Nike Inc.'s Q4 2026 results were released on 30 June 2026, with Bloomberg Markets noting the figures exceeded analyst expectations [Brief - 2026-07-01]. The announcement followed market close and was framed around CEO Elliott Hill's turnaround strategy, which the company has been executing following a period of operational repositioning. Commentary at the time centred on the structural changes Hill has implemented since taking the helm, with the Q4 report serving as a data point in assessing the early progress of that initiative [Brief - 2026-08-15].
As of the fiscal quarter ending 28 February 2026, Nike reported trailing twelve-month revenue of $46.4 billion, representing year-over-year revenue growth of 0.09%. Net income over the same period stood at $3.1 billion, with a gross margin of 42.9% and an operating margin of 7.1%. EPS declined 35.2% year-over-year. The company held $7.6 billion in cash against $7.9 billion in total debt, resulting in a modestly net-leveraged balance sheet. The P/E ratio stood at 17.44 at the time of filing [SEC 10-Q - NKE - 2026-02-28].
Insider activity over the past 30 days recorded 28 transactions with a net selling direction, totalling approximately -$371,000 in net value [SEC Form 4 - NKE - 2026-09]. On the institutional side, significant position changes were recorded in the most recent 13F filings. Citadel added 8.7% to its existing NKE position, while Millennium Management increased its position by 151%. Conversely, AQR Capital reduced its position by 88%, representing a substantial reduction in exposure [SEC 13F - Citadel - Q2 2026; SEC 13F - Millennium - Q2 2026; SEC 13F - AQR Capital - Q2 2026].
The broader macro environment shows the 10-year US Treasury yield at 4.83% and the 2-year yield at 4.39%, reflecting a normal yield curve spread of approximately 44 basis points [FRED DGS10; FRED DGS2]. These rate levels represent the prevailing cost-of-capital backdrop against which Nike's debt position and consumer discretionary demand are currently assessed by market participants.
This report was generated in response to material institutional position changes identified across multiple major 13F filers, specifically the divergent moves by Millennium Management and AQR Capital, which represented among the largest proportional adjustments to NKE holdings in the most recent reporting period.