v3.25.2
SEGMENT INFORMATION
 12 Months Ended
May 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 15 — SEGMENT INFORMATION
The Company's reportable 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 expense (income), net and Income tax expense in the Consolidated Statements of Income.
The Company's segments are defined as follows:
NIKE BRAND
The NIKE Brand reportable 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 the 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 consists primarily 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.
YEAR ENDED MAY 31, 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
$19,572 $12,257 $6,586 $6,251 $48 $44,714 $1,692 $(97)$46,309 
Cost of Sales
11,056 6,967 3,558 3,502 634 25,717 868 (66)26,519 
Gross profit
8,516 5,290 3,028 2,749 (586)18,997 824 (31)19,790 
Demand creation expense
1,633 1,222 529 421 716 4,521 156 12 4,689 
Operating overhead expense
2,150 1,479 973 804 3,401 8,807 430 2,162 11,399 
Total selling and administrative expense
3,783 2,701 1,502 1,225 4,117 13,328 586 2,174 16,088 
Other segment items(1)
(2)14 (76)(3)(4)(71)(2)(3)(76)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES
$4,735 $2,575 $1,602 $1,527 $(4,699)$5,740 $240 $(2,202)
Interest expense (income), net
(107)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES
$3,885 
Supplemental information:
  Depreciation and amortization(2)
$157 143 49 50 237 636 14 125 $775 
  Inventories
$3,198 2,042 951 905 148 7,244 272 (27)$7,489 
(1)At the 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.
(2)The amounts of depreciation and amortization disclosed by segment are included within Cost of sales and Operating overhead expense, as applicable.

YEAR ENDED MAY 31, 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
$21,396 $13,607 $7,545 $6,729 $45 $49,322 $2,082 $(42)$51,362 
Cost of Sales
11,899 7,589 3,761 3,639 602 27,490 989 (4)28,475 
Gross profit
9,497 6,018 3,784 3,090 (557)21,832 1,093 (38)22,887 
Demand creation expense
1,495 1,114 519 407 596 4,131 140 14 4,285 
Operating overhead expense
2,189 1,517 1,019 801 3,534 9,060 485 2,746 12,291 
Total selling and administrative expense
3,684 2,631 1,538 1,208 4,130 13,191 625 2,760 16,576 
Other segment items(1)
(9)(1)(63)(3)33 (43)(6)(179)(228)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES
$5,822 $3,388 $2,309 $1,885 $(4,720)$8,684 $474 $(2,619)
Interest expense (income), net
(161)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES
$6,700 
Supplemental information:
  Depreciation and amortization(2)
$152 146 56 51 236 641 17 138 $796 
  Inventories$3,134 2,028 1,070 810 166 7,208 296 15 $7,519 
(1)At the 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.
(2)The amounts of depreciation and amortization disclosed by segment are included within Cost of sales and Operating overhead expense, as applicable.
YEAR ENDED MAY 31, 2023
(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$21,608 $13,418 $7,248 $6,431 $58 $48,763 $2,427 $27 $51,217 
Cost of Sales12,497 7,340 3,552 3,337 516 27,242 1,121 562 28,925 
Gross profit9,111 6,078 3,696 3,094 (458)21,521 1,306 (535)22,292 
Demand creation expense1,455 1,050 499 373 511 3,888 138 34 4,060 
Operating overhead expense2,207 1,500 1,012 789 3,881 9,389 499 2,429 12,317 
Total selling and administrative expense3,662 2,550 1,511 1,162 4,392 13,277 637 2,463 16,377 
Other segment items(1)
(5)(3)(98)— (9)(115)(7)(158)(280)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES
$5,454 $3,531 $2,283 $1,932 $(4,841)$8,359 $676 $(2,840)
Interest expense (income), net(6)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES $6,201 
Supplemental information:
  Depreciation and amortization(2)
$128 120 54 42 211 555 17 131 $703 
  Inventories
$3,806 2,167 973 894 232 8,072 305 77 $8,454 
(1)At the 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.
(2)The amounts of depreciation and amortization by segment are included within Cost of sales and Operating overhead expense, as applicable.
REVENUES AND LONG-LIVED ASSETS BY GEOGRAPHIC AREA
After allocation of revenues for Global Brand Divisions, Converse and Corporate to geographical areas based on the location where the sales originated, revenues by geographical area are similar to that as reported above for the NIKE Brand operating segments with the exception of the United States. Revenues derived in the United States were $19,725 million, $21,551 million and $22,007 million for the fiscal years ended May 31, 2025, 2024 and 2023, respectively.
The Company's largest concentrations of long-lived assets primarily consist of the Company's corporate headquarters, retail locations and distribution facilities in the United States, China and the United Kingdom, as well as distribution facilities in Belgium. Long-lived assets attributable to operations in these countries, which consist of property, plant and equipment, net and operating lease ROU assets, net, were as follows:
MAY 31,
(Dollars in millions)
20252024
United States$4,467 $4,837 
Belgium774 757 
China488 501 
United Kingdom
422 324 
Other
1,389 1,299 
TOTAL LONG-LIVED ASSETS
$7,540 $7,718