olivlawolivlaw

olivLaw · US equity research

NIKE, Inc. NKE

Rubber & Plastics Footwear · SIC 3021

40.49USD+5.22% · 1 dayClose 04 Nov 2026

NIKE, Inc. is the largest seller of athletic footwear and apparel in the world. Revenues were $46.4 billion in fiscal 2026, flat on a reported basis, and fell to $11.2 billion in the first quarter of fiscal 2027, down 4%. The company announced Pace, an operating model transformation, and guided to a high-single-digit revenue decline for fiscal 2027.

At the close of 04 Nov 2026, NIKE, Inc. (NKE) stock was 40.49 USD (+5.22% on the day), with market capitalisation 34.6 bn USD, P/E 19.5 on diluted EPS of 2.08 USD over the last 12 months, dividend yield 4.05%, beta 0.88, 52-week range 33.87–67.78 USD. Latest reported quarter (Q1 2027): revenue of 11.2 bn USD (−4.3% YoY), net income of 712.0 m USD (−2.1% YoY), diluted EPS 0.48 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
34.6 bn USD
shares as of 17 Jul 2015
P/E (TTM)
19.5
Diluted EPS TTM 2.08 · TTM to 31 Aug 2026
E/P (TTM)
5.14%
TTM to 31 Aug 2026
Dividend yield
4.05%
DPS 12m 1.64
Beta (2y)
0.88
Volatility (1y) 37%
52-week range
33.8767.78

Price history

Loading chart…

Technical reading

RSI (14)
67.8
strong (55–70)
Bollinger (20, 2)
34.29 – 40.28
above the upper band · %B 1.03 · band width 16.1%
SMA 50 / 200
36.89 / 45.68
mixed trend
MACD (12, 26, 9)
0.74 / 0.41
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+19.2%−1.1%+20.3 pp—
3 months−4.6%−0.5%−4.2 pp—
6 months−7.7%+4.4%−12.1 pp—
Year to date−36.4%+12.3%−48.8 pp—
1 year−33.9%+13.5%−47.4 pp—
3 years−62.2%+76.4%−138.6 pp—
5 years−77.2%+63.7%−140.9 pp—
Max drawdown (1y)
−50.0%
15 Dec 2025 → 02 Oct 2026
Max drawdown (5y)
−80.6%
19 Nov 2021 → 02 Oct 2026
Compound annual growth (5y)
−25.6%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q1 2027 · 31 Aug 2026

Revenue
11.2 bn USD
−4.3% YoY
Net income
712.0 m USD
−2.1% YoY
Diluted EPS
0.48
−2.0% YoY
net / operating
6.3% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27
Revenue12.4 bn11.3 bn11.1 bn11.7 bn12.4 bn11.3 bn11.0 bn11.2 bn
Cost of revenue7.0 bn6.6 bn6.6 bn6.8 bn7.4 bn6.7 bn5.6 bn6.4 bn
Gross profit5.4 bn4.7 bn4.5 bn4.9 bn5.0 bn4.5 bn5.4 bn4.8 bn
SG&A4.0 bn3.9 bn4.1 bn4.0 bn4.0 bn4.0 bn4.1 bn3.9 bn
Depreciation & amortisation190.0 m198.0 m199.0 m190.0 m179.0 m185.0 m193.0 m193.0 m
Pre-tax income1.4 bn844.0 m318.0 m922.0 m999.0 m650.0 m1.3 bn921.0 m
Income tax253.0 m50.0 m107.0 m195.0 m207.0 m130.0 m260.0 m209.0 m
Net income1.2 bn794.0 m211.0 m727.0 m792.0 m520.0 m1.1 bn712.0 m
Diluted EPS0.780.540.14 ≈0.490.530.350.72 ≈0.48
Operating cash flow1.0 bn ≈1.8 bn ≈463.0 m222.0 m579.0 m ≈430.0 m ≈1.6 bn135.0 m
Capex129.0 m ≈81.0 m ≈100.0 m207.0 m193.0 m ≈146.0 m ≈138.0 m199.0 m
Dividends paid557.0 m ≈594.0 m ≈591.0 m591.0 m598.0 m ≈609.0 m ≈609.0 m610.0 m
Share repurchases1.1 bn ≈506.0 m ≈199.0 m126.0 m20.0 m ≈0 ≈00

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 2 percentile of its own 44-quarter history (min 18.8, median 31.8, max 76.5; quarters with earnings only).

Fiscal years

Fiscal year20192020202120222023202420252026
Revenue39.1 bn37.4 bn44.5 bn46.7 bn51.2 bn51.4 bn46.3 bn46.4 bn
Revenue YoY+7.5%−4.4%+19.1%+4.9%+9.6%+0.3%−9.8%+0.2%
Net income4.0 bn2.5 bn5.7 bn6.0 bn5.1 bn5.7 bn3.2 bn3.1 bn
Net income YoY+108.4%−37.0%+125.6%+5.6%−16.1%+12.4%−43.5%−3.4%
Diluted EPS2.491.603.563.753.233.732.162.10
Diluted EPS YoY+112.8%−35.7%+122.5%+5.3%−13.9%+15.5%−42.1%−2.8%
net %10.3%6.8%12.9%12.9%9.9%11.1%7.0%6.7%
Free cash flow4.8 bn1.4 bn6.0 bn4.4 bn4.9 bn6.6 bn3.3 bn2.2 bn

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2026 · 31 May 2026

Cash
7.6 bn USD
Financial debt
7.9 bn USD
Net debt
379.0 m USD
Equity
14.9 bn USD
Total assets
38.4 bn USD
Debt / equity
0.53x
Current ratio
1.96x
ROE
22.1%
ROA
8.3%
FCF margin
4.7%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2024
51.4 bn
2025
46.3 bn
2026
46.4 bn

SEC (XBRL)· 15 Jul 2026verified

Cost of revenue
2024
28.5 bn
2025
26.5 bn
2026
26.5 bn

SEC (XBRL)· 15 Jul 2026verified

Gross profit
2024
22.9 bn
2025
19.8 bn
2026
19.9 bn

SEC (XBRL)· 15 Jul 2026verified

SG&A
2024
16.6 bn
2025
16.1 bn
2026
16.1 bn

SEC (XBRL)· 15 Jul 2026verified

Depreciation & amortisation
2024
796.0 m
2025
775.0 m
2026
747.0 m

SEC (XBRL)· 15 Jul 2026verified

Pre-tax income
2024
6.7 bn
2025
3.9 bn
2026
3.9 bn

SEC (XBRL)· 15 Jul 2026verified

Income tax
2024
1.0 bn
2025
666.0 m
2026
792.0 m

SEC (XBRL)· 15 Jul 2026verified

Net income
2024
5.7 bn
2025
3.2 bn
2026
3.1 bn

SEC (XBRL)· 15 Jul 2026verified

Diluted EPS
2024
3.73
2025
2.16
2026
2.10

SEC (XBRL)· 15 Jul 2026verified

Weighted average diluted shares
2024
1.5 bn
2025
1.5 bn
2026
1.5 bn

SEC (XBRL)· 15 Jul 2026verified

Dividend per share
2024
1.45
2025
1.57
2026
1.63

SEC (XBRL)· 15 Jul 2026verified

Balance sheet · USD

Cash
2024
9.9 bn
2025
7.5 bn
2026
7.6 bn

SEC (XBRL)· 15 Jul 2026verified

Receivables
2024
4.4 bn
2025
4.7 bn
2026
5.9 bn

SEC (XBRL)· 15 Jul 2026verified

Current assets
2024
25.4 bn
2025
23.4 bn
2026
24.6 bn

SEC (XBRL)· 15 Jul 2026verified

Property, plant & equipment, net
2024
5.0 bn
2025
4.8 bn
2026
4.8 bn

SEC (XBRL)· 15 Jul 2026verified

Goodwill
2024
240.0 m
2025
240.0 m
2026
240.0 m

SEC (XBRL)· 15 Jul 2026verified

Intangibles (excl. goodwill)
2024
259.0 m
2025
259.0 m
2026
259.0 m

SEC (XBRL)· 15 Jul 2026verified

Total assets
2024
38.1 bn
2025
36.6 bn
2026
38.4 bn

SEC (XBRL)· 15 Jul 2026verified

Accounts payable
2024
2.9 bn
2025
3.5 bn
2026
3.6 bn

SEC (XBRL)· 15 Jul 2026verified

Short-term debt
2024
6.0 m
2025
5.0 m
2026
2.0 bn

SEC (XBRL)· 15 Jul 2026verified

Long-term debt
2024
7.9 bn
2025
8.0 bn
2026
5.9 bn

SEC (XBRL)· 15 Jul 2026verified

Current liabilities
2024
10.6 bn
2025
10.6 bn
2026
12.5 bn

SEC (XBRL)· 15 Jul 2026verified

Equity
2024
14.4 bn †
2025
13.2 bn †
2026
14.9 bn †

SEC (XBRL)· 15 Jul 2026verified

Cash flow · USD

Operating cash flow
2024
7.4 bn
2025
3.7 bn
2026
2.9 bn

SEC (XBRL)· 15 Jul 2026verified

Capex
2024
812.0 m
2025
430.0 m
2026
684.0 m

SEC (XBRL)· 15 Jul 2026verified

Free cash flow
2024
6.6 bn ≈
2025
3.3 bn ≈
2026
2.2 bn ≈

SEC (XBRL)· 15 Jul 2026derived

Investing cash flow
2024
894.0 m
2025
-275.0 m
2026
-488.0 m

SEC (XBRL)· 15 Jul 2026verified

Financing cash flow
2024
-5.9 bn
2025
-5.8 bn
2026
-2.3 bn

SEC (XBRL)· 15 Jul 2026verified

Dividends paid
2024
2.2 bn
2025
2.3 bn
2026
2.4 bn

SEC (XBRL)· 15 Jul 2026verified

Share repurchases
2024
4.3 bn
2025
3.0 bn
2026
146.0 m

SEC (XBRL)· 15 Jul 2026verified

Computed indicators

Growth

Revenue growth (YoY)
0.2%
computed by olivLawFY 2026
Revenue CAGR 3Y
-3.2%
computed by olivLawFY 2023 → FY 2026
Revenue CAGR 5Y
0.8%
computed by olivLawFY 2021 → FY 2026
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
-3.4%
computed by olivLawFY 2026
Net income CAGR 3Y
-15.1%
computed by olivLawFY 2023 → FY 2026
Net income CAGR 5Y
-11.5%
computed by olivLawFY 2021 → FY 2026
EPS growth (YoY)
-2.8%
computed by olivLawFY 2026
EPS CAGR 3Y
-13.4%
computed by olivLawFY 2023 → FY 2026
EPS CAGR 5Y
-10.0%
computed by olivLawFY 2021 → FY 2026
FCF growth (YoY)
-33.2%
computed by olivLawFY 2026

Profitability

Gross margin
43.1%
computed by olivLawTTM to 31 Aug 2026
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
6.7%
computed by olivLawTTM to 31 Aug 2026
FCF margin
4.6%
computed by olivLawTTM to 31 Aug 2026

Returns

ROE
21.6%
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
ROA
8.2%
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
78.8%
computed by olivLawTTM to 31 Aug 2026
Payout ratio (FCF)
115.2%
computed by olivLawTTM to 31 Aug 2026

Balance sheet

Net debt
990.0 m USD
computed by olivLawbalance sheet at 31 Aug 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.5x
computed by olivLawbalance sheet at 31 Aug 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
2.1x
computed by olivLawbalance sheet at 31 Aug 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.6x
computed by olivLawbalance sheet at 31 Aug 2026

Cash

Operating cash flow
2.8 bn USD
computed by olivLawTTM to 31 Aug 2026
Capital expenditure
676.0 m USD
computed by olivLawTTM to 31 Aug 2026
Free cash flow
2.1 bn USD
computed by olivLawTTM to 31 Aug 2026
FCF conversion
68.1%
computed by olivLawTTM to 31 Aug 2026
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
41 days
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
50 days
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
34.6 bn USD
computed by olivLawbalance sheet at 31 Aug 2026
Enterprise value
35.6 bn USD
computed by olivLawbalance sheet at 31 Aug 2026
Market cap / net income TTM
11.2x
computed by olivLawTTM to 31 Aug 2026
P/E (TTM)
19.5x
computed by olivLawTTM to 31 Aug 2026
Earnings yield
5.1%
computed by olivLawTTM to 31 Aug 2026
P/B
2.3x
computed by olivLawbalance sheet at 31 Aug 2026
P/S
0.8x
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
0.8x
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
P/FCF
16.5x
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
FCF yield
6.1%
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
Dividend yield
4.1%
computed by olivLawTTM to 31 Aug 2026
Shareholder yield (distributions)
7.1%
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 45 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

40.49 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 34.6 bn USD

Key indicators

Market capitalisation
34.6 bn USD
computed by olivLawbalance sheet at 31 Aug 2026
P/E (TTM)
19.5x
computed by olivLawTTM to 31 Aug 2026
P/B
2.3x
computed by olivLawbalance sheet at 31 Aug 2026
EV/EBITDA
unavailable
input data missing
ROE
21.6%
computed by olivLawTTM to 31 Aug 2026 · balance sheet at 31 Aug 2026
Net margin
6.7%
computed by olivLawTTM to 31 Aug 2026
Revenue growth (YoY)
0.2%
computed by olivLawFY 2026
Dividend yield
4.1%
computed by olivLawTTM to 31 Aug 2026

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2026
Latest reported period: 31 Aug 2026
Latest balance sheet date: 31 Aug 2026
Share count (cover of the latest filing), as of: 17 Jul 2015
Source: SEC (XBRL)published 02 Oct 2026
verified 2615derived 236

Score by group

  • Valuation60
  • Returns63
  • Quality50
  • Balance sheet100
  • Growth0

Estimated value range

Low
21.42
USD per share
Mid
24.57
USD per share
High
28.81
USD per share
Price: 40.49 USD
The price is above the range
Potential to the central value: -39.3% (value / price − 1)
Margin of safety: -64.8% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 21.42 – 28.81 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · not enough peers
  • Dividend discount (DDM)21.42 – 28.81 (Mid 24.57)
Multiple comparisons use the SIC vertical

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 45/100

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality6.7%45 (on a fixed band)10%
FCF conversion · Quality68.1%54 (on a fixed band)10%
Revenue CAGR 3Y · Growth-3.2%0 (on a fixed band)13%
EPS CAGR 3Y · Growth-13.4%0 (on a fixed band)13%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet2.1x100 (on a fixed band)7%
P/E (TTM) · Valuation19.5x48 (on a fixed band)17%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation6.1%76 (on a fixed band)13%
Shareholder yield (distributions) · Returns7.1%100 (on a fixed band)10%
Payout ratio (FCF) · Returns115.2%7 (on a fixed band)7%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth0/100 · 2/2 factors with a value
  • Quality50/100 · 2/3 factors with a value
  • Returns63/100 · 2/2 factors with a value
  • Valuation60/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

NIKE, Inc. (NKE). Latest full fiscal year: 2026; data up to 2026-08-31.

Figures computed from the financial statements: revenue 46.4 bn USD in 2026; YoY growth 0.2%; net margin 6.7%; ROE 21.6%.

The estimated value range is 21.42–28.81 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 24.57 USD, the price of 40.49 USD leaves a potential of -39.3% (value / price − 1) and a margin of safety of -64.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 45/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 2.1x
  • FCF yield: 6.1%
  • Shareholder yield (distributions): 7.1%

What contradicts it

  • Revenue CAGR 3Y: -3.2%
  • EPS CAGR 3Y: -13.4%
  • Payout ratio (FCF): 115.2%
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.

Versus the vertical median

Not enough comparable companies with data for an average.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
38.35
Total return -0% · Per year -0%
68.08
Total return 75% · Per year 75%
102.92
Total return 162% · Per year 162%
3 years
31.66
Total return -8% · Per year -3%
63.74
Total return 77% · Per year 21%
106.58
Total return 188% · Per year 42%
5 years
26.13
Total return -14% · Per year -3%
59.68
Total return 79% · Per year 12%
110.36
Total return 215% · Per year 26%
What moves the 3-year price the most
  • Exit P/E± 15.93
  • Net margin± 11.15
  • Annual revenue growth± 9.89
  • Annual dilution± 0.94

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

NIKE, Inc. is the largest seller of athletic footwear and apparel in the world 1. Revenues were $46.4 billion in fiscal 2026, flat on a reported basis 1, and fell to $11.2 billion in the first quarter of fiscal 2027, down 4% 23. The company announced Pace, an operating model transformation, and guided to a high-single-digit revenue decline for fiscal 2027 3.

SWOT

Strengths

  • Leading global position in athletic footwear and apparel, with recognized brands and a broad network of stores and digital platforms 1.
  • Technology and product innovation capability, supported by research teams and athletes who test products 1.
  • Ability to return capital to shareholders, mainly through dividends, even when revenues are under pressure 1.

Weaknesses

  • Reliance on outsourced production and a few large suppliers exposes the company to supply disruptions 1.
  • Declining sales in Greater China and Converse show vulnerabilities in certain markets and segments 2.
  • Higher inventories and the need for discounts have pressured margins and profitability in some quarters 1.

Opportunities

  • The Pace program could reduce structural costs and raise productivity if savings are delivered as planned 2.
  • Repositioning digital platforms and reinvesting in wholesale distribution could restore long-term growth 2.
  • Developing digital services and consumer experiences could strengthen engagement with customers 1.

Threats

  • Tariffs and protectionist trade policies could raise costs and weigh on sales across the industry 1.
  • Intense competition from new and agile brands could erode market share and pressure prices 1.
  • Currency swings and uncertain global economic conditions could reduce reported results in dollars 1.

Risks

  • Trade policy and tariffshigh

    Tariffs and trade restrictions could raise the cost of imported products and reduce margins if they cannot be passed on to consumers 1.

  • Concentrated productionhigh

    A small number of suppliers and production concentrated in a few countries could lead to delivery disruptions if local shocks occur 1.

  • Currency exposuremedium

    Exchange rate movements could affect reported revenues and profit, since a large part of sales is made in other currencies 1.

  • Inventory and discountingmedium

    High inventories could lead to price reductions and margin pressure if demand does not recover 2.

  • Pace executionmedium

    Savings and costs for Pace could differ from estimates, particularly because of local legal requirements 2.

Investment thesis

What would need to be true (bull case)

  • If the Pace program and brand repositioning meet their targets, the company could return to sustained growth with better margins 23.
  • Its global leadership and distribution network give a solid base to recover from the period of high inventories 1.
  • The gross margin improvement in the first quarter shows that efficiency measures can support profitability 3.

What would break the thesis

  • If the decline in Greater China and Converse sales persists, revenues could stay under more pressure than expected 2.
  • Tariffs and trade policies could reduce margins and weaken product competitiveness in key markets 1.
  • Intense competition and price reductions could limit the company's ability to protect its market share 1.

What to watch

  • Revenue trend and fiscal 2027 guidanceQ2 2027
  • Progress and realized savings of the Pace program2027
  • Sales trends in Greater China and ConverseQ2 2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

NIKE, Inc. operates through the NIKE, Jordan and Converse brands, with products designed mainly for sport and also for casual use 1. Sales go through two channels: NIKE Direct, which includes company-owned stores and digital platforms, and wholesale customers 1. NIKE Brand revenues were $45.2 billion in fiscal 2026 1, of which NIKE Direct generated $17.7 billion 1.

Manufacturing is almost entirely outsourced to independent contractors, mostly outside the United States 1. In fiscal 2026, factories in Vietnam, Indonesia and China made most NIKE Brand footwear, and four footwear contractors accounted for about 60% of footwear production 1. The company noted that trade policy and tariffs have raised product costs 1.

Segments

NIKE Brand footwear

Footwear generated $29.5 billion in fiscal 2026, roughly flat year on year 1. Units fell slightly and a lower average price per pair reduced revenue modestly, mainly because of channel mix 1.

NIKE Brand apparel

Apparel rose to $13.4 billion in fiscal 2026, supported by product mix and slightly higher unit sales 1. In the first quarter of fiscal 2027 Greater China revenues declined sharply 2.

Market context

The relevant market covers footwear, apparel and sports equipment, an industry with intense competition worldwide 1. In fiscal 2026 the United States accounted for about 44% of revenues and markets outside it for 56% 1. The company notes that demand depends on consumer trends and the popularity of particular sports 1.

Trends

  • Pace programmixed

    Pace is a multi-year operating model transformation aimed at lowering costs and reorganizing into three geographies 2. The company estimates about $2.5 billion in cumulative savings through fiscal 2031, if the plan proceeds as estimated 2.

  • Weaker demand in Greater Chinaheadwind

    In Greater China store traffic has declined, and heavy promotions and inventory across the market have weighed on revenues and profitability 2. The company expects these effects to continue through fiscal 2027 1.

  • Digital channel pressureheadwind

    NIKE Direct sales fell in the first quarter of fiscal 2027 as digital traffic declined 3. The company is repositioning its digital platform as a full-price channel, which could limit volume in the short term 2.

  • Gross margin improvementtailwind

    Gross margin rose to 42.8% in the first quarter of fiscal 2027, helped by lower warehousing and logistics costs 3. If this trend holds, it could support profitability during the restructuring 3.

Competitive position

NIKE competes in a highly competitive industry with players such as adidas, ASICS, Puma, Under Armour, lululemon athletica, New Balance, On, Anta, Li Ning, Deckers and V.F. Corporation 1. The company differentiates through innovation, consumer connection and effective distribution 1.

Competitive risk is increased by new, more agile footwear and apparel companies and by the growing role of digital tools and artificial intelligence in selling 1. If NIKE does not adapt its platforms and products quickly, its market position could be affected 1.

  • adidas

    Global competitor in footwear and sportswear, named in the company's annual report 1.

  • Under ArmourUAA

    Competitor in apparel and footwear, listed among NIKE's named competitors 1.

  • lululemon athleticaLULU

    Competitor in performance and lifestyle apparel, named by NIKE 1.

  • Deckers BrandsDECK

    Competitor in footwear including running, named in NIKE's report 1.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

  • Quarterly report02 Oct 2026
  • Current report01 Oct 2026
    Results of operations · Exit or disposal costs · Financial statements and exhibits
  • Current report16 Sept 2026
    Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
  • Current report10 Sept 2026
    Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
  • Current report10 Aug 2026
    Departure or appointment of officers
  • Proxy statement15 Jul 2026
  • Annual report15 Jul 2026
  • Current report30 Jun 2026
    Results of operations · Financial statements and exhibits
  • Current report23 Jun 2026
    Results of operations · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
  • Current report18 Jun 2026
    Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits

Sources

  1. [1] Form 10-K, fiscal year ended 2026-05-31 · SEC / NIKE, Inc. · 15 Jul 2026
  2. [2] Form 10-Q, quarter ended 2026-08-31 · SEC / NIKE, Inc. · 02 Oct 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / NIKE, Inc. · 01 Oct 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.