u/Beautiful_Air_7669

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FY25 financials:

Valuation: ~$2T

Revenue: $4.59B, up 1,088% YoY from $386M

Operating loss: $8.06B, widening from $2.98B

GAAP net loss: $41.97B, vs $8.31B

Compute + infrastructure expense: $7.33B, up 190% YoY

Compute and infrastructure represented 58% of total operating expenses

Cash + short-term investments: $20.28B at year-end

Two largest customers accounted for 12% of revenue each

Other names to consider:

Memory: MU, SKHY

Cloud / Compute: GOOG, AVGO, AMZN, NVDA, AMD, MSFT

Infra / Capacity: CIFR, CRWV, SPCX, WULF, HUT, AKAM

what do u guys make of this?

Walk into a gym, coffee shop, airport, college campus, or basically anywhere with people under 40 and tell me how many people are wearing Nike.

Meanwhile, you’ve got people walking around in Lululemon, Alo, Athleta, Vuori, On, Hoka, New Balance, etc.

Nike used to be the default. You didn’t even have to think about it. Shoes? Nike. Workout clothes? Nike. Hoodie? Nike.

Nike still seems to think the solution is more Nike.

More collabs. More limited drops. More expensive sneakers. More “innovation.” Meanwhile, the average person is like” Nah, I’m good. These Lululemon pants make my ass look incredible.”

That’s the real problem.

Nike lost the customer while obsessing over hype and sneaker culture. The competitors figured out people don’t just want athletic clothing anymore . they want clothes they can wear to the gym, brunch, work, the airport, and then sit on the couch for 6 hours.

I don’t see Nike rebounding anytime soon, the financials are poor in the pain will most likely continue.