NIKE (NKE) Financials

Nike, Inc. (NKE) has shown a generally steady revenue base and solid cash generation across the last four years of quarterly data. The latest figures (Q2 2026) show operating revenue of $12.427 billion and net income of $792 million, with a strong liquidity position reflected by cash and short-term investments around $8.4 billion. The company continues to return cash to shareholders (a dividend of $0.41 per share in Q2 2026) while maintaining a sizable balance sheet. Below are the 10 most notable trends, organized by positive, neutral, and negative items.

• Operating revenue has remained stable around $11–$12 billion in recent years, with Q2 2026 at $12.427 billion, indicating durable demand across geographies and categories.
• Earnings per share have shown strength in recent quarters, with Q2 2026 basic EPS of $0.54 and diluted EPS of $0.53, supporting per‑share profitability.
• Nike continues to return capital to shareholders, including a per‑share dividend of $0.41 in Q2 2026, reflecting ongoing dividend growth.
• Liquidity remains robust, with cash and equivalents around $6.97 billion and short-term investments about $1.37 billion, totaling roughly $8.4 billion in readily available liquidity in the latest quarter.
• Gross margin compression: Gross margin has softened modestly versus the peak years, with Q2 2026 showing about a 40.6% margin (5.045B gross profit on 12.427B revenue) compared to higher margins in earlier years (roughly mid‑40s).
• Cash flow variability: Cash flow from operations has been positive across quarters but fluctuates due to working-capital moves (for example, CFO/continuing operations ranged from the high hundreds of millions to above $1B in different periods).
• Capital expenditure cadence: Nike continues to invest in property, plant & equipment and other investments, with quarterly PPE purchases typically in the low hundreds of millions, indicating ongoing capacity and product investment.
• Balance sheet strength persists: Total equity around $14–15 billion and long-term debt in the mid‑to‑upper single-digit billions, supporting financing flexibility and ongoing operations.
• Capital allocation cadence: Net financing cash flows are often negative due to dividends and modest buybacks, consistent with a framework of returning cash while funding investments.
• Working-capital swings can temporarily weigh on CFO: Periods with negative changes in operating assets and liabilities (for example, last few quarters show negative net changes in operating assets and liabilities) can temporarily dampen cash generation from operations.