Nike, Inc. (NKE) Q4 2025 10-Q Quarterly Report
Nike, Inc. (NKE) 10-Q quarterly report for Q4 2025, filed with SEC EDGAR on Dec 30, 2025 for the fiscal period ending Nov 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Nike, Inc. Q4 2025 10-Q Analysis
Management Discussion & Analysis
- • Revenue impact from foreign exchange translation benefited consolidated Revenues by $123M (3 months) and $336M (6 months) ended Nov 30, 2025
- • Cash provided by operations $801M, down $642M YoY due to $580M net income decrease and $62M working capital changes
- • Financing activities cash use $1.177B vs $3.070B prior year, $1.893B decrease driven by paused share repurchases
- • Share repurchases paused Q2 FY2026; YTD repurchased 1.8M shares for $122.4M, total 124.4M shares for $12.1B under $18B program
- • Liquidity $8.3B cash & short-term investments; full compliance with credit covenants; debt rating downgraded to Moody's A2 in Nov 2025
Risk Factors
- • New risk: Greater China market challenges triggered by declining store traffic, elevated promotions, high inventory negatively impacting revenues/profitability through FY26
- • Material update: North America tariffs increased product costs, reducing gross margin by ~360 bps, partially offset by lower logistics costs
- • Regulatory/legal risk: Foreign currency fluctuations and hedging losses caused $16M expense in Q2 FY26 vs $8M income prior year, increasing currency risk
- • Operational risk: Decreased NIKE Brand Digital sales down 14% Q2 FY26 due to reduced traffic, impacting near-term revenues and comparable store sales
- • Financial risk: Gross margin declined 300-310 bps YoY due to tariffs and ASP pressure, pressuring profitability despite 1% revenue growth fiscal YTD
Nike, Inc. Q4 2025 Quarterly FinancialsXBRL
Revenue
$12.4B
▲ +0.6% YoY▲ +6.0% QoQ
Net Income
$792M
▼ -31.9% YoY▲ +8.9% QoQ
Net Margin
6.4%
▼ -304bp YoY▲ +17bp QoQ
Source: XBRL data from Nike, Inc. Q4 2025 10-Q filing on SEC EDGAR. All figures in USD.
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