Nike (NKE) FY2025 results: revenue $46.3 billion, down 9.8% on the year
Nike, Inc. (NKE) reported revenue of $46.3 billion for fiscal 2025, the year ended 31 May 2025, down 9.8% on the year before. Net income was $3.2 billion, down 43.5%, and diluted earnings per share $2.16. The figures are the company's own, from the 10-K it filed with the SEC on 17 July 2025.
Revenue
$46.3 billion
-9.8% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$3.2 billion
-43.5% on the year
FY2018FY2025
Diluted EPS
$2.16
-42.1% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
3,698
7,429
5,841
-50.2%
Capital expenditure
430
812
969
-47.0%
Free cash flow
3,268
6,617
4,872
-50.6%
Free cash flow margin
7.1%
12.9%
9.5%
Cash from investing
-275
894
564
Cash from financing
-5,820
-5,888
-7,447
Depreciation and amortisation
775
796
703
-2.6%
Share-based compensation
709
804
755
-11.8%
Buybacks
2,985
4,250
5,480
-29.8%
Dividends paid
2,300
2,169
2,012
+6.0%
Dividend per share
$1.57
$1.45
$1.32
+8.3%
Diluted shares, weighted
1,488m
1,530m
1,570m
-2.8%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
13,213
14,430
14,004
-8.4%
Redeemable equity
0.0
0.0
0.0
Short-term borrowings
5.0
6.0
6.0
-16.7%
Debt
7,961
8,903
8,927
-10.6%
Operating lease liabilities
2,550
2,566
2,786
-0.6%
Other liabilities
12,850
12,205
11,808
+5.3%
Total liabilities and equity
36,579
38,110
37,531
-4.0%
Fixed assets
4,828
5,000
5,081
-3.4%
Goodwill
240
240
281
0.0%
Intangible assets
259
259
274
0.0%
Cash and equivalents
7,464
9,860
7,441
-24.3%
Receivables
4,717
4,427
4,131
+6.6%
Other assets
19,071
18,324
20,323
+4.1%
Total assets
36,579
38,110
37,531
-4.0%
10-K for the year ended 31 May 2025, filed 17 July 2025: the filing.