At a glance
Nike Inc is worth $58.11B, about 19 times its fiscal 2026 earnings. Revenue grew 0.2% to $46.40B in fiscal 2026, with 6.7% kept as profit; over 5 years it has grown 0.8% a year. It pays a 4.19% dividend yield, raised every year for at least 9 years, and returned $27.60B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned −37.4% over the past year with dividends reinvested and −23.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 38.6% in the 2020 crash (S&P 500: 33.7%) and 49.7% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Nike designs and markets athletic shoes, clothing and sports equipment under three brands: Nike, Jordan and Converse. It calls itself the world's largest athletic footwear and apparel business by sales. Revenue was about $46.4 billion in the fiscal year ended May 31, 2026. Footwear made up 65.8% of that, apparel 29.1% and equipment such as bags and balls 4.8%. Jordan covers sport performance and streetwear, while Converse offers casual sneakers such as Chuck Taylor and All Star.
It earns money two ways. Through wholesale, it ships products to footwear, sporting goods and department stores and to distributors, which pass them on to shoppers. Through Nike Direct, it reaches shoppers via 347 company stores in the US, 641 abroad and its own online stores in over 40 countries. In fiscal 2026, no customer reached 10% of revenue, though the three largest US customers took about 29% of US sales.
About 44% of fiscal 2026 revenue came from the US and 56% from abroad. Nike reports the Nike and Jordan brands in four regions: North America; Europe, Middle East & Africa; Greater China; and Asia Pacific & Latin America, with Converse reported separately. Nearly all products are made outside the US by contract manufacturers, independent firms working to Nike's orders, with most shoes coming from Vietnam, Indonesia and China.
Price history
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NKE -37.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Footwear | $30.54B | 65.8% |
| Apparel | $13.50B | 29.1% |
| Equipment | $2.22B | 4.8% |
| Other | $143.0M | 0.3% |
Latest results
- In Q1 FY2027 (ended Aug 31, 2026), revenue was $11.21B, down 4.3% from a year earlier, and net income was $712.0M (-2.1%).
- For fiscal 2026, revenue was $46.40B (+0.2% year over year; +0.8% a year from FY2021 to FY2026) with a 6.7% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +0.8% watch |
|---|---|
| Free cash flow margin | 4.7% watch |
| Return on equity (FY2026) | 20.9% good |
| Return on assets (FY2026) | 8.1% good |
| Net cash (cash minus debt) | $-990.0M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $44.54B | $5.73B | $5.96B |
| FY2022 | $46.71B | $6.05B | $4.43B |
| FY2023 | $51.22B | $5.07B | $4.87B |
| FY2024 | $51.36B | $5.70B | $6.62B |
| FY2025 | $46.31B | $3.22B | $3.27B |
| FY2026 | $46.40B | $3.11B | $2.18B |
Valuation snapshot
| Market value | $58.11B |
|---|---|
| P/E ratio | 18.6 |
| Dividend yield | 4.19% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NKE price data to Nov 2, 2026 | -37.0% | -37.4% | -26.4% | -23.9% | -0.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -37.0% |
| 2025 | -13.8% |
| 2024 | -29.1% |
| 2023 | -6.0% |
| 2022 | -29.0% |
| 2021 | +18.7% |
| 2020 | +41.0% |
| 2019 | +38.1% |
| 2018 | +19.9% |
| 2017 | +24.7% |
| 2016 | -17.7% |
| 2015 | +31.4% |
| 2014 | +23.8% |
| 2013 | +54.5% |
| 2012 | +8.7% |
| 2011 | +14.5% |
| 2010 | +31.2% |
| 2009 | +32.1% |
| 2008 | -19.4% |
| 2007 | +30.4% |
| 2006 | +14.2% |
| 2005 | -4.2% |
| 2004 | +32.6% |
| 2003 | +54.0% |
| 2002 | -20.9% |
| 2001 | +0.8% |
| 2000 | +12.7% |
| 1999 | +22.3% |
| 1998 | +3.9% |
| 1997 | -34.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 35.9% over that stretch · deepest drop along the way 44.1%, back to its old high 11.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 38.5% over that stretch · deepest drop along the way 38.6%, back to its old high 2.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 45.8% over that stretch · deepest drop along the way 49.7%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 4 sales ($576K), 4 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 7, 2026 | Amy Montagne PRESIDENT, NIKE | sell (plan) | $205K |
| Sep 9, 2026 | Venkatesh Alagirisamy EVP: CHIEF OPERATING OFFICER | sell (plan) | $138K |
| Sep 9, 2026 | Robert Leinwand EVP: Chief Legal Officer | sell (plan) | $137K |
| Sep 9, 2026 | Philip McCartney EVP: CHIEF INN,PROD&DSG OFCR | sell (plan) | $96K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.5% | Mar 31, 2026 |
| Capital World Investors | 6% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.19% | Sep 30, 2026 |
| STATE STREET CORPORATION | 5% | Mar 31, 2026 |
ETFs with the most weight in NKE
| MVAL VanEck Morningstar Wide Moat Value ETF | 3.67% |
| DJD Invesco Dow Jones Industrial Average Dividend ETF | 2.93% |
| EDOW First Trust Dow 30 Equal Weight ETF | 2.77% |
| VFQY Vanguard U.S. Quality Factor ETF | 2.1% |
| XLY Consumer Discretionary Select Sector SPDR Fund | 2.02% |
| SMRI Bushido Capital US Equity ETF | 1.86% |
| VCR Vanguard Consumer Discretionary ETF | 1.59% |
| QUAL iShares MSCI USA Quality Factor ETF | 1.4% |
What could go wrong
- Shoe output relies on few factories. Four contract manufacturers each made over 10% of Nike Brand footwear in fiscal 2026, together about 60%. Vietnam alone produced about 52%. Trouble at one supplier or in one country could disrupt supply.
- Strategy shift may not pay off. The 10-K flags risks in Nike's increased focus on sport and its rebalancing of products and sales channels. Revenue grew 0.2% in fiscal 2026, and Nike disclosed restructuring costs in March and October 2026.
- Tariffs and trade policy changes. Nearly all Nike products are made outside the US, yet the US brought in about 44% of fiscal 2026 revenue. Higher import duties or new trade restrictions could raise costs and squeeze profit margins.
- Big retail partners hold sway. As retail power concentrates in fewer chains, so does Nike's credit risk, the chance a customer can't pay. The three largest US customers took about 29% of US sales in fiscal 2026.
- Missing what shoppers want next. Demand rides on design trends and which sports are popular, and competition is intense. If Nike misreads tastes or its product innovation falls behind rivals, revenue and profits could slip.
- Inventory mistakes can dent margins. Nike says poor demand forecasts have led to excess inventory or shortages in the past, cutting profit margins and cash flow. Surplus stock typically has to be cleared at discounts.
Recent events
- Quarterly results released; Restructuring or exit costs
- Executive or board change; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Executive or board change
- Quarterly results released
- Quarterly results released; Executive or board change; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Restructuring or exit costs
For income and retirement investors
Nike has raised its dividend for at least 9 straight fiscal years through fiscal 2026. Dividends per share rose from $1.07 in fiscal 2021 to $1.63 in fiscal 2026, about 8.8% a year. The yield was 4.41% as of October 28, 2026, lifted by a falling share price. Coverage was thin: fiscal 2026 dividends took 77.4% of earnings and 110.2% of free cash flow (cash left after running and investing in the business). Buybacks (share repurchases) totaled about $16.9 billion over fiscal 2022–2026 but fell to $146 million in fiscal 2026.
In past downturns, the shares fell about 44% in the 2008 financial crisis and regained their peak about 12 months after the low. They dropped 39% in the 2020 COVID crash and recovered within about 2 months. After a 50% fall in the 2022 bear market, they had not recovered as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Nike make money?
Mostly from shoes. Footwear brought in 65.8% of Nike's roughly $46.4 billion in revenue for the fiscal year ended May 31, 2026, with apparel at 29.1% and equipment at 4.8%. Nike reaches shoppers two ways: wholesale partners such as sporting goods and department stores, and Nike Direct, its own stores and online shops. About 44% of fiscal 2026 revenue came from the US. Nike kept about $3.1 billion as profit, or 6.7 cents of each revenue dollar.
Does Nike raise its dividend every year?
Yes, through fiscal 2026. Nike has increased its dividend for at least 9 consecutive fiscal years, and the true streak may be longer. Dividends per share grew from $1.07 in fiscal 2021 to $1.63 in fiscal 2026, about 8.8% a year, and the yield was 4.41% as of October 28, 2026. Past raises don't guarantee future ones: fiscal 2026 dividends equaled 110.2% of free cash flow, so Nike paid out more than its business generated after investment.
Why is Nike stock down so much?
The stock has fallen alongside shrinking profits. Diluted earnings per share (profit per share) fell from $3.73 in fiscal 2024 to $2.10 in fiscal 2026, and revenue slipped from $51.4 billion to $46.4 billion. In the quarter ended August 31, 2026, revenue fell 4.3% from a year earlier. The shares lost 43.1% in the year to October 28, 2026, and about 75% over five years. Nike's 10-K says missing market expectations has pushed its stock down before.
Where are Nike shoes made?
Mostly in Vietnam, Indonesia and China. In fiscal 2026, factories in those countries made about 52%, 27% and 16% of Nike Brand footwear. The plants are run by independent contract manufacturers, not Nike: as of May 31, 2026, they operated 95 factories making finished footwear in 11 countries. Four manufacturers together produced about 60% of Nike Brand footwear, a concentration the 10-K lists as a risk alongside tariffs and trade policy.
How much debt does Nike have?
About $7.9 billion as of August 31, 2026, slightly more than its $6.9 billion of cash and investments. That left net debt (debt minus cash) of roughly $1 billion, against shareholders' equity (assets minus liabilities) of $15.2 billion. The 10-K warns that a lower credit rating or a weaker economy could raise borrowing costs. In fiscal 2026, dividends of about $2.4 billion exceeded free cash flow of about $2.2 billion.