NKE Options Profit Calculator
Calculate profit, loss, breakeven, and max gain/loss for Nike Inc. (NKE) call and put options at expiration.
Nike options see IV spikes around quarterly earnings, particularly on China revenue guidance and inventory levels.
Over the last three months NKE has been moving at a moderate pace: 30.4% annualized realized volatility (25–45% band). When the chain's IV runs well above this realized figure, sellers are being paid for movement that hasn't been happening; when it's near or below, buyers aren't paying up relative to recent movement.
Quote refreshes every 6h. Use as context — not a real-time price.
IV typically expands into earnings and crushes on the report. Plan your position size and expiration accordingly.
Select option type and position, enter your trade details, then click Calculate P/L to see potential profit/loss at expiration.
For educational purposes only. Not financial advice. Read full disclaimer
Worked Example: Buying a NKE $34.00 Call
NKE last quoted at $33.87 (as of October 2, 2026). Take one near-the-money $34.00 call expiring in 30 days, priced with Black-Scholes using NKE's own 3-month realized volatility of 30.4% (rates and dividends set to zero): a theoretical premium of $1.12 per share, or $112.00 per contract. Real premiums are priced off implied volatility, which usually runs higher — check your broker's quote.
Cost = max loss
$112.00
Breakeven at expiration
$35.12
+3.7% from today
30-day 1σ move at this volatility
±8.7%
| If NKE at expiration… | Price | P/L (1 contract) | Return |
|---|---|---|---|
| Falls by the 1σ move | $30.92 | −$112.00 | −100.0% |
| Unchanged | $33.87 | −$112.00 | −100.0% |
| Rises by the 1σ move | $36.82 | +$170.19 | +152.0% |
| Rises by the 2σ move | $39.77 | +$465.38 | +415.5% |
Breakeven = $34.00 strike + $1.12 premium = $35.12
- To break even, NKE needs +3.7% by expiration — about 0.42× the ±8.7% one-standard-deviation move the same volatility implies. The premium is the price of that move; direction alone doesn't pay.
- NKE's next earnings (December 16, 2026) fall after this expiration, so the premium isn't inflated by an earnings event.
Options P/L for Similar Tickers
Trading NKE Options: Strategies & P/L Patterns
Nike's moderate IV and tendency to gap on guidance changes pushes most traders toward defined-risk put credit spreads and call diagonals rather than naked premium. Covered call writers collect reasonable credit at the thirty-delta strike but periodically get run over on China-recovery rallies. Cash-secured puts at prior support fill cleanly when sentiment turns negative. Short iron condors around earnings work but require wings outside any plausible guidance reset because pre-announcement leaks happen at industry events. Liquidity is good in monthlies and adequate in weeklies. Calendar spreads benefit from elevated front-month IV during the earnings window. The wheel strategy works on this name but requires patience through extended trend cycles when one direction dominates for several quarters.
Recent NKE Earnings History
Last 4 quarters of EPS estimate vs actual.
| Quarter | Estimate | Actual | Surprise |
|---|---|---|---|
| Q1 2027 | $0.44 | $0.48 | Beat +9.99% |
| Q4 2026 | $0.13 | $0.20 | Beat +50.15% |
| Q3 2026 | $0.28 | $0.35 | Beat +22.89% |
| Q2 2026 | $0.38 | $0.53 | Beat +39.22% |
EPS values from Finnhub. Refreshes daily.
Options P/L Formulas (at expiration)
Long Call: P/L = max(0, NKE − Strike) − Premium
Long Put: P/L = max(0, Strike − NKE) − Premium
Short Call/Put: P/L = Premium − Intrinsic Value
How to Use This Calculator for NKE
- Select call or put — choose based on which NKE contract you're analyzing.
- Choose buy or sell — buying NKE options means you pay the premium; selling means you receive it as credit.
- Enter the strike price — pull this from NKE's option chain on your broker.
- Enter the premium — the per-share cost. Multiply by 100 to get the total dollar cost or credit per contract.
- Enter the number of contracts — each NKE options contract covers 100 shares.
- Click Calculate — see breakeven, max profit, max loss, and P/L at various NKE expiration prices.
Frequently Asked Questions
- How do I calculate P/L on a NKE call option?
- For a long NKE call, P/L at expiration = max(0, NKE price − strike) × 100 − total premium paid. Enter the strike, premium, and number of contracts above to compute it. For short calls, P/L = premium received − max(0, NKE price − strike) × 100.
- What is the breakeven for a NKE put?
- For a long NKE put, breakeven = strike price − premium paid. The position becomes profitable when NKE closes below this level at expiration. For a short put, the same level applies, but you profit when NKE stays above it.
- What's the maximum loss when buying NKE options?
- When you buy NKE calls or puts, the maximum loss is the premium you paid (per contract × 100 shares). This is the most attractive feature of long options — your downside is capped regardless of how far NKE moves against you.
- Why are NKE option premiums so different across strikes?
- NKE's premiums vary with strike based on implied volatility, time to expiration, and how far the strike is from the current price. At-the-money strikes carry the most time value; out-of-the-money strikes are cheaper but have lower probability of finishing in-the-money.
- Does this calculator show P/L before expiration?
- No — this calculator shows P/L at expiration only. Before expiration, Nike Inc. option prices include time value (extrinsic premium) that depends on remaining DTE, implied volatility, and the Greeks. For pre-expiration analysis, use a Black-Scholes or Options Greeks calculator.