier.

Diluted EPS was $0.72 in Q4 FY2026, rising 105.7% sequentially and 414.3% from a year earlier. Free cash flow was $1.5 billion in Q4 FY2026, rising 427.8% sequentially and 312.9% from a year earlier. The filing does not attribute Q4 FY2026 changes to specific factors. For Q1 FY2027, management attributes gross-margin expansion to lower warehousing and logistics costs and reports that revenue declines were primarily due to lower revenue in Greater China, EMEA and Converse.

Open questions

  • What factors drove the decline in free cash flow during FY2026?
  • How will inventory liquidation and higher discounts affect future margins?
  • What are the specific drivers of the Q4 FY2026 improvement in gross and operating margins?
  • How will the Pace program affect operating costs and organizational structure?

Sources

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures come from the sources listed above and may contain errors; verify against the company's filings.