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. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
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Nike Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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), 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).
- Revenue Trends
- Revenues exhibited variability during the reviewed periods, with an initial decline observed from late 2019 into early 2020, coinciding with a substantial drop in Q2 2020. A recovery phase followed, peaking in late 2022 and mid-2023 before showing signs of minor declines and fluctuations through 2024 and 2025. Overall, revenues display resilience with moderate growth punctuated by periods of volatility.
- Cost of Sales
- The cost of sales closely follows the revenue pattern, initially falling sharply in the early 2020 period, with the lowest cost recorded in Q2 2020, reflecting reduced sales. Costs increased consistently afterward, aligning with revenue recovery, yet increased cost levels somewhat compressed gross profit margins in later periods.
- Gross Profit Analysis
- Gross profit reflects similar cyclical trends, dropping considerably in the mid-2020 quarter during the revenue decline. Recovery ensued with gross profit passing previous peaks, topping in early 2023. However, gross profit showed a tapering trend toward mid-2025, aligning with the revenue and cost of sales patterns.
- Expenses Breakdown
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- Demand Creation Expense
- This expense category declined through early 2020 but increased substantially from late 2020 onward, peaking at different intervals, indicating increased investment in marketing and promotional activities despite revenue fluctuations.
- Operating Overhead Expense
- Operating overhead expenses remained fairly stable with a gradual upward trend over the periods, rising steadily from 2019 to 2025, potentially putting pressure on operating margins.
- Selling and Administrative Expense
- A similar pattern to operating overhead was seen in selling and administrative costs, with growth observed particularly after mid-2020, reaching higher levels toward late 2024 and into 2025. This suggests continued spending on administrative support and sales functions amid operational challenges.
- Operating Income
- Operating income was notably volatile. After a sharp negative reading in Q2 2020, it rebounded strongly, peaking in late 2021. Subsequent quarters saw oscillations, with declining trends towards 2025, suggesting pressure on profitability due to rising expenses and revenue fluctuations.
- Net Interest and Other Income
- Interest expense remained relatively low, with occasional shifts to net positive income in recent periods, reducing financing costs. Other income and expenses showed variability but generally contributed positively at several points, especially during 2021 and parts of 2024.
- Pre-Tax and Net Income
- Income before taxes mirrored operating income trends with volatility, marked by a large negative in Q2 2020 and peaks in late 2021. Net income followed a similar pattern, recovering strongly post-2020 downturn, although trending downward approaching mid-2025, indicative of operational and market challenges impacting bottom-line results.
- Income Tax Expense
- The tax expense aligned with the profitability pattern, fluctuating in line with income before taxes, including negative tax figures in some quarters, possibly due to tax credits or adjustments. The variability in tax expense adds complexity to net income trends but remains a consistent factor in overall profitability analysis.
- Summary
- The data reveals a company navigating significant external pressures around 2020, evident in steep revenue and profit declines. Recovery phases were strong but challenged by rising operating and administrative costs that weighed on operating income. The pattern suggests attempts to balance growth initiatives with cost control amid a fluctuating economic environment. Recent data points indicate cautious optimism tempered by expense pressures and uneven revenue growth, highlighting areas for strategic focus to improve margin stability and income consistency.