Common-Size Income Statement
Quarterly Data
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Nike Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).
- Revenue and Gross Profit Trends
- Revenues remain stable at 100% across all periods, serving as the baseline for analysis. Gross profit margins demonstrate notable fluctuations. From August 2018 to early 2020, gross profit consistently ranges between approximately 44% to 46%, indicating a stable cost structure relative to revenue. However, a significant decline to approximately 37% occurs in May 2020, coinciding with a spike in the cost of sales to around 62.7%. Thereafter, gross profit recovers to the mid-40% range but gradually trends downward to about 41.5% by February 2025. This pattern suggests a temporary margin compression likely driven by increased production or procurement costs around mid-2020 followed by persistent challenges affecting gross profitability.
- Cost of Sales
- The cost of sales as a percentage of revenues generally fluctuates between -53% to -57%, except for a marked increase to -62.73% in May 2020. This exceptional rise correlates with the reduction in gross profit during the same period. Post this spike, cost of sales decreases slightly but remains elevated compared with pre-2020 levels, trending upward again toward the end of the data set, reaching approximately -58.5% by February 2025. This indicates recurring pressures on cost efficiency or input costs.
- Demand Creation Expense
- Demand creation expenses display variability throughout the periods, typically oscillating between -6% and -10%. The data reveals a sharp increase to about -13% in May 2020, after which expenses decline to around -6.4% in the following quarter. In the longer term, demand creation costs moderately increase, reaching peaks near -10.5% and then fluctuating around -9% toward early 2025. These changes suggest strategic shifts in marketing and promotional spending, possibly in response to external market conditions or company initiatives.
- Operating Overhead and Selling & Administrative Expenses
- Operating overhead expense percentages of revenues show relative stability around -22% to -24%, aside from a notable spike to -37.5% in May 2020, aligning with anomalies in other operating metrics. Selling and administrative expenses similarly range mostly between -28% and -34%, with a significant increase to roughly -50.5% during May 2020. Both categories experience elevated costs during this quarter, followed by reversion to pre-spike levels with some volatility. Overall, these expense categories maintain a consistent share of revenues with periodic surges likely linked to extraordinary events.
- Operating Income
- Operating income is generally positive, ranging roughly from 10% to 17% of revenues, reflecting profitability from core operations. A pronounced drop to -13.3% occurs in May 2020, mirroring cost and expense spikes. Following this decline, operating income rebounds strongly to above 15% and fluctuates in the 10%-14% range thereafter. The data indicates resilience in operating profitability despite episodic disruptions.
- Interest and Other Income (Expense), Net
- Interest income (expense), net, predominantly represents a small expense, generally between -0.1% and -0.2%, with the exception of May 2020 showing a greater expense near -0.79%. Afterwards, there is a slight improvement, occasionally turning slightly positive. Other income (expense) demonstrates more variability but remains near zero, with intermittent positive and negative contributions. This suggests limited impact of financing activities and other incidental items on overall performance.
- Income Before Income Taxes and Net Income
- Income before income taxes ranges from just above 7% to nearly 17%, closely tracking operating income patterns with a similar decline in May 2020, followed by recovery. Income tax expense percentages fluctuate more widely, including a few slightly positive values, indicating possible tax benefits or adjustments in certain quarters. Net income follows the general trend of income before taxes, with margins moving roughly between 7% and 15%, dipping negative only in May 2020, and recovering thereafter with modest volatility. This pattern underscores a mostly consistent net profitability profile tempered by a significant short-term disruption.
- Summary of Observations
- The data exhibits a clear transitional disruption during the quarter ending May 31, 2020, characterized by spikes in cost of sales, expenses, and negative profitability metrics. This period likely corresponds to extraordinary external or operational challenges. Outside this event, the company maintains relatively stable margins and cost structures, with gross profit and operating income margins demonstrating modest variability but overall positive trends. Cost management in demand creation and overhead expenses remains an area of fluctuation but generally stable within expected ranges. Interest and other income effects are relatively minor. Net income margins confirm a capacity to generate consistent profitability, albeit with some sensitivity to external shocks or cost pressures.