NIKE, Inc.
For the period ended Nov 30, 2025. Filed Dec 30, 2025.
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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
Contents
Segment Information
NOTE 10 — SEGMENT INFORMATION
The Company'sreportable operating segments reflect the structure of the Company's internal organization and the financial information the Chief Operating Decision Maker ("CODM"), the Company's Chief Executive Officer, regularly reviews to assess Company performance and allocate resources. The CODM evaluates the performance of the Company's segments and allocates resources based on earnings before interest and taxes ("EBIT"), which represents Net income before Interest (income) expense, net and Income tax expense in the Unaudited Condensed Consolidated Statements of Income.
The Company's segments are defined as follows:
NIKE BRAND
The NIKE Brand reportable operating segments are: North America; Europe, Middle East & Africa ("EMEA"); Greater China; and Asia Pacific & Latin America ("APLA"), and include results for the NIKE and Jordan brands. Each NIKE Brand segment represents a geographic region operating predominantly in one industry: the design, development, marketing and selling of athletic footwear, apparel and equipment.
Global Brand Divisions is included within NIKE Brand for presentation purposes to align with the way management views the Company. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. Global Brand Divisions primarily represents costs, including product creation and design expenses, that are centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology.
CONVERSE
Converse operates in one industry: the design, marketing, licensing and selling of casual sneakers, apparel and accessories.
CORPORATE
Corporate primarily consists of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company's headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses.
As part of the Company's centrally managed foreign exchange risk management program, standard foreign currency rates are assigned twice per year to each NIKE Brand entity in the Company's geographic segments and to Converse. Inventories and Cost of sales for geographic segments and Converse reflect the use of these standard rates to recognize non-functional currency product purchases in the entity's functional currency. Differences between these standard rates and actual market rates are included in Corporate, together with foreign currency hedge gains and losses and other conversion gains and losses.
| 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 | $5,633 | $3,392 | $1,423 | $1,667 | $9 | $12,124 | $300 | $3 | $12,427 |
| Cost of Sales | 3,335 | 1,925 | 836 | 964 | 152 | 7,212 | 176 | (6) | 7,382 |
| Gross profit | 2,298 | 1,467 | 587 | 703 | (143) | 4,912 | 124 | 9 | 5,045 |
| Demand creation expense | 473 | 334 | 145 | 109 | 185 | 1,246 | 24 | 3 | 1,273 |
| Operating overhead expense | 565 | 399 | 252 | 206 | 744 | 2,166 | 104 | 496 | 2,766 |
| Total selling and administrative expense | 1,038 | 733 | 397 | 315 | 929 | 3,412 | 128 | 499 | 4,039 |
| Other segment items(1) | (1) | 1 | (1) | (1) | — | (2) | — | 18 | 16 |
| EARNINGS (LOSS) BEFORE INTEREST AND TAXES | $1,261 | $733 | $191 | $389 | $(1,072) | $1,502 | $(4) | $(508) | |
| Interest (income) expense, net | (9) | ||||||||
| TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES | $999 | ||||||||
| Supplemental information: | |||||||||
| Depreciation and amortization(2) | $33 | 37 | 10 | 13 | 55 | 148 | 2 | 29 | $179 |
(1)At NIKE Brand segments and Converse, other segment items consist of unusual or non-operating transactions that occur outside the normal course of business. At Corporate, this also includes foreign currency conversion gains and losses from the remeasurement of monetary assets and liabilities denominated in non-functional currencies and the impact of certain foreign currency derivative instruments.
| 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 | $5,179 | $3,303 | $1,711 | $1,744 | $13 | $11,950 | $429 | $(25) | $12,354 |
| Cost of Sales | 2,896 | 1,788 | 957 | 977 | 147 | 6,765 | 222 | (22) | 6,965 |
| Gross profit | 2,283 | 1,515 | 754 | 767 | (134) | 5,185 | 207 | (3) | 5,389 |
| Demand creation expense | 382 | 313 | 135 | 98 | 147 | 1,075 | 43 | 4 | 1,122 |
| Operating overhead expense | 531 | 372 | 252 | 209 | 851 | 2,215 | 111 | 557 | 2,883 |
| Total selling and administrative expense | 913 | 685 | 387 | 307 | 998 | 3,290 | 154 | 561 | 4,005 |
| Other segment items(1) | (1) | (1) | (8) | — | 1 | (9) | — | 1 | (8) |
| EARNINGS (LOSS) BEFORE INTEREST AND TAXES | $1,371 | $831 | $375 | $460 | $(1,133) | $1,904 | $53 | $(565) | |
| Interest (income) expense, net | (24) | ||||||||
| TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES | $1,416 | ||||||||
| Supplemental information: | |||||||||
| Depreciation and amortization(2) | $34 | 36 | 13 | 13 | 59 | 155 | 4 | 31 | $190 |
(1)At NIKE Brand segments and Converse, other segment items consist of unusual or non-operating transactions that occur outside the normal course of business. At Corporate, this also includes foreign currency conversion gains and losses from the remeasurement of monetary assets and liabilities denominated in non-functional currencies and the impact of certain foreign currency derivative instruments.
| 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 | $10,653 | $6,723 | $2,935 | $3,157 | $18 | $23,486 | $666 | $(5) | $24,147 |
| Cost of Sales | 6,232 | 3,825 | 1,634 | 1,802 | 320 | 13,813 | 369 | (23) | 14,159 |
| Gross profit | 4,421 | 2,898 | 1,301 | 1,355 | (302) | 9,673 | 297 | 18 | 9,988 |
| Demand creation expense | 915 | 647 | 244 | 206 | 388 | 2,400 | 57 | 4 | 2,461 |
| Operating overhead expense | 1,112 | 781 | 490 | 414 | 1,575 | 4,372 | 206 | 1,016 | 5,594 |
| Total selling and administrative expense | 2,027 | 1,428 | 734 | 620 | 1,963 | 6,772 | 263 | 1,020 | 8,055 |
| Other segment items(1) | (1) | 2 | (1) | (4) | (1) | (5) | (1) | 45 | 39 |
| EARNINGS (LOSS) BEFORE INTEREST AND TAXES | $2,395 | $1,468 | $568 | $739 | $(2,264) | $2,906 | $35 | $(1,047) | |
| Interest (income) expense, net | (27) | ||||||||
| TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES | $1,921 | ||||||||
| Supplemental information: | |||||||||
| Depreciation and amortization(2) | $71 | 76 | 22 | 29 | 109 | 307 | 4 | 58 | $369 |
(1)At NIKE Brand segments and Converse, other segment items consist of unusual or non-operating transactions that occur outside the normal course of business. At Corporate, this also includes foreign currency conversion gains and losses from the remeasurement of monetary assets and liabilities denominated in non-functional currencies and the impact of certain foreign currency derivative instruments.
| 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 | $10,005 | $6,446 | $3,377 | $3,206 | $27 | $23,061 | $930 | $(48) | $23,943 |
| Cost of Sales | 5,523 | 3,483 | 1,812 | 1,759 | 300 | 12,877 | 455 | (35) | 13,297 |
| Gross profit | 4,482 | 2,963 | 1,565 | 1,447 | (273) | 10,184 | 475 | (13) | 10,646 |
| Demand creation expense | 834 | 603 | 249 | 188 | 389 | 2,263 | 78 | 7 | 2,348 |
| Operating overhead expense | 1,060 | 738 | 492 | 397 | 1,697 | 4,384 | 224 | 1,097 | 5,705 |
| Total selling and administrative expense | 1,894 | 1,341 | 741 | 585 | 2,086 | 6,647 | 302 | 1,104 | 8,053 |
| Other segment items(1) | 1 | (1) | (53) | — | 1 | (52) | (1) | (10) | (63) |
| EARNINGS (LOSS) BEFORE INTEREST AND TAXES | $2,587 | $1,623 | $877 | $862 | $(2,360) | $3,589 | $174 | $(1,107) | |
| Interest (income) expense, net | (67) | ||||||||
| TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES | $2,723 | ||||||||
| Supplemental information: | |||||||||
| Depreciation and amortization(2) | $70 | 71 | 26 | 24 | 116 | 307 | 8 | 63 | $378 |
(1)At NIKE Brand segments and Converse, other segment items consist of unusual or non-operating transactions that occur outside the normal course of business. At Corporate, this also includes foreign currency conversion gains and losses from the remeasurement of monetary assets and liabilities denominated in non-functional currencies and the impact of certain foreign currency derivative instruments.
| NOVEMBER 30, | MAY 31, | |
|---|---|---|
| (Dollars in millions) | 2025 | 2025 |
| INVENTORIES(1) | ||
| North America | $3,261 | $3,198 |
| Europe, Middle East & Africa | 2,172 | 2,042 |
| Greater China | 1,074 | 951 |
| Asia Pacific & Latin America | 1,001 | 905 |
| Global Brand Divisions | 152 | 148 |
| TOTAL NIKE BRAND | 7,660 | 7,244 |
| Converse | 229 | 272 |
| Corporate | (163) | (27) |
| TOTAL NIKE, INC. INVENTORIES | $7,726 | $7,489 |
(1)Inventories as of November 30, 2025 and May 31, 2025 were substantially all finished goods.
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