v3.26.1
SEGMENT INFORMATION
 9 Months Ended
Feb. 28, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 11 — 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 (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; Greater China; and Asia Pacific & Latin America, 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 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. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.
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 FEBRUARY 28, 2026
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues
$5,026 $2,874 $1,615 $1,490 $7 $11,012 $264 $3 $11,279 
Cost of sales3,036 1,705 839 870 160 6,610 167 (28)6,749 
Gross profit (loss)1,990 1,169 776 620 (153)4,402 97 31 4,530 
Demand creation expense
416 296 97 91 170 1,070 17 3 1,090 
Operating overhead expense
593 360 235 200 886 2,274 120 493 2,887 
Total selling and administrative expense
1,009 656 332 291 1,056 3,344 137 496 3,977 
Other segment items(1)
— (2)(23)(3)— (28)— (54)(82)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES
$981 $515 $467 $332 $(1,209)$1,086 $(40)$(411)
Interest (income) expense, net
(15)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES
$650 
Supplemental information:
Depreciation and amortization(2)
$37 37 11 13 58 156 2 27 $185 
(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.
(2)The amounts of depreciation and amortization disclosed by segment are included within Cost of sales and Operating overhead expense, as applicable.

THREE MONTHS ENDED FEBRUARY 28, 2025
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues
$4,864 $2,811 $1,733 $1,470 $12 $10,890 $405 $(26)$11,269 
Cost of sales2,766 1,696 953 829 148 6,392 217 (15)6,594 
Gross profit (loss)2,098 1,115 780 641 (136)4,498 188 (11)4,675 
Demand creation expense
401 267 123 97 158 1,046 40 2 1,088 
Operating overhead expense
596 353 235 200 802 2,186 108 505 2,799 
Total selling and administrative expense
997 620 358 297 960 3,232 148 507 3,887 
Other segment items(1)
(2)15 1 (2)(3)9 1 (48)(38)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES
$1,103 $480 $421 $346 $(1,093)$1,257 $39 $(470)
Interest (income) expense, net
(18)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES
$844 
Supplemental information:
Depreciation and amortization(2)
$49 37 11 12 55 164 3 31 $198 
(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.
(2)The amounts of depreciation and amortization disclosed by segment are included within Cost of sales and Operating overhead expense, as applicable.
NINE MONTHS ENDED FEBRUARY 28, 2026
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues
$15,679 $9,597 $4,550 $4,647 $25 $34,498 $930 $(2)$35,426 
Cost of sales9,268 5,530 2,473 2,672 480 20,423 536 (51)20,908 
Gross profit (loss)6,411 4,067 2,077 1,975 (455)14,075 394 49 14,518 
Demand creation expense
1,331 943 341 297 558 3,470 74 7 3,551 
Operating overhead expense
1,705 1,141 725 614 2,461 6,646 326 1,509 8,481 
Total selling and administrative expense
3,036 2,084 1,066 911 3,019 10,116 400 1,516 12,032 
Other segment items(1)
(1)— (24)(7)(1)(33)(1)(9)(43)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES
$3,376 $1,983 $1,035 $1,071 $(3,473)$3,992 $(5)$(1,458)
Interest (income) expense, net
(42)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES
$2,571 
Supplemental information:
Depreciation and amortization(2)
$108 113 33 42 167 463 6 85 $554 
(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.
(2)The amounts of depreciation and amortization disclosed by segment are included within Cost of sales and Operating overhead expense, as applicable.

NINE MONTHS ENDED FEBRUARY 28, 2025
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues
$14,869 $9,257 $5,110 $4,676 $39 $33,951 $1,335 $(74)$35,212 
Cost of sales8,289 5,179 2,765 2,588 448 19,269 672 (50)19,891 
Gross profit (loss)6,580 4,078 2,345 2,088 (409)14,682 663 (24)15,321 
Demand creation expense
1,235 870 372 285 547 3,309 118 9 3,436 
Operating overhead expense
1,656 1,091 727 597 2,499 6,570 332 1,602 8,504 
Total selling and administrative expense
2,891 1,961 1,099 882 3,046 9,879 450 1,611 11,940 
Other segment items(1)
(1)14 (52)(2)(2)(43)— (58)(101)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES
$3,690 $2,103 $1,298 $1,208 $(3,453)$4,846 $213 $(1,577)
Interest (income) expense, net
(85)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES
$3,567 
Supplemental information:
Depreciation and amortization(2)
$119 108 37 36 171 471 11 94 $576 
(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.
(2)The amounts of depreciation and amortization disclosed by segment are included within Cost of sales and Operating overhead expense, as applicable.
FEBRUARY 28,MAY 31,
(Dollars in millions)
20262025
INVENTORIES(1)
North America$3,166 $3,198 
Europe, Middle East & Africa2,269 2,042 
Greater China937 951 
Asia Pacific & Latin America1,011 905 
Global Brand Divisions
157 148 
TOTAL NIKE BRAND
7,540 7,244 
Converse195 272 
Corporate
(248)(27)
TOTAL NIKE, INC. INVENTORIES
$7,487 $7,489 
(1)Inventories as of February 28, 2026 and May 31, 2025 were substantially all finished goods.