NKE · Full Picture

NIKE, Inc. — the full picture

Earnings window · 2026-06-24 to 2026-08-09 · anchored on the 10-K report

One earnings window, everything merged: the filing, the call, press releases and news digests, folded into ranked threads.

What to look at first

  1. Purchase Commitments and Contractual Obligations · Commitments & obligationsPriority 77
    -16.2% liability; 2 forward row(s); structured_verified
    As of May 31, 2026, product purchase obligations were approximately $4.9 billion with approximately $4.7 billion payable within the next 12 months.
  2. Endorsement Contract Obligations · UnclassifiedPriority 75
    -34.3% liability; 1 forward row(s); quote_verified
    As of May 31, 2026, endorsement contract obligations, including associated marketing commitments, were approximately $15.5 billion with approximately $1.7 billion payable within 12 months.
  3. Capital Return Program · Buybacks & dividendsPriority 69
    -6.5% cash (realized); 2 sources (news, sec_filing); 2 forward row(s); quote_verified
    As of May 31, 2026, NIKE had repurchased 124.4 million shares at a cost of approximately $12.1 billion (an average price of $97.57 per share) under the $18 billion share repurchase program.
  4. Financing Activities · Debt, leverage & refinancingPriority 62
    -6.0% cash (realized); structured_verified
    Cash used by financing activities in fiscal 2025: $5,820 million, primarily driven by share repurchases, dividend payments and a $1 billion bond repayment.
  5. Liquidity and Cash Position · Liquidity & cash positionPriority 59
    quote_verified
    As of May 31, 2026, Cash and equivalents and Short-term investments totaled $9.0 billion, primarily consisting of commercial paper, corporate notes, deposits held at major banks, money market funds, U.S. Treasury obligations and other investment grade fixed-income securities.
  6. Inventory Levels and Composition · Supply chain & operationsPriority 58
    quote_verified
    Inventories as of May 31, 2026 were $7.5 billion, flat compared to the prior year.
  7. Converse Revenue Decline and Reset · Revenue growth & mixPriority 56
    -4.9% margin (realized); structured_verified
    Converse reported EBIT decreased 93% in fiscal 2026 compared to fiscal 2025, resulting in Converse EBIT of $(93) million in fiscal 2026.
  8. Greater China Performance · UnclassifiedPriority 54
    +2.1% margin (realized); 2 sources (news, sec_filing); structured_verified
    Greater China NIKE Direct digital sales decreased 29% while store sales declined 4% in fiscal 2026.
  9. ROIC and Invested Capital · UnclassifiedPriority 53
    quote_verified
    Return on Invested Capital (ROIC) was 18.7% as of May 31, 2026, compared to 20.2% as of May 31, 2025.
  10. Global Brand Divisions Losses · UnclassifiedPriority 52
    quote_verified
    Global Brand Divisions loss before interest and taxes was $(4,603) million in fiscal 2026 compared to $(4,699) million in fiscal 2025.
  11. IEEPA Tariff Recovery · Tariffs & trade policyPriority 46
    1 forward row(s); quote_verified
    Subsequent to May 31, 2026, we received substantially all of the remaining IEEPA tariff receivable.
  12. Operating Expense Trends · Operating expenses (SG&A)Priority 46
    quote_verified
    Total selling and administrative expense for fiscal 2026 was $16,114 million, or 34.7% of revenues.

Threads by pillar

Revenue & Demand Priority 69 · 4 threads

Costs & Margins Priority 76 · 5 threads

Capital & Balance Sheet Priority 93 · 8 threads

Legal, Regulatory & Policy Priority 46 · 1 thread

Macro & Market Conditions Priority 45 · 2 threads

Management & Governance Priority 21 · 1 thread

Unclassified Priority 90 · 5 threads

Expected impact by metric

metricforward netforward grossrealized
liability-50.5%+50.5%—
cash——-15.2%
operating_income——+1.2%
margin——-2.8%
revenue——-0.9%