Nike (NKE) FY2026 results: revenue $46.4 billion, up 0.2% on the year

NIKE was incorporated in Oregon in 1967 and designs, develops, markets and sells athletic footwear, apparel, equipment, accessories and services. It is the largest seller of athletic footwear and apparel in the world. Products go out through NIKE Direct, meaning company-owned retail stores and digital platforms, and to wholesale accounts including independent distributors, licensees and sales representatives in nearly all countries. Nearly all products are made by independent contractors, and nearly all footwear, apparel and equipment is made outside the United States. The financial year ends on 31 May.

The brands and the products

Products carry the NIKE, Jordan and Converse brands. Footwear is designed mainly for specific athletic use, though much of it is worn casually, and the same is true of the sports apparel, which is sold under the same trademarks through the same channels, often marketed in collections of similar use and including apparel carrying licensed college, professional team and league logos. A line of performance equipment and accessories under the NIKE Brand name covers bags, socks, sport balls, eyewear, timepieces, digital devices, bats, gloves and protective equipment. Jordan Brand designs, distributes and licenses athletic and casual footwear, apparel and accessories around sport performance and streetwear using the Jumpman trademark, and its results sit inside the NIKE Brand geographic segments. Converse, a wholly-owned subsidiary based in Boston, designs, distributes and licenses casual sneakers, apparel and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron and Jack Purcell trademarks and reports on its own.

The segments and the markets

NIKE Brand operations are reported by geography: North America, Europe, the Middle East and Africa, Greater China, and Asia Pacific and Latin America, each covering the NIKE and Jordan brands, with Converse a separate reportable segment. In fiscal 2026 United States sales were approximately 44% of total revenues, against 43% in fiscal 2025 and 42% in fiscal 2024, with the three largest United States customers approximately 29% of United States sales. Non-United States sales were approximately 56% of the total, with the three largest customers outside the country approximately 16% of non-United States sales. No customer was 10% or more of consolidated revenues in fiscal 2026.

Stores and distribution

In the United States the direct businesses run 347 stores: 212 NIKE Brand factory stores, 75 NIKE Brand in-line stores including employee-only stores, and 60 Converse stores including factory stores, supported by eight major distribution centres. Outside the United States there are 641 stores, 537 NIKE Brand factory stores, 50 in-line stores and 54 Converse stores, alongside NIKE-owned and Converse-owned digital commerce platforms in over 40 countries and 65 distribution centres.

Manufacturing

At 31 May 2026 contract manufacturers operated 95 finished goods footwear factories in 11 countries, and in fiscal 2026 NIKE Brand footwear was made by 15 contract manufacturers, with factories in Vietnam, Indonesia and China making approximately 52%, 27% and 16% of the total; four manufacturers each accounted for more than 10% of footwear production and together for approximately 60%. On the apparel side, contract manufacturers operated 321 factories in 34 countries, 64 contract manufacturers were used, factories in Vietnam, Cambodia and China made approximately 34%, 15% and 12% of the total, and the top six accounted for approximately 54%. There were 205 strategic materials suppliers at the same date, and it is the contract manufacturers who buy the principal materials.

Competition and people

The industry is highly competitive worldwide, and the filing names adidas, Anta, ASICS, Deckers, Li Ning, lululemon athletica, New Balance, On, Puma, Under Armour and V.F. Corporation among the competitors. Competition turns on product quality, development, performance and reliability, new style and design, price and value, and on consumer connection built through marketing, digital experience, social media, customer support and endorsements by athletes, influencers, coaches, teams, colleges and leagues. At 31 May 2026 the company had approximately 73,000 employees worldwide, including retail and part-time staff, supplemented by independent contractors and temporary personnel. Most employees are not union represented, though some in Europe, the Middle East, Africa, Asia Pacific and Latin America are, and works councils or national collective agreements apply in some countries.

From NIKE's annual report on Form 10-K for the year ended 31 May 2026. The filing

Written from the 10-K filed 15 July 2026: read the full 10-K.