Each question starts with what the filings show, then why it matters. None of these is a rating or a forecast.
DTC vs. wholesale economics
Compare margin and brand-control benefits of direct-to-consumer sales against the reach and inventory efficiency of wholesale partners. A shift too far in either direction changes both profitability and retailer relationships.
Brand and product cycles
Nike's results have historically moved with product hits and misses across its major franchises. Watch innovation pipeline commentary and marketing spend for signs of renewed momentum or a longer reset period.
Geographic divergence
Track how North America, Greater China, and EMEA performance diverge. China has swung between growth engine and drag depending on local competition and consumer sentiment, and that mix shapes overall growth.
Supply chain and tariffs
Assess how concentrated sourcing in Vietnam and other Southeast Asian countries exposes Nike to shifts in US trade policy, and how quickly it could diversify manufacturing if tariffs or costs rose.
Does NKE's reported profit turn into cash?
Operating cash flow was $2.9B, 0.92 times net income of $3.1B, for the fiscal year ended May 31, 2026.
Cash from operations trailed reported earnings. Working-capital build (receivables, inventory, prepayments) or non-cash gains are the usual reasons; check the cash-flow statement before relying on reported profit.
Form 10-K filed July 15, 2026
How much of NKE's revenue is left as profit?
Net income was 6.7% of revenue for the fiscal year ended May 31, 2026, based on revenue and net income reported for the same period.
Net margin reflects the business model as much as execution, so compare it with companies in the same SEC industry and read the income statement for one-time items before treating it as a run rate.
Form 10-K filed July 15, 2026
When does NIKE, Inc.'s fiscal year end?
The SEC lists NIKE, Inc.'s fiscal year end as May 31, not December 31. The latest annual figures here run from June 1, 2025 to May 31, 2026.
Annual results cover a different 12 months from calendar-year peers. Align periods before comparing growth or margins across companies.
Form 10-K filed July 15, 2026