Nike, Inc. (NKE) FY2026 10-K Annual Report
Nike, Inc. (NKE) 10-K annual report for fiscal year 2026, filed with SEC EDGAR on Jul 15, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Nike, Inc. FY2026 10-K Analysis
Business Overview
- • Core business: Design, development, marketing, and worldwide selling of athletic footwear, apparel, equipment, accessories, and digital consumer services
- • Strategic emphasis on digital platform growth and interactive consumer experiences alongside product innovation in athletic and casual segments
- • Contract manufacturers operated 95 footwear factories in 11 countries and 321 apparel factories in 34 countries, with Vietnam, Indonesia, and China leading production
- • Employee count approximately 73,000 worldwide, including retail and part-time, with expanded investments in employee well-being, diversity, and inclusion initiatives
- • Executive leadership updates include Venkatesh Alagirisamy as COO since Dec 2025 and upcoming CFO transition effective Aug-Sept 2026
Management Discussion & Analysis
- • Revenue $46.4B, flat YoY reported; down 2% currency-neutral; NIKE Brand wholesale up 6% to $27.5B; NIKE Direct down 6% to $17.7B
- • Gross margin 42.9% vs 42.7%, +20 bps; Net income $3.1B down 3%; EBIT margin 8.3% vs 8.2%; ROIC 18.7% vs 20.2%
- • Best segment: North America revenue $20.5B, EBIT $5.4B (+14% EBIT); Worst: Converse revenue $1.2B (-31%), EBIT loss widened 93%
- • Operating cash flow $2.9B; investing cash flow ($488M); financing cash flow ($2.3B) mainly dividends; share repurchases $122M (1.8M shares)
- • Guidance: ongoing challenges in Greater China and Converse expected in FY27; focus on product innovation, marketplace and brand management; supply chain realignment ongoing
Risk Factors
- • Legal risk: Risks from evolving and conflicting corporate responsibility laws including climate and diversity regulations with increased compliance costs and reputational damage
- • Macroeconomic threat: Global currency fluctuations affecting majority of foreign sales and costs, with hedging only partially mitigating impacts on reported results
- • Supply chain vulnerability: Concentrated footwear contract manufacturers risk delays or quality issues, with specialized manufacturers possibly going out of business
- • Market disruption risk: Industry competition intensified by AI adoption; failure to innovate or leverage AI in NIKE Direct digital commerce could erode market position
- • Financial risk: 2025 downgrade by S&P and Moody's may raise borrowing costs and restrict financing flexibility due to potential covenant violations
Nike, Inc. FY2026 Key Financial MetricsXBRL
Revenue
$46.4B
▲ +0.2% YoY
Net Income
$3.1B
▼ -3.4% YoY
Gross Margin
42.9%
▲ +18bp YoY
Net Margin
6.7%
▼ -25bp YoY
ROE
20.9%
▼ -345bp YoY
Total Assets
$38.4B
▲ +5.0% YoY
EPS (Diluted)
$2.10
▼ -2.8% YoY
Operating Cash Flow
$2.9B
▼ -22.4% YoY
Source: XBRL data from Nike, Inc. FY2026 10-K filing on SEC EDGAR. All figures in USD.
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