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.

Nike Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Feb 28, 2026	Nov 30, 2025	Aug 31, 2025	May 31, 2025	Feb 28, 2025	Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019
Revenues	11,279)	12,427)	11,720)	11,097)	11,269)	12,354)	11,589)	12,606)	12,429)	13,388)	12,939)	12,825)	12,390)	13,315)	12,687)	12,234)	10,871)	11,357)	12,248)	12,344)	10,357)	11,243)	10,594)	6,313)	10,104)	10,326)	10,660)
Cost of sales	(6,749)	(7,382)	(6,777)	(6,628)	(6,594)	(6,965)	(6,332)	(6,972)	(6,867)	(7,417)	(7,219)	(7,230)	(7,019)	(7,604)	(7,072)	(6,731)	(5,804)	(6,144)	(6,552)	(6,689)	(5,638)	(6,396)	(5,853)	(3,960)	(5,631)	(5,782)	(5,789)
Gross profit	4,530)	5,045)	4,943)	4,469)	4,675)	5,389)	5,257)	5,634)	5,562)	5,971)	5,720)	5,595)	5,371)	5,711)	5,615)	5,503)	5,067)	5,213)	5,696)	5,655)	4,719)	4,847)	4,741)	2,353)	4,473)	4,544)	4,871)
Demand creation expense	(1,090)	(1,273)	(1,188)	(1,253)	(1,088)	(1,122)	(1,226)	(1,091)	(1,011)	(1,114)	(1,069)	(1,092)	(923)	(1,102)	(943)	(1,061)	(854)	(1,017)	(918)	(997)	(711)	(729)	(677)	(823)	(870)	(881)	(1,018)
Operating overhead expense	(2,887)	(2,766)	(2,828)	(2,895)	(2,799)	(2,883)	(2,822)	(2,997)	(3,215)	(3,032)	(3,047)	(3,282)	(3,036)	(3,022)	(2,977)	(2,974)	(2,584)	(2,742)	(2,654)	(2,745)	(2,330)	(2,538)	(2,298)	(2,368)	(2,413)	(2,443)	(2,310)
Selling and administrative expense	(3,977)	(4,039)	(4,016)	(4,148)	(3,887)	(4,005)	(4,048)	(4,088)	(4,226)	(4,146)	(4,116)	(4,374)	(3,959)	(4,124)	(3,920)	(4,035)	(3,438)	(3,759)	(3,572)	(3,742)	(3,041)	(3,267)	(2,975)	(3,191)	(3,283)	(3,324)	(3,328)
Operating income	553)	1,006)	927)	321)	788)	1,384)	1,209)	1,546)	1,336)	1,825)	1,604)	1,221)	1,412)	1,587)	1,695)	1,468)	1,629)	1,454)	2,124)	1,913)	1,678)	1,580)	1,766)	(838)	1,190)	1,220)	1,543)
Interest income (expense), net	15)	9)	18)	22)	18)	24)	43)	53)	52)	22)	34)	28)	7)	(16)	(13)	(40)	(53)	(55)	(57)	(63)	(64)	(70)	(65)	(50)	(12)	(12)	(15)
Other income (expense), net	82)	(16)	(23)	(25)	38)	8)	55)	127)	16)	75)	10)	(3)	58)	79)	146)	(54)	94)	102)	39)	4)	22)	(54)	14)	84)	(297)	41)	33)
Income before income taxes	650)	999)	922)	318)	844)	1,416)	1,307)	1,726)	1,404)	1,922)	1,648)	1,246)	1,477)	1,650)	1,828)	1,374)	1,670)	1,501)	2,106)	1,854)	1,636)	1,456)	1,715)	(804)	881)	1,249)	1,561)
Income tax expense	(130)	(207)	(195)	(107)	(50)	(253)	(256)	(226)	(232)	(344)	(198)	(215)	(237)	(319)	(360)	65)	(274)	(164)	(232)	(345)	(187)	(205)	(197)	14)	(34)	(134)	(194)
Net income	520)	792)	727)	211)	794)	1,163)	1,051)	1,500)	1,172)	1,578)	1,450)	1,031)	1,240)	1,331)	1,468)	1,439)	1,396)	1,337)	1,874)	1,509)	1,449)	1,251)	1,518)	(790)	847)	1,115)	1,367)

The financial performance presented demonstrates considerable fluctuation over the analyzed period, spanning from August 2019 to November 2025. Revenues initially exhibited growth, peaking in the May 2021 and August 2022 periods, before experiencing a decline and subsequent stabilization. Cost of sales generally mirrored revenue trends, resulting in a fluctuating gross profit. Operating expenses demonstrated a consistent and increasing trend throughout the period, impacting overall profitability.

Revenue Trends: Revenues began at US$10,660 million in August 2019 and increased to a high of US$13,388 million in November 2023. A significant dip occurred in May 2020 (US$6,313 million), likely attributable to external factors impacting consumer demand. Following this, revenues recovered and continued to grow until late 2023, after which they began a downward trend, reaching US$12,429 million in February 2024 and stabilizing around that level through November 2024. A slight decline is observed in the most recent periods, ending at US$11,589 million in February 2026.
Profitability Analysis: Gross profit followed a similar pattern to revenues, with a substantial decrease in May 2020. While recovering alongside revenues, the rate of gross profit growth did not consistently outpace the growth in cost of sales and operating expenses. Operating income experienced significant volatility, including a loss in May 2020 (-US$838 million). Despite reaching peaks in May 2021 (US$2,124 million) and November 2023 (US$1,922 million), operating income generally trended downwards in the later periods. Net income mirrored these trends, with a notable loss in May 2020 (-US$790 million) and fluctuating profitability thereafter.
Expense Management: Demand creation expense remained relatively stable, with some fluctuations, but generally increased over the period. Operating overhead expense demonstrated a consistent upward trend, contributing to the pressure on operating income. Selling and administrative expense exhibited a similar increasing trend, consistently representing a significant portion of revenues. The combined effect of these increasing expenses contributed to the volatility in operating and net income.
Other Income and Taxes: Interest income (expense), net, was generally a small figure, fluctuating between income and expense. Other income (expense), net, was more volatile, with both positive and negative values observed throughout the period. Income tax expense generally correlated with net income, decreasing during periods of lower profitability and increasing during periods of higher profitability. The effective tax rate varied, influenced by the magnitude of income before income taxes and the corresponding tax expense.

Overall, the period analyzed demonstrates a business susceptible to external pressures, as evidenced by the significant decline in May 2020. While recovery and growth were observed in subsequent periods, increasing operating expenses and a recent revenue decline suggest a need for careful expense management and strategic revenue generation to maintain profitability.

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Nike Inc. (NYSE:NKE)

Income Statement Quarterly Data

Income Statement
Quarterly Data