Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Cash Flow Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Nike Inc., consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31).
The financial performance over the analyzed six-year period is characterized by an initial phase of revenue growth followed by a significant contraction and subsequent stagnation. While revenues peaked in 2024, the latter part of the period shows a marked decline in both operational efficiency and bottom-line profitability.
- Revenue and Gross Profit Trends
- Revenues exhibited a steady upward trajectory from 2021 to 2024, rising from 44,538 million US$ to a peak of 51,362 million US$. However, a sharp reversal occurred in 2025, with revenues falling to 46,309 million US$ and remaining nearly flat through 2026. Gross profit mirrored this pattern, peaking at 22,887 million US$ in 2024 before dropping to approximately 19,911 million US$ by 2026. This indicates a contraction in overall sales volume and a reduction in the absolute gross margin available to cover operating costs.
- Operating Expense Analysis
- A divergent trend is observed within operating expenses. Demand creation expenses increased consistently every year, growing from 3,114 million US$ in 2021 to 4,754 million US$ in 2026, representing a steady increase in marketing and brand investment despite falling revenues in the final two years. Conversely, operating overhead and selling and administrative expenses peaked in 2023 and 2024 respectively, followed by a slight reduction in 2025 and 2026, suggesting efforts to rationalize costs in response to declining top-line performance.
- Operational and Net Profitability
- Operating income shows a significant downward trend, decreasing from 6,937 million US$ in 2021 to 3,797 million US$ in 2026. The most severe drop occurred between 2024 and 2025, where operating income fell by approximately 41%. This decline is directly reflected in the net income, which plummeted from 5,700 million US$ in 2024 to 3,108 million US$ in 2026, signaling a substantial erosion of profitability over the period.
- Non-Operating Items and Taxation
- The net interest position improved significantly over the period, shifting from a net expense of 262 million US$ in 2021 to a net income position, peaking at 161 million US$ in 2024. This suggests a stronger cash position or more favorable investment returns. Income tax expenses fluctuated throughout the period, ending at 792 million US$ in 2026, which contributed to the final net income figures.