Short answer
Nike, Inc. (NKE) filed its Q4 2025 10-Q quarterly report on Dec 30, 2025 for the quarter ended Nov 30, 2025. Quarterly revenue was $12.4B (up 0.6% year over year) with net income of $792M.
Q4 2025 key financials · XBRL
- Revenue
- $12.4B
- +0.6% YoY · +6.0% QoQ
- Net income
- $792M
- −31.9% YoY · +8.9% QoQ
- Gross margin
- 40.6%
- EPS (diluted)
- $0.54
- −30.8% YoY · +10.2% QoQ
Source: XBRL data from the Nike, Inc. (NKE) Q4 2025 10-Q on SEC EDGAR. USD.
Nike, Inc. Q4 2025 10-Q analysis
AI summary of MD&A and risk factor updates
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
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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