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Nike (NKE) earnings and revenue breakdown

Latest: Q1 FY27 · 10-Q filed Oct 2, 2026 · Nike (NKE) Q1 FY27 earnings results →

Q1 FY27 Revenue down 4% year over year to $11.2B · 6¢ of every $1 of revenue kept as net profit · operating margin 8.2%

Nike made $11.2B in Q1 FY27 (-4% Y/Y): Footwear $7.2B, Apparel $3.4B, Equipment $617M. Operating margin 8.2%, net earnings $712M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 2, 2026.

Revenue$11.2B
Year over year-4%
Operating margin8.2%
Net earnings$712M
Operating cash flow$135M

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Nike Q1 FY27 revenue breakdown: Sankey diagram of revenue (Footwear, Apparel, Equipment, Other), costs, profit and cash flow
Nike Q1 FY27 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $11.2B in Q1 FY27, down 4% year over year and up 2% from the previous quarter. Footwear was the largest line at 64% of revenue. Footwear lost $0.55B year over year (down 7%), 109% of the total change.

Gross margin was 42.8%, up 0.6 points from Q1 FY26. Operating profit was $0.92B, a 8.2% margin (up 0.3 points year over year). Operating expenses fell 4% while revenue fell 4%. Net earnings were $0.71B, down 2% year over year. The effective tax rate was 22.7%.

Operating cash flow was $0.14B (down 39% year over year), 19% of net earnings. Non-cash charges added back $0.19B of depreciation and amortization and $0.16B of share-based compensation. Working capital and other items used $0.93B. Capital expenditures of $0.20B exceeded it, leaving free cash flow of −$0.06B.

Quarterly history

Nike revenue by quarterNike revenue by quarter$11.3BQ3 FY25$11.1BQ4 FY25$11.7BQ1 FY26$12.4BQ2 FY26$11.3BQ3 FY26$11.0BQ4 FY26$11.2BQ1 FY27
Nike net earnings by quarterNike net earnings by quarter$794MQ3 FY25$211MQ4 FY25$727MQ1 FY26$792MQ2 FY26$520MQ3 FY26$1.1BQ4 FY26$712MQ1 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q1 FY2710-QOct 2, 2026$11.2B-4%8.2%$712M$135M
Q4 FY2610-KJul 15, 2026$11.0B-1%12.1%$1.1B$1.6B
Q3 FY2610-QApr 1, 2026$11.3B+0.1%5.8%$520M$430M
Q2 FY2610-QDec 30, 2025$12.4B+0.6%8.0%$792M$579M
Q1 FY2610-QOct 1, 2025$11.7B+1%7.9%$727M$222M
Q4 FY2510-KJul 17, 2025$11.1B-12%2.9%$211M$463M
Q3 FY2510-QApr 3, 2025$11.3B-9%7.5%$794M$1.8B

Charts

Nike: revenue growth, year over year and quarter over quarterNike: revenue growth, year over year and quarter over quarterY/YQ/Q-9%Q3 FY25-12%-2%Q4 FY25+1%+6%Q1 FY26+1%+6%Q2 FY26+0%-9%Q3 FY26-1%-3%Q4 FY26-4%+2%Q1 FY27
Latest (Q1 FY27): Y/Y -4%, Q/Q +2%.
Nike: where the cash came from (+) and went (−), TTM to Q1 FY27Nike: where the cash came from (+) and went (−), TTM to Q1 FY27Operating cash flow$2.8BDividends−$2.4BCapital spending−$676MShares issued$227MCash drawn (+) / kept (−)$121MOther financing−$93.0MOther investing$55.0MExchange rates$31.0MBuybacks−$20.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Nike: profit against cash, quarter by quarterNike: profit against cash, quarter by quarterNet incomeOperating cash flow$1.2B$1.0BQ2 FY25$794M$1.8BQ3 FY25$211M$463MQ4 FY25$727M$222MQ1 FY26$792M$579MQ2 FY26$520M$430MQ3 FY26$1.1B$1.6BQ4 FY26$712M$135MQ1 FY27
Latest (Q1 FY27): Net income $712M, Operating cash flow $135M.
Nike: diluted shares by fiscal yearNike: diluted shares by fiscal year1.61BFY211.61BFY221.57BFY231.53BFY241.49BFY251.48BFY26
-8.0% since FY21: buybacks shrank the count.
Nike: long-term debt falling due (FY26)Nike: long-term debt falling due (FY26)$2.0B2027$1.5B2030
Cash $7.6B, short-term investments —, long-term debt $7.9B at 2026-05-31.
Nike in its industry: growth against margin (4 companies, SIC 3021)Nike in its industry: growth against margin (4 companies, SIC 3021)revenue growth, year over year →↑ operating marginmedian +5%median 26%DECKCROXFeel The World, Inc.NKE (-4%, 8%)
Rubber & Plastics Footwear; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

About Nike

NIKE, Inc. was incorporated in 1967 under the laws of the State of Oregon. As used in this Annual Report on Form 10-K (this "Annual Report"), the terms "we," "us," "our," "NIKE" and the "Company" refer to NIKE, Inc. and its predecessors, subsidiaries and affiliates, collectively, unless the context indicates otherwise. Our principal business activity is the design, development and worldwide marketing and selling of athletic footwear, apparel, equipment, accessories and services. NIKE is the largest seller of athletic footwear and apparel in the world.

In its own words, from its annual report, filed Jul 17, 2025.

Nike against its Rubber & Plastics Footwear peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -4% against the peers' median +5%. Operating margin: 8.2% against the peers' median 26.3%.

CompanyQuarterRevenueY/YOp. margin
NKE NikeQ1 FY27$11.2B-4%8.2%
DECK Deckers OutdoorQ2 FY27$1.5B+4%26.3%
CROX CrocsQ3 2026$1.0B+5%28.0%
Feel The WorldQ2 2026$16.9M+15%5.2%

Source: Nike 10-Q on SEC EDGAR · CIK 320187 · Rubber & Plastics Footwear

Guidance and outlook

Nike: what its forward-looking statements are about (10-Q filed 2026-10-02)Nike: what its forward-looking statements are about (10-Q filed 2026-10-02)Other3Costs1Buybacks & dividends1Legal & regulation1
6 statements; tone +0.00 (−1 all cautious, +1 all confident); 0 hedged.
Nike: outlook statements against the filing beforeNike: outlook statements against the filing beforeNew4Dropped14

13F: who owns NKE and who is buying

Largest holders of NKE (13F)Largest holders of NKE (13F)Vanguard Group$7.5BBlackRock$3.4BVanguard Capital Management LLC$3.2BCapital World Investors$3.0BState Street$2.6BVanguard Portfolio Management LLC$1.9BGeode Capital Management, LLC$1.2BWellington Management Group LLP$912MFMR LLC$869MMorgan Stanley$824M
Funds' net buying of NKE by quarter (13F)Funds' net buying of NKE by quarter (13F)−$1.2B2024-09−$203M2024-12$1.9B2025-03−$614M2025-06−$1.4B2025-09$2.4B2025-12−$2.8B2026-03$672M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on NKE

History

Every quarter: Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results

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中文版：耐克（NKE）财报

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