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Nike (NKE) Q4 FY25 earnings results (fourth quarter fiscal 2025)
10-K filed Jul 17, 2025
Nike (NKE) reported revenue of $11.1B for the fourth quarter fiscal 2025 (Q4 FY25), -12% from a year earlier and -2% from the quarter before. Operating margin was 2.9%, net earnings $211M (1.9% of revenue).
Nike, Q4 FY25: revenue $11.1B (-12% year over year), operating margin 2.9%, net earnings $211M, operating cash flow $463M. The chart follows the revenue to costs, profit and cash.
| Q4 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.1B | -2% | -12% |
| Gross profit | $4.5B | -4% | -21% |
| Operating profit | $318M | -62% | -82% |
| Net earnings | $211M | -73% | -86% |
| Operating cash flow | $463M | -74% | -82% |
| Free cash flow | $363M | -79% | -85% |
What changed
Revenue was $11.1B in Q4 FY25, down 12% year over year and down 2% from the previous quarter. Footwear was the largest line at 68% of revenue.
Gross margin was 40.3%, down 4.4 points from a year earlier. Operating profit was $0.32B, a 2.9% margin (down 10.8 points year over year). Operating expenses grew 6% against a revenue fall of 12%. Net earnings were $0.21B, down 86% year over year. The effective tax rate was 33.6%.
Operating cash flow was $0.46B (down 82% year over year), 219% of net earnings. Non-cash charges added back $0.20B of depreciation and amortization and $0.17B of share-based compensation. Working capital and other items used $0.11B. Capital expenditures of $0.10B left free cash flow of $0.36B.
Questions
What was Nike's revenue in the fourth quarter fiscal 2025?
Nike (NKE) reported revenue of $11.1B for the fourth quarter fiscal 2025 (Q4 FY25), -12% from a year earlier and -2% from the quarter before.
Was Nike profitable in the fourth quarter fiscal 2025?
Operating profit was $318M (2.9% of revenue) and net earnings $211M.
Source: Nike 10-K on SEC EDGAR.