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.
Nike Inc., consolidated income statement
US$ in millions
Based on: 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), 10-K (reporting date: 2020-05-31).
The financial data demonstrates several notable trends over the analyzed period, reflecting variations in revenues, expenses, and profitability metrics.
- Revenues
- Revenues increased steadily from 37,403 million in 2020 to a peak of 51,362 million in 2024, followed by a decline to 46,309 million in 2025. This trajectory indicates overall growth with a recent downturn.
- Cost of Sales and Gross Profit
- The cost of sales rose in line with revenues from 21,162 million in 2020 to a high of 28,925 million in 2023 before decreasing to 26,519 million in 2025. Gross profit mirrored this trend, rising from 16,241 million in 2020 to 22,887 million in 2024, then decreasing to 19,790 million in 2025, suggesting pressure on profitability in the latest period.
- Expenses
- Demand creation expenses exhibited a general upward trend, growing from 3,592 million in 2020 to 4,689 million in 2025, indicating increased investment in marketing or promotion. Operating overhead expenses also trended upward until 2023, peaking near 12,317 million, then declining somewhat to 11,399 million by 2025. Selling and administrative expenses increased from 13,126 million in 2020 to a peak of 16,576 million in 2024, slightly decreasing thereafter to 16,088 million. The overall increase in operating expenses reflects rising operational costs and efforts to support growth.
- Operating Income
- Operating income grew significantly from 3,115 million in 2020 to 6,937 million in 2021, then experienced fluctuations before declining sharply to 3,702 million in 2025. This pattern reflects variability in core profitability and may be impacted by the recent revenue decline combined with sustained expense levels.
- Net Interest and Other Income/Expense
- Net interest expense improved, turning positive in 2023 with net interest income of 6 million, increasing to 161 million in 2024 before slightly decreasing. Other income showed improved performance after 2020, rising from negative values to positive contributions peaking in 2023 at 280 million, then declining. These items provided modest positive support to pre-tax income in recent years.
- Income Before Taxes and Income Tax Expense
- Income before income taxes followed operating income closely, peaking in 2024 at 6,700 million before dropping to 3,885 million in 2025. Income tax expense varied, increasing initially but declining alongside pretax income reduction in recent years, reaching 666 million in 2025.
- Net Income
- Net income grew substantially from 2,539 million in 2020 to 6,046 million in 2022, before declining to 3,219 million in 2025. Despite periods of strong income, the downward trend in the final years suggests emerging challenges affecting profitability.
In summary, the financial data reveals a period of growth in revenues and profitability up to 2023-2024, followed by a decline in both top-line and bottom-line figures in the latest reporting year. Rising expenses have exerted pressure on operating income, and although net interest and other income items provided some relief, the overall trend points to reduced profitability and potential challenges in maintaining previous growth momentum.