NIKE Inc.NKE

Nike Inc. closed its fiscal 2026 with $46.40 billion in revenue and $3.11 billion in net income, according to the 10-K filed on 15 July 2026. The company’s balance sheet shows $7.56 billion in cash and equivalents, $38.41 billion in assets, and stockholders’ equity of $14.87 billion, giving it the dry-cash profile of a business that has mastered the art of selling dreams while keeping its receipts tidy. (source: NKE SEC EDGAR 10-K (2026-07-15), https://www.sec.gov/Archives/edgar/data/320187/000032018726000088/nke-20260531.htm)

What Nike actually sells is sportswear, footwear, equipment, and digital services, with the NIKE Brand and Converse generating nearly all top line. In fiscal 2026, North America accounted for 44% of revenue, up one point on the prior year, while the Jordan Brand line posted $7.03 billion, down 3% on a reported basis and down 5% on a currency-neutral basis. The company’s product advice pages still urge customers to “find, style and get the most out of your Nike gear,” yet the spreadsheets quietly tell a story of a brand juggernaut that is still growing in some places and gently deflating in others. (source: NKE SEC EDGAR 10-K (2026-07-15), https://www.sec.gov/Archives/edgar/data/320187/000032018726000088/nke-20260531.htm; Nike Product Advice, https://www.nike.com/gb/product-advice)

The filings are thick with governance theatre: the DEF 14A and DEFA14A show that shareholders are being asked to re-elect directors, approve executive compensation, and vote on say-on-pay while the company simultaneously discloses $1.3 billion of ordinary-course transactions with Apple Inc. The same documents reveal that on 23 June 2026, Nike announced a CFO transition, with David Denton set to take the finance reins on 17 August 2026. These are the real motions on the floor, not the polished stories on the screens. (source: NKE DEF 14A (2026-07-15), https://www.sec.gov/Archives/edgar/data/320187/000032018726000089/nke-20260715.htm; NKE DEFA14A (2026-07-15), https://www.sec.gov/Archives/edgar/data/320187/000032018726000376/nke015577-ars.pdf; NKE 8-K (2026-06-23), https://www.sec.gov/Archives/edgar/data/320187/000032018726000070/nke-20260616.htm)

For a company that still trades on cool and culture, Nike’s cash generation is the honest headline: net cash provided by operating activities was $2.87 billion in fiscal 2026, while free cash flow was $2.19 billion after $684 million of capex and a $31 million inventory build. Earnings per share on a diluted basis came in at $2.10 on 1.48 billion diluted shares. The board’s 2026 proxy reminds us that executive compensation is a line item too, but the headline remains the cash engine. (source: NKE SEC EDGAR 10-K (2026-07-15), https://www.sec.gov/Archives/edgar/data/320187/000032018726000088/nke-20260531.htm)

If you want a chart, the SEC filings don’t draw lines on graphs; they draw lines in the sand. The company’s own product rails show glossy athletes, but the actual motion is in the cash, the inventory, the regional mix, and the board papers. The public site routes you to investor materials and product advice, not to trading charts, because Nike’s story is still written in Beaverton, not on a terminal. (source: Nike Brands. Nike UK, https://www.nike.com/gb/w/37eefz43h4uz93bsdzpgd6; NIKE, Inc. Newsroom: Press Releases, Product Announcements and Media Resources, https://news.nike.com/)

The tension in the file is that Nike’s global brand story still commands loyalty and pricing power, yet the spreadsheets show pockets of softness: the US share is creeping up, Jordan Brand is shrinking for a second year, and the board is still approving executive pay while disclosing multi-billion-dollar Apple co-marketing budgets. The next filing that would change the tone would be the first quarter update that quantifies the impact of the CFO transition and the back-to-school cycle, or a product drop that actually moves the needle on the Jordan line. Until then, the story is the cash flow, the board theatre, and the quiet domestic tilt, all wrapped in the same glossy imagery that Nike has sold for decades. (source: NKE 8-K (2026-06-30), https://www.sec.gov/Archives/edgar/data/320187/000032018726000076/nke-20260630.htm)