NIKE, INC., 10-Q filed on 4/3/2025
Quarterly Report
v3.25.1
COVER PAGE - shares
9 Months Ended
Feb. 28, 2025
Mar. 28, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Feb. 28, 2025  
Document Transition Report false  
Entity File Number 1-10635  
Entity Registrant Name NIKE, Inc.  
Entity Incorporation, State or Country Code OR  
Entity Tax Identification Number 93-0584541  
Entity Address, Address Line One One Bowerman Drive  
Entity Address, City or Town Beaverton  
Entity Address, State or Province OR  
Entity Address, Postal Zip Code 97005-6453  
City Area Code 503  
Local Phone Number 671-6453  
Title of 12(b) Security Class B Common Stock  
Trading Symbol NKE  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0000320187  
Current Fiscal Year End Date --05-31  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock Shares Outstanding   297,887,752
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock Shares Outstanding   1,178,102,735
v3.25.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2025
Feb. 29, 2024
Income Statement [Abstract]        
Revenues $ 11,269 $ 12,429 $ 35,212 $ 38,756
Cost of sales 6,594 6,867 19,891 21,503
Gross profit 4,675 5,562 15,321 17,253
Demand creation expense 1,088 1,011 3,436 3,194
Operating overhead expense 2,799 3,215 8,504 9,294
Total selling and administrative expense 3,887 4,226 11,940 12,488
Interest expense (income), net (18) (52) (85) (108)
Other (income) expense, net (38) (16) (101) (101)
Income before income taxes 844 1,404 3,567 4,974
Income tax expense 50 232 559 774
NET INCOME $ 794 $ 1,172 $ 3,008 $ 4,200
Earnings per common share:        
Basic (in dollars per share) $ 0.54 $ 0.77 $ 2.02 $ 2.76
Diluted (in dollars per share) $ 0.54 $ 0.77 $ 2.02 $ 2.74
Weighted average common shares outstanding:        
Basic (in shares) 1,478.1 1,513.2 1,487.6 1,520.8
Diluted (in shares) 1,480.6 1,526.5 1,491.0 1,534.0
v3.25.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2025
Feb. 29, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 794 $ 1,172 $ 3,008 $ 4,200
Other comprehensive income (loss), net of tax:        
Change in net foreign currency translation adjustment (57) (57) (143) 18
Change in net gains (losses) on cash flow hedges 119 50 342 (139)
Change in net gains (losses) on other (1) 11 11 15
Total other comprehensive income (loss), net of tax 61 4 210 (106)
TOTAL COMPREHENSIVE INCOME $ 855 $ 1,176 $ 3,218 $ 4,094
v3.25.1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Feb. 28, 2025
May 31, 2024
Current assets:    
Cash and equivalents $ 8,601 $ 9,860
Short-term investments 1,792 1,722
Accounts receivable, net 4,491 4,427
Inventories 7,539 7,519
Prepaid expenses and other current assets 2,186 1,854
Total current assets 24,609 25,382
Property, plant and equipment, net 4,717 5,000
Operating lease right-of-use assets, net 2,614 2,718
Identifiable intangible assets, net 259 259
Goodwill 239 240
Deferred income taxes and other assets 5,355 4,511
TOTAL ASSETS 37,793 38,110
Current liabilities:    
Current portion of long-term debt 1,000 1,000
Notes payable 4 6
Accounts payable 3,106 2,851
Current portion of operating lease liabilities 474 477
Accrued liabilities 5,905 5,725
Income taxes payable 734 534
Total current liabilities 11,223 10,593
Long-term debt 7,956 7,903
Operating lease liabilities 2,477 2,566
Deferred income taxes and other liabilities 2,130 2,618
Commitments and contingencies (Note 12)
Redeemable preferred stock 0 0
Shareholders' equity:    
Capital in excess of stated value 13,916 13,409
Accumulated other comprehensive income (loss) 263 53
Retained earnings (deficit) (175) 965
Total shareholders' equity 14,007 14,430
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 37,793 38,110
Class A Convertible Common Stock    
Shareholders' equity:    
Common stock at stated value 0 0
Class B Common Stock    
Shareholders' equity:    
Common stock at stated value $ 3 $ 3
v3.25.1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares
shares in Millions
Feb. 28, 2025
May 31, 2024
Class A Convertible Common Stock    
Shareholders' equity:    
Common stock, outstanding (in shares) 298 298
Class B Common Stock    
Shareholders' equity:    
Common stock, outstanding (in shares) 1,179 1,205
v3.25.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Cash provided (used) by operations:    
Net income $ 3,008 $ 4,200
Adjustments to reconcile net income to net cash provided (used) by operations:    
Depreciation 576 589
Deferred income taxes (304) (281)
Stock-based compensation 544 618
Amortization, impairment and other 35 51
Net foreign currency adjustments 24 (81)
Changes in certain working capital components and other assets and liabilities:    
(Increase) decrease in accounts receivable (164) (429)
(Increase) decrease in inventories (99) 698
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets (235) (342)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities (150) (213)
Cash provided (used) by operations 3,235 4,810
Cash provided (used) by investing activities:    
Purchases of short-term investments (2,664) (3,337)
Maturities of short-term investments 258 2,036
Sales of short-term investments 2,439 3,093
Additions to property, plant and equipment (330) (599)
Other investing activities 8 (9)
Cash provided (used) by investing activities (289) 1,184
Cash provided (used) by financing activities:    
Increase (decrease) in notes payable, net (2) 0
Proceeds from exercise of stock options and other stock issuances 400 477
Repurchase of common stock (2,786) (3,214)
Dividends — common and preferred (1,709) (1,609)
Other financing activities (79) (122)
Cash provided (used) by financing activities (4,176) (4,468)
Effect of exchange rate changes on cash and equivalents (29) (7)
Net increase (decrease) in cash and equivalents (1,259) 1,519
Cash and equivalents, beginning of period 9,860 7,441
CASH AND EQUIVALENTS, END OF PERIOD 8,601 8,960
Supplemental disclosure of cash flow information:    
Non-cash additions to property, plant and equipment 87 177
Dividends declared and not paid $ 594 $ 561
v3.25.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
shares in Millions, $ in Millions
Total
CAPITAL IN EXCESS OF STATED VALUE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
RETAINED EARNINGS (DEFICIT)
Class A Common Stock
Class A Common Stock
COMMON STOCK
Class B Common Stock
Class B Common Stock
COMMON STOCK
Beginning Balance (in shares) at May. 31, 2023           305   1,227
Beginning Balance at May. 31, 2023 $ 14,004 $ 12,412 $ 231 $ 1,358       $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               6
Stock options exercised 347 347            
Conversion to Class B Common Stock (in shares)           (7)   7
Repurchase of Class B Common Stock (in shares)               (30)
Repurchase of Class B Common Stock (3,207) (251)   (2,956)        
Dividends on common stock and preferred stock (1,645)     (1,645)        
Issuance of shares to employees, net of shares withheld for employee taxes (in shares)               3
Issuance of shares to employees, net of shares withheld for employee taxes 15 2   13        
Stock-based compensation 618 618            
Net income 4,200     4,200        
Other comprehensive income (loss) (106)   (106)          
Ending Balance (in shares) at Feb. 29, 2024           298   1,213
Ending Balance at Feb. 29, 2024 14,226 13,128 125 970       $ 3
Beginning Balance (in shares) at Nov. 30, 2023           298   1,219
Beginning Balance at Nov. 30, 2023 14,146 12,871 121 1,151       $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               2
Stock options exercised 135 135            
Repurchase of Class B Common Stock (in shares)               (8)
Repurchase of Class B Common Stock (866) (67)   (799)        
Dividends on common stock and preferred stock (561)     (561)        
Issuance of shares to employees, net of shares withheld for employee taxes (20) (27)   7        
Stock-based compensation 216 216            
Net income 1,172     1,172        
Other comprehensive income (loss) 4   4          
Ending Balance (in shares) at Feb. 29, 2024           298   1,213
Ending Balance at Feb. 29, 2024 14,226 13,128 125 970       $ 3
Beginning Balance (in shares) at May. 31, 2024         298 298 1,205 1,205
Beginning Balance at May. 31, 2024 14,430 13,409 53 965       $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               5
Stock options exercised 274 274            
Repurchase of Class B Common Stock (in shares)               (34)
Repurchase of Class B Common Stock (2,753) (311)   (2,442)        
Dividends on common stock and preferred stock (1,745)     (1,745)        
Issuance of shares to employees, net of shares withheld for employee taxes (in shares)               3
Issuance of shares to employees, net of shares withheld for employee taxes 39     39        
Stock-based compensation 544 544            
Net income 3,008     3,008        
Other comprehensive income (loss) 210   210          
Ending Balance (in shares) at Feb. 28, 2025         298 298 1,179 1,179
Ending Balance at Feb. 28, 2025 14,007 13,916 263 (175)       $ 3
Beginning Balance (in shares) at Nov. 30, 2024           298   1,184
Beginning Balance at Nov. 30, 2024 14,037 13,778 202 54       $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               1
Stock options exercised 55 55            
Repurchase of Class B Common Stock (in shares)               (6)
Repurchase of Class B Common Stock (499) (60)   (439)        
Dividends on common stock and preferred stock (594)     (594)        
Issuance of shares to employees, net of shares withheld for employee taxes (16) (26)   10        
Stock-based compensation 169 169            
Net income 794     794        
Other comprehensive income (loss) 61   61          
Ending Balance (in shares) at Feb. 28, 2025         298 298 1,179 1,179
Ending Balance at Feb. 28, 2025 $ 14,007 $ 13,916 $ 263 $ (175)       $ 3
v3.25.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
3 Months Ended 9 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2025
Feb. 29, 2024
Statement of Stockholders' Equity [Abstract]        
Dividends declared per common share (in dollars per share) $ 0.400 $ 0.370 $ 1.170 $ 1.080
Dividends declared per preferred share (in dollars per share)     $ 0.10 $ 0.10
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Feb. 28, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The Unaudited Condensed Consolidated Financial Statements include the accounts of NIKE, Inc. and its subsidiaries (the "Company" or "NIKE") and reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the results of operations for the interim period. The year-end Condensed Consolidated Balance Sheet data as of May 31, 2024, was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("U.S. GAAP"). The interim financial information and notes thereto should be read in conjunction with the Company's latest Annual Report on Form 10-K for the fiscal year ended May 31, 2024 (the "Annual Report"). The results of operations for the three and nine months ended February 28, 2025, are not necessarily indicative of results to be expected for the entire fiscal year.
RECENTLY ISSUED ACCOUNTING STANDARDS AND DISCLOSURE RULES
In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments require public entities to disclose significant segment expenses regularly provided to the chief operating decision maker and included within segment profit and loss. The amendments are effective for the Company's annual periods beginning June 1, 2024, and interim periods beginning June 1, 2025. The Company will adopt the ASU on a retrospective basis in the Annual Report on Form 10-K for the fiscal year ending May 31, 2025.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company's annual periods beginning June 1, 2025, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company's annual periods beginning June 1, 2027, and interim periods beginning June 1, 2028, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
v3.25.1
ACCRUED LIABILITIES
9 Months Ended
Feb. 28, 2025
Accrued Liabilities, Current [Abstract]  
ACCRUED LIABILITIES
NOTE 2 — ACCRUED LIABILITIES
Accrued liabilities included the following:
FEBRUARY 28,MAY 31,
(Dollars in millions)20252024
Sales-related reserves$1,682 $1,282 
Compensation and benefits, excluding taxes1,296 1,291 
Dividends payable598 563 
Endorsement compensation
412 578 
Other1,917 2,011
TOTAL ACCRUED LIABILITIES$5,905 $5,725 
v3.25.1
FAIR VALUE MEASUREMENTS
9 Months Ended
Feb. 28, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
NOTE 3 — FAIR VALUE MEASUREMENTS
The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities.
The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of February 28, 2025 and May 31, 2024, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
FEBRUARY 28, 2025
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,338 $1,338 $— 
Level 1:
U.S. Treasury securities1,156 1,154 
Level 2:
Commercial paper and bonds657 32 625 
Money market funds6,906 6,906 — 
Time deposits327 323 
U.S. Agency securities— 
Total Level 27,899 7,261 638 
TOTAL$10,393 $8,601 $1,792 
MAY 31, 2024
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,222 $1,222 $— 
Level 1:
U.S. Treasury securities1,175 155 1,020 
Level 2:
Commercial paper and bonds591 17 574 
Money market funds8,119 8,119 — 
Time deposits440 347 93 
U.S. Agency securities35 — 35 
Total Level 29,185 8,483 702 
TOTAL$11,582 $9,860 $1,722 
As of February 28, 2025, the Company held $845 million of available-for-sale debt securities with maturity dates within one year and $947 million with maturity dates greater than one year and less than five years in Short-term investments on the Unaudited Condensed Consolidated Balance Sheets. The fair value of the Company's available-for-sale debt securities approximates their amortized cost.
Included in Interest expense (income), net was interest income related to the Company's investment portfolio of $97 million and $113 million for the three months ended February 28, 2025 and February 29, 2024, respectively, and $314 million and $304 million for the nine months ended February 28, 2025 and February 29, 2024, respectively.
The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
FEBRUARY 28, 2025
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$619 $491 $128 $95 $86 $
Interest rate swaps(1)
22 — 22 — 
TOTAL$641 $491 $150 $99 $86 $13 
(1)If the derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $99 million as of February 28, 2025. As of that date, the Company received $262 million of cash collateral and $37 million of securities from various counterparties on the derivative asset balance. No collateral was posted on the derivative liability balance as of February 28, 2025.
MAY 31, 2024
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$343 $299 $44 $120 $115 $
Interest rate swaps(1)
— — — 31 — 31 
TOTAL$343 $299 $44 $151 $115 $36 
(1)If the derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $142 million as of May 31, 2024. As of that date, the Company received $112 million of cash collateral from various counterparties on the derivative asset balance and posted $10 million cash collateral on the derivative liability balance.
For additional information related to the Company's derivative financial instruments and credit risk, refer to Note 8 — Risk Management and Derivatives.
The carrying amounts of other current financial assets and other current financial liabilities approximate fair value.
FINANCIAL ASSETS AND LIABILITIES NOT RECORDED AT FAIR VALUE
The Company's Long-term debt is recorded at adjusted cost, net of unamortized premiums, discounts, debt issuance costs and interest rate swap fair value adjustments. The fair value of long-term debt is estimated based upon quoted prices for similar instruments or quoted prices for identical instruments in inactive markets (Level 2). The fair value of the Company's Long-term debt was approximately $7,825 million at February 28, 2025 and $7,631 million at May 31, 2024.
In March 2025, subsequent to the end of the third quarter of fiscal 2025, the Company repaid the $1.0 billion aggregate principal amount outstanding of its 2.40% notes due 2025 at maturity.
v3.25.1
SHORT-TERM BORROWINGS AND CREDIT LINES
9 Months Ended
Feb. 28, 2025
Debt Disclosure [Abstract]  
SHORT-TERM BORROWINGS AND CREDIT LINES
NOTE 4 — SHORT-TERM BORROWINGS AND CREDIT LINES
The carrying amounts reflected on the Unaudited Condensed Consolidated Balance Sheets for Notes payable approximate fair value.
As of February 28, 2025 and May 31, 2024, the Company had no borrowings outstanding under its $3 billion commercial paper program.
On March 7, 2025, subsequent to the end of the third quarter of fiscal 2025, the Company entered into a 364-day committed credit facility agreement with a syndicate of banks, which provides for up to $1 billion of borrowings, with an option to increase borrowings up to $1.5 billion in total with lender approval. The facility matures on March 6, 2026, with an option to extend the maturity date an additional 364 days. This facility replaces the prior $1 billion 364-day credit facility agreement entered into on March 8, 2024, which matured on March 7, 2025. Based on the Company's current long-term senior unsecured debt ratings of AA- and A1 from Standard and Poor's Corporation and Moody's Investor Services, respectively, the interest rate charged on any outstanding borrowings would be the prevailing Term Secured Overnight Financing Rate (Term SOFR) for the applicable interest period plus 0.60%. The facility fee is 0.02% of the total undrawn commitment. As of April 3, 2025, no amounts were outstanding under this committed credit facility.
On March 7, 2025, the Company also entered into a five-year committed credit facility agreement with a syndicate of banks which provides for up to $2 billion of borrowings, with the option to increase borrowings up to $3 billion in total with lender approval. The facility matures on March 7, 2030, with options to extend the maturity date up to an additional two years. This facility replaces the prior $2 billion five-year credit facility agreement entered into on March 11, 2022, which would have matured on March 11, 2027. Based on the Company's current long-term senior unsecured debt ratings of AA- and A1 from Standard and Poor's Corporation and Moody's Investor Services, respectively, the interest rate charged on any outstanding borrowings would be the prevailing Term SOFR for the applicable interest period plus 0.60%. The facility fee is 0.04% of the total undrawn commitment. As of April 3, 2025, no amounts were outstanding under this committed credit facility.
v3.25.1
INCOME TAXES
9 Months Ended
Feb. 28, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES
NOTE 5 — INCOME TAXES
The effective tax rate was 15.7% and 15.6% for the nine months ended February 28, 2025 and February 29, 2024, respectively. The increase in the Company's effective tax rate was primarily due to decreased benefits from stock-based compensation and one-time benefits recognized in the first nine months of fiscal 2024 including the impact of temporary relief provided by the Internal Revenue Service ("IRS") relating to U.S. foreign tax credit regulations. On July 21, 2023, the IRS issued Notice 2023-55 which specifically delayed the application of certain U.S. foreign tax credit regulations that had previously limited the Company's ability to claim credits on certain foreign taxes for the fiscal year ended May 31, 2023. As a result of this guidance, the Company recognized a one-time tax benefit related to fiscal 2023 tax positions in the first three months of fiscal 2024.
These impacts were largely offset by a one-time, non-cash deferred tax benefit recognized in the third quarter of fiscal 2025 provided by recently finalized U.S. tax regulations. On December 10, 2024, the U.S. Department of Treasury published final regulations related to Internal Revenue Code ("IRC") Section 987 foreign currency gains and losses derived from translation of the operations, assets and liabilities of non-U.S. qualified business units. While these regulations are effective for the Company beginning June 1, 2025, they require computation of a pre-transition foreign currency gain or loss to be included in the determination of future taxable income or loss. Based on the Company’s current analysis of the regulations and recognition of temporary differences impacting U.S. taxation of foreign earnings under Subpart F of the Internal Revenue Code, the Company recognized a non-cash deferred income tax benefit of $133 million related to pre-transition foreign currency losses expected to reduce taxable income in future periods.
The Organization for Economic Co-operation and Development (OECD) and the G20 Inclusive Framework on Base Erosion and Profit Shifting (the "Inclusive Framework") have put forth Pillar Two proposals that ensure a minimal level of taxation. Several countries in which the Company operates, including several European Union member states, have adopted domestic legislation to implement the Inclusive Framework's global corporate minimum tax rate of fifteen percent. This legislation became effective for the Company beginning June 1, 2024. Based on the Company's current analysis of Pillar Two provisions, these tax law changes did not have a material impact on the Company's financial statements for the first nine months of fiscal 2025 and are not expected to for fiscal 2025.
As of February 28, 2025, total gross unrecognized tax benefits, excluding related interest and penalties, were $1,004 million, $737 million of which would affect the Company's effective tax rate if recognized in future periods. The majority of the total gross unrecognized tax benefits are long-term in nature and included within Deferred income taxes and other liabilities on the Unaudited Condensed Consolidated Balance Sheets. As of May 31, 2024, total gross unrecognized tax benefits, excluding related interest and penalties, were $990 million. As of February 28, 2025 and May 31, 2024, accrued interest and penalties
related to uncertain tax positions were $363 million and $332 million, respectively, (excluding federal benefit) and included within Deferred income taxes and other liabilities on the Unaudited Condensed Consolidated Balance Sheets.
The Company is subject to taxation in the U.S., as well as various state and foreign jurisdictions. The Company is currently under audit by the U.S. Internal Revenue Service ("IRS") for fiscal years 2017 through 2023. The Company has closed all U.S. federal income tax matters through fiscal 2016, with the exception of certain transfer pricing adjustments.
Tax years after 2011 remain open in certain major foreign jurisdictions. Although the timing of resolution of audits is not certain, the Company evaluates all domestic and foreign audit issues in the aggregate, along with the expiration of applicable statutes of limitations, and estimates that it is reasonably possible the total gross unrecognized tax benefits could decrease by up to $226 million within the next 12 months primarily as a result of the expected resolution with the IRS of certain U.S. federal income tax matters for fiscal years 2017 through 2019 related to transfer pricing adjustments, research and development credits and other items.
In January 2019, the European Commission opened a formal investigation to examine whether the Netherlands has breached State Aid rules when granting certain tax rulings to the Company. The Company believes the investigation is without merit. If this matter is adversely resolved, the Netherlands may be required to assess additional amounts with respect to prior periods, and the Company's income taxes related to prior periods in the Netherlands could increase.
v3.25.1
STOCK-BASED COMPENSATION
9 Months Ended
Feb. 28, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
STOCK-BASED COMPENSATION
NOTE 6 — STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION
The NIKE, Inc. Stock Incentive Plan (the "Stock Incentive Plan") provides for the issuance of up to 798 million previously unissued shares of Class B Common Stock in connection with equity awards granted under the Stock Incentive Plan. The Stock Incentive Plan authorizes the grant of non-statutory stock options, incentive stock options, stock appreciation rights and stock awards, including restricted stock and restricted stock units. Restricted stock units include both time-vesting restricted stock units as well as performance-based restricted stock units ("PSUs"). In addition to the Stock Incentive Plan, the Company gives employees the right to purchase shares at a discount from the market price under employee stock purchase plans ("ESPPs").
The following table summarizes the Company's total stock-based compensation expense recognized within Cost of sales or Operating overhead expense, as applicable: 
 THREE MONTHS ENDEDNINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 28, 2025FEBRUARY 29, 2024FEBRUARY 28, 2025FEBRUARY 29, 2024
Stock options(1)
$69 $89 $222 $253 
ESPPs17 17 53 55 
Restricted stock and restricted stock units(2)
83 110 269 310 
TOTAL STOCK-BASED COMPENSATION EXPENSE$169 $216 $544 $618 
(1)Expense for stock options includes the expense associated with stock appreciation rights.
(2)Expense for restricted stock units includes an immaterial amount of expense for PSUs.
STOCK OPTIONS
As of February 28, 2025, the Company had $468 million of unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized within Cost of sales or Operating overhead expense, as applicable, over a weighted average remaining period of 2.5 years.
RESTRICTED STOCK AND RESTRICTED STOCK UNITS
As of February 28, 2025, the Company had $696 million of unrecognized compensation costs from restricted stock and restricted stock units, net of estimated forfeitures, to be recognized within Cost of sales or Operating overhead expense, as applicable, over a weighted average remaining period of 2.6 years.
v3.25.1
EARNINGS PER SHARE
9 Months Ended
Feb. 28, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
NOTE 7 — EARNINGS PER SHARE
The following is a reconciliation from basic earnings per common share to diluted earnings per common share. The computations of diluted earnings per common share exclude restricted stock, restricted stock units and options, including shares under ESPPs, to purchase an estimated additional 77.1 million and 40.9 million shares of common stock outstanding for the three months ended February 28, 2025 and February 29, 2024, respectively, and 75.3 million and 42.6 million shares of common stock outstanding for the nine months ended February 28, 2025 and February 29, 2024, respectively, because the awards were assumed to be anti-dilutive.
 THREE MONTHS ENDEDNINE MONTHS ENDED
(In millions, except per share data)
FEBRUARY 28, 2025FEBRUARY 29, 2024FEBRUARY 28, 2025FEBRUARY 29, 2024
Net income available to common stockholders$794 $1,172 $3,008 $4,200 
Determination of shares:
Weighted average common shares outstanding1,478.1 1,513.2 1,487.6 1,520.8 
Assumed conversion of dilutive stock options and awards2.5 13.3 3.4 13.2 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING1,480.6 1,526.5 1,491.0 1,534.0 
Earnings per common share:
Basic$0.54 $0.77 $2.02 $2.76 
Diluted$0.54 $0.77 $2.02 $2.74 
v3.25.1
RISK MANAGEMENT AND DERIVATIVES
9 Months Ended
Feb. 28, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
RISK MANAGEMENT AND DERIVATIVES
NOTE 8 — RISK MANAGEMENT AND DERIVATIVES
The Company is exposed to global market risks, including the effect of changes in foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. As of and for the three and nine months ended February 28, 2025, there have been no material changes to the Company's hedging program or strategy from what was disclosed within the Annual Report.
The majority of derivatives outstanding as of February 28, 2025, are designated as foreign currency cash flow hedges, primarily for Euro/U.S. Dollar, Chinese Yuan/U.S. Dollar, British Pound/Euro and Japanese Yen/U.S. Dollar currency pairs. All derivatives are recognized on the Unaudited Condensed Consolidated Balance Sheets at fair value and classified based on the instrument's maturity date.
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20252024
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$479 $269 
Foreign exchange forwards and optionsDeferred income taxes and other assets128 44 
Interest rate swaps
Deferred income taxes and other assets
22 — 
Total derivatives formally designated as hedging instruments629 313 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets12 30 
Total derivatives not designated as hedging instruments12 30 
TOTAL DERIVATIVE ASSETS$641 $343 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20252024
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$74 $110 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities
Interest rate swaps
Deferred income taxes and other liabilities
31 
Total derivatives formally designated as hedging instruments87 146 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities12 
Total derivatives not designated as hedging instruments12 
TOTAL DERIVATIVE LIABILITIES$99 $151 
The following tables present the amounts affecting the Unaudited Condensed Consolidated Statements of Income:

(Dollars in millions)
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES
(1)
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME(1)
THREE MONTHS ENDEDLOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
THREE MONTHS ENDED
FEBRUARY 28, 2025FEBRUARY 29, 2024FEBRUARY 28, 2025FEBRUARY 29, 2024
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$(30)$(32)Revenues$(25)$(10)
Foreign exchange forwards and options180 135 Cost of sales67 70 
Foreign exchange forwards and options— — Demand creation expense— 
Foreign exchange forwards and options66 49 Other (income) expense, net57 52 
Interest rate swaps(2)
— — Interest expense (income), net(2)(2)
TOTAL DESIGNATED CASH FLOW HEDGES $216 $152 $97 $111 
(1)For the three months ended February 28, 2025 and February 29, 2024, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.


(Dollars in millions)
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES
(1)
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME(1)
NINE MONTHS ENDEDLOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
NINE MONTHS ENDED
FEBRUARY 28, 2025FEBRUARY 29, 2024FEBRUARY 28, 2025FEBRUARY 29, 2024
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$(103)$(55)Revenues$(70)$(7)
Foreign exchange forwards and options478 154 Cost of sales187 221 
Foreign exchange forwards and options— Demand creation expense— 
Foreign exchange forwards and options194 78 Other (income) expense, net102 138 
Interest rate swaps(2)
— — Interest expense (income), net(6)(6)
TOTAL DESIGNATED CASH FLOW HEDGES $569 $179 $213 $347 
(1)For the nine months ended February 28, 2025 and February 29, 2024, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.
AMOUNT OF GAIN (LOSS) RECOGNIZED
IN INCOME ON DERIVATIVES
LOCATION OF GAIN (LOSS)
RECOGNIZED IN INCOME
ON DERIVATIVES
THREE MONTHS ENDEDNINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 28, 2025FEBRUARY 29, 2024FEBRUARY 28, 2025FEBRUARY 29, 2024
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options$$$$(1)Other (income) expense, net
CASH FLOW HEDGES
The total notional amount of outstanding foreign currency derivatives designated as cash flow hedges was approximately $14.7 billion and $16.2 billion as of February 28, 2025 and May 31, 2024, respectively. Approximately $471 million of deferred net gains (net of tax) on both outstanding and matured derivatives in Accumulated other comprehensive income (loss) as of February 28, 2025, are expected to be reclassified to Net income during the next 12 months concurrent with the underlying hedged transactions also being recorded in Net income. Actual amounts ultimately reclassified to Net income are dependent on the exchange rates in effect when derivative contracts currently outstanding mature. As of February 28, 2025, the maximum term over which the Company hedges exposures to the variability of cash flows for its forecasted transactions was 27 months.
FAIR VALUE HEDGES
The total notional amount of outstanding interest rate swap contracts designated as fair value hedges was $2.4 billion and $1.8 billion as of February 28, 2025 and May 31, 2024, respectively.
UNDESIGNATED DERIVATIVE INSTRUMENTS
The total notional amount of outstanding undesignated derivative instruments was $3.3 billion and $4.4 billion as of February 28, 2025 and May 31, 2024, respectively.
CREDIT RISK
As of February 28, 2025, the Company was in compliance with all credit risk-related contingent features and considers the impact of the risk of counterparty default to be immaterial. For additional information related to the Company's derivative financial instruments and collateral, refer to Note 3 — Fair Value Measurements.
v3.25.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
9 Months Ended
Feb. 28, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
NOTE 9 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at November 30, 2024$(342)$470 $115 $(41)$202 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(57)205 — 152 
Reclassifications to net income of previously deferred (gains) losses(2)(3)
— (86)— (5)(91)
Total other comprehensive income (loss)(57)119 — (1)61 
Balance at February 28, 2025$(399)$589 $115 $(42)$263 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(3)Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at November 30, 2023$(178)$242 $115 $(58)$121 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(57)150 — 97 
Reclassifications to net income of previously deferred (gains) losses(2)(3)
— (100)— (93)
Total other comprehensive income (loss)(57)50 — 11 
Balance at February 29, 2024$(235)$292 $115 $(47)$125 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(3)Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2024$(256)$247 $115 $(53)$53 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(143)546 — 14 417 
Reclassifications to net income of previously deferred (gains) losses(2)(3)
— (204)— (3)(207)
Total other comprehensive income (loss)(143)342 — 11 210 
Balance at February 28, 2025$(399)$589 $115 $(42)$263 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(3)Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2023$(253)$431 $115 $(62)$231 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
16 175 — 15 206 
Reclassifications to net income of previously deferred (gains) losses(2)(3)
(314)— — (312)
Total other comprehensive income (loss)18 (139)— 15 (106)
Balance at February 29, 2024$(235)$292 $115 $(47)$125 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(3)Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other.

For additional information related to the Company's cash flow hedges refer to Note 8 — Risk Management and Derivatives.
v3.25.1
REVENUES
9 Months Ended
Feb. 28, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES
NOTE 10 — REVENUES
DISAGGREGATION OF REVENUES
The following tables present the Company's Revenues disaggregated by reportable operating segment, major product line and distribution channel:
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 by:
Footwear$3,132 $1,742 $1,282 $1,052 $— $7,208 $349 $— $7,557 
Apparel1,510 913 412 358 — 3,193 22 — 3,215 
Equipment222 156 39 60 — 477 — 484 
Other— — — — 12 12 27 (26)13 
TOTAL REVENUES$4,864 $2,811 $1,733 $1,470 $12 $10,890 $405 $(26)$11,269 
Revenues by:
Sales to Wholesale Customers$2,499 $1,817 $995 $844 $— $6,155 $208 $— $6,363 
Sales through Direct to Consumer2,365 994 738 626 — 4,723 170 — 4,893 
Other— — — — 12 12 27 (26)13 
TOTAL REVENUES$4,864 $2,811 $1,733 $1,470 $12 $10,890 $405 $(26)$11,269 

THREE MONTHS ENDED FEBRUARY 29, 2024
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,460 $1,960 $1,547 $1,195 $— $8,162 $426 $— $8,588 
Apparel1,408 994 498 390 — 3,290 25 — 3,315 
Equipment202 184 39 62 — 487 — 496 
Other— — — — 35 (14)30 
TOTAL REVENUES$5,070 $3,138 $2,084 $1,647 $9 $11,948 $495 $(14)$12,429 
Revenues by:
Sales to Wholesale Customers$2,440 $1,966 $1,243 $939 $— $6,588 $257 $— $6,845 
Sales through Direct to Consumer2,630 1,172 841 708 — 5,351 203 — 5,554 
Other— — — — 35 (14)30 
TOTAL REVENUES$5,070 $3,138 $2,084 $1,647 $9 $11,948 $495 $(14)$12,429 
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 by:
Footwear$9,580 $5,676 $3,731 $3,338 $— $22,325 $1,149 $— $23,474 
Apparel4,534 3,042 1,244 1,143 — 9,963 65 — 10,028 
Equipment755 539 135 195 — 1,624 25 — 1,649 
Other— — — — 39 39 96 (74)61 
TOTAL REVENUES$14,869 $9,257 $5,110 $4,676 $39 $33,951 $1,335 $(74)$35,212 
Revenues by:
Sales to Wholesale Customers$7,840 $6,011 $2,870 $2,764 $— $19,485 $695 $— $20,180 
Sales through Direct to Consumer7,029 3,246 2,240 1,912 — 14,427 544 — 14,971 
Other— — — — 39 39 96 (74)61 
TOTAL REVENUES$14,869 $9,257 $5,110 $4,676 $39 $33,951 $1,335 $(74)$35,212 
NINE MONTHS ENDED FEBRUARY 29, 2024
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$10,950 $6,406 $4,195 $3,639 $— $25,190 $1,390 $— $26,580 
Apparel4,555 3,331 1,368 1,198 — 10,452 75 — 10,527 
Equipment613 578 119 187 — 1,497 27 — 1,524 
Other— — — — 34 34 110 (19)125 
TOTAL REVENUES$16,118 $10,315 $5,682 $5,024 $34 $37,173 $1,602 $(19)$38,756 
Revenues by:
Sales to Wholesale Customers$8,114 $6,483 $3,165 $2,927 $— $20,689 $843 $— $21,532 
Sales through Direct to Consumer8,004 3,832 2,517 2,097 — 16,450 649 — 17,099 
Other— — — — 34 34 110 (19)125 
TOTAL REVENUES$16,118 $10,315 $5,682 $5,024 $34 $37,173 $1,602 $(19)$38,756 
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 February 28, 2025 and May 31, 2024, the Company did not have any contract assets and had an immaterial amount of contract liabilities recorded in Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets.
v3.25.1
OPERATING SEGMENTS
9 Months Ended
Feb. 28, 2025
Segment Reporting [Abstract]  
OPERATING SEGMENTS
NOTE 11 — OPERATING SEGMENTS
The Company's operating segments are evidence of the structure of the Company's internal organization. The NIKE Brand segments are defined by geographic regions for operations participating in NIKE Brand sales activity.
Each NIKE Brand geographic segment operates predominantly in one industry: the design, development, marketing and selling of athletic footwear, apparel and equipment. The Company's reportable operating segments for the NIKE Brand 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.
The Company's NIKE Direct operations are managed within each NIKE Brand geographic operating segment. Converse is also a reportable segment for the Company and operates in one industry: the design, marketing, licensing and selling of athletic lifestyle sneakers, apparel and accessories.
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 costs represent demand creation and operating overhead expense that include product creation and design expenses centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology.
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.
The primary financial measure used by the Company to evaluate performance of individual operating segments is earnings before interest and taxes ("EBIT"), which represents Net income before Interest expense (income), net, and Income taxes in the Unaudited Condensed Consolidated Statements of Income.
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 operating segments and to Converse. These rates are set approximately nine and twelve months in advance of the future selling seasons to which they relate (specifically, for each currency, one standard rate applies to the fall and holiday selling seasons, and one standard rate applies to the spring and summer selling seasons) based on average market spot rates in the calendar month preceding the date they are established. Inventories and Cost of sales for geographic operating segments and Converse reflect the use of these standard rates to record non-functional currency product purchases in the entity's functional currency. Differences between assigned standard foreign currency rates and actual market rates are included in Corporate, together with foreign currency hedge gains and losses generated from the Company's centrally managed foreign exchange risk management program and other conversion gains and losses.
Accounts receivable, net, Inventories and Property, plant and equipment, net for operating segments are regularly reviewed by management and are therefore provided below.
 THREE MONTHS ENDEDNINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 28, 2025FEBRUARY 29, 2024FEBRUARY 28, 2025FEBRUARY 29, 2024
REVENUES
North America$4,864 $5,070 $14,869 $16,118 
Europe, Middle East & Africa2,811 3,138 9,257 10,315 
Greater China1,733 2,084 5,110 5,682 
Asia Pacific & Latin America1,470 1,647 4,676 5,024 
Global Brand Divisions12 39 34 
Total NIKE Brand10,890 11,948 33,951 37,173 
Converse405 495 1,335 1,602 
Corporate(26)(14)(74)(19)
TOTAL NIKE, INC. REVENUES$11,269 $12,429 $35,212 $38,756 
EARNINGS BEFORE INTEREST AND TAXES
North America$1,103 $1,400 $3,690 $4,360 
Europe, Middle East & Africa480 734 2,103 2,591 
Greater China421 722 1,298 1,761 
Asia Pacific & Latin America346 471 1,208 1,406 
Global Brand Divisions(1,093)(1,199)(3,453)(3,572)
Converse39 98 213 380 
Corporate(470)(874)(1,577)(2,060)
Interest expense (income), net(18)(52)(85)(108)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES$844 $1,404 $3,567 $4,974 
FEBRUARY 28,MAY 31,
(Dollars in millions)
20252024
ACCOUNTS RECEIVABLE, NET
North America$1,957 $1,723 
Europe, Middle East & Africa1,283 1,239 
Greater China260 327 
Asia Pacific & Latin America680 792 
Global Brand Divisions103 103 
Total NIKE Brand4,283 4,184 
Converse201 201 
Corporate42 
TOTAL ACCOUNTS RECEIVABLE, NET$4,491 $4,427 
INVENTORIES
North America$3,107 $3,134 
Europe, Middle East & Africa1,892 2,028 
Greater China1,100 1,070 
Asia Pacific & Latin America934 810 
Global Brand Divisions154 166 
Total NIKE Brand7,187 7,208 
Converse285 296 
Corporate67 15 
TOTAL INVENTORIES(1)
$7,539 $7,519 
(1)Inventories as of February 28, 2025 and May 31, 2024, were substantially all finished goods.
FEBRUARY 28,MAY 31,
(Dollars in millions)
20252024
PROPERTY, PLANT AND EQUIPMENT, NET
North America$656 $744 
Europe, Middle East & Africa1,054 1,089 
Greater China228 258 
Asia Pacific & Latin America
288 282 
Global Brand Divisions794 842 
Total NIKE Brand3,020 3,215 
Converse17 27 
Corporate1,680 1,758 
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET$4,717 $5,000 
v3.25.1
COMMITMENTS AND CONTINGENCIES
9 Months Ended
Feb. 28, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
NOTE 12 — COMMITMENTS AND CONTINGENCIES
In the ordinary course of business, the Company is subject to various legal proceedings, claims and government investigations relating to its business, products and actions of its employees and representatives, including contractual and employment relationships, product liability, antitrust, customs, tax, intellectual property and other matters. The outcome of these legal matters is inherently uncertain, and the Company cannot predict the eventual outcome of currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or consequences relating to those matters. When a loss related to a legal proceeding or claim is probable and reasonably estimable, the Company accrues its best estimate for the ultimate resolution of the matter. If one or more legal matters were to be resolved against the Company in a reporting period for amounts above management's expectations, the Company's financial position, operating results and cash flows for that reporting period could be materially adversely affected. In the opinion of management, based on its current knowledge and after consultation with counsel, the Company does not believe any currently pending legal matters will have a material adverse impact on the Company's results of operations, financial position or cash flows, except as described below.
BELGIAN CUSTOMS CLAIM
The Company has received claims for certain years from Belgian Customs for alleged underpaid duties related to products imported beginning in fiscal 2018. The Company disputes these claims and has engaged in the appellate process. The Company has issued bank guarantees in order to appeal the claims. At this time, the Company is unable to estimate the range of loss and cannot predict the final outcome as it could take several years to reach a resolution on this matter. If this matter is ultimately resolved against the Company, the amounts owed, including fines, penalties and other consequences relating to the matter, could have a material adverse effect on the Company's results of operations, financial position and cash flows.
v3.25.1
RESTRUCTURING
9 Months Ended
Feb. 28, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING
NOTE 13 — RESTRUCTURING
During the third quarter of fiscal 2024, the Company announced a multi-year enterprise initiative designed to accelerate its future growth. As part of this initiative, management streamlined the organization which resulted in a net reduction in the Company's global workforce. During the third quarter of fiscal 2024, the Company recognized pre-tax restructuring charges of $403 million, with $379 million primarily related to employee severance costs and $24 million related to accelerated stock-based compensation. Of the $403 million pre-tax restructuring charges, $340 million was classified within Operating overhead expense and $63 million was classified within Cost of sales.
As of the second quarter of fiscal 2025, the restructuring initiative was substantially complete. During the nine months ended February 28, 2025, the Company made cash payments of $243 million related to employee severance. As of May 31, 2024, $267 million of related pre-tax restructuring charges were reflected within Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets.
v3.25.1
SUPPLIER FINANCE PROGRAMS
9 Months Ended
Feb. 28, 2025
Payables and Accruals [Abstract]  
SUPPLIER FINANCE PROGRAMS
NOTE 14 — SUPPLIER FINANCE PROGRAMS
Certain financial institutions offer voluntary supplier finance programs facilitated through a third-party platform that provide participating suppliers the option to finance valid payment obligations from the Company. The Company is not a party to agreements negotiated between participating suppliers and third-party financial institutions. The Company's obligations to its suppliers, including amounts due and payment terms, are not affected by a supplier's decision to participate in these programs and the Company does not provide guarantees to third parties in connection with these programs. As of February 28, 2025 and May 31, 2024, the Company had $1,050 million and $840 million, respectively, of outstanding supplier obligations confirmed as valid under these programs. These amounts are included within Accounts payable on the Unaudited Condensed Consolidated Balance Sheets.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2025
Feb. 29, 2024
Pay vs Performance Disclosure        
Net income $ 794 $ 1,172 $ 3,008 $ 4,200
v3.25.1
Insider Trading Arrangements
3 Months Ended
Feb. 28, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Johanna Nielsen [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On January 23, 2025, Johanna Nielsen, Vice President, Corporate Controller, adopted a Rule 10b5-1 trading arrangement for the sale of up to 2,084 shares of our Class B Common Stock, subject to certain conditions. The arrangement's expiration date is August 29, 2025.
Name Johanna Nielsen,
Title Vice President, Corporate Controller
Rule 10b5-1 Arrangement Adopted true
Adoption Date January 23, 2025
Expiration Date August 29, 2025
Arrangement Duration 218 days
Aggregate Available 2,084
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Feb. 28, 2025
Accounting Policies [Abstract]  
BASIS OF PRESENTATION
The Unaudited Condensed Consolidated Financial Statements include the accounts of NIKE, Inc. and its subsidiaries (the "Company" or "NIKE") and reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the results of operations for the interim period. The year-end Condensed Consolidated Balance Sheet data as of May 31, 2024, was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("U.S. GAAP"). The interim financial information and notes thereto should be read in conjunction with the Company's latest Annual Report on Form 10-K for the fiscal year ended May 31, 2024 (the "Annual Report"). The results of operations for the three and nine months ended February 28, 2025, are not necessarily indicative of results to be expected for the entire fiscal year.
RECENTLY ISSUED ACCOUNTING STANDARDS AND DISCLOSURE RULES
In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments require public entities to disclose significant segment expenses regularly provided to the chief operating decision maker and included within segment profit and loss. The amendments are effective for the Company's annual periods beginning June 1, 2024, and interim periods beginning June 1, 2025. The Company will adopt the ASU on a retrospective basis in the Annual Report on Form 10-K for the fiscal year ending May 31, 2025.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company's annual periods beginning June 1, 2025, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company's annual periods beginning June 1, 2027, and interim periods beginning June 1, 2028, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
FAIR VALUE MEASUREMENTS The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities.
v3.25.1
ACCRUED LIABILITIES (Tables)
9 Months Ended
Feb. 28, 2025
Accrued Liabilities, Current [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities included the following:
FEBRUARY 28,MAY 31,
(Dollars in millions)20252024
Sales-related reserves$1,682 $1,282 
Compensation and benefits, excluding taxes1,296 1,291 
Dividends payable598 563 
Endorsement compensation
412 578 
Other1,917 2,011
TOTAL ACCRUED LIABILITIES$5,905 $5,725 
v3.25.1
FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Feb. 28, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of February 28, 2025 and May 31, 2024, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
FEBRUARY 28, 2025
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,338 $1,338 $— 
Level 1:
U.S. Treasury securities1,156 1,154 
Level 2:
Commercial paper and bonds657 32 625 
Money market funds6,906 6,906 — 
Time deposits327 323 
U.S. Agency securities— 
Total Level 27,899 7,261 638 
TOTAL$10,393 $8,601 $1,792 
MAY 31, 2024
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,222 $1,222 $— 
Level 1:
U.S. Treasury securities1,175 155 1,020 
Level 2:
Commercial paper and bonds591 17 574 
Money market funds8,119 8,119 — 
Time deposits440 347 93 
U.S. Agency securities35 — 35 
Total Level 29,185 8,483 702 
TOTAL$11,582 $9,860 $1,722 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
FEBRUARY 28, 2025
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$619 $491 $128 $95 $86 $
Interest rate swaps(1)
22 — 22 — 
TOTAL$641 $491 $150 $99 $86 $13 
(1)If the derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $99 million as of February 28, 2025. As of that date, the Company received $262 million of cash collateral and $37 million of securities from various counterparties on the derivative asset balance. No collateral was posted on the derivative liability balance as of February 28, 2025.
MAY 31, 2024
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$343 $299 $44 $120 $115 $
Interest rate swaps(1)
— — — 31 — 31 
TOTAL$343 $299 $44 $151 $115 $36 
(1)If the derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $142 million as of May 31, 2024. As of that date, the Company received $112 million of cash collateral from various counterparties on the derivative asset balance and posted $10 million cash collateral on the derivative liability balance.
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20252024
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$479 $269 
Foreign exchange forwards and optionsDeferred income taxes and other assets128 44 
Interest rate swaps
Deferred income taxes and other assets
22 — 
Total derivatives formally designated as hedging instruments629 313 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets12 30 
Total derivatives not designated as hedging instruments12 30 
TOTAL DERIVATIVE ASSETS$641 $343 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20252024
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$74 $110 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities
Interest rate swaps
Deferred income taxes and other liabilities
31 
Total derivatives formally designated as hedging instruments87 146 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities12 
Total derivatives not designated as hedging instruments12 
TOTAL DERIVATIVE LIABILITIES$99 $151 
v3.25.1
STOCK-BASED COMPENSATION (Tables)
9 Months Ended
Feb. 28, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of Share-based Compensation Arrangements by Share-based Payment Award
The following table summarizes the Company's total stock-based compensation expense recognized within Cost of sales or Operating overhead expense, as applicable: 
 THREE MONTHS ENDEDNINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 28, 2025FEBRUARY 29, 2024FEBRUARY 28, 2025FEBRUARY 29, 2024
Stock options(1)
$69 $89 $222 $253 
ESPPs17 17 53 55 
Restricted stock and restricted stock units(2)
83 110 269 310 
TOTAL STOCK-BASED COMPENSATION EXPENSE$169 $216 $544 $618 
(1)Expense for stock options includes the expense associated with stock appreciation rights.
(2)Expense for restricted stock units includes an immaterial amount of expense for PSUs.
v3.25.1
EARNINGS PER SHARE (Tables)
9 Months Ended
Feb. 28, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following is a reconciliation from basic earnings per common share to diluted earnings per common share. The computations of diluted earnings per common share exclude restricted stock, restricted stock units and options, including shares under ESPPs, to purchase an estimated additional 77.1 million and 40.9 million shares of common stock outstanding for the three months ended February 28, 2025 and February 29, 2024, respectively, and 75.3 million and 42.6 million shares of common stock outstanding for the nine months ended February 28, 2025 and February 29, 2024, respectively, because the awards were assumed to be anti-dilutive.
 THREE MONTHS ENDEDNINE MONTHS ENDED
(In millions, except per share data)
FEBRUARY 28, 2025FEBRUARY 29, 2024FEBRUARY 28, 2025FEBRUARY 29, 2024
Net income available to common stockholders$794 $1,172 $3,008 $4,200 
Determination of shares:
Weighted average common shares outstanding1,478.1 1,513.2 1,487.6 1,520.8 
Assumed conversion of dilutive stock options and awards2.5 13.3 3.4 13.2 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING1,480.6 1,526.5 1,491.0 1,534.0 
Earnings per common share:
Basic$0.54 $0.77 $2.02 $2.76 
Diluted$0.54 $0.77 $2.02 $2.74 
v3.25.1
RISK MANAGEMENT AND DERIVATIVES (Tables)
9 Months Ended
Feb. 28, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
FEBRUARY 28, 2025
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$619 $491 $128 $95 $86 $
Interest rate swaps(1)
22 — 22 — 
TOTAL$641 $491 $150 $99 $86 $13 
(1)If the derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $99 million as of February 28, 2025. As of that date, the Company received $262 million of cash collateral and $37 million of securities from various counterparties on the derivative asset balance. No collateral was posted on the derivative liability balance as of February 28, 2025.
MAY 31, 2024
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$343 $299 $44 $120 $115 $
Interest rate swaps(1)
— — — 31 — 31 
TOTAL$343 $299 $44 $151 $115 $36 
(1)If the derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $142 million as of May 31, 2024. As of that date, the Company received $112 million of cash collateral from various counterparties on the derivative asset balance and posted $10 million cash collateral on the derivative liability balance.
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20252024
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$479 $269 
Foreign exchange forwards and optionsDeferred income taxes and other assets128 44 
Interest rate swaps
Deferred income taxes and other assets
22 — 
Total derivatives formally designated as hedging instruments629 313 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets12 30 
Total derivatives not designated as hedging instruments12 30 
TOTAL DERIVATIVE ASSETS$641 $343 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20252024
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$74 $110 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities
Interest rate swaps
Deferred income taxes and other liabilities
31 
Total derivatives formally designated as hedging instruments87 146 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities12 
Total derivatives not designated as hedging instruments12 
TOTAL DERIVATIVE LIABILITIES$99 $151 
Schedule of Derivative Instruments, Gain (Loss) In Statement of Income
The following tables present the amounts affecting the Unaudited Condensed Consolidated Statements of Income:

(Dollars in millions)
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES
(1)
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME(1)
THREE MONTHS ENDEDLOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
THREE MONTHS ENDED
FEBRUARY 28, 2025FEBRUARY 29, 2024FEBRUARY 28, 2025FEBRUARY 29, 2024
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$(30)$(32)Revenues$(25)$(10)
Foreign exchange forwards and options180 135 Cost of sales67 70 
Foreign exchange forwards and options— — Demand creation expense— 
Foreign exchange forwards and options66 49 Other (income) expense, net57 52 
Interest rate swaps(2)
— — Interest expense (income), net(2)(2)
TOTAL DESIGNATED CASH FLOW HEDGES $216 $152 $97 $111 
(1)For the three months ended February 28, 2025 and February 29, 2024, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.


(Dollars in millions)
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES
(1)
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME(1)
NINE MONTHS ENDEDLOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
NINE MONTHS ENDED
FEBRUARY 28, 2025FEBRUARY 29, 2024FEBRUARY 28, 2025FEBRUARY 29, 2024
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$(103)$(55)Revenues$(70)$(7)
Foreign exchange forwards and options478 154 Cost of sales187 221 
Foreign exchange forwards and options— Demand creation expense— 
Foreign exchange forwards and options194 78 Other (income) expense, net102 138 
Interest rate swaps(2)
— — Interest expense (income), net(6)(6)
TOTAL DESIGNATED CASH FLOW HEDGES $569 $179 $213 $347 
(1)For the nine months ended February 28, 2025 and February 29, 2024, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.
AMOUNT OF GAIN (LOSS) RECOGNIZED
IN INCOME ON DERIVATIVES
LOCATION OF GAIN (LOSS)
RECOGNIZED IN INCOME
ON DERIVATIVES
THREE MONTHS ENDEDNINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 28, 2025FEBRUARY 29, 2024FEBRUARY 28, 2025FEBRUARY 29, 2024
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options$$$$(1)Other (income) expense, net
v3.25.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
9 Months Ended
Feb. 28, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at November 30, 2024$(342)$470 $115 $(41)$202 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(57)205 — 152 
Reclassifications to net income of previously deferred (gains) losses(2)(3)
— (86)— (5)(91)
Total other comprehensive income (loss)(57)119 — (1)61 
Balance at February 28, 2025$(399)$589 $115 $(42)$263 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(3)Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at November 30, 2023$(178)$242 $115 $(58)$121 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(57)150 — 97 
Reclassifications to net income of previously deferred (gains) losses(2)(3)
— (100)— (93)
Total other comprehensive income (loss)(57)50 — 11 
Balance at February 29, 2024$(235)$292 $115 $(47)$125 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(3)Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2024$(256)$247 $115 $(53)$53 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(143)546 — 14 417 
Reclassifications to net income of previously deferred (gains) losses(2)(3)
— (204)— (3)(207)
Total other comprehensive income (loss)(143)342 — 11 210 
Balance at February 28, 2025$(399)$589 $115 $(42)$263 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(3)Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2023$(253)$431 $115 $(62)$231 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
16 175 — 15 206 
Reclassifications to net income of previously deferred (gains) losses(2)(3)
(314)— — (312)
Total other comprehensive income (loss)18 (139)— 15 (106)
Balance at February 29, 2024$(235)$292 $115 $(47)$125 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(3)Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other.
v3.25.1
REVENUES (Tables)
9 Months Ended
Feb. 28, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following tables present the Company's Revenues disaggregated by reportable operating segment, major product line and distribution channel:
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 by:
Footwear$3,132 $1,742 $1,282 $1,052 $— $7,208 $349 $— $7,557 
Apparel1,510 913 412 358 — 3,193 22 — 3,215 
Equipment222 156 39 60 — 477 — 484 
Other— — — — 12 12 27 (26)13 
TOTAL REVENUES$4,864 $2,811 $1,733 $1,470 $12 $10,890 $405 $(26)$11,269 
Revenues by:
Sales to Wholesale Customers$2,499 $1,817 $995 $844 $— $6,155 $208 $— $6,363 
Sales through Direct to Consumer2,365 994 738 626 — 4,723 170 — 4,893 
Other— — — — 12 12 27 (26)13 
TOTAL REVENUES$4,864 $2,811 $1,733 $1,470 $12 $10,890 $405 $(26)$11,269 

THREE MONTHS ENDED FEBRUARY 29, 2024
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,460 $1,960 $1,547 $1,195 $— $8,162 $426 $— $8,588 
Apparel1,408 994 498 390 — 3,290 25 — 3,315 
Equipment202 184 39 62 — 487 — 496 
Other— — — — 35 (14)30 
TOTAL REVENUES$5,070 $3,138 $2,084 $1,647 $9 $11,948 $495 $(14)$12,429 
Revenues by:
Sales to Wholesale Customers$2,440 $1,966 $1,243 $939 $— $6,588 $257 $— $6,845 
Sales through Direct to Consumer2,630 1,172 841 708 — 5,351 203 — 5,554 
Other— — — — 35 (14)30 
TOTAL REVENUES$5,070 $3,138 $2,084 $1,647 $9 $11,948 $495 $(14)$12,429 
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 by:
Footwear$9,580 $5,676 $3,731 $3,338 $— $22,325 $1,149 $— $23,474 
Apparel4,534 3,042 1,244 1,143 — 9,963 65 — 10,028 
Equipment755 539 135 195 — 1,624 25 — 1,649 
Other— — — — 39 39 96 (74)61 
TOTAL REVENUES$14,869 $9,257 $5,110 $4,676 $39 $33,951 $1,335 $(74)$35,212 
Revenues by:
Sales to Wholesale Customers$7,840 $6,011 $2,870 $2,764 $— $19,485 $695 $— $20,180 
Sales through Direct to Consumer7,029 3,246 2,240 1,912 — 14,427 544 — 14,971 
Other— — — — 39 39 96 (74)61 
TOTAL REVENUES$14,869 $9,257 $5,110 $4,676 $39 $33,951 $1,335 $(74)$35,212 
NINE MONTHS ENDED FEBRUARY 29, 2024
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$10,950 $6,406 $4,195 $3,639 $— $25,190 $1,390 $— $26,580 
Apparel4,555 3,331 1,368 1,198 — 10,452 75 — 10,527 
Equipment613 578 119 187 — 1,497 27 — 1,524 
Other— — — — 34 34 110 (19)125 
TOTAL REVENUES$16,118 $10,315 $5,682 $5,024 $34 $37,173 $1,602 $(19)$38,756 
Revenues by:
Sales to Wholesale Customers$8,114 $6,483 $3,165 $2,927 $— $20,689 $843 $— $21,532 
Sales through Direct to Consumer8,004 3,832 2,517 2,097 — 16,450 649 — 17,099 
Other— — — — 34 34 110 (19)125 
TOTAL REVENUES$16,118 $10,315 $5,682 $5,024 $34 $37,173 $1,602 $(19)$38,756 
v3.25.1
OPERATING SEGMENTS (Tables)
9 Months Ended
Feb. 28, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
 THREE MONTHS ENDEDNINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 28, 2025FEBRUARY 29, 2024FEBRUARY 28, 2025FEBRUARY 29, 2024
REVENUES
North America$4,864 $5,070 $14,869 $16,118 
Europe, Middle East & Africa2,811 3,138 9,257 10,315 
Greater China1,733 2,084 5,110 5,682 
Asia Pacific & Latin America1,470 1,647 4,676 5,024 
Global Brand Divisions12 39 34 
Total NIKE Brand10,890 11,948 33,951 37,173 
Converse405 495 1,335 1,602 
Corporate(26)(14)(74)(19)
TOTAL NIKE, INC. REVENUES$11,269 $12,429 $35,212 $38,756 
EARNINGS BEFORE INTEREST AND TAXES
North America$1,103 $1,400 $3,690 $4,360 
Europe, Middle East & Africa480 734 2,103 2,591 
Greater China421 722 1,298 1,761 
Asia Pacific & Latin America346 471 1,208 1,406 
Global Brand Divisions(1,093)(1,199)(3,453)(3,572)
Converse39 98 213 380 
Corporate(470)(874)(1,577)(2,060)
Interest expense (income), net(18)(52)(85)(108)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES$844 $1,404 $3,567 $4,974 
Reconciliation of Assets from Segment to Consolidated
FEBRUARY 28,MAY 31,
(Dollars in millions)
20252024
ACCOUNTS RECEIVABLE, NET
North America$1,957 $1,723 
Europe, Middle East & Africa1,283 1,239 
Greater China260 327 
Asia Pacific & Latin America680 792 
Global Brand Divisions103 103 
Total NIKE Brand4,283 4,184 
Converse201 201 
Corporate42 
TOTAL ACCOUNTS RECEIVABLE, NET$4,491 $4,427 
INVENTORIES
North America$3,107 $3,134 
Europe, Middle East & Africa1,892 2,028 
Greater China1,100 1,070 
Asia Pacific & Latin America934 810 
Global Brand Divisions154 166 
Total NIKE Brand7,187 7,208 
Converse285 296 
Corporate67 15 
TOTAL INVENTORIES(1)
$7,539 $7,519 
(1)Inventories as of February 28, 2025 and May 31, 2024, were substantially all finished goods.
FEBRUARY 28,MAY 31,
(Dollars in millions)
20252024
PROPERTY, PLANT AND EQUIPMENT, NET
North America$656 $744 
Europe, Middle East & Africa1,054 1,089 
Greater China228 258 
Asia Pacific & Latin America
288 282 
Global Brand Divisions794 842 
Total NIKE Brand3,020 3,215 
Converse17 27 
Corporate1,680 1,758 
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET$4,717 $5,000 
v3.25.1
ACCRUED LIABILITIES (Details) - USD ($)
$ in Millions
Feb. 28, 2025
May 31, 2024
Accrued Liabilities, Current [Abstract]    
Sales-related reserves $ 1,682 $ 1,282
Compensation and benefits, excluding taxes 1,296 1,291
Dividends payable 598 563
Endorsement compensation 412 578
Other 1,917 2,011
TOTAL ACCRUED LIABILITIES $ 5,905 $ 5,725
v3.25.1
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Millions
Feb. 28, 2025
May 31, 2024
Assets, Fair Value Disclosure [Abstract]    
SHORT-TERM INVESTMENTS $ 1,792 $ 1,722
Fair Value, Measurements, Recurring    
Assets, Fair Value Disclosure [Abstract]    
Cash 1,338 1,222
ASSETS AT FAIR VALUE 10,393 11,582
CASH AND EQUIVALENTS 8,601 9,860
SHORT-TERM INVESTMENTS 1,792 1,722
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury securities    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 1,156 1,175
CASH AND EQUIVALENTS 2 155
SHORT-TERM INVESTMENTS 1,154 1,020
Fair Value, Measurements, Recurring | Level 2    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 7,899 9,185
CASH AND EQUIVALENTS 7,261 8,483
SHORT-TERM INVESTMENTS 638 702
Fair Value, Measurements, Recurring | Level 2 | Commercial paper and bonds    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 657 591
CASH AND EQUIVALENTS 32 17
SHORT-TERM INVESTMENTS 625 574
Fair Value, Measurements, Recurring | Level 2 | Money market funds    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 6,906 8,119
CASH AND EQUIVALENTS 6,906 8,119
SHORT-TERM INVESTMENTS 0 0
Fair Value, Measurements, Recurring | Level 2 | Time deposits    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 327 440
CASH AND EQUIVALENTS 323 347
SHORT-TERM INVESTMENTS 4 93
Fair Value, Measurements, Recurring | Level 2 | U.S. Agency securities    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 9 35
CASH AND EQUIVALENTS 0 0
SHORT-TERM INVESTMENTS $ 9 $ 35
v3.25.1
FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($)
$ in Millions
1 Months Ended 3 Months Ended 9 Months Ended
Mar. 31, 2025
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2025
Feb. 29, 2024
May 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities with maturity dates within one year from purchase date   $ 845   $ 845    
Available-for-sale securities with maturity dates over one year and less than five years from purchase date   947   947    
Interest income related to cash and equivalents and short-term investments   97 $ 113 314 $ 304  
Fair value of long term debt   $ 7,825   $ 7,825   $ 7,631
Corporate Bond 2.40 Percent Due March 27, 2025 | Corporate Debt Securities | Subsequent Event            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Repayments of debt $ 1,000          
Interest rate, stated percentage 2.40%          
v3.25.1
FAIR VALUE MEASUREMENTS - Derivative Assets and Liabilities at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Feb. 28, 2025
May 31, 2024
DERIVATIVE ASSETS    
ASSETS AT FAIR VALUE $ 641 $ 343
OTHER CURRENT ASSETS 491 299
OTHER LONG-TERM ASSETS 150 44
DERIVATIVE LIABILITIES    
LIABILITIES AT FAIR VALUE 99 151
ACCRUED LIABILITIES 86 115
OTHER LONG-TERM LIABILITIES 13 36
Reduction in derivative liabilities if netted 99 142
Reduction in derivative assets if netted 99 142
Cash collateral from counterparties related to derivative instruments   112
Fair value of derivative liability collateral 0 10
Cash    
DERIVATIVE LIABILITIES    
Cash collateral from counterparties related to derivative instruments 262  
Debt Securities    
DERIVATIVE LIABILITIES    
Cash collateral from counterparties related to derivative instruments 37  
Foreign exchange forwards and options | Level 2    
DERIVATIVE ASSETS    
ASSETS AT FAIR VALUE 619 343
OTHER CURRENT ASSETS 491 299
OTHER LONG-TERM ASSETS 128 44
DERIVATIVE LIABILITIES    
LIABILITIES AT FAIR VALUE 95 120
ACCRUED LIABILITIES 86 115
OTHER LONG-TERM LIABILITIES 9 5
Interest rate swaps | Level 2    
DERIVATIVE ASSETS    
ASSETS AT FAIR VALUE 22 0
OTHER CURRENT ASSETS 0 0
OTHER LONG-TERM ASSETS 22 0
DERIVATIVE LIABILITIES    
LIABILITIES AT FAIR VALUE 4 31
ACCRUED LIABILITIES 0 0
OTHER LONG-TERM LIABILITIES $ 4 $ 31
v3.25.1
SHORT-TERM BORROWINGS AND CREDIT LINES (Details) - USD ($)
Mar. 07, 2025
Mar. 08, 2024
Mar. 11, 2022
Apr. 03, 2025
Feb. 28, 2025
May 31, 2024
Short-term Debt [Line Items]            
Borrowings outstanding         $ 4,000,000 $ 6,000,000
Revolving Credit Facility | Committed Credit Facility, Maturing March 7, 2030 | Subsequent Event | Line of Credit            
Short-term Debt [Line Items]            
Borrowings outstanding       $ 0    
Borrowing capacity $ 2,000,000,000          
Debt instrument, term 5 years          
Extension term 2 years          
Basis spread on variable rate, above LIBOR 0.60%          
Revolving credit facility, fee 0.04%          
Revolving Credit Facility | Committed Credit Facility, Maturing March 11, 2027 | Line of Credit            
Short-term Debt [Line Items]            
Borrowing capacity     $ 2,000,000,000      
Debt instrument, term     5 years      
Revolving Credit Facility, Option To Increase Upon Lender Approval | Committed Credit Facility, Maturing March 7, 2030 | Subsequent Event | Line of Credit            
Short-term Debt [Line Items]            
Borrowing capacity $ 3,000,000,000          
Commercial Paper            
Short-term Debt [Line Items]            
Borrowings outstanding         0 0
Borrowing capacity         $ 3,000,000,000 $ 3,000,000,000
Line of Credit | Revolving Credit Facility | Committed Credit Facility, Maturing March 7, 2025 | Subsequent Event            
Short-term Debt [Line Items]            
Borrowings outstanding       $ 0    
Borrowing capacity $ 1,000,000,000          
Debt instrument, term 364 days          
Extension term 364 days          
Basis spread on variable rate, above LIBOR 0.60%          
Revolving credit facility, fee 0.02%          
Line of Credit | Revolving Credit Facility | Committed Credit Facility, Maturing March 8, 2024            
Short-term Debt [Line Items]            
Borrowing capacity   $ 1,000,000,000        
Debt instrument, term   364 days        
Line of Credit | Revolving Credit Facility, Option To Increase Upon Lender Approval | Committed Credit Facility, Maturing March 7, 2025 | Subsequent Event            
Short-term Debt [Line Items]            
Borrowing capacity $ 1,500,000,000          
v3.25.1
INCOME TAXES (Details) - USD ($)
$ in Millions
9 Months Ended
Feb. 28, 2025
Feb. 29, 2024
May 31, 2024
Income Tax Disclosure [Abstract]      
Effective income tax rate 15.70% 15.60%  
Deferred foreign income tax benefit $ 133    
Total gross unrecognized tax benefits, excluding related interest and penalties 1,004   $ 990
Total gross unrecognized tax benefits, excluding related interest and penalties, amount which would affect the Company's effective tax rate if recognized in future periods 737    
Accrued interest and penalties related to uncertain tax positions (excluding federal benefit) 363   $ 332
Estimated decrease in total gross unrecognized tax benefits as a result of resolutions of global tax examinations and expiration of applicable statutes of limitations $ 226    
v3.25.1
STOCK-BASED COMPENSATION - Stock-Based Compensation (Details)
Feb. 28, 2025
shares
Stock Incentive Plan | Class B Common Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares available for grant (in shares) 798,000,000
v3.25.1
STOCK-BASED COMPENSATION - Total Stock-Based Compensation Expense (Details) - Class B Common Stock - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2025
Feb. 29, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense $ 169 $ 216 $ 544 $ 618
Stock options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense 69 89 222 253
ESPPs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense 17 17 53 55
Restricted stock and restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense $ 83 $ 110 $ 269 $ 310
v3.25.1
STOCK-BASED COMPENSATION - Stock Options (Details) - Stock options - Stock Incentive Plan
$ in Millions
9 Months Ended
Feb. 28, 2025
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation costs from stock options $ 468
Unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as operating overhead expense over a weighted average period 2 years 6 months
v3.25.1
STOCK-BASED COMPENSATION - Restricted Stock and Restricted Stock Units (Details) - Restricted stock and restricted stock units
$ in Millions
9 Months Ended
Feb. 28, 2025
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation costs from restricted stock, net of estimated forfeitures $ 696
Unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as operating overhead expense over a weighted average period 2 years 7 months 6 days
v3.25.1
EARNINGS PER SHARE - Additional Information (Details) - shares
shares in Millions
3 Months Ended 9 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2025
Feb. 29, 2024
Stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive options not included in the computation of diluted earnings per share (in shares) 77.1 40.9 75.3 42.6
v3.25.1
EARNINGS PER SHARE - Reconciliation from Basic Earnings Per Share to Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2025
Feb. 29, 2024
Earnings Per Share [Abstract]        
Net income available to common stockholders $ 794 $ 1,172 $ 3,008 $ 4,200
Determination of shares:        
Weighted average common shares outstanding (in shares) 1,478.1 1,513.2 1,487.6 1,520.8
Assumed conversion of dilutive stock options and awards (in shares) 2.5 13.3 3.4 13.2
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in shares) 1,480.6 1,526.5 1,491.0 1,534.0
Earnings per common share:        
Basic (in dollars per share) $ 0.54 $ 0.77 $ 2.02 $ 2.76
Diluted (in dollars per share) $ 0.54 $ 0.77 $ 2.02 $ 2.74
v3.25.1
RISK MANAGEMENT AND DERIVATIVES - FV of Derivative Instruments Included within Consolidated Balance Sheet (Details) - USD ($)
$ in Millions
Feb. 28, 2025
May 31, 2024
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS $ 641 $ 343
DERIVATIVE LIABILITIES 99 151
Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 629 313
DERIVATIVE LIABILITIES 87 146
Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 12 30
DERIVATIVE LIABILITIES 12 5
Prepaid expenses and other current assets | Foreign exchange forwards and options | Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 479 269
Prepaid expenses and other current assets | Foreign exchange forwards and options | Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 12 30
Deferred income taxes and other assets | Foreign exchange forwards and options | Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 128 44
Deferred income taxes and other assets | Interest rate swaps | Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 22 0
Accrued liabilities | Foreign exchange forwards and options | Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 74 110
Accrued liabilities | Foreign exchange forwards and options | Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 12 5
Deferred income taxes and other liabilities | Foreign exchange forwards and options | Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 9 5
Deferred income taxes and other liabilities | Interest rate swaps | Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES $ 4 $ 31
v3.25.1
RISK MANAGEMENT AND DERIVATIVES - Amounts Affecting Consolidated Statements of Income (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2025
Feb. 29, 2024
Derivatives designated as cash flow hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES $ 216 $ 152 $ 569 $ 179
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME $ 97 $ 111 $ 213 $ 347
Foreign exchange forwards and options        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Foreign exchange forwards and options | Derivatives not designated as hedging instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED 
IN INCOME ON DERIVATIVES $ 3 $ 9 $ 9 $ (1)
Foreign exchange forwards and options | Derivatives designated as cash flow hedges | Revenues        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES (30) (32) (103) (55)
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME (25) (10) (70) (7)
Foreign exchange forwards and options | Derivatives designated as cash flow hedges | Cost of sales        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES 180 135 478 154
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME 67 70 187 221
Foreign exchange forwards and options | Derivatives designated as cash flow hedges | Demand creation expense        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES 0 0 0 2
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME 0 1 0 1
Foreign exchange forwards and options | Derivatives designated as cash flow hedges | Other (income) expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES 66 49 194 78
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME 57 52 102 138
Interest rate swaps | Derivatives designated as cash flow hedges | Interest expense (income), net        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES 0 0 0 0
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME $ (2) $ (2) $ (6) $ (6)
v3.25.1
RISK MANAGEMENT AND DERIVATIVES - Additional Information (Details) - USD ($)
$ in Millions
9 Months Ended
Feb. 28, 2025
May 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Deferred net gains (net of tax) expected to be reclassified to Net Income during the next 12 months $ 471  
Maximum term over which the company hedges exposures to the variability of cash flows for its forecasted transactions 27 months  
Derivatives not designated as hedging instruments    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total notional amount of outstanding derivatives $ 3,300 $ 4,400
Derivatives designated as cash flow hedges | Derivatives formally designated as hedging instruments    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total notional amount of outstanding derivatives 14,700 16,200
Fair Value Hedging | Derivatives formally designated as hedging instruments    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total notional amount of outstanding derivatives $ 2,400 $ 1,800
v3.25.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2025
Feb. 29, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance $ 14,037 $ 14,146 $ 14,430 $ 14,004
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications 152 97 417 206
Reclassifications to net income of previously deferred (gains) losses (91) (93) (207) (312)
Total other comprehensive income (loss), net of tax 61 4 210 (106)
Ending Balance 14,007 14,226 14,007 14,226
TOTAL        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 202 121 53 231
Other comprehensive income (loss):        
Total other comprehensive income (loss), net of tax 61 4 210 (106)
Ending Balance 263 125 263 125
FOREIGN CURRENCY TRANSLATION ADJUSTMENT        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance (342) (178) (256) (253)
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications (57) (57) (143) 16
Reclassifications to net income of previously deferred (gains) losses 0 0 0 2
Total other comprehensive income (loss), net of tax (57) (57) (143) 18
Ending Balance (399) (235) (399) (235)
CASH FLOW HEDGES        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 470 242 247 431
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications 205 150 546 175
Reclassifications to net income of previously deferred (gains) losses (86) (100) (204) (314)
Total other comprehensive income (loss), net of tax 119 50 342 (139)
Ending Balance 589 292 589 292
NET INVESTMENT HEDGES        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 115 115 115 115
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications 0 0 0 0
Reclassifications to net income of previously deferred (gains) losses 0 0 0 0
Total other comprehensive income (loss), net of tax 0 0 0 0
Ending Balance 115 115 115 115
OTHER        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance (41) (58) (53) (62)
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications 4 4 14 15
Reclassifications to net income of previously deferred (gains) losses (5) 7 (3) 0
Total other comprehensive income (loss), net of tax (1) 11 11 15
Ending Balance $ (42) $ (47) $ (42) $ (47)
v3.25.1
REVENUES (Details) - USD ($)
3 Months Ended 9 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2025
Feb. 29, 2024
May 31, 2024
Disaggregation of Revenue [Line Items]          
Revenues $ 11,269,000,000 $ 12,429,000,000 $ 35,212,000,000 $ 38,756,000,000  
Contract asset 0   0   $ 0
Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 6,363,000,000 6,845,000,000 20,180,000,000 21,532,000,000  
Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 4,893,000,000 5,554,000,000 14,971,000,000 17,099,000,000  
Other          
Disaggregation of Revenue [Line Items]          
Revenues 13,000,000 30,000,000 61,000,000 125,000,000  
Footwear          
Disaggregation of Revenue [Line Items]          
Revenues 7,557,000,000 8,588,000,000 23,474,000,000 26,580,000,000  
Apparel          
Disaggregation of Revenue [Line Items]          
Revenues 3,215,000,000 3,315,000,000 10,028,000,000 10,527,000,000  
Equipment          
Disaggregation of Revenue [Line Items]          
Revenues 484,000,000 496,000,000 1,649,000,000 1,524,000,000  
Other          
Disaggregation of Revenue [Line Items]          
Revenues 13,000,000 30,000,000 61,000,000 125,000,000  
Operating Segments | NIKE Brand          
Disaggregation of Revenue [Line Items]          
Revenues 10,890,000,000 11,948,000,000 33,951,000,000 37,173,000,000  
Operating Segments | NIKE Brand | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 6,155,000,000 6,588,000,000 19,485,000,000 20,689,000,000  
Operating Segments | NIKE Brand | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 4,723,000,000 5,351,000,000 14,427,000,000 16,450,000,000  
Operating Segments | NIKE Brand | Other          
Disaggregation of Revenue [Line Items]          
Revenues 12,000,000 9,000,000 39,000,000 34,000,000  
Operating Segments | NIKE Brand | NORTH AMERICA          
Disaggregation of Revenue [Line Items]          
Revenues 4,864,000,000 5,070,000,000 14,869,000,000 16,118,000,000  
Operating Segments | NIKE Brand | NORTH AMERICA | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 2,499,000,000 2,440,000,000 7,840,000,000 8,114,000,000  
Operating Segments | NIKE Brand | NORTH AMERICA | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 2,365,000,000 2,630,000,000 7,029,000,000 8,004,000,000  
Operating Segments | NIKE Brand | NORTH AMERICA | Other          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA          
Disaggregation of Revenue [Line Items]          
Revenues 2,811,000,000 3,138,000,000 9,257,000,000 10,315,000,000  
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 1,817,000,000 1,966,000,000 6,011,000,000 6,483,000,000  
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 994,000,000 1,172,000,000 3,246,000,000 3,832,000,000  
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Other          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
Operating Segments | NIKE Brand | GREATER CHINA          
Disaggregation of Revenue [Line Items]          
Revenues 1,733,000,000 2,084,000,000 5,110,000,000 5,682,000,000  
Operating Segments | NIKE Brand | GREATER CHINA | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 995,000,000 1,243,000,000 2,870,000,000 3,165,000,000  
Operating Segments | NIKE Brand | GREATER CHINA | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 738,000,000 841,000,000 2,240,000,000 2,517,000,000  
Operating Segments | NIKE Brand | GREATER CHINA | Other          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA          
Disaggregation of Revenue [Line Items]          
Revenues 1,470,000,000 1,647,000,000 4,676,000,000 5,024,000,000  
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 844,000,000 939,000,000 2,764,000,000 2,927,000,000  
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 626,000,000 708,000,000 1,912,000,000 2,097,000,000  
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Other          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
Operating Segments | CONVERSE          
Disaggregation of Revenue [Line Items]          
Revenues 405,000,000 495,000,000 1,335,000,000 1,602,000,000  
Operating Segments | CONVERSE | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 208,000,000 257,000,000 695,000,000 843,000,000  
Operating Segments | CONVERSE | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 170,000,000 203,000,000 544,000,000 649,000,000  
Operating Segments | CONVERSE | Other          
Disaggregation of Revenue [Line Items]          
Revenues 27,000,000 35,000,000 96,000,000 110,000,000  
Operating Segments | Footwear | NIKE Brand          
Disaggregation of Revenue [Line Items]          
Revenues 7,208,000,000 8,162,000,000 22,325,000,000 25,190,000,000  
Operating Segments | Footwear | NIKE Brand | NORTH AMERICA          
Disaggregation of Revenue [Line Items]          
Revenues 3,132,000,000 3,460,000,000 9,580,000,000 10,950,000,000  
Operating Segments | Footwear | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA          
Disaggregation of Revenue [Line Items]          
Revenues 1,742,000,000 1,960,000,000 5,676,000,000 6,406,000,000  
Operating Segments | Footwear | NIKE Brand | GREATER CHINA          
Disaggregation of Revenue [Line Items]          
Revenues 1,282,000,000 1,547,000,000 3,731,000,000 4,195,000,000  
Operating Segments | Footwear | NIKE Brand | ASIA PACIFIC & LATIN AMERICA          
Disaggregation of Revenue [Line Items]          
Revenues 1,052,000,000 1,195,000,000 3,338,000,000 3,639,000,000  
Operating Segments | Footwear | CONVERSE          
Disaggregation of Revenue [Line Items]          
Revenues 349,000,000 426,000,000 1,149,000,000 1,390,000,000  
Operating Segments | Apparel | NIKE Brand          
Disaggregation of Revenue [Line Items]          
Revenues 3,193,000,000 3,290,000,000 9,963,000,000 10,452,000,000  
Operating Segments | Apparel | NIKE Brand | NORTH AMERICA          
Disaggregation of Revenue [Line Items]          
Revenues 1,510,000,000 1,408,000,000 4,534,000,000 4,555,000,000  
Operating Segments | Apparel | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA          
Disaggregation of Revenue [Line Items]          
Revenues 913,000,000 994,000,000 3,042,000,000 3,331,000,000  
Operating Segments | Apparel | NIKE Brand | GREATER CHINA          
Disaggregation of Revenue [Line Items]          
Revenues 412,000,000 498,000,000 1,244,000,000 1,368,000,000  
Operating Segments | Apparel | NIKE Brand | ASIA PACIFIC & LATIN AMERICA          
Disaggregation of Revenue [Line Items]          
Revenues 358,000,000 390,000,000 1,143,000,000 1,198,000,000  
Operating Segments | Apparel | CONVERSE          
Disaggregation of Revenue [Line Items]          
Revenues 22,000,000 25,000,000 65,000,000 75,000,000  
Operating Segments | Equipment | NIKE Brand          
Disaggregation of Revenue [Line Items]          
Revenues 477,000,000 487,000,000 1,624,000,000 1,497,000,000  
Operating Segments | Equipment | NIKE Brand | NORTH AMERICA          
Disaggregation of Revenue [Line Items]          
Revenues 222,000,000 202,000,000 755,000,000 613,000,000  
Operating Segments | Equipment | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA          
Disaggregation of Revenue [Line Items]          
Revenues 156,000,000 184,000,000 539,000,000 578,000,000  
Operating Segments | Equipment | NIKE Brand | GREATER CHINA          
Disaggregation of Revenue [Line Items]          
Revenues 39,000,000 39,000,000 135,000,000 119,000,000  
Operating Segments | Equipment | NIKE Brand | ASIA PACIFIC & LATIN AMERICA          
Disaggregation of Revenue [Line Items]          
Revenues 60,000,000 62,000,000 195,000,000 187,000,000  
Operating Segments | Equipment | CONVERSE          
Disaggregation of Revenue [Line Items]          
Revenues 7,000,000 9,000,000 25,000,000 27,000,000  
Operating Segments | Other | NIKE Brand          
Disaggregation of Revenue [Line Items]          
Revenues 12,000,000 9,000,000 39,000,000 34,000,000  
Operating Segments | Other | NIKE Brand | NORTH AMERICA          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
Operating Segments | Other | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
Operating Segments | Other | NIKE Brand | GREATER CHINA          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
Operating Segments | Other | NIKE Brand | ASIA PACIFIC & LATIN AMERICA          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
Operating Segments | Other | CONVERSE          
Disaggregation of Revenue [Line Items]          
Revenues 27,000,000 35,000,000 96,000,000 110,000,000  
Global Brand Divisions          
Disaggregation of Revenue [Line Items]          
Revenues 12,000,000 9,000,000 39,000,000 34,000,000  
Global Brand Divisions | Other          
Disaggregation of Revenue [Line Items]          
Revenues 12,000,000 9,000,000 39,000,000 34,000,000  
Global Brand Divisions | Other          
Disaggregation of Revenue [Line Items]          
Revenues 12,000,000 9,000,000 39,000,000 34,000,000  
Corporate          
Disaggregation of Revenue [Line Items]          
Revenues (26,000,000) (14,000,000) (74,000,000) (19,000,000)  
Corporate | Other          
Disaggregation of Revenue [Line Items]          
Revenues (26,000,000) (14,000,000) (74,000,000) (19,000,000)  
Corporate | Other          
Disaggregation of Revenue [Line Items]          
Revenues $ (26,000,000) $ (14,000,000) $ (74,000,000) $ (19,000,000)  
v3.25.1
OPERATING SEGMENTS - Information by Operating Segments (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2025
Feb. 29, 2024
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues $ 11,269 $ 12,429 $ 35,212 $ 38,756
Interest expense (income), net (18) (52) (85) (108)
Income before income taxes 844 1,404 3,567 4,974
Operating Segments | NIKE Brand        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 10,890 11,948 33,951 37,173
Operating Segments | NIKE Brand | NORTH AMERICA        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 4,864 5,070 14,869 16,118
EARNINGS BEFORE INTEREST AND TAXES 1,103 1,400 3,690 4,360
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 2,811 3,138 9,257 10,315
EARNINGS BEFORE INTEREST AND TAXES 480 734 2,103 2,591
Operating Segments | NIKE Brand | GREATER CHINA        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 1,733 2,084 5,110 5,682
EARNINGS BEFORE INTEREST AND TAXES 421 722 1,298 1,761
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 1,470 1,647 4,676 5,024
EARNINGS BEFORE INTEREST AND TAXES 346 471 1,208 1,406
Operating Segments | CONVERSE        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 405 495 1,335 1,602
EARNINGS BEFORE INTEREST AND TAXES 39 98 213 380
Global Brand Divisions        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 12 9 39 34
EARNINGS BEFORE INTEREST AND TAXES (1,093) (1,199) (3,453) (3,572)
Corporate        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues (26) (14) (74) (19)
EARNINGS BEFORE INTEREST AND TAXES $ (470) $ (874) $ (1,577) $ (2,060)
v3.25.1
OPERATING SEGMENTS - Accounts Receivable Net Inventories and Property Plant and Equipment Net by Operating Segments (Details) - USD ($)
$ in Millions
Feb. 28, 2025
May 31, 2024
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net $ 4,491 $ 4,427
Inventories 7,539 7,519
Property, plant and equipment, net 4,717 5,000
Operating Segments | NIKE Brand    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 4,283 4,184
Inventories 7,187 7,208
Property, plant and equipment, net 3,020 3,215
Operating Segments | NIKE Brand | NORTH AMERICA    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 1,957 1,723
Inventories 3,107 3,134
Property, plant and equipment, net 656 744
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 1,283 1,239
Inventories 1,892 2,028
Property, plant and equipment, net 1,054 1,089
Operating Segments | NIKE Brand | GREATER CHINA    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 260 327
Inventories 1,100 1,070
Property, plant and equipment, net 228 258
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 680 792
Inventories 934 810
Property, plant and equipment, net 288 282
Operating Segments | CONVERSE    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 201 201
Inventories 285 296
Property, plant and equipment, net 17 27
Global Brand Divisions    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 103 103
Inventories 154 166
Property, plant and equipment, net 794 842
Corporate    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 7 42
Inventories 67 15
Property, plant and equipment, net $ 1,680 $ 1,758
v3.25.1
RESTRUCTURING (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Feb. 29, 2024
Feb. 28, 2025
May 31, 2024
Restructuring Cost and Reserve [Line Items]      
Restructuring charges $ 403    
Payments for restructuring   $ 243  
Pre-tax restructuring charges     $ 267
General and administrative expense      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 340    
Cost of sales      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 63    
Employee severance and related costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 379    
Stock-based compensation expense      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges $ 24    
v3.25.1
SUPPLIER FINANCE PROGRAMS (Details) - USD ($)
$ in Millions
Feb. 28, 2025
May 31, 2024
Payables and Accruals [Abstract]    
Outstanding supplier obligations, current $ 1,050 $ 840