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How Nike (NKE) makes money

Nike (NKE) made $11.2B of revenue in the first quarter fiscal 2027 (Q1 FY27), -4% from a year earlier. Footwear brought in $7.2B (64%); Apparel brought in $3.4B (30%); Equipment brought in $617M (6%). Of every dollar of revenue, 43¢ was left as gross profit, 8¢ was left as operating profit, 6¢ was left as net earnings.

Drawing the Sankey…

Nike revenue by segment, Q1 FY27Nike revenue by segment, Q1 FY27Footwear$7.2BApparel$3.4BEquipment$617MOther$26.0M
Nike: revenue by line, Q3 FY25 to Q1 FY27Nike: revenue by line, Q3 FY25 to Q1 FY27FootwearApparelEquipmentOtherFootwear: $7.2B latest$7.2BApparel: $3.4B latest$3.4BEquipment: $617M latestOther: $26.0M latestQ3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Footwear went from 67% of revenue in Q3 FY25 to 64% in Q1 FY27, the largest shift in the mix.
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: where each dollar of revenue goesNike: where each dollar of revenue goesCost of revenue57¢Gross profit43¢Operating expenses35¢Operating profit8¢Income tax2¢Net earnings6¢Operating cash flow1¢

Revenue by segment, Q1 FY27

SegmentRevenueShareQ/QY/Y
Footwear$7.2B64.0%-2%-7%
Apparel$3.4B30.3%+11%+2%
Equipment$617M5.5%+11%-3%
Other$26.0M0.2%-49%-4%

Where each dollar of revenue goes

LineQ1 FY27% of revenue
Revenue$11.2B100.0%
Cost of revenue$6.4B57.2%
Gross profit$4.8B42.8%
Operating expenses$3.9B34.6%
Operating profit$921M8.2%
Income tax$209M1.9%
Net earnings$712M6.3%
Operating cash flow$135M1.2%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q1 FY27$11.2B-4%
Q4 FY26$11.0B-1%
Q3 FY26$11.3B+0.1%
Q2 FY26$12.4B+0.6%
Q1 FY26$11.7B+1%
Q4 FY25$11.1B-12%
Q3 FY25$11.3B-9%

From Nike's 10-Q filed Oct 2, 2026 (on EDGAR).

Questions

How does Nike make money?

Nike (NKE) made $11.2B of revenue in the first quarter fiscal 2027 (Q1 FY27), -4% from a year earlier. Footwear brought in $7.2B (64%); Apparel brought in $3.4B (30%); Equipment brought in $617M (6%). Of every dollar of revenue, 43¢ was left as gross profit, 8¢ was left as operating profit, 6¢ was left as net earnings.

What is Nike's biggest business?

Footwear: $7.2B in the first quarter fiscal 2027, 64% of revenue, -7% from a year earlier.

What is Nike's profit margin?

Net earnings were $712M, 6.3% of revenue, in the first quarter fiscal 2027; the operating margin was 8.2%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.