# NIKE, Inc. (NKE)

> Source: Nexqual · https://nexqual.com/NKE · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, NIKE, Inc. (NKE), nexqual.com/NKE" · informational, not investment advice.

**Price:** USD 38.32 (+2.10% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 37.53 · day 36.91–38.44 · 52w 31.97–70.44 · market cap $56.9B · NYQ

## Key facts
- Last four reported quarters (through Aug 31, 2026): revenue $45.9B, net income $3.09B (6.7% margin), free cash flow $2.10B (SEC filings).
- Valuation: P/E 18.4x (avg 25.2x at the last 3 fiscal year-ends), net cash $475M.
- 6 of 80 tracked superinvestors hold NKE (13F, Q2 2026): 0 new, 2 added, 3 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $1.6M; 1 not under a Rule 10b5-1 plan ($205K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 4 Form 4 filings, $2.7M; 1 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.98 on a 1–5 scale) (43 analysts), mean target USD 36.5 (range 19–60).
- Total return with dividends: 1Y -43.2% vs S&P 500 +14.9%; 5Y -74.3% vs S&P 500 +80.3%.
- Next earnings: 2026-12-17, EPS estimate USD 0.37, revenue estimate $11.1B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $46.7B | $51.2B | $51.4B | $46.3B | $46.4B | $45.9B |
| Gross profit | $21.5B | $22.3B | $22.9B | $19.8B | $19.9B | — |
| Net income | $6.05B | $5.07B | $5.70B | $3.22B | $3.11B | $3.09B |
| EPS (diluted) | $3.75 | $3.23 | $3.73 | $2.16 | $2.10 | — |
| Free cash flow | $4.43B | $4.87B | $6.62B | $3.27B | $2.18B | $2.10B |
| Gross margin | 46.0% | 43.5% | 44.6% | 42.7% | 42.9% | — |
| Net margin | 12.9% | 9.9% | 11.1% | 7.0% | 6.7% | 6.7% |
| Revenue growth | +4.9% | +9.6% | +0.3% | -9.8% | +0.2% | — |
| Cash + short-term investments | $13.0B | $10.7B | $11.6B | $9.15B | $9.03B | — |
| Total debt | $9.42B | $8.93B | $8.90B | $7.96B | $7.94B | — |
Fiscal years end May. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 31, 2026)
P/E 18.4x · P/S 1.2x · EV/Sales 1.2x · P/FCF 27.0x · P/B 3.7x · FCF yield 3.70% · Earnings yield 5.43% · Dividend yield (paid, TTM) 4.26% · Buyback yield (TTM) 0.04% · Net cash $475M · EV $56.4B
P/E at fiscal year-ends: May 2026 22.0x, May 2025 28.0x, May 2024 25.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
6 of 80 tracked investors hold NKE. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Hillman Capital | Hillman Capital Management | 2.32% | $3.2M | Added +0.4% |
| Bill Nygren | Oakmark Funds | 0.79% | $591M | Reduced -2.5% |
| Thomas Gayner | Markel Group | 0.14% | $18.4M | Unchanged |
| Jensen Investment Management |  | 0.07% | $2.9M | Reduced -4.8% |
| Lindsell Train |  | 0.03% | $862K | Added +1.0% |
| Mairs & Power | Mairs & Power Funds | 0.02% | $2.6M | Reduced -3.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
8 of 9 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-09 | McCartney Philip | EVP: CHIEF INN,PROD&DSG OFCR | 2,559 | $96K | 3.1% | Yes (adopted January 24, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-09 | Leinwand Robert | EVP: Chief Legal Officer | 3,646 | $137K | 3.9% | Yes (adopted February 5, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-09 | Alagirisamy Venkatesh | EVP: CHIEF OPERATING OFFICER | 3,671 | $138K | 3.4% | Yes (adopted February 12, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-07 | Montagne Amy | PRESIDENT, NIKE | 4,867 | $205K | 7.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-05 | Leinwand Robert | EVP: Chief Legal Officer | 821 | $34K | 1.3% | Yes (adopted February 5, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-05 | Alagirisamy Venkatesh | EVP: CHIEF OPERATING OFFICER | 890 | $37K | 1.2% | Yes (adopted February 12, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-05 | McCartney Philip | EVP: CHIEF INN,PROD&DSG OFCR | 524 | $22K | 1% | Yes (adopted January 24, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-05 | Friend Matthew | EVP: CFO | 2,463 | $102K | 2.9% | Yes (adopted January 8, 2026) | Too little history (no open-market trades in 2025) |
| 2026-06-12 | McCartney Philip | EVP: CHIEF INN,PROD&DSG OFCR | 17,398 | $803K | 24% | Yes (adopted October 24, 2025) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
4 purchases, $2.7M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-04-13 | Hill Elliott | PRESIDENT & CEO | 23,660 | $1.0M | 42.27 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-10 | Cook Timothy D | Director | 25,000 | $1.1M | 42.43 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-09 | Rogers John W Jr | Director | 4,000 | $173K | 43.34 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-04-07 | Swan Robert Holmes | Director | 11,781 | $500K | 42.44 | Opportunistic (traded every year 2023–2025, no repeating month) |

## Analysts
Consensus Hold (mean 2.98 on a 1–5 scale), 43 analysts; mean target USD 36.5 (low 19, high 60).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Guggenheim | Reiterated | Buy | $50 |
| 2026-10-22 | Wolfe Research | Initiated | Underperform | $28 |
| 2026-10-22 | Barclays | Target raised | Overweight | $37 → $45 |
| 2026-10-22 | BTIG | Reiterated | Buy | $50 |
| 2026-10-05 | Barclays | Target lowered | Overweight | $48 → $37 |
| 2026-10-02 | Freedom Broker | Upgrade | Sell → Buy | $54 → $51 |
| 2026-10-02 | UBS | Target lowered | Neutral | $42 → $34 |
| 2026-10-02 | Telsey Advisory Group | Target lowered | Market Perform | $44 → $35 |
| 2026-10-02 | Citigroup | Target lowered | Neutral | $39 → $32 |
| 2026-10-02 | Morgan Stanley | Target lowered | Underweight | $31 → $27 |
| 2026-10-02 | BNP Paribas | Target lowered | Underperform | $23 → $19 |
| 2026-10-02 | Goldman Sachs | Target lowered | Neutral | $38 → $30 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -43.2% | -74.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -43.3% | -23.8% |
| Volatility (annualized) | 36.5% | 35.3% |
| Max drawdown | -49.8% (Oct 2025→Oct 2026) | -79.1% (Nov 2021→Sep 2026) |

## Peers (Footwear & Accessories)
DECK (Deckers Outdoor Corporation) USD 85.28 -0.25% · ONON (On Holding AG) USD 34 -0.64% · CROX (Crocs, Inc.) USD 120.99 +2.11% · BIRK (Birkenstock Holding plc) USD 33.68 +4.21% · SHOO (Steven Madden, Ltd.) USD 44.42 -0.60% · WWW (Wolverine World Wide, Inc.) USD 20.68 +2.83%

## More
Full page: https://nexqual.com/NKE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name NKE in their own reports (relationship from NKE's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Loop Industries, Inc. (LOOP) | 10-K 2026-05-27 | "Loop has signed a multi-year offtake agreement with Nike, Inc., which will serve as an anchor customer for the facility." |
| customer | SHOE STATION GROUP INC (SHOE) | 10-K 2026-03-26 | "Three branded suppliers, Nike, Skechers and Crocs, collectively accounted for approximately 46% of our Net Sales in Fiscal 2025, 48% of our Net Sales in Fiscal 2024 and 45% of our Net Sales in Fiscal …" |

## Revenue by business segment (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| TOTAL NIKE BRAND | $10.95B | 97.7% | -3.6% |
| CONVERSE | $263.0M | 2.3% | -28.1% |
| Total revenue | $11.21B | 100% | — |

## Revenue by product line (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Footwear | $6.95B | 62.0% | -6.2% |
| Apparel | $3.38B | 30.2% | +2.1% |
| Equipment | $611.0M | 5.4% | -3.0% |
| Other | $6.0M | 0.1% | -33.3% |
| Total revenue | $11.21B | 100% | — |
The lines above cover 97.7% of total revenue.

## Company outlook (8-K filed 2026-10-01)

- "Forward-Looking Statements This press release contains forward-looking statements regarding our expectations of our future results and our strategy, including our fiscal 2027 outlook and the program, which involve risks and uncertainties that could cause actual results to differ materially."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $0.37 | $0.53 | -30.8% | $11.11B | 25 |
| Next quarter (ends 2027-02-28) | $0.25 | $0.44 | -41.9% | $10.34B | 25 |
| Current fiscal year (ends 2027-05-31) | $1.25 | $1.73 | -28.0% | $42.80B | 37 |
| Next fiscal year (ends 2028-05-31) | $1.54 | $2.25 | -31.4% | $43.31B | 40 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-12-17): ±13.0%; earnings reaction alone ±5.2%; last 8 reports averaged ±8.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 36.9% | ±4.5% |
| 2026-11-06 | 14 | 36.6% | ±6.0% |
| 2026-11-13 | 21 | 35.3% | ±7.0% |
| 2026-11-20 | 28 | 39.9% | ±9.1% |
| 2026-11-27 | 35 | 37.3% | ±9.5% |
| 2026-12-04 | 42 | 37.1% | ±10.3% |
| 2026-12-18 | 56 | 40.3% | ±13.0% |
| 2027-01-15 | 84 | 40.3% | ±15.6% |