Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Nike Inc., profitability ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).
The financial data reveals several noteworthy trends across the examined periods.
- Gross Profit Margin
- The gross profit margin demonstrates relative stability with mild fluctuations around the mid-40% range starting from the fiscal quarter ending May 31, 2019. Initial observation shows a slight peak near 46.2% in the quarter ending February 28, 2022, followed by a general gradual decline towards approximately 43.8% by the last reported quarter ending February 28, 2025. This suggests consistent cost control at the production or procurement level, with some recent pressure possibly from rising costs or pricing challenges.
- Operating Profit Margin
- The operating profit margin exhibits a more volatile pattern over time. Initial periods show figures around 12%, consistent with moderate operating efficiency. There is a notable dip in mid-2020, where the margin falls near 8%, potentially indicating increased operating expenses or impacts from external disruptions. Subsequently, a recovery phase is evident with a peak at approximately 15.8% in November 2021, before experiencing a downward trend, settling around 10.3% by early 2025. This may reflect fluctuating operational costs, investments, or market conditions affecting profitability.
- Net Profit Margin
- The net profit margin generally follows the operating profit margin trend but at slightly lower levels, as expected due to taxes and other expenses. Beginning near 10.3%, it declines significantly during mid-2020 to about 6.8%, then improves sharply to around 13.3% in late 2021. After this peak, it gradually decreases to just under 9.5% by early 2025. This pattern indicates variations in overall profitability influenced by factors such as operational performance, interest, taxes, and non-operating items.
- Return on Equity (ROE)
- ROE shows strong performance in earlier periods, with values approaching 49% in early 2020. Thereafter, a significant drop occurs during mid-2020 to approximately 31.5%, followed by recovery and a secondary peak near 44.9% in late 2021. A gradual decline continues thereafter, reaching around 32.2% by the latest quarter. This suggests fluctuating efficiency in generating profit from shareholders’ equity, influenced by variations in net income and equity base over time.
- Return on Assets (ROA)
- ROA trends mirror those of net profit margin and ROE, though at lower absolute levels, ranging from about 17% initially to a trough near 8.1% in mid-2020. A recovery to approximately 16% is observed in late 2021, followed by a steady decrease to nearly 12% by early 2025. This reflects changes in asset utilization efficiency and profitability, affected by operational performance and asset base management.
In summary, the financial indicators illustrate strong profitability and efficiency before mid-2020, a pronounced downturn likely linked to external or internal challenges during that period, followed by a recovery phase peaking around late 2021. More recent data indicates moderate declines across profitability and efficiency measures, suggesting emerging pressures or strategic shifts.
Return on Sales
Return on Investment
Gross Profit Margin
Nike Inc., gross profit margin calculation (quarterly data)
| 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 | May 31, 2019 | Feb 28, 2019 | Nov 30, 2018 | Aug 31, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Gross profit | 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) | 4,633) | 4,339) | 4,105) | 4,397) | ||||||||
| Revenues | 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) | 10,184) | 9,611) | 9,374) | 9,948) | ||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||||||||
| Gross profit margin1 | 43.82% | 44.60% | 44.84% | 44.56% | 44.30% | 43.96% | 43.52% | 43.52% | 43.85% | 44.59% | 45.38% | 45.98% | 46.20% | 45.96% | 45.28% | 44.82% | 43.26% | 42.91% | 43.15% | 43.42% | 44.87% | 45.09% | 45.06% | 44.67% | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||||||||||||
| lululemon athletica inc. | 58.85% | 58.54% | 58.34% | 58.31% | 56.97% | 56.75% | 56.16% | 55.39% | 56.25% | 56.53% | 56.88% | 57.68% | 57.80% | 57.62% | 56.87% | 55.98% | 55.58% | 55.31% | 55.50% | 55.87% | — | — | — | — | — | — | — | ||||||||
Based on: 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), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).
1 Q3 2025 Calculation
Gross profit margin = 100
× (Gross profitQ3 2025
+ Gross profitQ2 2025
+ Gross profitQ1 2025
+ Gross profitQ4 2024)
÷ (RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024)
= 100 × (4,675 + 5,389 + 5,257 + 5,634)
÷ (11,269 + 12,354 + 11,589 + 12,606)
= 43.82%
2 Click competitor name to see calculations.
The financial data reflects Nike Inc.'s quarterly performance over multiple years, focusing on gross profit, revenues, and gross profit margin.
- Revenues
- Revenues exhibit a general upward trend over the entire period. Starting from $9,948 million in August 2018, revenues increased with some seasonal variability, reaching a peak of $13,388 million in November 2023. There are clear seasonal fluctuations, with lower revenue figures often observed in May quarters, typical of retail cycles.
- A significant dip occurred in May 2020 with revenues decreasing sharply to $6,313 million, reflecting a likely impact of external disruptive events affecting consumer demand or operations during that period. Following this dip, revenues progressively recovered, surpassing prior peaks and maintaining relatively higher levels through to early 2025.
- Gross Profit
- Gross profit largely mirrors the revenue trend, starting at $4,397 million in August 2018 and generally increasing over time. Notably, gross profit also declined sharply in May 2020 to $2,353 million corresponding with the revenue drop, but displayed a strong recovery afterwards.
- Subsequently, gross profit fluctuated between approximately $5,000 million and $6,000 million, with peaks occurring in November quarters, consistent with seasonally stronger sales periods.
- Gross Profit Margin
- Gross profit margin data, available from May 2019 onwards, remains relatively stable within a narrow range around the mid-40% level. Margins ranged from a low near 43% to highs approaching 46%, indicating consistent cost control relative to revenues despite external challenges and fluctuating sales volumes.
- There is no evident long-term upward or downward trend in the margin; rather, it demonstrates resilience and stability through varying economic conditions and sales cycles.
- Overall Analysis
- The data suggests Nike effectively managed the significant revenue and gross profit disruption during May 2020, likely linked to extraordinary market conditions. Both revenue and gross profit recovered strongly and exceeded prior peaks within a year, showcasing operational resilience.
- Despite fluctuations in revenue and gross profit driven by demand seasonality and external factors, the stable gross profit margin indicates consistent profitability management. Seasonal patterns persist, with stronger performance typically in later quarters of each fiscal year.
Operating Profit Margin
Nike Inc., operating profit margin calculation (quarterly data)
| Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | May 31, 2019 | Feb 28, 2019 | Nov 30, 2018 | Aug 31, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Operating income | 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) | 1,227) | 1,248) | 963) | 1,334) | ||||||||
| Revenues | 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) | 10,184) | 9,611) | 9,374) | 9,948) | ||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||||||||
| Operating profit margin1 | 10.30% | 11.18% | 11.83% | 12.29% | 11.61% | 11.76% | 11.32% | 11.55% | 12.17% | 12.99% | 13.25% | 14.29% | 15.21% | 15.48% | 15.79% | 15.58% | 10.87% | 9.67% | 8.94% | 8.33% | 12.55% | 12.84% | 12.51% | 12.20% | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||||||||||||
| lululemon athletica inc. | 23.35% | 22.27% | 22.02% | 22.17% | 16.69% | 17.51% | 17.29% | 16.38% | 21.49% | 21.38% | 21.07% | 21.31% | 20.50% | 20.78% | 19.71% | 18.63% | 19.13% | 19.37% | 20.60% | 22.34% | — | — | — | — | — | — | — | ||||||||
Based on: 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), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).
1 Q3 2025 Calculation
Operating profit margin = 100
× (Operating incomeQ3 2025
+ Operating incomeQ2 2025
+ Operating incomeQ1 2025
+ Operating incomeQ4 2024)
÷ (RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024)
= 100 × (788 + 1,384 + 1,209 + 1,546)
÷ (11,269 + 12,354 + 11,589 + 12,606)
= 10.30%
2 Click competitor name to see calculations.
The financial data indicates several fluctuations and notable trends in operating income, revenues, and operating profit margin over the reported periods.
- Operating Income
- The operating income exhibits variability across the quarters, showing both growth phases and sharp declines. Initial values around mid-2018 are moderate, with peaks seen toward August 2019 and again in the early months of 2021 and late 2023. A significant dip occurs in May 2020, where operating income turns negative, indicating a potential operational challenge or extraordinary expense during that period. Following this trough, operating income rebounds strongly, reaching new highs in the latter part of 2021 before experiencing another general declining trend into early 2023. The most recent quarters show a mixture of recovery and decline, with the latest data point revealing a notably lower operating income compared to previous peaks.
- Revenues
- Revenues demonstrate a pattern of steady growth, despite some irregularities. There is a visible increase from 2018 through early 2020, though a pronounced contraction occurs in May 2020, aligning with the negative operating income at that time. Post this contraction, revenues surge back substantially, surpassing earlier highs by mid-2021 and maintaining elevated levels through 2022 and 2023. In the latest quarters, revenue figures experience a moderate reduction but generally remain above pre-pandemic levels. This indicates resilience and recovery following the mid-2020 downturn.
- Operating Profit Margin
- The operating profit margin data begins in May 2019 and showcases a predominantly downward trend after achieving a peak above 15% in the latter part of 2021. Margins start around 12% in mid-2019, climb steadily, and reach the highest levels nearing 16% through late 2021. Thereafter, margins decline gradually but remain above 10% in the most recent measurements. Despite this decline, the margins have not returned to the lower levels seen before 2019, suggesting improved overall profitability compared to the earlier periods in the dataset.
Overall, the data reflects a business environment impacted significantly in mid-2020, likely due to external disruptions, from which there was a substantial recovery in both revenues and operating income. Profitability shows a phase of strength followed by some compression but remains healthy relative to earlier periods. Continued volatility in operating income relative to revenues points to possible cost or operational efficiency challenges that warrant monitoring.
Net Profit Margin
Nike Inc., net profit margin calculation (quarterly data)
| 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 | May 31, 2019 | Feb 28, 2019 | Nov 30, 2018 | Aug 31, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Net income | 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) | 989) | 1,101) | 847) | 1,092) | ||||||||
| Revenues | 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) | 10,184) | 9,611) | 9,374) | 9,948) | ||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||||||||
| Net profit margin1 | 9.43% | 9.98% | 10.60% | 11.10% | 10.14% | 10.28% | 9.82% | 9.90% | 10.82% | 11.47% | 11.96% | 12.94% | 13.06% | 13.32% | 13.17% | 12.86% | 8.90% | 7.39% | 7.20% | 6.79% | 10.46% | 11.21% | 10.81% | 10.30% | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||||||||||||
| lululemon athletica inc. | 17.05% | 16.34% | 16.09% | 16.12% | 10.89% | 11.40% | 11.24% | 10.54% | 15.66% | 15.60% | 15.36% | 15.59% | 14.87% | 14.96% | 14.17% | 13.38% | 13.69% | 13.94% | 15.01% | 16.22% | — | — | — | — | — | — | — | ||||||||
Based on: 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), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).
1 Q3 2025 Calculation
Net profit margin = 100
× (Net incomeQ3 2025
+ Net incomeQ2 2025
+ Net incomeQ1 2025
+ Net incomeQ4 2024)
÷ (RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024)
= 100 × (794 + 1,163 + 1,051 + 1,500)
÷ (11,269 + 12,354 + 11,589 + 12,606)
= 9.43%
2 Click competitor name to see calculations.
The net income exhibited fluctuations over the observed periods, with a notable decline into negative territory in May 2020, reflecting an unusual loss. This downturn coincided with a significant reduction in revenues during the same period, suggesting a direct relationship between reduced sales and profitability challenges. Following this dip, net income generally recovered, peaking in August 2021 before demonstrating variability but remaining positive. The most recent figures indicate a downward trend in net income, particularly towards early 2025.
Revenues showed an overall upward trajectory with some volatility. They steadily increased from August 2018 through November 2019, followed by a sharp decline in May 2020, correlating with the period of negative net income. Revenues rebounded strongly after May 2020, reaching new highs by late 2021. Post-2021, revenue figures remained relatively high but fluctuated with minor decreases and rises, showing signs of instability yet maintaining a level well above the pre-2020 period. The latest data indicate a slight weakening in revenue in early 2025 relative to previous peaks.
The net profit margin, which was not recorded for the initial periods, became available from May 2019 onward. It started at approximately 10.3%, increased slightly to over 13% in mid-2021, reflecting enhanced operational efficiency or cost management during that time. Subsequently, the margin showed a gradual decline but still stayed within a moderate range of approximately 9% to 11% in recent periods, indicating a stabilization of profitability relative to revenues despite fluctuations in net income.
- Net Income Trends
- Overall, net income exhibited significant variability with a marked loss in May 2020, followed by recovery and peaks in late 2021, then a declining trend towards early 2025.
- Revenue Patterns
- Revenues increased steadily until late 2019, dropped sharply in May 2020, recovered robustly afterward, and remained elevated but somewhat volatile, with a recent weakening trend.
- Net Profit Margin Behavior
- Profit margins improved from 10.3% to over 13% by mid-2021, then moderately declined, stabilizing around 9% to 11% thereafter.
- Relationship between Revenues and Net Income
- The sharp revenue decline in May 2020 coincided with a net loss, indicating a strong correlation between sales performance and profitability in that period.
Return on Equity (ROE)
Nike Inc., ROE calculation (quarterly data)
| 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 | May 31, 2019 | Feb 28, 2019 | Nov 30, 2018 | Aug 31, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Net income | 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) | 989) | 1,101) | 847) | 1,092) | ||||||||
| Shareholders’ equity | 14,007) | 14,037) | 13,944) | 14,430) | 14,226) | 14,146) | 13,971) | 14,004) | 14,531) | 15,272) | 15,822) | 15,281) | 14,809) | 14,924) | 14,343) | 12,767) | 11,931) | 10,640) | 9,224) | 8,055) | 9,045) | 9,351) | 9,200) | 9,040) | 8,961) | 8,729) | 8,992) | ||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||||||||
| ROE1 | 32.18% | 34.81% | 38.02% | 39.50% | 36.77% | 37.46% | 36.16% | 36.20% | 37.70% | 36.89% | 35.65% | 39.57% | 41.30% | 41.34% | 42.41% | 44.86% | 28.73% | 26.56% | 29.16% | 31.52% | 47.74% | 48.89% | 46.78% | 44.57% | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||||||||||||
| lululemon athletica inc. | 43.55% | 40.49% | 37.47% | 36.63% | 28.38% | 28.51% | 28.77% | 27.15% | 38.48% | 38.55% | 38.24% | 35.60% | 32.75% | 30.94% | 26.71% | 23.02% | 25.76% | 26.96% | 31.46% | 33.07% | — | — | — | — | — | — | — | ||||||||
Based on: 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), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).
1 Q3 2025 Calculation
ROE = 100
× (Net incomeQ3 2025
+ Net incomeQ2 2025
+ Net incomeQ1 2025
+ Net incomeQ4 2024)
÷ Shareholders’ equity
= 100 × (794 + 1,163 + 1,051 + 1,500)
÷ 14,007 = 32.18%
2 Click competitor name to see calculations.
The financial data reveals several key trends regarding net income, shareholders' equity, and return on equity (ROE) over multiple quarters.
- Net Income
- The net income values demonstrate notable fluctuations across the analyzed period. Initially, net income experiences moderate variation, reaching peaks such as 1,518 million US dollars in August 2020 and 1,874 million in August 2021. There is a significant decline observed in May 2020 with net income falling to -790 million US dollars, likely indicating a period of operational challenges or extraordinary expenses. After this dip, the net income recovers and maintains a generally positive trend, albeit with some volatility. Recent quarters show a mild downward adjustment from the peak values, with figures around 794 million US dollars in February 2025.
- Shareholders' Equity
- Shareholders' equity shows a steady upward trend over the entire timeframe. Starting from 8,992 million US dollars in August 2018, it gradually increases with some minor fluctuations, peaking near 15,822 million in August 2022. While there are slight declines in certain quarters following this peak, the overall trajectory remains positive, reflecting accumulated earnings and possibly retained earnings contributing to the growth in equity base. The equity level stabilizes around the 14,000 to 14,500 million US dollars range in the later quarters.
- Return on Equity (ROE)
- ROE figures, first available starting from the quarter ending May 31, 2019, indicate consistently high returns, mostly fluctuating in the range of mid-30% to mid-40%. There is a marked peak at 48.89% in February 2020, followed by a decrease to lower levels around 26.56% and 28.73% during late 2020 to mid-2021, coinciding with the period of financial strain observed in net income data. Subsequently, ROE rebounds, hovering around the 36% to 44% range through the most recent periods, showing resilience and sustained profitability relative to shareholders' equity.
Overall, the data imply a company with generally strong equity growth and profitability, despite temporary setbacks evidenced by negative net income and reduced ROE in mid-2020. The recovery in key financial metrics after this period signifies operational resilience. However, recent slight declines in net income and ROE suggest some moderation in earnings performance that may warrant ongoing monitoring.
Return on Assets (ROA)
Nike Inc., ROA calculation (quarterly data)
| 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 | May 31, 2019 | Feb 28, 2019 | Nov 30, 2018 | Aug 31, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Net income | 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) | 989) | 1,101) | 847) | 1,092) | ||||||||
| Total assets | 37,793) | 37,959) | 37,867) | 38,110) | 37,356) | 37,203) | 36,786) | 37,531) | 38,294) | 39,647) | 41,088) | 40,321) | 39,577) | 38,917) | 37,917) | 37,740) | 36,185) | 34,836) | 33,258) | 31,342) | 26,220) | 26,602) | 26,249) | 23,717) | 22,921) | 22,677) | 22,483) | ||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||||||||
| ROA1 | 11.93% | 12.87% | 14.00% | 14.96% | 14.00% | 14.24% | 13.73% | 13.51% | 14.31% | 14.21% | 13.73% | 14.99% | 15.45% | 15.85% | 16.04% | 15.17% | 9.47% | 8.11% | 8.09% | 8.10% | 16.47% | 17.19% | 16.40% | 16.99% | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||||||||||||
| lululemon athletica inc. | 24.50% | 24.21% | 23.16% | 21.86% | 16.61% | 16.81% | 17.14% | 15.25% | 22.03% | 22.39% | 21.72% | 19.73% | 19.04% | 18.76% | 16.29% | 14.07% | 15.36% | 15.44% | 18.04% | 19.67% | — | — | — | — | — | — | — | ||||||||
Based on: 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), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).
1 Q3 2025 Calculation
ROA = 100
× (Net incomeQ3 2025
+ Net incomeQ2 2025
+ Net incomeQ1 2025
+ Net incomeQ4 2024)
÷ Total assets
= 100 × (794 + 1,163 + 1,051 + 1,500)
÷ 37,793 = 11.93%
2 Click competitor name to see calculations.
- Net Income Trend
- Net income demonstrates fluctuation across the observed quarters. Notably, there is a decline around May 31, 2020, when net income records a negative value (-790 million US$), indicating a significant loss. Following this period, net income recovers strongly, peaking at 1874 million US$ by August 31, 2021. Afterward, net income shows some volatility but generally trends downward from the peak, with values ranging between approximately 794 and 1578 million US$ in the subsequent quarters.
- Total Assets Trend
- Total assets display a consistent upward trajectory throughout most of the period, rising from 22,483 million US$ on August 31, 2018, to approximately 38,110 million US$ by November 30, 2024. However, there is some fluctuation observed around early 2023, where total assets peak near 41,088 million US$ before showing a slight decrease to values around 37,993 million US$ towards the end of the period.
- Return on Assets (ROA) Trend
- ROA data, available only from February 28, 2019, onward, shows relatively high profitability rates between 16.4% and 17.19% up to February 29, 2020. This is followed by a notable decrease concurrent with the net income loss period, with ROA declining to around 8.1%. Subsequently, ROA improves gradually, returning to a range between 13.51% and 16.04% in the middle quarters. Towards the end of the period, ROA modestly decreases again, falling to approximately 11.93% by February 28, 2025.
- Summary Insights
- The data reveals that the company experienced a challenging period around mid-2020, reflected in the sharp dip in net income and ROA, likely attributable to external factors influencing profitability. Despite these setbacks, total assets continued to increase, indicating ongoing investments or asset growth. Post this period, profitability indicators recover but exhibit increased volatility. The slight decline in ROA towards the later quarters could suggest emerging operational or market pressures requiring strategic attention to maintain profitability levels. The overall growth in assets combined with fluctuating earnings performance underscores the importance of monitoring both operational efficiency and asset utilization in future periods.