Company profile
SEC EDGAR ↗- Industry
- Rubber & Plastics Footwear
- Listed
- NYSE: NKE
- Incorporated
- OR
- Headquarters
- Beaverton, OR
- Fiscal year end
- May 31
Financials
FY2026- Revenue
- $46.4B
- Net income
- $3.11B
- Total assets
- $38.4B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2026 | $46.4B | $3.11B | $38.4B |
| FY2025 | $46.3B | $3.22B | $36.6B |
| FY2024 | $51.4B | $5.70B | $38.1B |
| FY2023 | $51.2B | $5.07B | $37.5B |
| FY2022 | $46.7B | $6.05B | $40.3B |
| FY2021 | $44.5B | $5.73B | $37.7B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
7 verified Decision Records on Nike, and the casebook each one belongs to.
| Fork date | Decision type | The story | Casebook |
|---|---|---|---|
| 1998 | Asset-Light Bet | Read the story → | Asset-Light Bet Casebook → |
| 2003 | Adjacency Expansion | Read the story → | Adjacency Expansion Casebook → |
| 2017 | Moat Anatomy | Read the story → | Moat Anatomy Casebook → |
| 2017 | Distribution Rebellion | Read the story → | Distribution Rebellion Casebook → |
| 2018 | Crisis Response | Read the story → | Crisis Response Casebook → |
| 2019 | Succession Question | Read the story → | Succession Question Casebook → |
| 2020 | The Counterfactual | Read the story → | The Counterfactual Casebook → |
Run one of these yourself
The decisions Nike faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Boundaries of the FirmThe Asset-Light BetWhich parts of the business should you stop owning?See the pack →Growth & PortfolioThe Adjacency ExpansionWhen does the business next door belong to you?See the pack →Decision ForksThe Road Not TakenWhat did the decision you did not take actually cost?See the pack →
The analyses
The Asset-Light Bet · Boundaries of the Firm
Nike Owns Zero Factories and Earns a 44% Gross Margin on $51 Billion in Sales
Nike doesn't own a single one of the hundreds of factories that make its shoes - yet it earns a ~44% gross margin on $51 billion in sales. That gap is the whole strategy: Nike decided the money was in the swoosh, not the stitching, and rented out everything else. The same bet built its margins and its worst scandal.
7 min
The Adjacency Expansion · Growth & Portfolio
Nike Scrambled Its Way to an Empire Built Around the Shoe — Still 66% of Revenue in FY2025
The story is a master plan: running shoes, then basketball, then a lifestyle empire. The truth is messier — each expansion was a reactive scramble. Yet footwear still held ~66% of revenue in FY2025, proof the ecosystem was built around the shoe, not despite it.
8 min
The Counterfactual · Decision Forks
Nike's DTC Push Vacated the Shelf — Revenue Fell 10% While On Grew 55% and Hoka 58.5%
The story is that two upstarts ate Nike's lunch. The truth is Nike vacated the table first: a self-inflicted DTC strategy — launched in 2020 — gutted its retail discovery surface, and revenue fell from $51.4B in FY2024 to $46.3B in FY2025: a 10% decline and the steepest single-year drop in at least two decades — while On grew 55% and Hoka 58.5%.
8 min
The Crisis Response · Crisis & Reinvention
Nike's Kaepernick "Gamble" Was the Safest Bet It Ever Made
The Kaepernick ad is remembered as a bet-the-company risk. It wasn't. Nike had paid him since 2011, timed the reveal to the NFL season opener, told the NFL nothing, and watched the stock close 7.2% higher on the December earnings day — even as the Dow fell 6.9% that week.
7 min
The Distribution Rebellion · Boundaries of the Firm
Nike Fired Its Own Distributors. Then It Hired Them Back.
Nike spent six years tearing up wholesale to own the customer directly. In Q4 fiscal 2024 its Direct business fell ~8% while wholesale rose ~5%, the 60% DTC target was missed at 42%, and its own CFO admitted the strategy added 'complexity and inefficiency.'
8 min
The Moat Anatomy · Moat & Competition
Nike Paid Jordan $500,000 a Year — Then Spun a Ghost Story Into a Billion-Dollar Sub-Brand
Everyone remembers the $5,000-per-game fine. It mostly didn't happen. Nike paid Jordan $500,000 a year, then spun a regulatory ghost story into a billion-dollar sub-brand — and that machine, not the contract, is the moat.
8 min
The Moat Anatomy · Moat & Competition
Strip away Nike's supply chain and DTC story, and one asset still holds the moat
Nike outsources 100% of manufacturing to ~660 contract factories and tried to own its channel — then reversed course and crawled back to Amazon. Strip away the supply chain and the DTC story, and one asset is left holding the whole moat: the brand, which Morningstar rates wide for 20+ years.
7 min
The Succession Question · People & Control
Nike Made a Sitting Board Member CEO in 2020, Then Un-Retired a 32-Year Insider to Replace Him
In 2019 Nike promoted John Donahoe — a tech CEO who'd sat on its own board since 2014 — to run a digital pivot. Four and a half years later it reversed course, rehiring Elliott Hill, a 32-year company veteran it had let retire in 2020. The board wasn't choosing a philosophy. It was working a dial.
7 min