NIKE, Inc.
For the period ended Nov 30, 2025. Filed Dec 30, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Nov 30, 2025 · Filed Dec 30, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Revenues
NOTE 9 — REVENUES
DISAGGREGATION OF REVENUES
The following tables present the Company's Revenues by reportable operating segment, disaggregated by major product line and distribution channel:
| THREE MONTHS ENDED NOVEMBER 30, 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (Dollars in millions) | NORTH AMERICA | EUROPE, MIDDLE EAST & AFRICA | GREATER CHINA | ASIA PACIFIC & LATIN AMERICA | GLOBAL BRAND DIVISIONS | TOTAL NIKE BRAND | CONVERSE | CORPORATE | TOTAL NIKE, INC. |
| Revenues by: | |||||||||
| Footwear | $3,542 | $2,012 | $954 | $1,151 | $— | $7,659 | $255 | $— | $7,914 |
| Apparel | 1,811 | 1,196 | 442 | 457 | — | 3,906 | 15 | — | 3,921 |
| Equipment | 280 | 184 | 27 | 59 | — | 550 | 5 | — | 555 |
| Other | — | — | — | — | 9 | 9 | 25 | 3 | 37 |
| TOTAL REVENUES | $5,633 | $3,392 | $1,423 | $1,667 | $9 | $12,124 | $300 | $3 | $12,427 |
| Revenues by: | |||||||||
| Sales to Wholesale Customers | $3,550 | $2,188 | $767 | $994 | $— | $7,499 | $143 | $— | $7,642 |
| Sales through Direct to Consumer | 2,083 | 1,204 | 656 | 673 | — | 4,616 | 132 | — | 4,748 |
| Other | — | — | — | — | 9 | 9 | 25 | 3 | 37 |
| TOTAL REVENUES | $5,633 | $3,392 | $1,423 | $1,667 | $9 | $12,124 | $300 | $3 | $12,427 |
| THREE MONTHS ENDED NOVEMBER 30, 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (Dollars in millions) | NORTH AMERICA | EUROPE, MIDDLE EAST & AFRICA | GREATER CHINA | ASIA PACIFIC & LATIN AMERICA | GLOBAL BRAND DIVISIONS | TOTAL NIKE BRAND | CONVERSE | CORPORATE | TOTAL NIKE, INC. |
| Revenues by: | |||||||||
| Footwear | $3,236 | $1,982 | $1,203 | $1,234 | $— | $7,655 | $364 | $— | $8,019 |
| Apparel | 1,693 | 1,136 | 472 | 437 | — | 3,738 | 26 | — | 3,764 |
| Equipment | 250 | 185 | 36 | 73 | — | 544 | 6 | — | 550 |
| Other | — | — | — | — | 13 | 13 | 33 | (25) | 21 |
| TOTAL REVENUES | $5,179 | $3,303 | $1,711 | $1,744 | $13 | $11,950 | $429 | $(25) | $12,354 |
| Revenues by: | |||||||||
| Sales to Wholesale Customers | $2,866 | $2,120 | $904 | $1,030 | $— | $6,920 | $212 | $— | $7,132 |
| Sales through Direct to Consumer | 2,313 | 1,183 | 807 | 714 | — | 5,017 | 184 | — | 5,201 |
| Other | — | — | — | — | 13 | 13 | 33 | (25) | 21 |
| TOTAL REVENUES | $5,179 | $3,303 | $1,711 | $1,744 | $13 | $11,950 | $429 | $(25) | $12,354 |
| SIX MONTHS ENDED NOVEMBER 30, 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (Dollars in millions) | NORTH AMERICA | EUROPE, MIDDLE EAST & AFRICA | GREATER CHINA | ASIA PACIFIC & LATIN AMERICA | GLOBAL BRAND DIVISIONS | TOTAL NIKE BRAND | CONVERSE | CORPORATE | TOTAL NIKE, INC. |
| Revenues by: | |||||||||
| Footwear | $6,761 | $4,033 | $2,063 | $2,212 | $— | $15,069 | $574 | $— | $15,643 |
| Apparel | 3,285 | 2,302 | 804 | 828 | — | 7,219 | 27 | — | 7,246 |
| Equipment | 607 | 388 | 68 | 117 | — | 1,180 | 13 | — | 1,193 |
| Other | — | — | — | — | 18 | 18 | 52 | (5) | 65 |
| TOTAL REVENUES | $10,653 | $6,723 | $2,935 | $3,157 | $18 | $23,486 | $666 | $(5) | $24,147 |
| Revenues by: | |||||||||
| Sales to Wholesale Customers | $6,286 | $4,449 | $1,660 | $1,943 | $— | $14,338 | $337 | $— | $14,675 |
| Sales through Direct to Consumer | 4,367 | 2,274 | 1,275 | 1,214 | — | 9,130 | 277 | — | 9,407 |
| Other | — | — | — | — | 18 | 18 | 52 | (5) | 65 |
| TOTAL REVENUES | $10,653 | $6,723 | $2,935 | $3,157 | $18 | $23,486 | $666 | $(5) | $24,147 |
| SIX MONTHS ENDED NOVEMBER 30, 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (Dollars in millions) | NORTH AMERICA | EUROPE, MIDDLE EAST & AFRICA | GREATER CHINA | ASIA PACIFIC & LATIN AMERICA | GLOBAL BRAND DIVISIONS | TOTAL NIKE BRAND | CONVERSE | CORPORATE | TOTAL NIKE, INC. |
| Revenues by: | |||||||||
| Footwear | $6,448 | $3,934 | $2,449 | $2,286 | $— | $15,117 | $800 | $— | $15,917 |
| Apparel | 3,024 | 2,129 | 832 | 785 | — | 6,770 | 43 | — | 6,813 |
| Equipment | 533 | 383 | 96 | 135 | — | 1,147 | 18 | — | 1,165 |
| Other | — | — | — | — | 27 | 27 | 69 | (48) | 48 |
| TOTAL REVENUES | $10,005 | $6,446 | $3,377 | $3,206 | $27 | $23,061 | $930 | $(48) | $23,943 |
| Revenues by: | |||||||||
| Sales to Wholesale Customers | $5,341 | $4,194 | $1,875 | $1,920 | $— | $13,330 | $488 | $— | $13,818 |
| Sales through Direct to Consumer | 4,664 | 2,252 | 1,502 | 1,286 | — | 9,704 | 373 | — | 10,077 |
| Other | — | — | — | — | 27 | 27 | 69 | (48) | 48 |
| TOTAL REVENUES | $10,005 | $6,446 | $3,377 | $3,206 | $27 | $23,061 | $930 | $(48) | $23,943 |
Global Brand Divisions revenues included NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. Converse Other revenues were primarily attributable to licensing businesses. Corporate revenues primarily consisted of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse, but managed through the Company's central foreign exchange risk management program.
As of November 30, 2025 and May 31, 2025, the Company didnot have any contract assets and had an immaterial amount of contract liabilities recorded in Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets.
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