NIKE, Inc. NKE
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $46.40B | $46.31B | $51.36B | $51.22B | $46.71B | $44.54B | $37.40B | $39.12B | $36.40B | $34.35B |
| Cost of revenue | $26.49B | $26.52B | $28.48B | $28.93B | $25.23B | $24.58B | $21.16B | $21.64B | $20.44B | $19.04B |
| Gross profit | $19.91B | $19.79B | $22.89B | $22.29B | $21.48B | $19.96B | $16.24B | $17.47B | $15.96B | $15.31B |
| SG&A | $16.11B | $16.09B | $16.58B | $16.38B | $14.80B | $13.03B | $13.13B | $12.70B | $11.51B | $10.56B |
| Pre-tax income | $3.90B | $3.88B | $6.70B | $6.20B | $6.65B | $6.66B | $2.89B | $4.80B | $4.33B | $4.89B |
| Income tax | $792.0M | $666.0M | $1.00B | $1.13B | $605.0M | $934.0M | $348.0M | $772.0M | $2.39B | $646.0M |
| Net income | $3.11B | $3.22B | $5.70B | $5.07B | $6.05B | $5.73B | $2.54B | $4.03B | $1.93B | $4.24B |
| EPS, basic | 2.10 | 2.17 | 3.76 | 3.27 | 3.83 | 3.64 | 1.63 | 2.55 | 1.19 | 2.56 |
| EPS, diluted | 2.10 | 2.16 | 3.73 | 3.23 | 3.75 | 3.56 | 1.60 | 2.49 | 1.17 | 2.51 |
| Shares, diluted (wtd. avg.) | $1.48B | $1.49B | $1.53B | $1.57B | $1.61B | $1.61B | $1.59B | $1.62B | $1.66B | $1.69B |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $7.56B | $7.46B | $9.86B | $7.44B | $8.57B | $9.89B | $8.35B | $4.47B | $4.25B | $3.81B |
| Short-term investments | — | — | — | — | — | $3.59B | $439.0M | $197.0M | $996.0M | — |
| Receivables | $5.93B | $4.72B | $4.43B | $4.13B | $4.67B | $4.46B | $2.75B | $4.27B | $3.50B | $3.68B |
| Total current assets | $24.60B | $23.36B | $25.38B | $25.20B | $28.21B | $26.29B | $20.56B | $16.52B | $15.13B | $16.06B |
| Property, plant and equipment | $4.80B | $4.83B | $5.00B | $5.08B | $4.79B | $4.90B | $4.87B | $4.74B | $4.45B | $3.99B |
| Goodwill | $240.0M | $240.0M | $240.0M | $281.0M | $284.0M | $242.0M | $223.0M | $154.0M | $154.0M | $139.0M |
| Other intangibles | $259.0M | $259.0M | $259.0M | $274.0M | $286.0M | $269.0M | $274.0M | $283.0M | $285.0M | $283.0M |
| Total assets | $38.41B | $36.58B | $38.11B | $37.53B | $40.32B | $37.74B | $31.34B | $23.72B | $22.54B | $23.26B |
| Accounts payable | $3.60B | $3.48B | $2.85B | $2.86B | $3.36B | $2.84B | $2.25B | $2.61B | $2.28B | $2.05B |
| Short-term debt | $2.00B | $0 | $1.00B | $0 | $500.0M | $0 | $3.0M | $6.0M | $6.0M | $6.0M |
| Total current liabilities | $12.55B | $10.57B | $10.59B | $9.26B | $10.73B | $9.67B | $8.28B | $7.87B | $6.04B | $5.47B |
| Long-term debt | $5.94B | $7.96B | $7.90B | $8.93B | $8.92B | $9.41B | $9.41B | $3.46B | $3.47B | $3.47B |
| Retained earnings | -$155.0M | -$727.0M | $965.0M | $1.36B | $3.48B | $3.18B | -$191.0M | $1.64B | $3.52B | $6.91B |
| Total equity | $14.87B | $13.21B | $14.43B | $14.00B | $15.28B | $12.77B | $8.05B | $9.04B | $9.81B | $12.41B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.87B | $3.70B | $7.43B | $5.84B | $5.19B | $6.66B | $2.48B | $5.90B | $4.96B | $3.85B |
| Depreciation and amortisation | $747.0M | $775.0M | $796.0M | $703.0M | $717.0M | $744.0M | $721.0M | $705.0M | $747.0M | $706.0M |
| Stock-based compensation | $715.0M | $709.0M | $804.0M | $755.0M | $638.0M | $611.0M | $429.0M | $325.0M | $218.0M | $215.0M |
| Capital expenditure | $684.0M | $430.0M | $812.0M | $969.0M | $758.0M | $695.0M | $1.09B | $1.12B | $1.03B | $1.10B |
| Investing cash flow | -$488.0M | -$275.0M | $894.0M | $564.0M | -$1.52B | -$3.80B | -$1.03B | -$264.0M | $276.0M | -$1.01B |
| Financing cash flow | -$2.29B | -$5.82B | -$5.89B | -$7.45B | -$4.84B | -$1.46B | $2.49B | -$5.29B | -$4.83B | -$2.15B |
| Dividends paid | $2.41B | $2.30B | $2.17B | $2.01B | $1.84B | $1.64B | $1.45B | $1.33B | $1.24B | $1.13B |
| Buybacks | $146.0M | $2.98B | $4.25B | $5.48B | $4.01B | $608.0M | $3.07B | $4.29B | $4.25B | $3.22B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000320187-26-000088.
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