NIKE, Inc. FY 2026 10-K, explained in plain English

Key financials — as reported

Total revenue	$46.4B
Gross margin	42.9%
Operating income	— not reported
Net income	$3.1B
Diluted EPS	$2.10
Cash & equivalents	$7.6B
Total assets	$38.4B
Long-term debt	$7.9B

Key takeaway

NIKE reported $46.4 billion in fiscal 2026 revenue with a 42.9% gross margin, but net income of only $3.1 billion suggests margin pressure below the gross-profit line.

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Beneath the surface

The effective tax rate of 20.3% is below the 21% statutory federal rate, aided by a $254 million tax holiday benefit (worth $0.17/share) and R&D tax credits worth 1.7 percentage points, which flatters net income.

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