NIKE, Inc.
Financial Performance
Nike Revenue & Financials
Revenue
$46.4B (FY2026)
Market Cap
$53.4B
Net Income
$3.1B
Employees
73,000
What is Nike's revenue?
Nike had $46.4B in revenue for fiscal year 2026, up 0.2% from 2025. Net income was $3.1B.
- Latest revenue
- $46.4B (FY2026)
- Year-over-year
- +0.2%
- Growth rate (CAGR)
- 3.4% over 9 years
- Peak revenue
- $51.4B (FY2024)
- Years of data
- 10
- Employees
- 73,000
Financial Analysis
Nike's revenue peaked at $51.4B in FY2024, then fell almost 10% to $46.3B in FY2025 as the company cleared old inventory and cut supply of lifestyle franchises. FY2026 was flat at $46.4B, with net income of $3.108B versus $5.7B two years earlier. Gross margin was 42.9%, below 44.6% in FY2024, as discounts and tariffs weighed on profit. Fourth-quarter FY2026 revenue was about $11.0B, down 1% reported and 4% currency-neutral. Nike scheduled first-quarter fiscal 2027 results for October 1, 2026, with analysts expecting roughly $11.3B in revenue, a decline of about 3%. Nike, Inc. is a colossal American multinational athletic footwear and apparel corporation, standing as the world's largest supplier of athletic shoes with a market valuation generally exceeding $130 billion.
Revenue Trend Analysis
YoY Change
+0.2%
9-Year CAGR
+3.4%
Peak Year
2024
Trend
Consistent Growth
NIKE, Inc. has 10 full fiscal year figures on this page, compounding at +3.4% annually over 9 years. The most recent year saw a 0.2% increase versus the prior year. Annual revenue peaked in fiscal year 2024 at $51.4B. Of 9 comparable year-over-year steps, 7 showed growth and 2 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2026 | $46.4B | $3.8B | $3.1B | +0.2% | NIKE, Inc. annual report (Form 10-K, SEC EDGAR, filed 2026-07-15) Fiscal year ended 2026-05-31. |
| FY2025 | $46.3B | $3.7B | $3.2B | -9.8% | NIKE, Inc. annual report (Form 10-K, SEC EDGAR, filed 2026-07-15) Fiscal year ended 2025-05-31. Total assets were $36.579 billion. Cash provided by operations decreased to $3.698 billion from $7.429 billion in the prior year. |
| FY2024 | $51.4B | $6.3B | $5.7B | +0.3% | NIKE, Inc. annual report (Form 10-K, SEC EDGAR, filed 2026-07-15) Fiscal year ended 2024-05-31. |
| FY2023 | $51.2B | $5.9B | $5.1B | +9.6% | NIKE, Inc. annual report (Form 10-K, SEC EDGAR, filed 2025-07-17) Fiscal year ended 2023-05-31. |
| FY2022 | $46.7B | $6.7B | $6B | +4.9% | NIKE, Inc. annual report (Form 10-K, SEC EDGAR, filed 2024-07-25) Fiscal year ended 2022-05-31. |
| FY2021 | $44.5B | $6.9B | $5.7B | +19.1% | NIKE, Inc. annual report (Form 10-K, SEC EDGAR, filed 2023-07-20) Fiscal year ended 2021-05-31. |
| FY2020 | $37.4B | — | $2.5B | -4.4% | NIKE, Inc. annual report (Form 10-K, SEC EDGAR, filed 2022-07-21) Fiscal year ended 2020-05-31. |
| FY2019 | $39.1B | — | $4B | +7.5% | NIKE, Inc. annual report (Form 10-K, SEC EDGAR, filed 2021-07-20) Fiscal year ended 2019-05-31. |
| FY2018 | $36.4B | — | $1.9B | +6.0% | NIKE, Inc. annual report (Form 10-K, SEC EDGAR, filed 2020-07-24) Fiscal year ended 2018-05-31. |
| FY2017 | $34.4B | — | $4.2B | — | NIKE, Inc. annual report (Form 10-K, SEC EDGAR, filed 2019-07-23) Fiscal year ended 2017-05-31. |
Click any row to see year details.
NIKE, Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|
| FY2026ended May 31, 2026 | $2.9B | $684M | $38.4B | $14.9B | $2.2B | Form 10-K |
| FY2025ended May 31, 2025 | $3.7B | $430M | $36.6B | $13.2B | $3.3B | Form 10-K |
| FY2024ended May 31, 2024 | $7.4B | $812M | $38.1B | $14.4B | $6.6B | Form 10-K |
| FY2023ended May 31, 2023 | $5.8B | $969M | $37.5B | $14B | $4.9B | Form 10-K |
| FY2022ended May 31, 2022 | $5.2B | $758M | $40.3B | $15.3B | $4.4B | Form 10-K |
| FY2021ended May 31, 2021 | $6.7B | $695M | $37.7B | $12.8B | $6B | Form 10-K |
| FY2020ended May 31, 2020 | $2.5B | $1.1B | $31.3B | $8.1B | $1.4B | Form 10-K |
| FY2019ended May 31, 2019 | $5.9B | $1.1B | $23.7B | $9B | $4.8B | Form 10-K |
| FY2018ended May 31, 2018 | $5B | $1B | $22.5B | $9.8B | $3.9B | Form 10-K |
| FY2017ended May 31, 2017 | $3.8B | $1.1B | $23.3B | $12.4B | $2.7B | Form 10-K |
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Keep researching Nike
Nike Revenue and Financial FAQ
What is Nike's operating income (operating profit) across recent fiscal years?
According to Nike's Form 10-K filings (SEC EDGAR), Nike's operating income was $6.675 billion in FY2022, $5.915 billion in FY2023, $6.311 billion in FY2024, $3.702 billion in FY2025, and $3.797 billion in FY2026. The compression from FY2024 to FY2025-FY2026 reflects increased promotional discounts to clear excess wholesale inventory, higher air freight costs, and supply-chain normalization.
What was NIKE, Inc.'s annual revenue and net income in recent fiscal years?
Nike reported revenue of $51.4B in FY2024, $46.3B in FY2025, and $46.4B in FY2026. Net income fell from $5.7B in FY2024 to $3.2B in FY2025 and $3.108B in FY2026.
What is Nike's gross profit margin and how is it managed?
Nike's gross margin was 42.9% in FY2026, up from 42.7% in FY2025 but below 44.6% in FY2024. It is managed through product full-price sell-through, freight cost management, foreign exchange hedging, and balancing direct-to-consumer sales with wholesale inventory clearance.
What is the revenue breakdown between Nike Wholesale and Nike Direct?
In FY2026, sales to wholesale customers were $27.5 billion (about 61% of NIKE Brand revenues, up 6%), while NIKE Direct was $17.7 billion (about 39%, down 6%) after a 12% decline in NIKE Brand Digital and a 4% decline in NIKE-owned stores.
How much does Nike spend annually on 'Demand Creation' (marketing and advertising)?
Nike spent $4.754 billion on 'Demand Creation' in FY2026 (about 10% of revenue), up from $4.689 billion in FY2025, funding global Olympic campaigns, World Cup sponsorships, digital advertising, and athlete endorsement deals.
How much free cash flow does Nike generate and how is it allocated?
Nike's cash provided by operations fell to $2.868 billion in FY2026 from $3.698 billion in FY2025 and $7.429 billion in FY2024. After $684 million of capital expenditures, that left roughly $2.2 billion of free cash flow, less than the $2.4 billion Nike paid in dividends in FY2026.
What is Nike's dividend track record and dividend aristocrat trajectory?
Nike has raised its dividend for 24 consecutive years, most recently to $0.41 per quarter in November 2025, and paid $2.4 billion in dividends in FY2026. Its long-term debt remains investment grade at A+ (S&P Global Ratings) and A2 (Moody's) after both agencies downgraded Nike in 2025.
What is Nike's share repurchase program scale?
Nike operates a multi-year $18 billion share repurchase program authorized by the board in 2022, buying back billions of dollars in Class B common stock annually to enhance long-term earnings per share.
What is Nike's inventory management turnover and balance sheet health?
Nike has spent FY2025 and FY2026 clearing aged inventory and cutting supply of over-distributed franchises to protect full-price sales. It keeps investment-grade ratings of A+ from S&P and A2 from Moody's, though both agencies downgraded the company in 2025.
What caused Nike's revenue and margin slowdown between 2022 and 2024?
Under former CEO John Donahoe, Nike aggressively prioritized its Direct-to-Consumer (DTC) digital channels while terminating thousands of independent wholesale retailer accounts. This alienated key retail partners like Foot Locker, while running upstarts (Hoka, On Running) seized newly vacant shoe store shelf space, forcing Nike to discount excess inventory and reset wholesale partnerships.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Nike Revenue & Financials." CorpDigest, https://corpdigest.com/company/nike/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Nike reported $46.4B in revenue (FY2026).</strong><br>Source: <a href="https://corpdigest.com/company/nike/financials" target="_blank" rel="noopener">CorpDigest — Nike financials</a></div>Related Financial Audits
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