Revenue growth has stalled to 0.1% in 2026Q3, while gross margins have contracted to 40.2% due to increased promotional intensity.
| Metric | TTM | May'25 | May'24 | May'23 | May'22 | May'21 | May'20 | May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 | May'08 | May'07 | May'06 | May'05 | May'04 | May'03 | May'02 | May'01 | May'00 | May'99 | May'98 | May'97 | May'96 |
|---|
| Sales/Revenue | 46.52B | 46.31B | 51.36B | 51.22B | 46.71B | 44.54B | 37.4B | 39.12B | 36.4B | 34.35B | 32.38B | 30.6B | 27.8B | 25.31B | 23.33B | 20.12B | 19.01B | 19.18B | 18.63B | 16.33B | 14.95B | 13.74B | 12.25B | 10.7B | 9.89B | 9.49B | 9B | 8.78B | 9.55B | 9.19B | 6.47B |
| Revenue Growth % | -2.71% | -9.84% | 0.28% | 9.65% | 4.88% | 19.08% | -4.38% | 7.47% | 5.96% | 6.1% | 5.8% | 10.08% | 9.82% | 8.5% | 15.98% | 5.8% | -0.85% | 2.95% | 14.09% | 9.17% | 8.84% | 12.13% | 14.55% | 8.13% | 4.26% | 5.49% | 2.49% | -8.13% | 3.99% | 41.97% | 35.91% |
| Cost of Goods Sold | 27.54B | 26.52B | 28.48B | 28.93B | 25.23B | 24.58B | 21.16B | 21.64B | 20.44B | 19.04B | 17.41B | 16.53B | 15.35B | 14.28B | 13.18B | 10.91B | 10.21B | 10.57B | 10.24B | 9.17B | 8.37B | 7.62B | 7B | 6.31B | 6B | 5.78B | 5.18B | 5.26B | 5.83B | 5.33B | 3.77B |
| COGS % of Revenue | - | 57.27% | 55.44% | 56.48% | 54.02% | 55.18% | 56.58% | 55.33% | 56.16% | 55.42% | 53.76% | 54.03% | 55.23% | 56.41% | 56.5% | 54.26% | 53.72% | 55.13% | 54.97% | 56.14% | 55.95% | 55.49% | 57.14% | 59.02% | 60.7% | 60.97% | 57.59% | 59.98% | 61.05% | 58.07% | 58.33% |
| Gross Profit | 18.99B | 19.79B | 22.89B | 22.29B | 21.48B | 19.96B | 16.24B | 17.47B | 15.96B | 15.31B | 14.97B | 14.07B | 12.45B | 11.03B | 10.15B | 9.2B | 8.8B | 8.6B | 8.39B | 7.16B | 6.59B | 6.12B | 5.25B | 4.38B | 3.89B | 3.7B | 3.81B | 3.51B | 3.72B | 3.85B | 2.7B |
| Gross Margin % | 40.81% | 42.73% | 44.56% | 43.52% | 45.98% | 44.82% | 43.42% | 44.67% | 43.84% | 44.58% | 46.24% | 45.97% | 44.77% | 43.59% | 43.5% | 45.74% | 46.28% | 44.87% | 45.03% | 43.86% | 44.05% | 44.51% | 42.86% | 40.98% | 39.3% | 39.03% | 42.41% | 40.02% | 38.95% | 41.93% | 41.67% |
| Gross Profit Growth % | - | -13.53% | 2.67% | 3.79% | 7.6% | 22.91% | -7.06% | 9.51% | 4.21% | 2.28% | 6.43% | 13.02% | 12.8% | 8.73% | 10.28% | 4.57% | 2.27% | 2.59% | 17.13% | 8.71% | 7.71% | 16.45% | 19.81% | 12.73% | 4.98% | -2.91% | 8.62% | -5.61% | -3.39% | 42.85% | 35.79% |
| Operating Expenses | 16.18B | 16.09B | 16.58B | 16.38B | 14.8B | 13.03B | 13.13B | 12.7B | 11.51B | 10.56B | 10.47B | 9.89B | 8.77B | 7.8B | 7.08B | 6.36B | 6.33B | 6.15B | 5.95B | 5.03B | 4.48B | 4.22B | 3.7B | 3.15B | 2.84B | 2.69B | 2.83B | 2.66B | 2.86B | 2.47B | 1.72B |
| OpEx % of Revenue | - | 34.74% | 32.27% | 31.98% | 31.69% | 29.24% | 35.09% | 32.47% | 31.63% | 30.75% | 32.34% | 32.33% | 31.53% | 30.8% | 30.34% | 31.62% | 33.27% | 32.07% | 31.96% | 30.8% | 29.94% | 30.73% | 30.21% | 29.49% | 28.66% | 28.35% | 31.46% | 30.25% | 29.91% | 26.91% | 26.6% |
| Selling, General & Admin | 16.18B | 16.09B | 16.58B | 16.38B | 14.8B | 13.03B | 13.13B | 12.7B | 11.51B | 10.56B | 10.47B | 9.89B | 8.77B | 7.8B | 7.08B | 6.36B | 6.33B | 6.15B | 5.95B | 5.03B | 4.48B | 4.22B | 3.7B | 3.15B | 2.84B | 2.69B | 2.61B | 2.43B | 2.62B | 2.3B | 1.59B |
| SG&A % of Revenue | - | 34.74% | 32.27% | 31.98% | 31.69% | 29.24% | 35.09% | 32.47% | 31.63% | 30.75% | 32.34% | 32.33% | 31.53% | 30.8% | 30.34% | 31.62% | 33.27% | 32.07% | 31.96% | 30.8% | 29.94% | 30.73% | 30.21% | 29.49% | 28.66% | 28.35% | 28.98% | 27.65% | 27.47% | 25.08% | 24.55% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 223.6M | 228.8M | 233.5M | 168.3M | 132.4M |
| Operating Income | 2.81B | 3.7B | 6.31B | 5.92B | 6.67B | 6.94B | 3.12B | 4.77B | 4.45B | 4.75B | 4.5B | 4.17B | 3.68B | 3.24B | 3.07B | 2.84B | 2.47B | 2.45B | 2.43B | 2.13B | 2.11B | 1.89B | 1.55B | 1.23B | 1.05B | 1.01B | 984.9M | 856.8M | 863.8M | 1.38B | 975.3M |
| Operating Margin % | 6.03% | 7.99% | 12.29% | 11.55% | 14.29% | 15.58% | 8.33% | 12.2% | 12.21% | 13.83% | 13.91% | 13.64% | 13.24% | 12.79% | 13.15% | 14.12% | 13.01% | 12.8% | 13.07% | 13.06% | 14.1% | 13.78% | 12.65% | 11.49% | 10.64% | 10.69% | 10.95% | 9.76% | 9.04% | 15.02% | 15.07% |
| Operating Income Growth % | - | -41.34% | 6.69% | -11.39% | -3.78% | 122.7% | -34.72% | 7.36% | -6.4% | 5.49% | 7.83% | 13.45% | 13.65% | 5.51% | 8.03% | 14.83% | 0.78% | 0.87% | 14.16% | 1.07% | 11.38% | 22.2% | 26.06% | 16.8% | 3.78% | 2.97% | 14.95% | -0.81% | -37.4% | 41.47% | 42.23% |
| EBITDA | 3.56B | 4.51B | 7.16B | 6.77B | 7.51B | 7.73B | 4.23B | 5.49B | 5.22B | 5.46B | 5.16B | 4.82B | 4.27B | 3.74B | 3.46B | 3.2B | 2.87B | 2.84B | 2.76B | 2.4B | 2.4B | 2.18B | 1.86B | 1.49B | 1.32B | 1.23B | 1.21B | 1.09B | 1.1B | 1.55B | 1.11B |
| EBITDA Margin % | 7.65% | 9.74% | 13.93% | 13.23% | 16.09% | 17.36% | 11.32% | 14.04% | 14.34% | 15.91% | 15.95% | 15.76% | 15.35% | 14.77% | 14.85% | 15.9% | 15.09% | 14.8% | 14.79% | 14.71% | 16.05% | 15.88% | 15.21% | 13.95% | 13.38% | 12.94% | 13.44% | 12.37% | 11.49% | 16.85% | 17.12% |
| EBITDA Growth % | -38.04% | -36.97% | 5.62% | -9.86% | -2.83% | 82.66% | -22.91% | 5.23% | -4.5% | 5.83% | 7.05% | 13.08% | 14.06% | 7.94% | 8.32% | 11.46% | 1.12% | 3.01% | 14.7% | 0.08% | 10.03% | 17.08% | 24.9% | 12.67% | 7.8% | 1.64% | 11.32% | -1.07% | -29.12% | 39.76% | 42.76% |
| D&A (Non-Cash Add-back) | 751M | 808M | 844M | 859M | 840M | 797M | 1.12B | 720M | 774M | 716M | 662M | 649M | 586M | 502M | 396M | 358M | 396M | 383.3M | 321.5M | 270.2M | 290.9M | 287.7M | 313.5M | 262.5M | 271.6M | 214.1M | 223.6M | 228.8M | 233.5M | 168.3M | 132.4M |
| EBIT | 2.92B | 4.17B | 6.96B | 6.48B | 6.94B | 6.94B | 3.12B | 4.77B | 4.45B | 4.75B | 4.5B | 4.17B | 3.68B | 3.24B | 3.07B | 2.84B | 2.47B | 2.45B | 2.43B | 2.13B | 2.11B | 1.89B | 1.55B | 1.23B | 1.05B | 1.01B | 984.9M | 856.8M | 863.8M | 1.38B | 975.3M |
| Net Interest Income | 71M | 115M | 169M | 14M | -198M | -255M | -82M | -42M | -47M | -55M | -21M | -33M | -38M | -2M | -10M | -10M | -13.7M | 8M | 77.1M | 67.2M | 36.8M | -4.8M | -25M | -28.8M | -34M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 300M | 404M | 430M | 297M | 94M | 34M | 62M | 82M | 70M | 27M | 12M | 6M | 5M | 4M | 27M | 30M | 30.1M | 48.2M | 115.8M | 116.9M | 87.3M | 34.9M | 0 | 14.1M | 13.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 229M | 289M | 261M | 283M | 292M | 289M | 144M | 124M | 117M | 82M | 33M | 39M | 43M | 6M | 37M | 40M | 43.8M | 40.2M | 38.7M | 49.7M | 50.5M | 39.7M | 25M | 42.9M | 47.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 82M | 183M | 389M | 286M | -24M | -276M | -228M | 29M | -120M | 137M | 121M | 30M | -136M | 18M | -58M | 21M | 43M | -498.3M | 69.2M | 68.1M | 32.4M | -33.9M | -99.7M | -106.3M | -35.2M | -92.8M | -65.7M | -110.7M | -210.8M | -84.6M | -76.2M |
| Pretax Income | 2.89B | 3.88B | 6.7B | 6.2B | 6.65B | 6.66B | 2.89B | 4.8B | 4.33B | 4.89B | 4.62B | 4.21B | 3.54B | 3.26B | 3.01B | 2.86B | 2.52B | 1.96B | 2.5B | 2.2B | 2.14B | 1.86B | 1.45B | 1.12B | 1.02B | 921.4M | 919.2M | 746.1M | 653M | 1.3B | 899.1M |
| Pretax Margin % | 6.21% | 8.39% | 13.04% | 12.11% | 14.24% | 14.96% | 7.72% | 12.27% | 11.88% | 14.22% | 14.28% | 13.74% | 12.75% | 12.86% | 12.91% | 14.23% | 13.24% | 10.2% | 13.44% | 13.47% | 14.32% | 13.54% | 11.83% | 10.5% | 10.28% | 9.71% | 10.22% | 8.5% | 6.84% | 14.1% | 13.9% |
| Income Tax | 639M | 666M | 1B | 1.13B | 605M | 934M | 348M | 772M | 2.39B | 646M | 863M | 932M | 851M | 805M | 754M | 690M | 610M | 469.8M | 619.5M | 708.4M | 749.6M | 648.2M | 504.4M | 382.9M | 349M | 331.7M | 340.1M | 294.7M | 253.4M | 499.4M | 345.9M |
| Effective Tax Rate % | 22.12% | 17.14% | 14.93% | 18.24% | 9.1% | 14.02% | 12.05% | 16.08% | 55.31% | 13.22% | 18.67% | 22.16% | 24.01% | 24.72% | 25.04% | 24.11% | 24.24% | 24.01% | 24.75% | 32.2% | 35% | 34.85% | 34.79% | 34.1% | 34.31% | 36% | 37% | 39.5% | 38.81% | 38.56% | 38.47% |
| Net Income | 2.25B | 3.22B | 5.7B | 5.07B | 6.05B | 5.73B | 2.54B | 4.03B | 1.93B | 4.24B | 3.76B | 3.27B | 2.69B | 2.47B | 2.21B | 2.13B | 1.91B | 1.49B | 1.88B | 1.49B | 1.39B | 1.21B | 945.6M | 474M | 663.3M | 589.7M | 579.1M | 451.4M | 399.6M | 795.8M | 553.2M |
| Net Margin % | 4.84% | 6.95% | 11.1% | 9.9% | 12.94% | 12.86% | 6.79% | 10.3% | 5.31% | 12.34% | 11.61% | 10.7% | 9.69% | 9.77% | 9.48% | 10.6% | 10.03% | 7.75% | 10.11% | 9.14% | 9.31% | 8.82% | 7.72% | 4.43% | 6.7% | 6.21% | 6.44% | 5.14% | 4.18% | 8.66% | 8.55% |
| Net Income Growth % | -50.09% | -43.53% | 12.43% | -16.14% | 5.57% | 125.56% | -36.98% | 108.43% | -54.41% | 12.77% | 14.88% | 21.54% | 8.94% | 11.8% | 3.66% | 11.85% | 28.27% | -21.06% | 26.28% | 7.15% | 14.89% | 28.13% | 99.49% | -28.54% | 12.48% | 1.83% | 28.29% | 12.96% | -49.79% | 43.85% | 38.4% |
| Net Income (Continuing) | 2.25B | 3.22B | 5.7B | 5.07B | 6.05B | 5.73B | 2.54B | 4.03B | 1.93B | 4.24B | 3.76B | 3.27B | 2.69B | 2.45B | 2.26B | 2.17B | 1.91B | 1.49B | 1.88B | 1.49B | 1.39B | 1.21B | 945.6M | 740.1M | 668.3M | 589.7M | 579.1M | 451.4M | 399.6M | 795.8M | 553.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21M | -46M | -39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.52 | 2.16 | 3.73 | 3.23 | 3.75 | 3.56 | 1.60 | 2.49 | 1.17 | 2.51 | 2.16 | 1.85 | 1.49 | 1.36 | 1.18 | 1.10 | 0.97 | 0.76 | 0.93 | 0.73 | 0.66 | 0.56 | 0.44 | 0.22 | 0.30 | 0.27 | 0.26 | 0.20 | 0.17 | 0.33 | 0.24 |
| EPS Growth % | -49.5% | -42.09% | 15.48% | -13.87% | 5.34% | 122.5% | -35.74% | 112.82% | -53.39% | 16.2% | 16.76% | 24.16% | 9.56% | 15.25% | 7.27% | 13.4% | 27.63% | -18.28% | 27.4% | 10.61% | 17.86% | 27.27% | 100% | -26.67% | 11.11% | 3.85% | 30% | 17.65% | -48.48% | 37.5% | 41.18% |
| EPS (Basic) | - | 2.17 | 3.76 | 3.27 | 3.83 | 3.64 | 1.63 | 2.55 | 1.19 | 2.56 | 2.21 | 1.90 | 1.52 | 1.38 | 1.21 | 1.12 | 0.98 | 0.77 | 0.95 | 0.74 | 0.67 | 0.58 | 0.45 | 0.22 | 0.31 | 0.27 | 0.26 | 0.20 | 0.17 | 0.34 | 0.24 |
| Diluted Shares Outstanding | 1.48B | 1.49B | 1.53B | 1.57B | 1.61B | 1.61B | 1.59B | 1.62B | 1.66B | 1.69B | 1.74B | 1.77B | 1.81B | 1.83B | 1.88B | 1.94B | 1.98B | 1.96B | 2.02B | 2.04B | 2.11B | 2.16B | 2.16B | 2.14B | 2.18B | 2.18B | 2.24B | 2.3B | 2.37B | 2.38B | 2.35B |
| Basic Shares Outstanding | 1.48B | 1.48B | 1.52B | 1.55B | 1.58B | 1.57B | 1.56B | 1.58B | 1.62B | 1.66B | 1.7B | 1.72B | 1.77B | 1.79B | 1.84B | 1.9B | 1.94B | 1.94B | 1.98B | 2.02B | 2.07B | 2.1B | 2.11B | 2.12B | 2.14B | 2.16B | 2.21B | 2.27B | 2.32B | 2.31B | 2.35B |
| Dividend Payout Ratio | - | 71.45% | 38.05% | 39.68% | 30.38% | 28.6% | 57.19% | 33.06% | 64.3% | 26.72% | 27.18% | 27.47% | 29.67% | 28.44% | 28% | 26.02% | 26.5% | 31.39% | 21.92% | 23.04% | 20.9% | 19.54% | 18.95% | 29.07% | 19.43% | 21.99% | 22.98% | 30.17% | 31.86% | 12.68% | 14.24% |
Innovation and market share loss
As reported in recent financial filings, Nike's revenue growth has stalled, hovering near 0.1% to 1.1% in the most recent quarters, a sharp departure from historical performance that suggests the company is struggling to find a new volume-driven growth engine in a competitive retail landscape.
The transition away from a pure direct-to-consumer focus appears to be creating significant friction in top-line expansion. Investors should monitor whether this stagnation reflects a temporary inventory clearing cycle or a more permanent loss of brand relevance against emerging performance-focused competitors.
Based on the company's quarterly income statements, gross margins have contracted from historical mid-40s levels to 40.2% in 2026Q3, indicating that the firm is relying on increased promotional activity to move inventory, which may be eroding the premium pricing power of its core footwear franchises.
The persistent decline in gross margin suggests that the company's product mix is currently skewed toward lower-margin legacy items rather than high-heat, full-price innovations. This trend warrants further investigation into whether the brand can regain its pricing authority without sacrificing volume in a crowded athletic footwear market.
According to the latest income statement data, operating margins have compressed to 4.9% in 2026Q3, demonstrating that the company's fixed cost base, particularly in demand creation, is not scaling efficiently against the current stagnant revenue environment, thereby limiting overall profitability for shareholders.
The inability to leverage SG&A expenses suggests that the company's marketing spend is currently yielding diminishing returns in terms of top-line conversion. This lack of operating leverage implies that any further revenue weakness could lead to disproportionate declines in operating income, putting additional pressure on the bottom line.
As indicated by the provided financial data, stock-based compensation remains a consistent expense of approximately $170M to $194M per quarter, which continues to weigh on net income and EPS, potentially masking the true underlying operational performance of the business during this period of transition.
The persistent impact of stock-based compensation, combined with the volatility in net income, suggests that reported EPS may not fully capture the cash-generative capacity of the core business. Investors should monitor the relationship between these non-cash expenses and the company's ability to maintain consistent earnings growth.
Based on the comparative analysis of peer performance, Nike's recent -35.2% EPS growth in 2026Q3 highlights a significant vulnerability, as smaller, more agile competitors like On Holding continue to capture market share, suggesting that Nike's scale may be acting as a barrier to necessary innovation.
Short-sellers may focus on the potential for a structural decline in the Jordan Brand's cultural resonance, which has historically served as a high-margin annuity. If the company cannot successfully pivot its product pipeline to address the performance-running segment, the current margin compression may prove to be a long-term trend rather than a cyclical trough.
Quick answers to the most common questions about buying NKE stock.
For fiscal year 2025, NIKE, Inc. (NKE) reported total revenue of $46.31B. This represents a 615.7% increase compared to $6.47B in 1996.
NIKE, Inc. (NKE) is profitable, generating $3.22B in net income for the fiscal year ending 2025 with a net profit margin of 7.0%.
NIKE, Inc. (NKE) reported an operating income of $3.70B, resulting in an operating profit margin of 8.0%. This margin reflects the operational efficiency of the business before interest and taxes.
NIKE, Inc. (NKE) generated $19.79B in gross profit for the year, representing a gross profit margin of 42.7%. This demonstrates the company's core pricing power and production efficiency.