Income Statement
Quarterly Data
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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Nike Inc., consolidated income statement (quarterly data)
US$ in millions
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).
Financial performance across the observed period is characterized by initial revenue growth and stability, followed by a period of significant volatility in operating efficiency and net profitability beginning in 2024.
- Revenue and Gross Profit Trends
- Revenues exhibited a general upward trajectory from August 2020, peaking at 13,388 million US dollars in November 2023. However, a decelerating trend emerged thereafter, with revenues dipping toward the 10,972 million US dollar level by May 2026. Gross profit remained relatively resilient, generally fluctuating between 4,400 million and 6,000 million US dollars, although a notable compression is observed in the first half of 2025.
- Operating Expenditure Analysis
- There is a clear increase in investment toward demand creation, which rose from 677 million US dollars in August 2020 to peaks exceeding 1.2 billion US dollars in 2024 and 2025. Selling and administrative expenses also trended upward, peaking at 4,374 million US dollars in May 2023 before stabilizing around the 4 billion US dollar mark. Operating overhead expenses showed similar growth, remaining consistently above 2.8 billion US dollars from 2021 onward.
- Operating Income and Net Profitability
- Operating income experienced significant instability. After reaching a high of 2,124 million US dollars in August 2021, the metric declined sharply, reaching a nadir of 321 million US dollars in May 2025. This volatility is mirrored in the net income, which dropped from a peak of 1,874 million US dollars in August 2021 to 211 million US dollars in May 2025, before recovering to 1,069 million US dollars by May 2026.
- Non-Operating Financial Items
- A structural shift in interest income and expense is observable. From August 2020 through November 2022, the company reported net interest expenses. Beginning in February 2023, this trend reversed, with the company generating consistent net interest income, peaking at 53 million US dollars in February 2024.
The overall financial trajectory indicates that while revenue reached substantial peaks in 2022 and 2023, the subsequent rise in demand creation and administrative costs, coupled with fluctuating revenues, led to a marked contraction in operating margins during 2025, followed by a partial recovery in 2026.