{"schemaVersion":1,"research":true,"symbol":"nke","name":"Nike","topic":"moat","path":"/stock/nke/moat","status":"published","version":5,"updatedAt":"2026-10-18T15:58:09.277Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Nike retains a narrow intangible-asset moat supported by commercially used trademarks, established endorsement relationships and global distribution. Actual wholesale demand supports a current advantage, but continued direct-channel declines, falling footwear volumes and discounting show erosion. Pricing power is selective and mixed; neither scale nor margins alone establish a moat.","advantages":[{"mechanism":"intangible_assets","claim":"Nike's trademarks and endorsement relationships support differentiated consumer demand across a global distribution system. Trademark licensing and substantial wholesale sales demonstrate commercial use of these assets; distribution scale reinforces their reach but does not establish a separate cost or efficient-scale advantage.","durability":"A current, qualified advantage rather than exceptional durability. Existing licensing and endorsement arrangements support persistence, but maintaining consumer relevance requires continued product execution and marketing investment.","risks":"Endorsement competition has intensified and associated costs have increased. Fiscal 2027 first-quarter footwear units fell 5%, direct revenue fell 9% currency-neutral and wholesale revenue fell 1% currency-neutral. Apparel pricing improvements coexist with discounts and falling units.","invalidation":"The narrow-moat thesis would fail if subsequent annual results show sustained volume declines across both footwear and apparel, wholesale contraction alongside continuing direct declines, and recurring discount-led ASP deterioration despite continued brand investment. Material loss of endorsement access or commercially valuable trademark licensing would also undermine the mechanism.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8","e9","e10","e11","e12"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business — global direct and wholesale distribution","excerpt":"We sell our products through NIKE Direct operations, which are comprised of both NIKE-owned retail stores and sales through our digital platforms (also referred to as \"NIKE Brand Digital\") and to wholesale accounts, which include a mix of independent distributors, licensees and sales representatives in nearly all countries around the world."},{"id":"e2","sourceId":"filing-1","location":"Business — trademark licensing agreements","excerpt":"In addition to the products we sell to our wholesale customers and directly to consumers through our NIKE Direct operations, we have also entered into license agreements that permit unaffiliated parties to manufacture and sell, using NIKE-owned trademarks, certain apparel, digital devices and applications and other equipment designed for sports activities."},{"id":"e3","sourceId":"filing-1","location":"Risk factors — existing endorsement relationships and product authenticity","excerpt":"We establish relationships with professional athletes, sports teams and leagues, as well as other public figures, including artists, designers and influencers, to develop, evaluate and promote our products, as well as establish product authenticity with consumers."},{"id":"e4","sourceId":"filing-1","location":"Liquidity and capital resources — endorsement contractual obligations","excerpt":"•Endorsement Contracts — As of May 31, 2026, we had endorsement contract obligations, including associated marketing commitments, of approximately $15.5 billion, with approximately $1.7 billion payable within 12 months, primarily representing approximate amounts of base compensation and minimum guaranteed royalty fees we are obligated to pay athlete, public figure, sport team and league endorsers of our products."},{"id":"e5","sourceId":"filing-1","location":"Fiscal 2026 operating results — wholesale revenue growth","excerpt":"•NIKE Brand wholesale revenues were $27.5 billion in fiscal 2026 compared to $25.9 billion in fiscal 2025, up 6% on a reported basis and up 4% on a currency-neutral basis."},{"id":"e6","sourceId":"filing-1","location":"Risk factors — increased endorsement costs and competition","excerpt":"However, as competition in our industry has increased, the costs associated with establishing and retaining such sponsorships and other relationships have increased, and competition to attract and retain high-quality endorsers has intensified, including due to the growing influence of athletes' personal brands, the proliferation of athlete-led commercial ventures and a broader pool of competing brands seeking endorsement relationships."},{"id":"e7","sourceId":"filing-1","location":"Fiscal 2026 operating results — direct, digital and store declines","excerpt":"On a currency-neutral basis, NIKE Direct revenues were down 8% due to declines in NIKE Brand Digital sales of 12% and declines in NIKE store sales of 4%."},{"id":"e8","sourceId":"filing-4","location":"Fiscal 2027 first-quarter operating results — footwear units and ASP","excerpt":"Unit sales of footwear decreased 5%, while lower average selling price (\"ASP\") per pair reduced footwear revenues by approximately 1 percentage point."},{"id":"e9","sourceId":"filing-4","location":"Fiscal 2027 first-quarter operating results — footwear discounts and strategic pricing","excerpt":"Lower ASP per pair was primarily due to channel mix and higher discounts, partially offset by strategic pricing."},{"id":"e10","sourceId":"filing-4","location":"Fiscal 2027 first-quarter operating results — apparel units and ASP","excerpt":"Unit sales of apparel decreased 2%, while higher ASP per unit contributed approximately 4 percentage points of apparel revenue growth."},{"id":"e11","sourceId":"filing-4","location":"Fiscal 2027 first-quarter operating results — apparel mix, strategic pricing and discounts","excerpt":"Higher ASP per unit was primarily due to product mix and strategic pricing, partially offset by higher discounts."},{"id":"e12","sourceId":"filing-4","location":"Fiscal 2027 first-quarter operating results — direct, digital and store declines","excerpt":"On a currency-neutral basis, NIKE Direct revenues were down 9% due to declines in NIKE Brand Digital sales of 13% and declines in NIKE store sales of 5%."},{"id":"e13","sourceId":"filing-4","location":"Fiscal 2027 first-quarter operating results — wholesale revenue","excerpt":"•NIKE Brand wholesale revenues were $6.8 billion for the first quarter of fiscal 2027 and the first quarter of fiscal 2026, down 1% on a currency-neutral basis."},{"id":"e14","sourceId":"filing-4","location":"Fiscal 2027 first-quarter operating results — gross margin and logistics costs","excerpt":"•Gross margin for the first quarter of fiscal 2027 increased 60 basis points to 42.8% primarily due to lower warehousing and logistics costs."},{"id":"e15","sourceId":"filing-1","location":"Fiscal 2026 gross margin — reported annual change","excerpt":"Gross margin increased 20 basis points to 42.9% for fiscal 2026 compared to 42.7% for fiscal 2025 due to the following:"},{"id":"e16","sourceId":"filing-1","location":"Risk factors — actual customer order cancellations and changes","excerpt":"In addition, our customers may, and from time to time do, cancel orders, change delivery schedules or change the mix of products ordered with minimal notice."},{"id":"e17","sourceId":"filing-1","location":"Critical accounting estimates — contractual and discretionary sales discounts","excerpt":"Provisions for post-invoice sales discounts consist of both contractual programs and discretionary discounts that are expected to be granted at a later date."},{"id":"e18","sourceId":"filing-4","location":"Liquidity and capital resources — continued repurchase pause","excerpt":"We paused repurchases under this program during the first quarter of fiscal 2026 and no shares were repurchased during the quarter ended August 31, 2026."},{"id":"e19","sourceId":"filing-4","location":"Liquidity and capital resources — cumulative repurchase spending","excerpt":"As of August 31, 2026, we repurchased 124.4 million shares at an average price of $97.57 per share for a total approximate cost of $12.1 billion under the program."},{"id":"e20","sourceId":"filing-4","location":"Liquidity and capital resources — actual investing cash use","excerpt":"For the three months ended August 31, 2026, cash used by investing activities was $192 million, primarily driven by additions to Property, plant and equipment."},{"id":"e21","sourceId":"filing-4","location":"Liquidity and capital resources — financing cash use and dividends","excerpt":"For the three months ended August 31, 2026, cash used by financing activities was $618 million, primarily driven by dividend payments."},{"id":"e22","sourceId":"filing-4","location":"Liquidity and capital resources — cash and short-term investments","excerpt":"As of August 31, 2026, we had Cash and equivalents and Short-term investments totaling $8.4 billion, primarily consisting of commercial paper, corporate notes, deposits held at major banks, money market funds, U.S."},{"id":"e23","sourceId":"filing-6","location":"Executive compensation — realized fiscal 2024–2026 PSU payout","excerpt":"The fiscal 2024 – 2026 PSUs paid out at 0%."},{"id":"e24","sourceId":"filing-6","location":"Executive compensation — negative discretion on fiscal 2026 annual incentive","excerpt":"The fiscal 2026 PSP was earned at 101% based on achievement of the financial metrics; however, the Compensation Committee exercised negative discretion to reduce the financial metrics earnout to 74% to align with the broad-based global annual bonus plan."},{"id":"e25","sourceId":"filing-6","location":"Executive compensation — granted retention awards and future vesting conditions","excerpt":"The equity retention awards granted on December 10, 2025 will cliff vest on December 10, 2027 and are earned 50% subject to continuous service through the scheduled vesting date, and 50% subject to the achievement of FY27 Adjusted Operating Margin growth goal."},{"id":"e26","sourceId":"filing-6","location":"Corporate governance — independent committee composition","excerpt":"Each of the Audit & Finance Committee, the Compensation Committee, and the Corporate Responsibility, Sustainability & Governance Committee are comprised solely of independent directors and the slate of Class B director nominees includes at least one member from each such committee."},{"id":"e27","sourceId":"filing-6","location":"Corporate governance — dual-class structure and limits on Board authority","excerpt":"Although the Board cannot change or eliminate our dual class capital structure without the approval of the holders of the Class A Stock, our independent Corporate Responsibility, Sustainability & Governance Committee reviews our corporate governance, including our dual-class structure, periodically so as to align our internal practices with shareholder interests and feedback."},{"id":"e28","sourceId":"filing-1","location":"Financial reporting governance — auditors' access to Audit & Finance Committee","excerpt":"The independent registered public accounting firm and the internal corporate auditors have full access to the Audit & Finance Committee, with and without the presence of management, to discuss any appropriate matters."},{"id":"e29","sourceId":"filing-4","location":"Fiscal 2027 first-quarter overview — total revenue decline","excerpt":"•NIKE, Inc. Revenues were $11.2 billion for the first quarter of fiscal 2027 compared to $11.7 billion in the first quarter of fiscal 2026, down 4% on a reported basis and down 5% on a currency-neutral basis."},{"id":"e30","sourceId":"filing-4","location":"Fiscal 2027 first-quarter expenses — increased brand marketing investment","excerpt":"Demand creation expense increased 5% primarily due to higher brand marketing expense, reflecting higher investment in key sports events."},{"id":"e31","sourceId":"filing-5","location":"Fiscal 2026 third-quarter operating results — digital decline attributed to reduced traffic","excerpt":"NIKE Brand Digital sales were $2.3 billion for the third quarter of fiscal 2026 compared to $2.5 billion for the third quarter of fiscal 2025, with declines primarily due to reduced traffic."},{"id":"e32","sourceId":"filing-1","location":"Risk factors — product lead times constrain response to consumer preferences","excerpt":"However, lead times for many of our products make it more difficult for us to respond rapidly to new or changing product trends or consumer preferences."}],"changes":["Retain the previous narrow verdict, with stronger emphasis on current erosion: the latest supplied quarter shows wholesale revenue down 1% currency-neutral, footwear units down 5% and direct revenue down 9% currency-neutral.","Qualify the previous pricing assessment: apparel ASP benefited from mix and strategic pricing, while footwear ASP declined with higher discounts. Fiscal 2026 wholesale growth does not describe the latest quarter.","Add criterion-level assessments grounded in actual compensation payouts, granted award terms, governance arrangements and spending disclosures."],"limitations":["The sources are issuer filings. Operating results and contractual disclosures support assessment, but issuer descriptions of authenticity, strategy and leadership are not independent proof of competitive superiority.","No supplied passage identifies a named footwear or apparel competitor. Other named companies appear in unrelated contexts and are not established competitors; competitor coverage is therefore incomplete.","No customer cohort retention rates, quantified brand price premium, relative manufacturing costs or competitor market-share series are supplied. Retention is assessed indirectly from demand, traffic and channel results.","Pricing attribution combines product mix, channel mix, discounts and strategic pricing; pure like-for-like price elasticity cannot be isolated.","The proxy supplies compensation and governance evidence but the selected passages do not establish executives' actual ownership levels or complete voting-control percentages. Future retention-award vesting is conditional, not achieved.","All supplied source dates have dateKind filed. The latest supplied filing is dated October 2, 2026 and reports the quarter ended August 31, 2026."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Commercial trademark licensing, existing endorsement relationships and global distribution support differentiated demand. Wholesale growth demonstrates commercial traction, but does not quantify a protected price premium or exclusionary barrier.","evidenceIds":["e1","e2","e3","e5"]},{"criterion":"durability","grade":2,"rationale":"Existing contractual endorsement obligations and trademark licensing support continuity. Rising endorsement costs and product-response constraints limit confidence in durable economic benefits; spending commitments alone do not prove their returns.","evidenceIds":["e2","e4","e6","e32"]},{"criterion":"customer_dependency","grade":1,"rationale":"Customers actually cancel or modify orders with minimal notice, and direct-channel demand continues to weaken. These indicate fragile dependency despite established brand demand; consumer switching costs are not demonstrated.","evidenceIds":["e16","e7","e12"]},{"criterion":"erosion_resilience","grade":1,"rationale":"Annual wholesale growth and improving gross margin provide offsets, but the latest quarter combines wholesale contraction, falling footwear units and another substantial direct decline despite increased brand investment.","evidenceIds":["e5","e8","e12","e13","e14","e30"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Observed outcomes are mixed: footwear ASP reduced latest-quarter revenue by about one percentage point, while apparel ASP contributed about four points. Strategic pricing helped both, but discounts and mix prevent interpreting apparel ASP growth as a broad pure-price increase.","evidenceIds":["e8","e9","e10","e11"]},{"criterion":"retention","grade":1,"rationale":"Indirect demand evidence shows weak engagement: digital declines were attributed to reduced traffic, and direct revenue fell again in the latest quarter. Wholesale growth in fiscal 2026 offers an offset, but repeat-customer retention is not measured.","evidenceIds":["e31","e7","e12","e5","e13"]},{"criterion":"margin_resilience","grade":2,"rationale":"Gross margin improved 20 basis points in fiscal 2026 and 60 basis points in the latest quarter despite demand weakness. The latest improvement primarily reflects logistics savings, demonstrating some operating resilience rather than broad pricing strength.","evidenceIds":["e15","e14","e8","e12"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Implemented strategic pricing and discretionary discount programs demonstrate some ability to change prices and terms. Contractual discounts and customers' actual ability to cancel or change orders constrain that freedom; comprehensive pricing clauses are absent.","evidenceIds":["e9","e11","e17","e16"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"The continued buyback pause demonstrates spending restraint after $12.1 billion of cumulative repurchases. Actual investing cash use, dividend-led financing outflows and $8.4 billion of liquidity permit a mixed assessment, but do not establish investment returns or the affordability of distributions from operating cash flow.","evidenceIds":["e18","e19","e20","e21","e22","e4"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual outcomes demonstrate performance sensitivity: the fiscal 2024–2026 PSUs paid zero, and the committee reduced the fiscal 2026 financial-metric annual earnout from 101% to 74%. Granted retention awards are half service-based and half performance-based, with future vesting still conditional. Actual executive ownership is not established.","evidenceIds":["e23","e24","e25"]},{"criterion":"execution","grade":1,"rationale":"Operating outcomes show fragile execution: latest-quarter revenue fell 5% currency-neutral, footwear units fell 5%, and direct revenue fell 9% currency-neutral. Annual wholesale growth and recent margin improvement are meaningful offsets, but a broad recovery is not demonstrated. Attribution to management is indirect.","evidenceIds":["e29","e8","e12","e5","e14"]},{"criterion":"governance","grade":2,"rationale":"Independent key committees and auditors' access without management support substantive oversight. The dual-class structure constrains the Board's ability to change control arrangements without Class A approval, limiting an otherwise positive assessment.","evidenceIds":["e26","e27","e28"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"454fb223190cb3b2f9859022aef898e06db16acdbbfb37de6999aa4e757ac355","updatedAt":"2026-10-18T15:58:09.277Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/320187/000032018726000088/nke-20260531.htm","publishedAt":"2026-07-15","sha256":"51d3be0e94f9c4cb110d94f4983b9c3928176fb6fe6053a612bff556921ed9c9","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/320187/000032018725000047/nke-20250531.htm","publishedAt":"2025-07-17","sha256":"bc6198e6b0f96daa183378e6823d24bae6572cda88f055442edc97597791385d","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/320187/000032018724000044/nke-20240531.htm","publishedAt":"2024-07-25","sha256":"cbb6b0526e6853e1fa2611b45f3abfd6e8bd195c10f18264cea6581a14c9350a","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/320187/000032018726000193/nke-20260831.htm","publishedAt":"2026-10-02","sha256":"5bbb6c55f1060ec8efd796d2ba34ffbd3d2443dc11faa1a40209ecc9cae348f1","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/320187/000032018726000037/nke-20260228.htm","publishedAt":"2026-04-01","sha256":"77c1dd8040c85d01d6c19dba2ef3b173c8b4950cc4fae98c1b80004f81bd0855","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/320187/000032018726000089/nke-20260715.htm","publishedAt":"2026-07-15","sha256":"00dc4b0e78293def6e38e33bd848c2643bb24ccd38cf70395905479b661d6b39","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:3b0c14d795baf10f590f346180fc513f0a8be337cb93c141d1b4e2ed0a9abc67","usage":{"input_tokens":80005,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3110,"reasoning_output_tokens":90}},"signals":[{"period":"2022","end":"2022-05-31","values":{"gross_margin":45.98372939413402,"operating_margin":null,"roic":null,"fcf_margin":9.484050524512952,"sbc_revenue":1.3658745450652965},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Operating income is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-05-31","values":{"gross_margin":43.52461096901419,"operating_margin":null,"roic":null,"fcf_margin":9.512466563836226,"sbc_revenue":1.4741199211199407},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. 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