Nike reported QQ2 2024 revenue of USD 12.354 billion, down 7.72% year over year, with a sequential rebound of 6.60% from QQ1 2024. Despite the top-line decline, gross profit reached USD 5.389 billion and a gross margin of 43.62%. Operating income stood at USD 1.384 billion, delivering an operating margin of 11.20%, while net income was USD 1.163 billion (net margin 9.41%) and diluted EPS at USD 2.29–2.31. The quarter showed meaningful sequential improvement in profitability metrics and cash flow dynamics, underscored by robust operating cash flow of USD 2.818 billion and free cash flow of USD 2.612 billion, contributing to a cash balance of USD 7.919 billion at period end and total liquidity near USD 9.9–9.9 billion when considering short-term investments.
The company’s balance sheet remains solid, with total assets of USD 37.203 billion and total liabilities of USD 23.057 billion. Nike maintains a strong liquidity position (current ratio 2.22, quick ratio 1.51) and a modest leverage profile (long-term debt USD 11.715 billion; total debt USD 12.177 billion; net debt USD 4.258 billion). The cash-generation profile supports shareholder returns, including USD 1.198 billion in share repurchases and USD 523 million in dividends in the period. Nike’s results reflect a shift in mix and channel strategy, with ongoing benefits from direct-to-consumer and digital channel expansion, even as the business faces tougher year-over-year comps and macro headwinds.
Management commentary for QQ2 2024 was not provided in the data set, limiting the ability to quote specific call remarks. However, the quantitative trend highlights a Brisk QoQ recovery and continued emphasis on operational discipline and cash generation, which are supportive of a constructive long-term investment thesis provided the company can stabilize top-line growth and maintain margin progression.