Nike

Nike designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories under the NIKE and Jordan brands, and through its Converse subsidiary. It reports four NIKE Brand geographies (North America, Europe, Middle East and Africa, Greater China, and Asia Pacific and Latin America) plus Converse, and it sells to consumers and to wholesale customers worldwide. In fiscal 2026 it reported revenue of about $46.4 billion and net income of about $3.1 billion.

Nike earns revenue by selling footwear, apparel, and equipment either to wholesale customers, such as retailers and distributors, or directly to consumers through NIKE Direct, its own stores and digital platforms. NIKE Direct revenues were $17.7 billion in fiscal 2026, down from $21.5 billion in fiscal 2024, while sales to wholesale customers grew about 7% in the first nine months of fiscal 2026. Footwear is the largest product category, and results depend on product demand, pricing and discounting, the mix of channels, and currency.

Nike remains one of the largest athletic brands, with revenue near $46 billion, a gross profit of about $19.9 billion, and a balance sheet with about $7.6 billion of cash and $1.5 billion of short-term investments. Wholesale growth in fiscal 2026, a leaner inventory (about $7.5 billion, level with the prior year), and a recovery of earnings toward the higher profits of earlier years would lift operating income and free cash flow from today’s depressed level.

Revenue has fallen from $51.4 billion in fiscal 2024 to $46.4 billion in fiscal 2026 and net income from $5.7 billion to $3.1 billion, and NIKE Direct revenues and Converse have declined. Nike paid about $2.4 billion of dividends in fiscal 2026, about three-quarters of its net income, so it has less room for both dividends and buybacks, and it carries about $7.9 billion of debt. Competition, higher import tariffs, changing consumer demand, and currency swings could hold margins down.