Nike delivered a Q3 FY2025 (QQ3 2025) revenue of $11.269 billion, a YoY decline of approximately 9.3% and QoQ decline of about 8.8%. Gross profit was $4.675 billion with a gross margin of 41.5%, while operating income stood at $788 million and net income at $794 million (EPS $0.54). The quarter reflected continued topline softness across regions and products, but demonstrated durable profitability and strong free cash flow generation. Operating cash flow reached $1.792 billion and free cash flow was $1.711 billion, underscoring Nike’s ability to translate weaker top-line conditions into tangible liquidity and capital returns. Balance sheet remained robust with cash and cash equivalents of $8.601 billion and total liquidity including short-term investments of $10.393 billion, alongside a net debt position of roughly $3.31 billion. The company continued to allocate capital to buybacks ($506 million), and dividends ($594 million), while maintaining a conservative debt posture. Inventory days on hand remained elevated (~102.9 days), signaling typical seasonality and potential markdown risk, which may influence near-term margin trajectory. Market-leading brand equity, a disciplined cost structure, and a strong DTC/add-on digital channel strategy remain key levers for the ongoing path to margin expansion and revenue stabilization. Investors should monitor DTC growth, inventory management, currency effects, and ongoing price realization versus wholesale channel dynamics as drivers of the next phase of profitability and cash-flow expansion.