NIKE, Inc.

Company facts

Industry

Rubber & Plastics Footwear

Headquarters

Beaverton, Oregon

Most recent report

8-K, filed Aug 10, 2026

Incorporated

Oregon

Filings on record

1,006+ filings

On EDGAR

CIK 320187

Fiscal year ends

May

Filer status

Large accelerated filer

What to read: FY2026 10-K

SECSift found 4 of 27 sections worth reading, with 0 positive, 14 notable, and 9 negative flags.

• Business (Item 1)

  Multiple concerns: workforce cut 6%, stores closed, customer concentration up, CFO leaving.
  Notable

  • New EVP COO, Chief People Officer, and President of Nike appointed in fiscal 2026.
  Negative

  • Top 3 U.S. customers now 29% of U.S. sales, up from 25% in fiscal 2025.
  • Headcount fell 6% to 73,000 from 77,800 in fiscal 2026.
  • CFO Matthew Friend will leave August 17, 2026; becomes advisor until September 4.

• Risk Factors (Item 1A)

  Credit downgrade, stock-drop lawsuits, and controlling shareholder concentration are company-specific risks.
  Notable

  • European Commission is investigating Dutch tax rulings to Nike; adverse result could increase past tax liability.
  • Swoosh LLC owns ~79% of Class A common stock as of June 30, 2026, giving it outsized voting control.
  • Multiple securities class action and derivative lawsuits are pending from a past stock price drop.
  Negative

  • Credit rating downgraded by S&P and Moody's in 2025, increasing borrowing costs for existing and future debt.

• Management's Discussion (Item 7)

  Core financial results, segment breakdowns, IEEPA benefit, severance charges, and buyback pause.
  Notable

  • Revenues flat at $46.4B vs $46.3B; currency-neutral down 2% in FY2026.
  • Gross margin up 20 bps to 42.9% in FY2026, from 42.7% in FY2025.
  • Returned $2.5B to shareholders in FY2026, down from $5.3B in FY2025.
  • Severance charges of $385M recognized in FY2026; more possible.
  • IEEPA tariff benefit of $986M recognized in Q4 FY2026; $965M in North America.
  • NIKE Brand Digital sales fell 12% to $8.6B in FY2026, from $9.6B.
  • North America EBIT up 14% to $5.4B in FY2026, driven by 5% revenue growth.
  • Share repurchases paused in Q1 FY2026; no shares bought in Q4 FY2026.
  • Endorsement contract obligations $15.5B as of May 31, 2026, down from $16.2B.
  Negative

  • NIKE Direct revenues fell 6% to $17.7B in FY2026, from $18.8B, driven by traffic declines.
  • ROIC fell to 18.7% in FY2026 from 20.2% in FY2025.
  • Greater China NIKE Direct digital sales down 29% in FY2026 currency-neutral.

• Financial Statements (Item 8)

  Core financial data: net income, cash flow, segment declines, debt maturity.
  Notable

  • Recognized $385M severance costs in FY2026 for organizational changes, $243M accrued as of May 31, 2026.
  Negative

  • $2B of long-term debt matures in FY2027 (Nov 2026 and Mar 2027 notes).
  • Deferred tax valuation allowance surged to $192M from $51M, mainly on foreign NOLs and capital loss carryforwards.

What changed: FY2026 vs. FY2025

About 7% of NKE's FY2026 10-K is new information. 62 paragraphs were added, 366 changed, and 120 removed. Below are the most important lines SECSift identified.

• Management's Discussion (Item 7) 107
• Financial Statements (Item 8) 94
• Risk Factors (Item 1A) 70
• Business (Item 1) 41
• Exhibits (Item 15) 21
• Form 10-K Summary (Item 16) 15
• Market for the Stock (Item 5) 5
• Properties (Item 2) 4
• Cybersecurity (Item 1C) 3