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:
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity 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: 2025-11-30), 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), 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).
The financial performance over the observed period demonstrates considerable fluctuation, particularly in the earlier years, followed by a period of relative stabilization and then renewed volatility. Revenues initially exhibited growth through fiscal year 2021, peaking in the May 31, 2021, quarter, before experiencing a decline and subsequent recovery. Cost of sales generally tracked revenue trends, resulting in a fluctuating gross profit.
Operating income showed significant variability, with a notable dip in fiscal year 2020, coinciding with a substantial revenue decrease. Subsequent recovery was observed, reaching a peak in the February 28, 2021, quarter. However, operating income then experienced a decline before stabilizing and increasing again in late 2023 and early 2024, followed by a decrease in the most recent quarters.
- Revenue Trends
- Revenues began at US$10.66 billion in August 2019 and increased to US$12.687 billion by August 2022. A subsequent decline to US$11.589 billion was observed by February 2022, followed by a recovery to US$13.388 billion in November 2023. The most recent quarters show a decrease, ending at US$12.427 billion in August 2024 and US$11.720 billion in August 2025.
- Gross Profit Margin
- The gross profit margin remained relatively stable, generally fluctuating between 43% and 48% throughout the period. A significant drop to approximately 37% occurred in the May 31, 2020, quarter, coinciding with the revenue decline. The margin recovered to around 46-47% in subsequent periods before decreasing to approximately 41% in the most recent quarters.
- Operating Expense Management
- Selling and administrative expenses consistently represented a substantial portion of revenues, generally ranging from 30% to 35%. Operating overhead expense remained relatively consistent, fluctuating between US$2.2 billion and US$3.3 billion. Demand creation expense showed some variability, but generally remained between US$0.8 billion and US$1.2 billion. These expenses collectively impacted operating income.
- Net Income Volatility
- Net income mirrored the volatility observed in operating income, with a significant loss reported in the May 31, 2020, quarter. Net income peaked at US$1.874 billion in February 2021, then declined, and has fluctuated since. The most recent quarters show a decrease, with net income at US$727 million in August 2025.
- Other Income and Expenses
- Other income and expenses introduced additional variability. While generally small relative to core operations, these items occasionally had a material impact, particularly in certain quarters. The net effect was inconsistent, sometimes contributing positively and sometimes negatively to income before income taxes.
Overall, the observed period was characterized by significant fluctuations in financial performance, influenced by revenue volatility, expense management, and the impact of other income and expenses. While periods of strong growth and profitability were evident, the recent trend suggests a potential slowdown and increased volatility.