NIKE, Inc.

Read together, the filings show a company whose reported profit and operating cash flow both fell sharply in fiscal 2025, while the 10-Q states there are no material changes to the risk factors from the 10-K. The Beneish M-Score is -2.415, which is below -1.78 and therefore not in the elevated manipulation-risk zone. This is a screening statistic built from relationships among financial statement lines. It is not proof that the figures are accurate, and it does not rule out other concerns. The Piotroski F-Score is 4 of 9 computable signals, meaning the company passed 4 of the 9 basic financial health checks that could be computed, which is less than half. The operating cash flow to net income ratio of 1.15 means reported operating cash flow exceeded reported net income in fiscal 2025, a modest positive. The Altman Z-Score and Fog Index are not on file for this company, so this synthesis does not report values for either. On the balance sheet, total assets fell from $38.11 billion to $36.58 billion and equity fell from $14.43 billion to $13.21 billion, while long-term debt rose slightly from $7.9 billion to $7.96 billion. Concrete items to track include the Note 12 commitments and contingencies referenced for legal proceedings, which the excerpt does not detail, the EMEA ERP rollout and its internal control changes, the paused buyback, and the new 364-day credit agreement. The 10-Q excerpt states that disclosure controls were effective at the reasonable assurance level as of February 28, 2026. Readers may want to look at the Note 12 text and the 10-K Item 1A risk factors on tariffs and sourcing concentration.

Catalyst.The most recent MD&A excerpt, from the 10-Q for the quarter ended February 28, 2026, centers on critical accounting estimates, controls, and forward-looking warnings, so it does not explain segment-level results in detail. The annual figures show what changed: revenue fell from $51.36 billion in fiscal 2024 to $46.31 billion in fiscal 2025, a 9.8% decline. The forward-looking statements cite an increased focus on sport and a rebalancing of the channel mix. The 10-Q also notes a new Enterprise Resource Planning platform implemented primarily in Europe, Middle East & Africa during the third quarter of fiscal 2026.

Hidden risk.The most material tension is between cash and reported earnings. Net income fell from $5.7 billion in fiscal 2024 to $3.22 billion in fiscal 2025, and operating cash flow fell from $7.43 billion to $3.7 billion. The cash-to-profit ratio of 1.15 does not offset the drop in both measures. The 10-Q says share repurchases under the $18 billion program were paused in the first quarter of fiscal 2026, with $12.1 billion spent to date, and a 364-day credit agreement dated March 6, 2026 was added. The 10-K risk factors describe tariff and protectionism exposure, and factories in Vietnam produced about 51% of NIKE Brand footwear in fiscal 2025.