NIKE, Inc. Reports Fiscal 2026 Fourth Quarter and Full Year Results

NIKE, Inc. Reports Fiscal 2026 Fourth Quarter and Full Year Results BEAVERTON, Ore.--( BUSINESS WIRE)--NIKE, Inc. (NYSE:NKE) today reported financial results for its fiscal 2026 fourth quarter and full year ended May 31, 2026.

"In fiscal 2026, we took decisive actions to strengthen the foundation of NIKE, Inc. and reposition our business for long-term growth," said Elliott Hill, President and Chief Executive Officer, NIKE, Inc. "We made meaningful structural improvements to lay the groundwork for our Sport Offense across our team culture, innovative product, brand strength, and how we serve consumers in our countries and cities. While we continue to face top-line headwinds, we're encouraged by progress in performance product and are focused on consistent execution, improved profitability and scaling our wins to realize our full potential."

"We delivered fourth quarter results in line with our expectations, demonstrating financial discipline in an increasingly challenging operating environment, where sell-through remains challenged," said Matthew Friend, Executive Vice President and Chief Financial Officer, NIKE, Inc. "We are improving the health of our business, managing our product portfolio and investing in marketplace elevation, while adjusting our operating costs for greater efficiency over time."

Fourth Quarter Income Statement Review

Fiscal 2026 Income Statement Review

May 31, 2026 Balance Sheet Review

Shareholder Returns

NIKE has a strong track record of returns to shareholders. In the fourth quarter, the Company returned approximately $609 million to shareholders through dividends, up 3 percent from the prior year.

In fiscal 2026, the Company returned approximately $2.5 billion to shareholders, including:

Conference Call

NIKE, Inc. management will host a conference call beginning at approximately 2:00 p.m. PT on June 30, 2026, to review fiscal fourth quarter and full year results. The conference call will be broadcast live via the Internet and can be accessed at http://investors.nike.com. For those unable to listen to the live broadcast, an archived version will be available at the same location through approximately 9:00 p.m. PT, July 24, 2026.

About NIKE, Inc.

NIKE, Inc., based near Beaverton, Oregon, is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Converse, a wholly-owned NIKE, Inc. subsidiary brand, designs, markets and distributes athletic lifestyle footwear, apparel and accessories. For more information, NIKE, Inc.'s earnings releases and other financial information are available on the Internet at http://investors.nike.com. Individuals can also visit http://news.nike.com and follow @NIKE.

Forward-Looking Statements

This press release contains forward-looking statements regarding our expectations of our future results and our strategy, which involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed from time to time in reports filed by NIKE with the U.S. Securities and Exchange Commission (SEC), including Forms 8-K, 10-Q and 10-K.

Non-GAAP financial measure. See additional information in the accompanying Divisional Revenues table.

(Tables Follow)

NIKE, Inc.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

THREE MONTHS ENDED

TWELVE MONTHS ENDED

(In millions, except per share data)

5/31/2026

5/31/2025

Change

5/31/2026

5/31/2025

Change

Revenues

10,972

11,097

-1

46,398

46,309

Cost of sales

5,579

6,628

-16

26,487

26,519

Gross profit

5,393

4,469

19,911

19,790

Gross margin

49.2

40.3

42.9

42.7

Demand creation expense

1,203

1,253

-4

4,754

4,689

Operating overhead expense

2,879

2,895

-1

11,360

11,399

Total selling and administrative expense

4,082

4,148

-2

16,114

16,088

% of revenues

37.2

37.4

34.7

Interest (income) expense, net

)

(22

)

—

(50

)

(107

)

—

Other (income) expense, net

(10

)

—

(53

)

(76

)

—

Income before income taxes

1,329

318

3,900

3,885

Income tax expense

260

107

143

792

666

Effective tax rate

19.6

33.6

20.3

17.1

NET INCOME

1,069

211

407

3,108

3,219

-3

Earnings per common share:

Basic

0.72

0.14

414

2.10

2.17

-3

Diluted

0.72

0.14

414

2.10

2.16

-3

Weighted average common shares outstanding:

Basic

1,482.6

1,476.7

1,479.8

1,484.9

Diluted

1,482.9

1,477.7

1,481.0

1,487.6

Dividends declared per common share

0.410

0.400

1.630

1.570

NIKE, Inc.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

May 31,

% Change

(Dollars in millions)

2026

2025

ASSETS

Current assets:

Cash and equivalents

7,563

7,464

Short-term investments

1,464

1,687

-13

Accounts receivable, net

5,931

4,717

Inventories

7,501

7,489

Prepaid expenses and other current assets

2,144

2,005

Total current assets

24,603

23,362

Property, plant and equipment, net

4,796

4,828

-1

Operating lease right-of-use assets, net

2,838

2,712

Identifiable intangible assets, net

259

Goodwill

240

Deferred income taxes and other assets

5,674

5,178

TOTAL ASSETS

38,410

36,579

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Current portion of long-term debt

2,000

—

100

Accounts payable

3,600

3,479

Current portion of operating lease liabilities

478

502

-5

Accrued liabilities

6,092

5,916

Income taxes payable

377

669

-44

Total current liabilities

12,547

10,566

Long-term debt

5,942

7,961

-25

Operating lease liabilities

2,613

2,550

Deferred income taxes and other liabilities

2,443

2,289

Redeemable preferred stock

—

Shareholders’ equity

14,865

13,213

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

38,410

36,579

NIKE, Inc.

DIVISIONAL REVENUES

(Unaudited)

% Change Excluding Currency Changes 1

THREE MONTHS ENDED

TWELVE MONTHS ENDED

(Dollars in millions)

5/31/2026

5/31/2025

Change

5/31/2026

5/31/2025

Change

North America

Footwear

3,230

3,104

13,317

12,684

Apparel

1,310

1,303

6,075

5,837

Equipment

292

296

-1

-2

1,119

1,051

Total

4,832

4,703

20,511

19,572

Europe, Middle East & Africa

Footwear

1,821

1,893

-4

-9

7,643

7,569

-5

Apparel

982

929

4,210

3,971

Equipment

172

178

-3

-9

719

717

-6

Total

2,975

3,000

-1

-6

12,572

12,257

-3

Greater China

Footwear

938

1,074

-13

-17

4,188

4,805

-13

-15

Apparel

334

372

-10

-15

1,535

1,616

-5

-7

Equipment

-17

-21

124

165

-25

-26

Total

1,297

1,476

-12

-17

5,847

6,586

-11

-13

Asia Pacific & Latin America

Footwear

1,114

-2

4,377

4,452

-2

-3

Apparel

420

398

1,629

1,541

Equipment

-2

-3

237

258

-8

-9

Total

1,596

1,575

-1

6,243

6,251

-1

Global Brand Divisions 2

167

150

TOTAL NIKE BRAND 3

10,724

10,763

-3

45,222

44,714

-1

Converse

244

357

-32

-34

1,174

1,692

-31

-32

Corporate 4

(23

)

—

(97

)

—

TOTAL NIKE, INC. REVENUES

10,972

11,097

-1

-4

46,398

46,309

-2

TOTAL NIKE BRAND 3

Footwear

7,103

7,185

-1

-4

29,525

29,510

-2

Apparel

3,046

3,002

-1

13,449

12,965

Equipment

551

567

-3

-5

2,199

2,191

-2

Global Brand Divisions 2

167

150

TOTAL NIKE BRAND REVENUES 3

10,724

10,763

-3

45,222

44,714

-1

1 The percent change has been calculated using actual exchange rates in use during the comparative prior year period and is provided to enhance the visibility of the underlying business trends by excluding the impact of translation arising from foreign currency exchange rate fluctuations, which is considered a non-GAAP financial measure. Management uses this non-GAAP financial measure when evaluating the Company's performance, including when making financial and operating decisions. Additionally, management believes this non-GAAP financial measure provides investors with additional financial information that should be considered when assessing the Company's underlying business performance and trends. References to this measure should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies.

2 Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.

3 Included in NIKE Brand revenues are sales of Jordan Brand products which were $7,034 million in fiscal 2026 compared to $7,270 million in fiscal 2025, down 3% on a reported basis and down 5% on a currency-neutral basis.

4 Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse, but managed through the Company's central foreign exchange risk management program.

NIKE, Inc.

EARNINGS BEFORE INTEREST AND TAXES ("EBIT") 1

(Unaudited)

THREE MONTHS ENDED

TWELVE MONTHS ENDED

(Dollars in millions)

5/31/2026

5/31/2025

Change

5/31/2026

5/31/2025

Change

North America 2

2,000

1,045

5,376

4,735

Europe, Middle East & Africa

434

472

-8

2,417

2,575

-6

Greater China

243

304

-20

1,278

1,602

-20

Asia Pacific & Latin America

316

319

-1

1,387

1,527

-9

Global Brand Divisions 3

(1,130

)

(1,246

)

(4,603

)

(4,699

)

TOTAL NIKE BRAND EBIT 1

1,863

894

108

5,855

5,740

Converse 2

-15

240

-93

Corporate 4

(565

)

(625

)

(2,023

)

(2,202

)

TOTAL NIKE, INC. EBIT 1

1,321

296

346

3,850

3,778

Interest (income) expense, net

)

(22

)

—

(50

)

(107

)

—

Income tax expense

260

107

143

792

666

NET INCOME

1,069

211

407

3,108

3,219

-3

Total NIKE, Inc. Revenues

10,972

11,097

-1

46,398

46,309

Net income margin

9.7

1.9

6.7

7.0

EBIT margin 1

12.0

2.7

8.3

8.2

1 Total NIKE Brand EBIT, Total NIKE, Inc. EBIT and EBIT margin are considered non-GAAP financial measures. EBIT is calculated as Net income before Interest (income) expense, net and Income tax expense. EBIT margin is calculated as total NIKE, Inc. EBIT divided by total NIKE, Inc. Revenues. References to EBIT and EBIT margin should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies. Management uses these non-GAAP financial measures when evaluating the Company's performance, including segment performance, when making financial and operating decisions. Additionally, management believes these non-GAAP financial measures provide investors with additional financial information that should be considered when assessing the Company's underlying business performance and trends.

2 On February 20, 2026, the U.S. Supreme Court ruled that U.S. tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”) on goods imported into the U.S. were unauthorized. During the fourth quarter of fiscal 2026, the Company deemed the recovery of IEEPA tariffs paid to be probable. For the three and twelve months ended May 31, 2026, North America and Converse include a $965 million and $21 million benefit, respectively, for the expected recovery of the IEEPA tariffs paid on goods imported into the U.S. For the twelve months ended May 31, 2026, the benefit largely offsets the impact of the IEEPA tariffs recognized during fiscal 2026.

3 Global Brand Divisions primarily represents costs, including product creation and design expenses, that are centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.

4 Corporate consists primarily of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company's corporate headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses.