Net Profit Margin
since 2005
Calculation
Nike Inc., net profit margin, long-term trends, calculation
| Net profit margin | = | 100 | × | Net income1 | ÷ | Revenues1 | |
|---|---|---|---|---|---|---|---|
| May 31, 2026 | 6.70% | = | 100 | × | 3,108) | ÷ | 46,398) |
| May 31, 2025 | 6.95% | = | 100 | × | 3,219) | ÷ | 46,309) |
| May 31, 2024 | 11.10% | = | 100 | × | 5,700) | ÷ | 51,362) |
| May 31, 2023 | 9.90% | = | 100 | × | 5,070) | ÷ | 51,217) |
| May 31, 2022 | 12.94% | = | 100 | × | 6,046) | ÷ | 46,710) |
| May 31, 2021 | 12.86% | = | 100 | × | 5,727) | ÷ | 44,538) |
| May 31, 2020 | 6.79% | = | 100 | × | 2,539) | ÷ | 37,403) |
| May 31, 2019 | 10.30% | = | 100 | × | 4,029) | ÷ | 39,117) |
| May 31, 2018 | 5.31% | = | 100 | × | 1,933) | ÷ | 36,397) |
| May 31, 2017 | 12.34% | = | 100 | × | 4,240) | ÷ | 34,350) |
| May 31, 2016 | 11.61% | = | 100 | × | 3,760) | ÷ | 32,376) |
| May 31, 2015 | 10.70% | = | 100 | × | 3,273) | ÷ | 30,601) |
| May 31, 2014 | 9.69% | = | 100 | × | 2,693) | ÷ | 27,799) |
| May 31, 2013 | 9.82% | = | 100 | × | 2,485) | ÷ | 25,313) |
| May 31, 2012 | 9.21% | = | 100 | × | 2,223) | ÷ | 24,128) |
| May 31, 2011 | 10.22% | = | 100 | × | 2,133) | ÷ | 20,862) |
| May 31, 2010 | 10.03% | = | 100 | × | 1,907) | ÷ | 19,014) |
| May 31, 2009 | 7.75% | = | 100 | × | 1,487) | ÷ | 19,176) |
| May 31, 2008 | 10.11% | = | 100 | × | 1,883) | ÷ | 18,627) |
| May 31, 2007 | 9.14% | = | 100 | × | 1,492) | ÷ | 16,326) |
| May 31, 2006 | 9.31% | = | 100 | × | 1,392) | ÷ | 14,955) |
| May 31, 2005 | 8.82% | = | 100 | × | 1,212) | ÷ | 13,740) |
Based on: 10-K (reporting date: 2026-05-31), 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), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
1 US$ in millions
The net profit margin exhibits a long-term pattern of expansion followed by significant volatility and a recent trend of compression. Between 2005 and 2022, there was a general upward trajectory in profitability relative to revenue, despite intermittent sharp declines. However, the most recent data indicates a regression toward margins seen in the mid-2000s.
- Expansion and Stability (2005–2017)
- A period of steady growth is observed, with the net profit margin increasing from 8.82% in 2005 to 12.34% in 2017. This trajectory was supported by consistent growth in both revenues and net income, suggesting an improvement in operational efficiency and scaling capabilities.
- Volatility and Peak Performance (2018–2022)
- Profitability became erratic during this interval. A sharp contraction occurred in 2018, where the margin fell to 5.31%, followed by a recovery to 10.30% in 2019. A second significant dip to 6.79% was recorded in 2020, which was subsequently followed by a strong rebound. The period culminated in a historical peak net profit margin of 12.94% in 2022.
- Recent Margin Compression (2023–2026)
- A sustained downward trend is evident from 2023 through the 2026 projections. The net profit margin decreased from 11.10% in 2023 to a projected 6.70% by 2026. This decline corresponds with a reduction in net income and a stagnation in revenue growth, indicating a significant reduction in the percentage of revenue retained as profit.
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Comparison to Competitors
Nike Inc., net profit margin, long-term trends, comparison to competitors
| Nike Inc. | lululemon athletica inc. | |
|---|---|---|
| May 31, 2026 | 6.70% | 14.22% |
| May 31, 2025 | 6.95% | 17.14% |
| May 31, 2024 | 11.10% | 16.12% |
| May 31, 2023 | 9.90% | 10.54% |
| May 31, 2022 | 12.94% | 15.59% |
| May 31, 2021 | 12.86% | 13.38% |
| May 31, 2020 | 6.79% | 16.22% |
| May 31, 2019 | 10.30% | 14.71% |
| May 31, 2018 | 5.31% | 9.76% |
| May 31, 2017 | 12.34% | 12.94% |
| May 31, 2016 | 11.61% | 12.91% |
| May 31, 2015 | 10.70% | 13.30% |
| May 31, 2014 | 9.69% | 17.57% |
| May 31, 2013 | 9.82% | 19.74% |
| May 31, 2012 | 9.21% | 18.39% |
| May 31, 2011 | 10.22% | 17.12% |
| May 31, 2010 | 10.03% | 12.87% |
| May 31, 2009 | 7.75% | 11.14% |
| May 31, 2008 | 10.11% | 11.23% |
| May 31, 2007 | 9.14% | — |
| May 31, 2006 | 9.31% | — |
| May 31, 2005 | 8.82% | — |
Based on: 10-K (reporting date: 2026-05-31), 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), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
Comparison to Sector (Consumer Durables & Apparel)
Nike Inc., net profit margin, long-term trends, comparison to sector (consumer durables & apparel)
| Nike Inc. | Consumer Durables & Apparel | |
|---|---|---|
| May 31, 2026 | 6.70% | — |
| May 31, 2025 | 6.95% | 8.85% |
| May 31, 2024 | 11.10% | 11.89% |
| May 31, 2023 | 9.90% | 9.99% |
| May 31, 2022 | 12.94% | 13.26% |
| May 31, 2021 | 12.86% | 12.91% |
| May 31, 2020 | 6.79% | 7.70% |
| May 31, 2019 | 10.30% | 10.64% |
| May 31, 2018 | 5.31% | 5.61% |
| May 31, 2017 | 12.34% | 12.38% |
| May 31, 2016 | 11.61% | 11.69% |
| May 31, 2015 | 10.70% | 10.84% |
| May 31, 2014 | 9.69% | 10.11% |
| May 31, 2013 | 9.82% | 10.33% |
| May 31, 2012 | 9.21% | 9.58% |
| May 31, 2011 | 10.22% | 10.45% |
| May 31, 2010 | 10.03% | 10.09% |
| May 31, 2009 | 7.75% | 7.81% |
| May 31, 2008 | 10.11% | 10.13% |
| May 31, 2007 | 9.14% | 9.14% |
| May 31, 2006 | 9.31% | 9.31% |
| May 31, 2005 | 8.82% | 8.82% |
Based on: 10-K (reporting date: 2026-05-31), 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), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
Comparison to Industry (Consumer Discretionary)
Nike Inc., net profit margin, long-term trends, comparison to industry (consumer discretionary)
| Nike Inc. | Consumer Discretionary | |
|---|---|---|
| May 31, 2026 | 6.70% | — |
| May 31, 2025 | 6.95% | 7.84% |
| May 31, 2024 | 11.10% | 8.69% |
| May 31, 2023 | 9.90% | 7.84% |
| May 31, 2022 | 12.94% | 5.02% |
| May 31, 2021 | 12.86% | 9.12% |
| May 31, 2020 | 6.79% | 5.18% |
| May 31, 2019 | 10.30% | 5.92% |
| May 31, 2018 | 5.31% | 6.19% |
| May 31, 2017 | 12.34% | 4.38% |
| May 31, 2016 | 11.61% | 5.77% |
| May 31, 2015 | 10.70% | 6.37% |
| May 31, 2014 | 9.69% | 4.66% |
| May 31, 2013 | 9.82% | 5.29% |
| May 31, 2012 | 9.21% | 5.32% |
| May 31, 2011 | 10.22% | 8.80% |
| May 31, 2010 | 10.03% | 5.80% |
| May 31, 2009 | 7.75% | 4.94% |
| May 31, 2008 | 10.11% | 0.22% |
| May 31, 2007 | 9.14% | 3.23% |
| May 31, 2006 | 9.31% | 0.73% |
| May 31, 2005 | 8.82% | 4.49% |
Based on: 10-K (reporting date: 2026-05-31), 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), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).