Do these 3 things before closing this tab:
1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsAssess Nike stock by separating the company’s operating performance from the price investors are being asked to pay. Start with revenue quality, margins, earnings and cash generation; then test a dated share price against bear, base and bull assumptions. Nike’s FY2026 results showed flat reported revenue and lower diluted EPS, but those figures alone do not establish whether NKE shares are cheap or expensive.
Freshness: Nike’s FY2027 first-quarter results were scheduled for October 1, 2026, but the release and any related 10-Q are not reflected here. Check Nike Investor Relations and SEC filings for those results before relying on FY2026 as the latest comparison.
What Nike’s latest located annual results show
NIKE, Inc.’s fiscal 2026 ended May 31, 2026. The company reported revenue of $46.4 billion, flat year over year on a reported basis and down 2% currency-neutral. Net income was $3.1 billion, down 3%, and diluted earnings per share were $2.10, also down 3%. These are company-reported fiscal-year figures, not a current-quarter update. Nike’s FY2026 results release and its FY2026 Form 10-K provide the underlying detail.
Consolidated revenue can conceal important differences in where and how Nike sells. NIKE Brand revenue was $45.2 billion, up 1% reported but down 1% currency-neutral. North American growth was partly offset by declines in Greater China and EMEA. Converse revenue was $1.2 billion, down 31% reported and 32% currency-neutral.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
#1 Best Overall
| FY2026 measure | Reported result | What to notice |
|---|---|---|
| Total revenue | $46.4 billion; flat reported, down 2% currency-neutral | Reported growth and currency-neutral trend differ. |
| NIKE Brand wholesale revenue | $27.5 billion | Consider whether growth is broad-based across accounts and markets. |
| NIKE Direct revenue | $17.7 billion; down 6% reported and 8% currency-neutral | Direct includes Nike-owned stores and digital platforms; its decline merits separate attention. |
| Net income | $3.1 billion; down 3% | Compare profitability with cash generation and investment needs. |
| Diluted EPS | $2.10; down 3% | One annual EPS figure is not a valuation conclusion. |
| Gross margin | 42.9%; up 20 basis points for FY2026 | Assess the full-year trend and what drove it, rather than extrapolating a single quarter. |
NIKE Direct consists of owned stores and digital platforms; wholesale sales go through wholesale accounts. The 10-K reports Nike Brand results across North America, EMEA, Greater China and APLA. These channel and geography cuts help distinguish a broad improvement from growth concentrated in a particular route to market or region.
How to judge whether performance is improving
Revenue quality and demand
Compare reported revenue with currency-neutral revenue, and inspect footwear, apparel and equipment alongside the regional and channel breakdowns. Currency-neutral measures can help show underlying trends, but they are non-GAAP measures and should be read alongside reported results. Ask whether wholesale gains persist, whether NIKE Direct’s contraction stabilizes, and whether demand is supported by full-price sales rather than discounting.
Rank #2
Margins and the tariff-related Q4 jump
FY2026 gross margin rose 20 basis points to 42.9%. In the fourth quarter alone, it reached 49.2%, up 890 basis points; Nike said the quarter included an approximately 900-basis-point benefit tied to expected recovery of IEEPA tariffs. That policy-related benefit makes Q4 an unsafe standalone basis for a sustainable-margin estimate. In assessing profitability, separate recurring pricing, product mix, promotions and cost performance from tariff recoveries or other unusual items.
Earnings, cash generation and capital needs
Put EPS beside net income, operating cash flow, capital requirements and share-count changes. The audited 10-K is the source for cash-flow and balance-sheet detail; the headline earnings figure does not show whether profits are converting into cash or what the business needs to reinvest. Compare multiple periods so that a temporary shift does not become your assumed long-term earnings power.
Execution and competitive position
Nike says its strategy is to pursue “sustainable, profitable long-term revenue growth” through sport, innovative products, consumer connections and retail and digital experiences. Treat strategy as a plan to test against results, not proof of success. Look for evidence that product innovation and sports-led priorities are translating into sell-through and full-price demand. Nike’s 10-K identifies changing consumer preferences and failure to respond in time as risks to sales and profitability.
How to assess NKE’s valuation
A company can be well known and still be an unattractive investment at an excessive price. Begin with a share price dated to the day you perform the analysis; a current quote and market capitalization are not established here. Then choose a consistent valuation method, such as a price-to-earnings multiple based on normalized EPS or a cash-flow-based approach. Avoid treating a one-time margin benefit or an unusually weak earnings year as automatically representative.
Rank #4
- Set the starting price and date. Record the NKE share price you are actually evaluating and use the same date for any market-capitalization or peer comparisons.
- Build scenarios. Write down bear, base and bull assumptions for revenue growth, margins, expenses and cash generation. Make clear which assumptions depend on Direct sales stabilizing, regional demand improving or margins normalizing.
- Calculate value consistently. Apply the same method across scenarios and, if comparing peers, use the same period and accounting basis. Compare Nike’s valuation with its own history and suitable peers, while recognizing that neither historical multiples nor brand recognition guarantee future returns.
- Decide what would change your view. Identify the next reported measures or guidance that would confirm or undermine the assumptions, rather than relying on a target price without a stated basis.
This is a framework for analysis, not a sourced fair-value estimate or a buy/sell recommendation. The figures above do not supply a current quote, target price or market capitalization.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Risks and measures to monitor
Nike’s FY2026 Form 10-K identifies risks involving consumer preferences, product relevance and innovation, competition, demand forecasting, inventory, third-party manufacturing, and international operations. These risks matter to an investor because they can affect sales, margins, costs and the ability to deliver products where demand exists.
Best Value
At each earnings update, review these measures together:
- Revenue by geography and by wholesale versus NIKE Direct.
- Gross margin, markdowns and the stated drivers of margin changes.
- Inventory and operating expenses.
- Operating cash flow and capital needs.
- Management guidance, compared with prior guidance and actual results.
Keep GAAP results distinct from currency-neutral and other non-GAAP measures. The latter can illuminate trends, but they do not replace reported results.
Check fit with your portfolio and time horizon
Before buying, consider whether a single-company holding fits your risk tolerance, time horizon, liquidity needs and existing exposure. A recognizable global brand does not remove company-specific execution risk or the possibility that the purchase price leaves too little room for disappointing results.
Nike declared a quarterly cash dividend of $0.41 per share, payable October 1, 2026, to holders of record on September 1, 2026. This is a dated company announcement, not a guaranteed future payment or a current dividend yield; yield depends on the share price used. Check the latest filing or investor-relations announcement for any subsequent change. Nike dividend announcement
Quick wins for a faster PC:
Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
