Common-Size Income Statement
Quarterly Data
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Nike Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Current Ratio since 2005
- Debt to Equity since 2005
- Analysis of Revenues
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Nike Inc., common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 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).
The financial performance from August 2020 through May 2026 is characterized by a prolonged period of margin compression followed by a sharp recovery in the final quarter. Profitability metrics experienced a steady decline between 2021 and early 2025, driven primarily by escalating operating expenses and a gradual increase in the cost of sales, before rebounding significantly in the final reported period.
- Gross Profitability Trends
- Gross profit margins remained relatively stable between 43% and 46% from August 2020 through 2023. A downward trajectory became evident starting in late 2024, with margins contracting to a low of 40.16% by February 2026. This trend was abruptly reversed in May 2026, where gross profit surged to 49.15%, marking the highest margin observed across the entire analyzed period.
- Operating Expense Analysis
- Total selling and administrative expenses exhibited a consistent upward trend, rising from 28.08% of revenues in August 2020 to 37.20% by May 2026. This increase is attributable to two primary factors: demand creation expenses, which climbed from 6.39% to a peak of 11.29% in early 2025, and operating overhead expenses, which grew from approximately 21.69% to 26.24% over the same timeframe.
- Operating and Net Income Performance
- Operating income margins saw a significant erosion, falling from a peak of 17.34% in August 2021 to a minimum of 2.89% in May 2025. Net income mirrored this decline, dropping from 15.30% in August 2021 to 1.90% in May 2025. A substantial recovery occurred in May 2026, with operating income returning to 11.95% and net income rising to 9.74%.
- Non-Operating Financial Items
- A structural shift in net interest is observable; the company transitioned from a net interest expense position of approximately 0.6% in 2020 to a consistent net interest income position starting in February 2023. Other net income remained volatile, contributing varying marginal amounts to the pre-tax income throughout the period.