NIKE, INC., 10-K filed on 7/17/2025
Annual Report
v3.25.2
COVER - USD ($)
 12 Months Ended
May 31, 2025
Jul. 09, 2025
Nov. 30, 2024
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date May 31, 2025    
Current Fiscal Year End Date --05-31    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 98,259,025,196
Documents Incorporated by Reference
Parts of Registrant's Proxy Statement for the Annual Meeting of Shareholders to be held on September 9, 2025, are incorporated by reference into Part III of this report.
    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Entity Central Index Key 0000320187    
Class A Common Stock      
Document Information [Line Items]      
Entity Public Float     5,603,520,725
Entity Common Stock Shares Outstanding   288,887,752  
Class B Common Stock      
Document Information [Line Items]      
Entity Public Float     $ 92,655,504,471
Entity Common Stock Shares Outstanding   1,188,015,740  
v3.25.2
AUDIT INFORMATION
 12 Months Ended
May 31, 2025
Audit Information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Portland, Oregon
Auditor Firm ID 238
v3.25.2
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
Income Statement [Abstract]      
Revenues $ 46,309 $ 51,362 $ 51,217
Cost of sales 26,519 28,475 28,925
Gross profit 19,790 22,887 22,292
Demand creation expense 4,689 4,285 4,060
Operating overhead expense 11,399 12,291 12,317
Total selling and administrative expense 16,088 16,576 16,377
Interest expense (income), net (107) (161) (6)
Other (income) expense, net (76) (228) (280)
Income before income taxes 3,885 6,700 6,201
Income tax expense 666 1,000 1,131
NET INCOME $ 3,219 $ 5,700 $ 5,070
Earnings per common share:      
Basic (in dollars per share) $ 2.17 $ 3.76 $ 3.27
Diluted (in dollars per share) $ 2.16 $ 3.73 $ 3.23
Weighted average common shares outstanding:      
Basic (in shares) 1,484.9 1,517.6 1,551.6
Diluted (in shares) 1,487.6 1,529.7 1,569.8
v3.25.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income $ 3,219 $ 5,700 $ 5,070
Other comprehensive income (loss), net of tax:      
Change in net foreign currency translation adjustment 142 (3) 267
Change in net gains (losses) on cash flow hedges (454) (184) (348)
Change in net gains (losses) on other 1 9 (6)
Total other comprehensive income (loss), net of tax (311) (178) (87)
TOTAL COMPREHENSIVE INCOME $ 2,908 $ 5,522 $ 4,983
v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
May 31, 2025
May 31, 2024
Current assets:    
Cash and equivalents $ 7,464 $ 9,860
Short-term investments 1,687 1,722
Accounts receivable, net 4,717 4,427
Inventories 7,489 7,519
Prepaid expenses and other current assets 2,005 1,854
Total current assets 23,362 25,382
Property, plant and equipment, net 4,828 5,000
Operating lease right-of-use assets, net 2,712 2,718
Identifiable intangible assets, net 259 259
Goodwill 240 240
Deferred income taxes and other assets 5,178 4,511
TOTAL ASSETS 36,579 38,110
Current liabilities:    
Current portion of long-term debt 0 1,000
Notes payable 5 6
Accounts payable 3,479 2,851
Current portion of operating lease liabilities 502 477
Accrued liabilities 5,911 5,725
Income taxes payable 669 534
Total current liabilities 10,566 10,593
Long-term debt 7,961 7,903
Operating lease liabilities 2,550 2,566
Deferred income taxes and other liabilities 2,289 2,618
Commitments and contingencies (Note 16)
Redeemable preferred stock 0 0
Shareholders' equity:    
Capital in excess of stated value 14,195 13,409
Accumulated other comprehensive income (loss) (258) 53
Retained earnings (deficit) (727) 965
Total shareholders' equity 13,213 14,430
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 36,579 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
v3.25.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares
shares in Millions
May 31, 2025
May 31, 2024
Class A Convertible Common Stock    
Shareholders' equity:    
Common stock, outstanding (in shares) 290 298
Class B Common Stock    
Shareholders' equity:    
Common stock, outstanding (in shares) 1,186 1,205
v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
Cash provided (used) by operations:      
Net income $ 3,219 $ 5,700 $ 5,070
Adjustments to reconcile net income to net cash provided (used) by operations:      
Depreciation and amortization 775 796 703
Deferred income taxes (288) (497) (117)
Stock-based compensation 709 804 755
Impairment and other 33 48 156
Net foreign currency adjustments 37 (138) (213)
Changes in certain working capital components and other assets and liabilities:      
(Increase) decrease in accounts receivable (257) (329) 489
(Increase) decrease in inventories 120 908 (133)
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets (224) (260) (644)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities (426) 397 (225)
Cash provided (used) by operations 3,698 7,429 5,841
Cash provided (used) by investing activities:      
Purchases of short-term investments (3,234) (4,767) (6,059)
Maturities of short-term investments 319 2,269 3,356
Sales of short-term investments 3,062 4,219 4,184
Additions to property, plant and equipment (430) (812) (969)
Other investing activities 8 (15) 52
Cash provided (used) by investing activities (275) 894 564
Cash provided (used) by financing activities:      
Increase (decrease) in notes payable, net (1) 0 (4)
Repayment of borrowings (1,000) 0 (500)
Proceeds from exercise of stock options and other stock issuances 551 667 651
Repurchase of common stock (2,985) (4,250) (5,480)
Dividends — common and preferred (2,300) (2,169) (2,012)
Other financing activities (85) (136) (102)
Cash provided (used) by financing activities (5,820) (5,888) (7,447)
Effect of exchange rate changes on cash and equivalents 1 (16) (91)
Net increase (decrease) in cash and equivalents (2,396) 2,419 (1,133)
Cash and equivalents, beginning of year 9,860 7,441 8,574
CASH AND EQUIVALENTS, END OF YEAR 7,464 9,860 7,441
Cash paid during the year for:      
Interest, net of capitalized interest 389 381 347
Income taxes 1,226 1,299 1,517
Non-cash additions to property, plant and equipment 184 160 211
Dividends declared and not paid $ 593 $ 558 $ 524
v3.25.2
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, 2022           305   1,266
Beginning balance at May. 31, 2022 $ 15,281 $ 11,484 $ 318 $ 3,476       $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               8
Stock options exercised 421 421            
Repurchase of Class B Common Stock (in shares)               (51)
Repurchase of Class B Common Stock (5,509) (378)   (5,131)        
Dividends on common stock and preferred stock (2,059)     (2,059)        
Issuance of shares to employees, net of shares withheld for employee taxes (in shares)               4
Issuance of shares to employees, net of shares withheld for employee taxes 132 130   2        
Stock-based compensation 755 755            
Net income 5,070     5,070        
Other comprehensive income (loss) (87)   (87)          
Ending balance (in shares) at May. 31, 2023           305   1,227
Ending 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)               7
Stock options exercised 432 432            
Conversion to Class B Common Stock (in shares)           (7)   7
Repurchase of Class B Common Stock (in shares)               (41)
Repurchase of Class B Common Stock (4,254) (347)   (3,907)        
Dividends on common stock and preferred stock (2,203)     (2,203)        
Issuance of shares to employees, net of shares withheld for employee taxes (in shares)               5
Issuance of shares to employees, net of shares withheld for employee taxes 125 108   17        
Stock-based compensation 804 804            
Net income 5,700     5,700        
Other comprehensive income (loss) (178)   (178)          
Ending balance (in shares) at May. 31, 2024         298 298 1,205 1,205
Ending balance at May. 31, 2024 14,430 13,409 53 965       $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               6
Stock options exercised 315 315            
Conversion to Class B Common Stock (in shares)           (8)   8
Repurchase of Class B Common Stock (in shares)               (38)
Repurchase of Class B Common Stock (2,955) (342)   (2,613)        
Dividends on common stock and preferred stock (2,337)     (2,337)        
Issuance of shares to employees, net of shares withheld for employee taxes (in shares)               5
Issuance of shares to employees, net of shares withheld for employee taxes 143 104   39        
Stock-based compensation 709 709            
Net income 3,219     3,219        
Other comprehensive income (loss) (311)   (311)          
Ending balance (in shares) at May. 31, 2025         290 290 1,186 1,186
Ending balance at May. 31, 2025 $ 13,213 $ 14,195 $ (258) $ (727)       $ 3
v3.25.2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
Statement of Stockholders' Equity [Abstract]      
Dividends declared per common share (in dollars per share) $ 1.570 $ 1.450 $ 1.325
Dividends declared per preferred share (in dollars per share) $ 0.10 $ 0.10 $ 0.10
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
May 31, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
DESCRIPTION OF BUSINESS
NIKE, Inc. is a worldwide leader in the design, development and worldwide marketing and selling of athletic footwear, apparel, equipment, accessories and services. NIKE, Inc. portfolio brands include the NIKE Brand, Jordan Brand and Converse. The NIKE Brand is focused on performance athletic footwear, apparel, equipment, accessories and services across Men's, Women's and Kids', amplified with sport-inspired lifestyle products carrying the Swoosh trademark, as well as other NIKE Brand trademarks. The Jordan Brand is focused on athletic and casual footwear, apparel and accessories using the Jumpman trademark. Sales and operating results of Jordan Brand products are reported within the respective NIKE Brand geographic operating segments. Converse designs, distributes, licenses and sells casual sneakers, apparel and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron and Jack Purcell trademarks. In some markets outside the U.S., these trademarks are licensed to third parties who design, distribute, market and sell similar products. Operating results of the Converse brand are reported on a stand-alone basis.
BASIS OF CONSOLIDATION
The Consolidated Financial Statements include the accounts of NIKE, Inc. and its subsidiaries (the "Company" or "NIKE"). All significant intercompany transactions and balances have been eliminated.
MANAGEMENT ESTIMATES
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates, including estimates relating to assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
REVENUE RECOGNITION
Revenue transactions associated with the sale of NIKE Brand footwear, apparel and equipment, as well as Converse products, comprise a single performance obligation, which consists of the sale of products to customers either through wholesale or direct to consumer channels. The Company satisfies the performance obligation and records revenues when transfer of control to the customer has occurred, based on the terms of sale. A customer is considered to have control once they are able to direct the use and receive substantially all of the benefits of the product.
Control is transferred to wholesale customers upon shipment or upon receipt depending on the country of the sale and the arrangement with the customer. Control transfers to retail store customers at the time of sale and to substantially all digital commerce customers upon shipment. The transaction price is determined based upon the invoiced sales price, less anticipated sales returns, discounts and claims from customers. Payment terms for wholesale transactions depend on the agreement with the customer, which may be governed by the country of sale, and payment is generally required within 90 days or less of shipment to or receipt by the wholesale customer. Payment is due at the time of sale for retail store and digital commerce transactions.
Consideration for trademark licensing contracts is earned through sales-based or usage-based royalty arrangements, and the associated revenues are recognized over the license period as earned.
Taxes assessed by governmental authorities that are both imposed on and concurrent with a specific revenue-producing transaction, and are collected by the Company from a customer, are excluded from Revenues and Cost of sales in the Consolidated Statements of Income. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in Cost of sales when the related revenues are recognized.
SALES-RELATED RESERVES
Consideration promised in the Company's contracts with customers is variable due to anticipated reductions, such as sales returns, discounts and claims from customers. The Company estimates the most likely amount it will be entitled to receive and records an anticipated reduction against Revenues, with an offsetting increase to Accrued liabilities at the time revenues are recognized. The related estimated cost of inventory for product returns is recorded as a reduction to Cost of sales with an offsetting increase to Prepaid expenses and other current assets.
The provision for anticipated sales returns consists of both contractual return rights and discretionary authorized returns. Provisions for post-invoice sales discounts consist of both contractual programs and discretionary discounts that are expected to be granted at a later date.
Estimates of discretionary authorized returns, discounts and claims are based on (1) historical rates, (2) specific identification of outstanding returns not yet received from customers and outstanding discounts and claims and (3) estimated returns, discounts and claims expected but not yet finalized with customers. Actual returns, discounts and claims in any future period are inherently uncertain and thus may differ from estimates recorded. If actual or expected future returns, discounts or claims are significantly greater or lower than the reserves established, a reduction or increase to net Revenues is recorded in the period in which such determination is made.
COST OF SALES
Cost of sales consists primarily of inventory costs, as well as warehousing costs (including the cost of warehouse labor), shipping and handling costs, third-party royalties, certain foreign currency hedge gains and losses and product design costs.
DEMAND CREATION EXPENSE
Demand creation expense consists of brand marketing expense and sports marketing expense.
Brand marketing expense includes advertising and promotion costs such as production and media costs, digital marketing expense, brand events and retail brand presentation costs. Advertising production costs are expensed the first time an advertisement is run. Advertising media costs are expensed when the advertisement appears. Costs related to brand events are expensed when the event occurs. Costs related to retail brand presentation are expensed when the presentation is complete and delivered.
Sports marketing expense includes expenses related to endorsement contracts, complimentary product and sports marketing events. A significant amount of the Company's promotional expenses result from payments under endorsement contracts. In general, endorsement payments are expensed on a straight-line basis over the term of the contract. However, certain contracts contain elements that may be accounted for differently based upon the facts and circumstances of each individual contract. Prepayments made under contracts are included in Prepaid expenses and other current assets or Deferred income taxes and other assets depending on the period to which the prepayment applies.
Certain contracts provide for contingent payments to endorsers based upon specific achievements in their sport (e.g., winning a championship). The Company records Demand creation expense for these amounts when the endorser achieves the specific goal.
Certain contracts provide for variable payments based upon endorsers maintaining a level of performance in their sport over an extended period of time (e.g., maintaining a specified ranking in a sport for a year). When the Company determines payments are probable, the amounts are reported in Demand creation expense ratably over the contract period based on the Company's best estimate of the endorser's performance. In these instances, to the extent actual payments to the endorser differ from the Company's estimate due to changes in the endorser's performance, adjustments to Demand creation expense may be recorded in a future period.
Certain contracts provide for royalty payments to endorsers based upon a predetermined percent of sales of particular products, which the Company records in Cost of sales as the related sales occur. For contracts containing minimum guaranteed royalty payments, the Company records the amount of any guaranteed payment in excess of that earned through sales of product within Demand creation expense.
Through cooperative advertising programs, the Company reimburses its wholesale customers for certain costs of advertising the Company's products. To the extent the Company receives a distinct good or service in exchange for consideration paid to the customer that does not exceed the fair value of that good or service, the amounts reimbursed are recorded in Demand creation expense.
Total Demand creation expense was $4,689 million, $4,285 million and $4,060 million for the years ended May 31, 2025, 2024 and 2023, respectively. Prepaid demand creation expenses totaled $1,333 million and $814 million at May 31, 2025 and 2024, respectively, of which $498 million and $420 million, respectively, were recorded in Prepaid expenses and other current assets, and $835 million and $394 million, respectively, were recorded in Deferred income taxes and other assets.
OPERATING OVERHEAD EXPENSE
Operating overhead expense consists primarily of wage and benefit-related expenses and other administrative expenses, such as research and development costs, bad debt expense, rent, depreciation and amortization and costs related to professional services, certain technology investments, meetings and travel.
CASH AND EQUIVALENTS
Cash and equivalents represent cash and short-term, highly liquid investments, that are both readily convertible to known amounts of cash and so near their maturity they present insignificant risk of changes in value because of changes in interest rates, with maturities three months or less at the date of purchase.
SHORT-TERM INVESTMENTS
Short-term investments consist of highly liquid investments with maturities over three months at the date of purchase. At May 31, 2025 and 2024, Short-term investments consisted of available-for-sale debt securities, which are recorded at fair value with unrealized gains and losses reported, net of tax, in Accumulated other comprehensive income (loss), unless unrealized losses are determined to be unrecoverable. Realized gains and losses on the sale of securities are determined by specific identification. The Company considers all available-for-sale debt securities, including those with maturity dates beyond 12 months, as available to support current operational liquidity needs and, therefore, classifies all securities with maturity dates beyond three months at the date of purchase as current assets within Short-term investments on the Consolidated Balance Sheets.
Refer to Note 4 — Fair Value Measurements for more information on the Company's Short-term investments.
ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS RECEIVABLE
Accounts receivable, net consist primarily of amounts due from customers. The Company makes ongoing estimates relating to the collectability of its accounts receivable and maintains an allowance for expected losses resulting from the inability of its customers to make required payments. In addition to judgments about the creditworthiness of significant customers based on ongoing credit evaluations, the Company considers historical levels of credit losses, as well as macroeconomic and industry trends to determine the amount of the allowance. The allowance for uncollectible accounts receivable was $27 million and $35 million as of May 31, 2025 and 2024, respectively.
INVENTORY VALUATION
Inventory costs primarily consist of product cost from the Company's suppliers, as well as inbound freight, import duties, taxes, insurance, logistics and other handling fees. Inventories, substantially all of which are finished goods, are stated at lower of cost and net realizable value and valued on either an average or a specific identification cost basis. In some instances, the Company ships products directly from its suppliers to the customer, with the related inventory and cost of sales recognized on a specific identification basis.
If the net realizable value of inventory is estimated to be less than the cost of the inventory, a reserve is recorded equal to the difference between the cost of the inventory and the estimated net realizable value. This reserve is recorded as a charge to Cost of sales. As of May 31, 2025, the Company's inventory reserve was $233 million compared to $155 million as of May 31, 2024.
PROPERTY, PLANT AND EQUIPMENT AND DEPRECIATION
Property, plant and equipment are recorded at cost. Depreciation is determined on a straight-line basis for land improvements, buildings and leasehold improvements over 2 to 40 years and for machinery and equipment over 2 to 15 years.
Depreciation of assets used in manufacturing, warehousing and product distribution are recorded in Cost of sales. Depreciation of all other assets are recorded in Operating overhead expense.
SOFTWARE DEVELOPMENT COSTS
Expenditures for major software purchases and software developed for internal use are capitalized and amortized over 2 to 12 years on a straight-line basis, once ready for their intended use. The Company's policy provides for the capitalization of external direct costs associated with developing or obtaining internal use computer software. The Company also capitalizes certain payroll and payroll-related costs for employees who are directly associated with internal use computer software projects. The amount of capitalizable payroll costs with respect to these employees is limited to the time directly spent on such projects. Costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred.
IMPAIRMENT OF LONG-LIVED ASSETS
The Company reviews the carrying value of long-lived assets or asset groups to be used in operations whenever events or changes in circumstances indicate the carrying amount of the assets might not be recoverable. Factors that would necessitate an impairment assessment include a significant adverse change in the extent or manner in which an asset is used, a significant adverse change in legal factors or the business climate that could affect the value of the asset or a significant decline in the observable market value of an asset, among others. If such facts indicate a potential impairment, the Company would assess the recoverability of an asset group by determining if the carrying value of the asset group exceeds the sum of the projected undiscounted cash flows expected to result from the use and eventual disposition of the assets over the remaining economic life of the primary asset in the asset group. If the recoverability test indicates that the carrying value of the asset group is not recoverable, the Company will estimate the fair value of the asset group using appropriate valuation methodologies, which would typically include an estimate of discounted cash flows. Any impairment would be measured as the difference between the asset group's carrying amount and its estimated fair value.
GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSETS
The Company performs annual impairment tests on goodwill and intangible assets with indefinite lives in the fourth quarter of each fiscal year or when events occur or circumstances change that would, more likely than not, reduce the fair value of a reporting unit or an intangible asset with an indefinite life below its carrying value.
For purposes of testing goodwill for impairment, the Company allocates goodwill across its reporting units, which are considered the Company's operating segments. For both goodwill and indefinite-lived intangible assets, which primarily consist of acquired trade names and trademarks, the Company may first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit or an intangible asset with an indefinite life is less than its carrying amount. If, after assessing the totality of events and circumstances, the Company determines it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is greater than its carrying amount, an impairment test is unnecessary.
If an impairment test is necessary, the Company will estimate the fair value of the related reporting unit or indefinite-lived intangible asset. If the carrying value of a reporting unit or indefinite-lived intangible asset exceeds its fair value, the goodwill of that reporting unit or indefinite-lived intangible asset is determined to be impaired and the Company will record an impairment charge equal to the excess of the carrying value over the related fair value.
There were no impairment losses for the year ended May 31, 2025, and an immaterial amount of accumulated impairment losses as of May 31, 2024.
OPERATING LEASES
The Company primarily leases retail store space, certain distribution and warehouse facilities, office space, equipment and other non-real estate assets. The Company determines if an arrangement is a lease at inception and begins recording lease activity at the commencement date, which is generally the date in which the Company takes possession of or controls the physical use of the asset. Lease components are not separated from non-lease components for real estate leases within the Company's lease portfolio. Right-of-use ("ROU") assets and lease liabilities are recognized based on the present value of lease payments over the lease term with lease expense recognized on a straight-line basis. The Company's incremental borrowing rate is used to determine the present value of future lease payments unless the implicit rate is readily determinable.
Lease agreements may contain rent escalation clauses, renewal or termination options, rent holidays or certain landlord incentives, including tenant improvement allowances. ROU assets include amounts for scheduled rent increases and are reduced by the amount of lease incentives. The lease term includes the non-cancelable period of the lease and options to extend or terminate the lease when it is reasonably certain the Company will exercise those options. The Company does not record leases with an initial term of 12 months or less on the Consolidated Balance Sheets and recognizes related lease payments in the Consolidated Statements of Income on a straight-line basis over the lease term. Certain lease agreements include variable lease payments, which are based on a percent of retail sales over specified levels or adjust periodically for inflation as a result of changes in a published index, primarily the Consumer Price Index, and are expensed as incurred.
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. Fair value is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. The Company uses a three-level hierarchy that prioritizes fair value measurements based on the types of inputs used, as follows:
•Level 1: Quoted prices in active markets for identical assets or liabilities.
•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
•Level 3: Unobservable inputs with little or no market data available, which require the reporting entity to develop its own assumptions.
The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Financial assets and liabilities are classified in their entirety based on the most conservative level of input that is significant to the fair value measurement.
Pricing vendors are utilized for a majority of Level 1 and Level 2 investments. These vendors either provide a quoted market price in an active market or use observable inputs without applying significant adjustments in their pricing. Observable inputs include broker quotes, interest rates and yield curves observable at commonly quoted intervals, volatilities and credit risks. The fair value of derivative contracts is determined using observable market inputs such as the daily market foreign currency rates, forward pricing curves, currency volatilities, currency correlations and interest rates and considers nonperformance risk of the Company and its counterparties.
The Company's fair value measurement process includes comparing fair values to another independent pricing vendor to ensure appropriate fair values are recorded.
Refer to Note 4 — Fair Value Measurements for additional information.
FOREIGN CURRENCY TRANSLATION AND FOREIGN CURRENCY TRANSACTIONS
Adjustments resulting from translating foreign functional currency financial statements into U.S. Dollars are included in the foreign currency translation adjustment, a component of Accumulated other comprehensive income (loss).
The Company's global subsidiaries have various monetary assets and liabilities, primarily receivables and payables, which are denominated in currencies other than their functional currency. These balance sheet items are subject to remeasurement, the impact of which is recorded in Other (income) expense, net, within the Consolidated Statements of Income.
ACCOUNTING FOR DERIVATIVES AND HEDGING ACTIVITIES
The Company uses derivative financial instruments to reduce its exposure to changes in foreign currency exchange rates and interest rates. All derivatives are recorded at fair value on the Consolidated Balance Sheets and changes in the fair value of derivative financial instruments are either recognized in Accumulated other comprehensive income (loss), Long-term debt or Net income depending on the nature of the underlying exposure, whether the derivative is formally designated as a hedge and, if designated, the extent to which the hedge is effective. The Company classifies the cash flows at settlement from derivatives in the same category as the cash flows from the related hedged items. For undesignated hedges, designated cash flow hedges and fair value hedges, this is primarily within the Cash provided (used) by operations component of the Consolidated Statements of Cash Flows. For designated net investment hedges, this is within the Cash provided (used) by investing activities component of the Consolidated Statements of Cash Flows.
Refer to Note 12 — Risk Management and Derivatives for additional information on the Company's risk management program and derivatives.
STOCK-BASED COMPENSATION
The Company accounts for stock-based compensation by estimating the fair value, net of estimated forfeitures, of equity awards and recognizing the related expense as Cost of sales or Operating overhead expense, as applicable, in the Consolidated Statements of Income on a straight-line basis over the vesting period. Substantially all awards vest ratably over four years of continued employment, with stock options expiring 10 years from the date of grant. Performance-based restricted stock units vest based on the Company's achievement of certain performance criteria throughout the three-year performance period and continued employment through the vesting date. The fair value of options, stock appreciation rights and employees' purchase rights under the employee stock purchase plans ("ESPPs") is determined using the Black-Scholes option pricing model. The fair value of restricted stock and time-vesting restricted stock units is established by the market price on the date of grant. The fair value of performance-based restricted stock units is estimated as of the grant date using a Monte Carlo simulation.
Refer to Note 9 — Common Stock and Stock-Based Compensation for additional information on the Company's stock-based compensation programs.
INCOME TAXES
The Company accounts for income taxes using the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. The Company records a valuation allowance to reduce deferred tax assets to the amount management believes is more likely than not to be realized. Realization of deferred tax assets is dependent on future taxable earnings and is therefore uncertain. At least quarterly, the Company assesses taxable income in prior carryback periods, the scheduled reversal of deferred tax liabilities, projected future taxable income and available tax planning strategies. The Company uses forecasts of taxable income and considers foreign tax credit utilization in making this assessment of realization, which are inherently uncertain and can result in variation between estimated and actual results. To the extent the Company believes that recovery is not likely, a valuation allowance is established against the net deferred tax asset, which increases the Company's income tax expense in the period when such determination is made.
The Company recognizes a tax benefit from uncertain tax positions in the consolidated financial statements only when it is more likely than not the position will be sustained upon examination by relevant tax authorities. The Company recognizes interest and penalties related to income tax matters in Income tax expense.
Refer to Note 7 — Income Taxes for further discussion.
EARNINGS PER SHARE
Basic earnings per common share is calculated by dividing Net income by the weighted average number of common shares outstanding during the year. Diluted earnings per common share is calculated by adjusting weighted average outstanding shares, assuming conversion of all potentially dilutive stock options and awards.
Refer to Note 10 — Earnings Per Share for further discussion.
RECENT ACCOUNTING PRONOUNCEMENTS
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 will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss. The Company adopted this ASU for fiscal 2025 and the related disclosures are included in Note 15 — Segment Information. The amendments were effective for the Company's annual periods beginning June 1, 2024, and interim periods beginning June 1, 2025 and have been applied retrospectively to all prior periods presented in the financial statements.
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 should 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.
v3.25.2
PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
May 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT
NOTE 2 — PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, net included the following:
MAY 31,
(Dollars in millions)
20252024
Land and improvements$334 $329 
Buildings3,510 3,439 
Machinery and equipment2,954 3,123 
Internal-use software1,693 1,807 
Leasehold improvements2,037 2,023 
Construction in process404 193 
Total property, plant and equipment, gross10,932 10,914 
Less accumulated depreciation and amortization
6,104 5,914 
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET$4,828 $5,000 
Capitalized interest was not material for the fiscal years ended May 31, 2025, 2024 and 2023.
v3.25.2
ACCRUED LIABILITIES
 12 Months Ended
May 31, 2025
Accrued Liabilities, Current [Abstract]  
ACCRUED LIABILITIES
NOTE 3 — ACCRUED LIABILITIES
Accrued liabilities included the following:
MAY 31,
(Dollars in millions)
20252024
Sales-related reserves $1,834 $1,282 
Compensation and benefits, excluding taxes1,245 1,291 
Dividends payable598 563 
Endorsement compensation481 578 
Other1,753 2,011 
TOTAL ACCRUED LIABILITIES$5,911 $5,725 
v3.25.2
FAIR VALUE MEASUREMENTS
 12 Months Ended
May 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
NOTE 4 — FAIR VALUE MEASUREMENTS
The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of May 31, 2025 and 2024, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement.
MAY 31, 2025
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,221 $1,221 $— 
Level 1:
U.S. Treasury securities1,046 — 1,046 
Level 2:
Commercial paper and bonds675 45 630 
Money market funds5,902 5,902 — 
Time deposits297 295 2 
U.S. Agency securities10 1 9 
Total Level 26,884 6,243 641 
TOTAL$9,151 $7,464 $1,687 
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 May 31, 2025, the Company held $776 million of available-for-sale debt securities with maturity dates within one year and $911 million with maturity dates over one year and less than five years in Short-term investments on the 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 $404 million, $430 million and $297 million for the years ended May 31, 2025, 2024 and 2023, respectively.
The Company records the assets and liabilities of its derivative financial instruments on a gross basis on the Consolidated Balance Sheets. The Company's derivative financial instruments are subject to master netting arrangements that allow for the offset of assets and liabilities in the event of default or early termination of the contract. Any amounts of cash collateral received related to these instruments associated with the Company's credit-related contingent features are recorded in Cash and equivalents and Accrued liabilities, the latter of which would further offset against the Company's derivative asset balance. Any amounts of cash collateral posted related to these instruments associated with the Company's credit-related contingent features are recorded in Prepaid expenses and other current assets, which would further offset against the Company's derivative liability balance. Cash collateral received or posted related to the Company's credit-related contingent features is presented in the Cash provided (used) by operations component of the Consolidated Statements of Cash Flows. The Company does not recognize amounts of non-cash collateral received, such as securities, on the Consolidated Balance Sheets. For additional information related to credit risk, refer to Note 12 — Risk Management and Derivatives.
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:
MAY 31, 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)
$107 $85 $22 $368 $226 $142 
Interest rate swaps(1)
24 — 24 3 — 3 
TOTAL
$131 $85 $46 $371 $226 $145 
(1)If the foreign exchange and interest rate swap derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $131 million as of May 31, 2025. As of that date, the Company posted $166 million cash collateral to various counterparties on the derivative liability balance and no amount of collateral was received from counterparties on the derivative asset balance.
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 $5 
Interest rate swaps(1)
— — — 31 — 31 
TOTAL
$343 $299 $44 $151 $115 $36 
(1)If the foreign exchange and interest rate swap 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, refer to Note 12 — Risk Management and Derivatives. For fair value information regarding Notes payable and Long-term debt, refer to Note 5 — Short-Term Borrowings and Credit Lines and Note 6 — Long-Term Debt, respectively.
The carrying amounts of other current financial assets and other current financial liabilities approximate fair value.
v3.25.2
SHORT-TERM BORROWINGS AND CREDIT LINES
 12 Months Ended
May 31, 2025
Debt Disclosure [Abstract]  
SHORT-TERM BORROWINGS AND CREDIT LINES
NOTE 5 — SHORT-TERM BORROWINGS AND CREDIT LINES
The carrying amounts reflected on the Consolidated Balance Sheets for Notes payable approximate fair value.
On March 7, 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. In July 2025, Standard and Poor's Corporation downgraded the Company's senior unsecured debt rating from AA- to A+. Based on the Company's current long-term senior unsecured debt ratings of A+ 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 0.725%. The facility fee is 0.04% of the total undrawn commitment.
On March 7, 2025, the Company 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 $2 billion five-year credit facility agreement entered into on March 11, 2022, which would have matured on March 11, 2027. In July 2025, Standard and Poor's Corporation downgraded the Company's senior unsecured debt rating from AA- to A+. Based on the Company's current long-term senior unsecured debt ratings of A+ and A1 from Standard and Poor's Corporation and Moody's Investor Services, respectively, the interest rate charged on any outstanding borrowings would be the prevailing Term SOFR for the applicable interest period plus 0.725%. The facility fee is 0.05% of the total undrawn commitment.
As of and for the periods ended May 31, 2025 and 2024, no amounts were outstanding under any of the Company's committed credit facilities.
v3.25.2
LONG-TERM DEBT
 12 Months Ended
May 31, 2025
Debt Disclosure [Abstract]  
LONG-TERM DEBT
NOTE 6 — LONG-TERM DEBT
Long-term debt, net of unamortized premiums, discounts, debt issuance costs, and interest rate swap fair value adjustments comprises the following: 
BOOK VALUE OUTSTANDING
AS OF MAY 31,
Scheduled Maturity (Dollars in millions)
ORIGINAL PRINCIPALINTEREST RATEINTEREST PAYMENTS20252024
Corporate Term Debt:(1)(2)
March 27, 20251,000 2.40 %Semi-Annually$— $999 
November 1, 20261,000 2.38 %Semi-Annually999 998 
March 27, 20271,000 2.75 %Semi-Annually999 998 
March 27, 20301,500 2.85 %Semi-Annually1,495 1,494 
March 27, 2040(3)
1,000 3.25 %Semi-Annually993 966 
May 1, 2043(3)
500 3.63 %Semi-Annually502 488 
November 1, 2045(3)
1,000 3.88 %Semi-Annually997 986 
November 1, 2046500 3.38 %Semi-Annually493 492 
March 27, 20501,500 3.38 %Semi-Annually1,483 1,482 
Total7,961 8,903 
Less Current Portion of Long-Term Debt— 1,000 
TOTAL LONG-TERM DEBT$7,961 $7,903 
(1)These senior unsecured obligations rank equally with the Company's other unsecured and unsubordinated indebtedness.
(2)The bonds are redeemable at the Company's option at a price equal to the greater of (i) 100% of the aggregate principal amount of the notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments, plus in each case, accrued and unpaid interest. However, the bonds also feature a par call provision, which allows for the bonds to be redeemed at a price equal to 100% of the aggregate principal amount of the notes being redeemed, plus accrued and unpaid interest on or after the Par Call Date, which can range from one to six months prior to the scheduled maturity, as defined in the respective notes.
(3)The Company entered into interest rate swap agreements pursuant to which the Company receives fixed interest payments at the same rate as the term debt and pays variable interest payments based on SOFR plus a fixed spread. At May 31, 2025, the notional amount outstanding of these swaps was $2.4 billion and had interest rates payable that ranged from 3.6% to 4.5%. These swaps mature during fiscal 2034 and 2035.
The scheduled maturity of Long-term debt in each of the years ending May 31, 2026 through 2030, is $0 million, $2,000 million, $0 million, $0 million and $1,500 million, respectively, at face 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, including the current portion but excluding interest rate swap fair value adjustments, was approximately $6,673 million and $7,631 million as of May 31, 2025 and 2024, respectively.
v3.25.2
INCOME TAXES
 12 Months Ended
May 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES
NOTE 7 — INCOME TAXES
Income before income taxes is as follows:
YEAR ENDED MAY 31,
(Dollars in millions)
202520242023
Income before income taxes:
United States$3,220 $5,588 $4,663 
Foreign665 1,112 1,538 
TOTAL INCOME BEFORE INCOME TAXES$3,885 $6,700 $6,201 
The provision for income taxes is as follows:
YEAR ENDED MAY 31,
(Dollars in millions)
202520242023
Current:
United States
Federal$358 $782 $430 
State121 201 184 
Foreign475 514 634 
Total Current954 1,497 1,248 
Deferred:
United States
Federal(135)(422)(162)
State(12)(61)(25)
Foreign(141)(14)70 
Total Deferred(288)(497)(117)
TOTAL INCOME TAX EXPENSE$666 $1,000 $1,131 
A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate is as follows:
 YEAR ENDED MAY 31,
202520242023
Federal income tax rate21.0 %21.0 %21.0 %
State taxes, net of federal benefit2.0 %1.4 %1.5 %
Foreign earnings1.1 %-2.5 %1.7 %
U.S. tax regulations - foreign currency losses
-3.4 %0.0 %0.0 %
Foreign-derived intangible income benefit-5.3 %-4.8 %-6.1 %
Stock-based compensation
1.5 %-0.5 %-1.1 %
Income tax audits and contingency reserves2.7 %1.8 %1.0 %
U.S. research and development tax credit-2.1 %-2.1 %-1.2 %
Other, net-0.4 %0.6 %1.4 %
EFFECTIVE INCOME TAX RATE17.1 %14.9 %18.2 %
The increase in the Company's effective tax rate for the fiscal year ended May 31, 2025 compared to the fiscal year ended May 31, 2024 was primarily due to changes in the Company's earnings mix, decreased benefits from stock-based compensation and one-time benefits recognized in fiscal 2024 including the impact of temporary relief provided by the Internal Revenue Service ("IRS") relating to U.S. foreign tax credit regulations. These impacts were partially offset by a one-time, non-cash deferred tax benefit recognized in the third quarter of fiscal 2025 provided by 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-US 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 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 in the third quarter of fiscal 2025 related to pre-transition foreign currency losses.
The decrease in the Company's effective tax rate for the fiscal year ended May 31, 2024 compared to the fiscal year ended May 31, 2023 was primarily due to changes in the Company's earning mix and one-time benefits including the impact of temporary relief provided by the 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 new guidance, the Company recognized a one-time tax benefit related to fiscal 2023 tax positions in the first three months of fiscal 2024.
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 analysis of Pillar Two provisions, these tax law changes did not have a material impact on the Company's financial statements for fiscal 2025.
Deferred income tax assets and liabilities comprise the following as of: 
MAY 31,
(Dollars in millions)
20252024
Deferred tax assets:
Inventories
$98 $69 
Sales return reserves
205 125 
Deferred compensation
387 347 
Stock-based compensation285 290 
Reserves and accrued liabilities
143 113 
Operating lease liabilities458 474 
Intangibles217 236 
Capitalized research and development expenditures 923 878 
Net operating loss carry-forwards75 21 
Subpart F deferred tax315 409 
Other
212 214 
Total deferred tax assets3,318 3,176 
Valuation allowance(51)(29)
Total deferred tax assets after valuation allowance3,267 3,147 
Deferred tax liabilities:
Foreign withholding tax on undistributed earnings of foreign subsidiaries(119)(131)
Property, plant and equipment
(225)(290)
Right-of-use assets(377)(397)
Other
(4)(9)
Total deferred tax liabilities(725)(827)
NET DEFERRED TAX ASSET (1)
$2,542 $2,320 
(1)Of the total $2,542 million net deferred tax asset for the period ended May 31, 2025, $2,668 million was included within Deferred income taxes and other assets and $(126) million was included within Deferred income taxes and other liabilities on the Consolidated Balance Sheets. Of the total $2,320 million net deferred tax asset for the period ended May 31, 2024, $2,465 million was included within Deferred income taxes and other assets and $(145) million was included within Deferred income taxes and other liabilities on the Consolidated Balance Sheets.
Deferred tax assets as of May 31, 2025 and 2024, were reduced by a valuation allowance provided for U.S. capital loss carryforwards and on tax benefits generated by certain entities with operating losses.
The Company has available pre-tax effected domestic and foreign loss carry-forwards of $261 million as of May 31, 2025. If not utilized, $135 million of losses will expire in the periods between fiscal 2028 and 2044. Approximately $126 million of losses do not expire.
On July 4, 2025, the U.S. government enacted The One Big Beautiful Bill Act of 2025 which includes, among other provisions, changes to the U.S. corporate income tax system including the allowance of immediate expensing of qualifying research and development expenses and permanent extensions of certain provisions within the Tax Cuts and Jobs Act. Certain provisions are effective for the Company beginning fiscal 2026. The Company is evaluating the future impact of these tax law changes on its financial statements.
The following is a reconciliation of the changes in the gross balance of unrecognized tax benefits as of:
 MAY 31,
(Dollars in millions)
202520242023
Unrecognized tax benefits, beginning of the period$990 $936 $848 
Gross increases related to prior period tax positions11 35 95 
Gross decreases related to prior period tax positions
(10)(13)(17)
Gross increases related to current period tax positions
81 77 50 
Settlements(5)(22)(18)
Lapse of statute of limitations(45)(24)(7)
Changes due to currency translation4 1 (15)
UNRECOGNIZED TAX BENEFITS, END OF THE PERIOD$1,026 $990 $936 
As of May 31, 2025, total gross unrecognized tax benefits, excluding related interest and penalties, were $1,026 million, of which $738 million would affect the Company's effective tax rate if recognized in future periods. The majority of the total gross unrecognized tax benefits were long-term in nature and were included within Deferred income taxes and other liabilities on the Consolidated Balance Sheets.
The Company recognizes interest and penalties related to income tax matters in Income tax expense. As of May 31, 2025 and 2024, accrued interest and penalties related to uncertain tax positions were $376 million and $332 million, respectively (excluding federal benefit) and were included within Deferred income taxes and other liabilities on the Consolidated Balance Sheets.
As of May 31, 2024, long-term income taxes payable unrelated to unrecognized tax benefits were $266 million and were included within Deferred income taxes and other liabilities on the Consolidated Balance Sheets. As of May 31, 2025 these amounts were included within Income taxes payable on the 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. IRS for fiscal years 2017 through 2019. The Company has closed all U.S. federal income tax matters through fiscal 2016, with the exception of certain transfer pricing adjustments. In certain major foreign jurisdictions, tax years after 2011 remain subject to examination.
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 $249 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.
A portion of the Company's foreign operations benefit from a tax holiday, which is set to expire in 2031. This tax holiday may be extended when certain conditions are met or may be terminated early if certain conditions are not met. The tax benefit attributable to this tax holiday, before taking into consideration other U.S. indirect tax provisions, was $271 million, $338 million and $263 million for the fiscal years ended May 31, 2025, 2024 and 2023, respectively. The benefit of the tax holiday on diluted earnings per common share, before taking into consideration other U.S. indirect tax provisions, was $0.18, $0.22 and $0.17 for the fiscal years ended May 31, 2025, 2024 and 2023, respectively.
v3.25.2
REDEEMABLE PREFERRED STOCK
 12 Months Ended
May 31, 2025
Temporary Equity Disclosure [Abstract]  
REDEEMABLE PREFERRED STOCK
NOTE 8 — REDEEMABLE PREFERRED STOCK
Sojitz America is the sole owner of the Company's authorized redeemable preferred stock, $1 par value, which is redeemable at the option of Sojitz America or the Company at par value aggregating $0.3 million. A cumulative dividend of $0.10 per share is payable annually on May 31, and no dividends may be declared or paid on the common stock of the Company unless dividends on the redeemable preferred stock have been declared and paid in full. There have been no changes in the redeemable preferred stock in the fiscal years ended May 31, 2025, 2024 and 2023. As the holder of the redeemable preferred stock, Sojitz America does not have general voting rights but does have the right to vote as a separate class on the sale of all or substantially all of the assets of the Company and its subsidiaries; on merger, consolidation, liquidation or dissolution of the Company; or on the sale or assignment of the NIKE trademark for athletic footwear sold in the United States. The redeemable preferred stock has been fully issued to Sojitz America and is not blank check preferred stock. The Company's articles of incorporation do not permit the issuance of additional preferred stock.
v3.25.2
COMMON STOCK AND STOCK-BASED COMPENSATION
 12 Months Ended
May 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
COMMON STOCK AND STOCK-BASED COMPENSATION
NOTE 9 — COMMON STOCK AND STOCK-BASED COMPENSATION
COMMON STOCK
The authorized number of shares of Class A Common Stock, no par value, and Class B Common Stock, no par value, are 400 million and 2,400 million, respectively. Each share of Class A Common Stock is convertible into one share of Class B Common Stock. Voting rights of Class B Common Stock are limited in certain circumstances with respect to the election of directors. There are no differences in the dividend and liquidation preferences or participation rights of the holders of Class A and Class B Common Stock. From time to time, the Company's Board of Directors authorizes share repurchase programs for the repurchase of Class B Common Stock. The value of repurchased shares is deducted from Total shareholders' equity through allocation to Capital in excess of stated value and Retained earnings (deficit).
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 ("RSUs") as well as performance-based restricted stock units ("PSUs"). A committee of the Board of Directors administers the Stock Incentive Plan and has the authority to determine the employees to whom awards will be made, the amount of the awards and the other terms and conditions of the awards. The Company generally grants stock options, restricted stock and restricted stock units on an annual basis. The exercise price for stock options and stock appreciation rights may not be less than the fair market value of the underlying shares on the date of grant. Substantially all awards under the Stock Incentive Plan vest ratably over 4 years of continued employment, with stock options expiring 10 years from the date of grant.
The following table summarizes the Company's total stock-based compensation expense recognized in Cost of sales or Operating overhead expense, as applicable: 
 YEAR ENDED MAY 31,
(Dollars in millions)
202520242023
Stock options(1)
$292 $336 $311 
ESPPs69 69 72 
Restricted stock and restricted stock units(1)(2)
348 399 372 
TOTAL STOCK-BASED COMPENSATION EXPENSE$709 $804 $755 
(1)Expense for stock options includes the expense associated with stock appreciation rights.
(2)For the fiscal years ended May 31, 2025, 2024 and 2023, expense for restricted stock units includes an immaterial amount of expense for PSUs.
STOCK OPTIONS
The weighted average fair value per share of stock options granted during the fiscal years ended May 31, 2025, 2024 and 2023, computed as of the grant date using the Black-Scholes pricing model, was $25.90, $32.78 and $31.31, respectively. The weighted average assumptions used to estimate these fair values were as follows:
 YEAR ENDED MAY 31,
202520242023
Dividend yield1.6 %1.2 %0.9 %
Expected volatility31.1 %29.3 %27.1 %
Weighted average expected life (in years)6.05.85.8
Risk-free interest rate3.8 %4.3 %3.3 %
Expected volatilities are based on an analysis of the historical volatility of the Company's common stock, the implied volatility in market traded options on the Company's common stock with a term greater than one year, as well as other factors. The weighted average expected life of options is based on an analysis of historical and expected future exercise patterns. The interest rate is based on the U.S. Treasury (constant maturity) risk-free rate in effect at the date of grant for periods corresponding with the expected term of the options.
The following summarizes the stock option transactions under the plan discussed above: 
SHARES(1)
WEIGHTED AVERAGE OPTION PRICE
(In millions)
Options outstanding as of May 31, 202473.7 $98.10 
Exercised(5.4)58.50 
Forfeited(6.5)101.93 
Granted13.3 83.20 
Options outstanding as of May 31, 202575.1 $97.99 
(1)Includes stock appreciation rights transactions.
Options exercisable as of May 31, 2025 were 49.8 million and had a weighted average option price of $98.00 per share. The aggregate intrinsic value for options outstanding and exercisable as of May 31, 2025 was $20 million and $20 million, respectively. The total intrinsic value of the options exercised during the years ended May 31, 2025, 2024 and 2023 was $120 million, $305 million and $438 million, respectively. The intrinsic value is the amount by which the market value of the underlying stock exceeds the exercise price of the options. The weighted average contractual life remaining for options outstanding and options exercisable as of May 31, 2025 was 5.4 years and 3.9 years, respectively. As of May 31, 2025, the Company had $400 million of unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized in Cost of sales or Operating overhead expense, as applicable, over a weighted average remaining period of 2.4 years.
EMPLOYEE STOCK PURCHASE PLANS
In addition to the Stock Incentive Plan, the Company gives employees the right to purchase shares at a discount from the market price under ESPPs. Subject to the annual statutory limit, employees are eligible to participate through payroll deductions of up to 10% of their compensation. At the end of each six-month offering period, shares are purchased by the participants at 85% of the lower of the fair market value at the beginning or the end of the offering period. Employees purchased 3.6 million, 3.1 million and 3.0 million shares during each of the fiscal years ended May 31, 2025, 2024 and 2023, respectively.
RESTRICTED STOCK AND RESTRICTED STOCK UNITS
Recipients of restricted stock are entitled to cash dividends and to vote their respective shares throughout the period of restriction. Recipients of restricted stock units, which includes RSUs and PSUs, are entitled to dividend equivalent cash payments upon vesting. The number of shares of restricted stock and restricted stock units vested includes shares of common stock withheld by the Company on behalf of employees to satisfy the minimum statutory tax withholding requirements.
The following summarizes the restricted stock and restricted stock units transactions under the plan discussed above: 
SHARES(1)
WEIGHTED AVERAGE GRANT DATE
FAIR VALUE
(In millions)
Nonvested as of May 31, 20249.1 $117.52
Vested(3.3)116.76
Forfeited(1.7)105.68
Granted6.6 82.32
Nonvested as of May 31, 202510.7 $94.29
(1) Includes an immaterial amount of PSU transactions
The weighted average fair value per share of restricted stock and restricted stock units granted for the fiscal years ended May 31, 2025, 2024 and 2023, computed as of the grant date, was $82.32, $103.13 and $115.56, respectively. During the fiscal years ended May 31, 2025, 2024 and 2023, the aggregate fair value of vested restricted stock and restricted stock units was $221 million, $340 million and $250 million, respectively, computed as of the date of vesting.
As of May 31, 2025, the Company had $631 million of unrecognized compensation costs from restricted stock and restricted stock units, net of estimated forfeitures, to be recognized in Cost of sales or Operating overhead expense, as applicable, over a weighted average remaining period of 2.5 years.
v3.25.2
EARNINGS PER SHARE
 12 Months Ended
May 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
NOTE 10 — 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 75.5 million, 41.0 million and 31.7 million shares of common stock outstanding for the fiscal years ended May 31, 2025, 2024 and 2023, respectively, because the awards were assumed to be anti-dilutive.
 YEAR ENDED MAY 31,
(In millions, except per share data)
202520242023
Net income available to common stockholders$3,219 $5,700 $5,070 
Determination of shares:
Weighted average common shares outstanding1,484.9 1,517.6 1,551.6 
Assumed conversion of dilutive stock options and awards2.7 12.1 18.2 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING1,487.6 1,529.7 1,569.8 
Earnings per common share:
Basic$2.17 $3.76 $3.27 
Diluted$2.16 $3.73 $3.23 
v3.25.2
BENEFIT PLANS
 12 Months Ended
May 31, 2025
Retirement Benefits [Abstract]  
BENEFIT PLANS
NOTE 11 — BENEFIT PLANS
The Company has a qualified 401(k) Savings and Profit Sharing Plan, in which all U.S. employees are able to participate. The Company matches a portion of employee contributions to the savings plan. Company contributions to the savings plan were $151 million, $153 million and $136 million and included in Cost of sales or Operating overhead expense, as applicable, for the fiscal years ended May 31, 2025, 2024 and 2023, respectively.
The Company allows certain highly compensated employees and non-employee directors of the Company to defer compensation under a nonqualified deferred compensation plan. A rabbi trust was established to fund the Company's nonqualified deferred compensation plan obligation. The assets in the rabbi trust of approximately $1,123 million and $1,037 million as of May 31, 2025 and 2024, respectively, primarily consist of company owned life insurance policies recorded at their cash surrender value and are classified in Deferred income taxes and other assets on the Consolidated Balance Sheets. Deferred compensation plan liabilities were $1,102 million and $1,063 million as of May 31, 2025 and 2024, respectively, and primarily classified in Deferred income taxes and other liabilities on the Consolidated Balance Sheets.
v3.25.2
RISK MANAGEMENT AND DERIVATIVES
 12 Months Ended
May 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
RISK MANAGEMENT AND DERIVATIVES
NOTE 12 — 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. The Company does not hold or issue derivatives for trading or speculative purposes.
The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company formally documents all relationships between designated hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges to either recognized assets or liabilities or forecasted transactions and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships.
The majority of derivatives outstanding as of May 31, 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 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 Consolidated Balance Sheets:
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONMAY 31,
(Dollars in millions)
20252024
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$75 $269 
Foreign exchange forwards and optionsDeferred income taxes and other assets22 44 
Interest rate swaps
Deferred income taxes and other assets
24 — 
Total derivatives formally designated as hedging instruments121 313 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options
Prepaid expenses and other current assets10 30 
Total derivatives not designated as hedging instruments10 30 
TOTAL DERIVATIVE ASSETS$131 $343 


 DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONMAY 31,
(Dollars in millions)
20252024
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$216 $110 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities142 5 
Interest rate swapsDeferred income taxes and other liabilities3 31 
Total derivatives formally designated as hedging instruments361 146 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options
Accrued liabilities10 5 
Total derivatives not designated as hedging instruments10 5 
TOTAL DERIVATIVE LIABILITIES$371 $151 
The following tables present the amounts affecting the Consolidated Statements of Income for the years ended May 31, 2025, 2024 and 2023:

(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)
YEAR ENDED MAY 31,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		YEAR ENDED MAY 31,
202520242023202520242023
Derivatives designated as
cash flow hedges:
Foreign exchange forwards
and options
$(67)$(66)$16 Revenues$(93)$(24)$26 
Foreign exchange forwards
and options
(55)231 305 Cost of sales295 294 581 
Foreign exchange forwards
and options
1 3 (1)Demand creation expense1 2 (5)
Foreign exchange forwards
and options
(6)102 207 Other (income) expense, net145 204 338 
Interest rate swaps(2)
— — — Interest expense (income), net(8)(8)(8)
TOTAL DESIGNATED CASH FLOW HEDGES
$(127)$270 $527 $340 $468 $932 
(1)For the fiscal years ended May 31, 2025, 2024, and 2023, 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
YEAR ENDED MAY 31,
(Dollars in millions)
202520242023
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options and embedded derivatives$2 $24 $28 Other (income) expense, net
CASH FLOW HEDGES
All changes in fair value of derivatives designated as cash flow hedge instruments are recorded in Accumulated other comprehensive income (loss) until Net income is affected by the variability of cash flows of the hedged transaction. Effective hedge results are classified in the Consolidated Statements of Income in the same manner as the underlying exposure. When it is no longer probable the forecasted hedged transaction will occur in the initially identified time period, hedge accounting is discontinued and the Company accounts for the associated derivative as an undesignated instrument as discussed below. Additionally, the gains and losses associated with derivatives no longer designated as cash flow hedge instruments in Accumulated other comprehensive income (loss) are recognized immediately in Other (income) expense, net, if it is probable the forecasted hedged transaction will not occur by the end of the initially identified time period or within an additional two-month period thereafter. In rare circumstances, the additional period of time may exceed two months due to extenuating circumstances related to the nature of the forecasted transaction that are outside the control or influence of the Company.
The purpose of the Company's foreign exchange risk management program is to lessen both the positive and negative effects of currency fluctuations on the Company's consolidated results of operations, financial position and cash flows. Foreign currency exposures the Company may elect to hedge in this manner include product costs, non-functional currency denominated revenues, intercompany revenues, demand creation expenses, investments in U.S. Dollar denominated available-for-sale debt securities and certain other intercompany transactions.
Product cost foreign currency exposures are primarily generated through non-functional currency denominated product purchases. NIKE entities primarily purchase product in two ways: (1) Certain NIKE entities purchase product from the NIKE Trading Company ("NTC"), a wholly-owned sourcing hub that buys NIKE branded products from third-party factories, predominantly in U.S. Dollars. The NTC, whose functional currency is the U.S. Dollar, then sells the product to NIKE entities in their respective functional currencies. NTC sales to a NIKE entity with a different functional currency result in a foreign currency
exposure for the NTC. (2) Other NIKE entities purchase product directly from third-party factories in U.S. Dollars. These purchases generate a foreign currency exposure for those NIKE entities with a functional currency other than the U.S. Dollar.
The Company's policy permits the utilization of derivatives to reduce its foreign currency exposures where internal netting or other strategies cannot be effectively employed. Typically, the Company may enter into hedge contracts starting up to 12 to 24 months in advance of the forecasted transaction and may place incremental hedges up to 100% of the exposure by the time the forecasted transaction occurs. The total notional amount of outstanding foreign currency derivatives designated as cash flow hedges was $18.4 billion and $16.2 billion as of May 31, 2025 and 2024, respectively.
As of May 31, 2025, approximately $24 million of deferred net losses (net of tax) on both outstanding and matured derivatives in Accumulated other comprehensive income (loss) 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 May 31, 2025, the maximum term over which the Company hedges exposures to the variability of cash flows for its forecasted transactions was 30 months.
FAIR VALUE HEDGES
The Company is exposed to the risk of changes in the fair value of certain fixed-rate debt attributable to changes in interest rates. Derivatives used by the Company to hedge this risk are receive-fixed, pay-variable interest rate swaps which are designated as fair value hedges of the related long-term debt. Changes in the fair values of the interest rate swaps are recorded in Long-term debt or Current portion of long-term debt. The total notional amount of outstanding interest rate swaps designated as fair value hedges was $2.4 billion and $1.8 billion as of May 31, 2025 and 2024, respectively.
UNDESIGNATED DERIVATIVE INSTRUMENTS
The Company may elect to enter into foreign exchange forwards to mitigate the change in fair value of specific assets and liabilities on the Consolidated Balance Sheets. These undesignated instruments are recorded at fair value as a derivative asset or liability on the Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, together with the remeasurement gain or loss from the hedged balance sheet position. The total notional amount of outstanding undesignated derivative instruments was $4.0 billion and $4.4 billion as of May 31, 2025 and 2024, respectively.
CREDIT RISK
The Company is exposed to credit-related losses in the event of nonperformance by counterparties to hedging instruments. The counterparties to all derivative transactions are major financial institutions with investment grade credit ratings; however, this does not eliminate the Company's exposure to credit risk with these institutions. This credit risk is limited to the unrealized gains in such contracts should any of these counterparties fail to perform as contracted. To manage this risk, the Company has established strict counterparty credit guidelines that are continually monitored.
The Company's derivative contracts contain credit risk-related contingent features designed to protect against significant deterioration in counterparties' creditworthiness and their ultimate ability to settle outstanding derivative contracts in the normal course of business. The Company's bilateral credit-related contingent features generally require the owing entity, either the Company or the derivative counterparty, to post collateral for the fair value of outstanding derivatives per counterparty. For certain counterparties, collateral would only be posted for the fair value of outstanding derivatives per counterparty greater than $50 million. Additionally, for those counterparties, a certain level of decline in credit rating of either the Company or the counterparty could trigger collateral requirements. As of May 31, 2025, the Company was in compliance with all credit risk-related contingent features. The Company considers the impact of the risk of counterparty default to be immaterial.
For additional information related to the Company's derivative financial instruments and collateral, refer to Note 4 — Fair Value Measurements.
v3.25.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 12 Months Ended
May 31, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
NOTE 13 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2024$(256)$247 $115 $(53)$53 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications
142 (132)— (5)5 
Reclassifications to net income of previously deferred (gains) losses(2)
— (322)— 6(316)
Total other comprehensive income (loss)142 (454)— 1 (311)
Balance at May 31, 2025$(114)$(207)$115 $(52)$(258)
(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)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)$231 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications
(4)239 — 15 250 
Reclassifications to net income of previously deferred (gains) losses(2)
1 (423)— (6)(428)
Total other comprehensive income (loss)(3)(184)— 9 (178)
Balance at May 31, 2024$(256)$247 $115 $(53)$53 
(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)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 12 — Risk Management and Derivatives.
v3.25.2
REVENUES
 12 Months Ended
May 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES
NOTE 14 — REVENUES
DISAGGREGATION OF REVENUES
The following tables present the Company's Revenues disaggregated by reportable operating segment, major product line and distribution channel:
YEAR ENDED MAY 31, 2025
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINA
ASIA PACIFIC & LATIN AMERICA
GLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$12,684 $7,569 $4,805 $4,452 $— $29,510 $1,457 $— $30,967 
Apparel5,837 3,971 1,616 1,541 — 12,965 80 — 13,045 
Equipment1,051 717 165 258 — 2,191 32 — 2,223 
Other— — — — 48 48 123 (97)74 
TOTAL REVENUES$19,572 $12,257 $6,586 $6,251 $48 $44,714 $1,692 $(97)$46,309 
Revenues by:
Sales to Wholesale Customers$10,484 $8,022 $3,699 $3,678 $— $25,883 $875 $— $26,758 
Sales through Direct to Consumer9,088 4,235 2,887 2,573 — 18,783 694 — 19,477 
Other— — — — 48 48 123 (97)74 
TOTAL REVENUES$19,572 $12,257 $6,586 $6,251 $48 $44,714 $1,692 $(97)$46,309 

YEAR ENDED MAY 31, 2024
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINA
ASIA PACIFIC & LATIN AMERICA
GLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$14,537 $8,473 $5,552 $4,865 $— $33,427 $1,800 $— $35,227 
Apparel5,953 4,380 1,828 1,614 — 13,775 93 — 13,868 
Equipment906 754 165 250 — 2,075 37 — 2,112 
Other— — — — 45 45 152 (42)155 
TOTAL REVENUES$21,396 $13,607 $7,545 $6,729 $45 $49,322 $2,082 $(42)$51,362 
Revenues by:
Sales to Wholesale Customers$11,004 $8,562 $4,262 $3,930 $— $27,758 $1,098 $— $28,856 
Sales through Direct to Consumer10,392 5,045 3,283 2,799 — 21,519 832 — 22,351 
Other— — — — 45 45 152 (42)155 
TOTAL REVENUES$21,396 $13,607 $7,545 $6,729 $45 $49,322 $2,082 $(42)$51,362 
YEAR ENDED MAY 31, 2023
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINA
ASIA PACIFIC & LATIN AMERICA
GLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$14,897 $8,260 $5,435 $4,543 $— $33,135 $2,155 $— $35,290 
Apparel5,947 4,566 1,666 1,664 — 13,843 90 — 13,933 
Equipment764 592 147 224 — 1,727 28 — 1,755 
Other— — — — 58 58 154 27 239 
TOTAL REVENUES$21,608 $13,418 $7,248 $6,431 $58 $48,763 $2,427 $27 $51,217 
Revenues by:
Sales to Wholesale Customers$11,273 $8,522 $3,866 $3,736 $— $27,397 $1,299 $— $28,696 
Sales through Direct to Consumer10,335 4,896 3,382 2,695 — 21,308 974 — 22,282 
Other— — — — 58 58 154 27 239 
TOTAL REVENUES$21,608 $13,418 $7,248 $6,431 $58 $48,763 $2,427 $27 $51,217 
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 May 31, 2025 and 2024, the Company did not have any contract assets and had an immaterial amount of contract liabilities recorded in Accrued liabilities on the Consolidated Balance Sheets.
SALES-RELATED RESERVES
As of May 31, 2025 and 2024, the Company's sales-related reserve balance, which includes returns, post-invoice sales discounts and claims, was $1,834 million and $1,282 million, respectively, recorded in Accrued liabilities on the Consolidated Balance Sheets. As of May 31, 2025 and 2024, the Company's sales returns reserve balance, included within sales-related reserves, was $1,277 million and $799 million, respectively. The related estimated cost of inventory for expected product returns was $528 million and $331 million as of May 31, 2025 and 2024, respectively, and was recorded in Prepaid expenses and other current assets on the Consolidated Balance Sheets.
v3.25.2
SEGMENT INFORMATION
 12 Months Ended
May 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 15 — SEGMENT INFORMATION
The Company's reportable operating segments reflect the structure of the Company's internal organization and the financial information the Chief Operating Decision Maker ("CODM"), the Company's Chief Executive Officer, regularly reviews to assess Company performance and allocate resources. The CODM evaluates the performance of the Company's segments and allocates resources based on earnings before interest and taxes ("EBIT"), which represents Net income before Interest expense (income), net and Income tax expense in the Consolidated Statements of Income.
The Company's segments are defined as follows:
NIKE BRAND
The NIKE Brand reportable segments are: North America; Europe, Middle East & Africa ("EMEA"); Greater China; and Asia Pacific & Latin America ("APLA"), and include results for the NIKE and Jordan brands. Each NIKE Brand segment represents a geographic region operating predominantly in one industry: the design, development, marketing and selling of athletic footwear, apparel and equipment.
Global Brand Divisions is included within the NIKE Brand for presentation purposes to align with the way management views the Company. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. Global Brand Divisions primarily represents costs, including product creation and design expenses, that are centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology.
CONVERSE
Converse operates in one industry: the design, marketing, licensing and selling of casual sneakers, apparel and accessories.
CORPORATE
Corporate consists primarily of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company's headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses.
As part of the Company's centrally managed foreign exchange risk management program, standard foreign currency rates are assigned twice per year to each NIKE Brand entity in the Company's geographic segments and to Converse. Inventories and Cost of sales for geographic segments and Converse reflect the use of these standard rates to recognize non-functional currency product purchases in the entity's functional currency. Differences between these standard rates and actual market rates are included in Corporate, together with foreign currency hedge gains and losses and other conversion gains and losses.
YEAR ENDED MAY 31, 2025
(Dollars in millions)
NORTH AMERICA
EUROPE, MIDDLE EAST & AFRICA
GREATER CHINA
ASIA PACIFIC & LATIN AMERICA
GLOBAL BRAND DIVISIONS
TOTAL NIKE BRAND
CONVERSE
CORPORATE
TOTAL NIKE, INC.
Revenues
$19,572 $12,257 $6,586 $6,251 $48 $44,714 $1,692 $(97)$46,309 
Cost of Sales
11,056 6,967 3,558 3,502 634 25,717 868 (66)26,519 
Gross profit
8,516 5,290 3,028 2,749 (586)18,997 824 (31)19,790 
Demand creation expense
1,633 1,222 529 421 716 4,521 156 12 4,689 
Operating overhead expense
2,150 1,479 973 804 3,401 8,807 430 2,162 11,399 
Total selling and administrative expense
3,783 2,701 1,502 1,225 4,117 13,328 586 2,174 16,088 
Other segment items(1)
(2)14 (76)(3)(4)(71)(2)(3)(76)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES
$4,735 $2,575 $1,602 $1,527 $(4,699)$5,740 $240 $(2,202)
Interest expense (income), net
(107)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES
$3,885 
Supplemental information:
  Depreciation and amortization(2)
$157 143 49 50 237 636 14 125 $775 
  Inventories
$3,198 2,042 951 905 148 7,244 272 (27)$7,489 
(1)At the NIKE Brand segments and Converse, other segment items consist of unusual or non-operating transactions that occur outside the normal course of business. At Corporate, this also includes foreign currency conversion gains and losses from the remeasurement of monetary assets and liabilities denominated in non-functional currencies and the impact of certain foreign currency derivative instruments.
(2)The amounts of depreciation and amortization disclosed by segment are included within Cost of sales and Operating overhead expense, as applicable.

YEAR ENDED MAY 31, 2024
(Dollars in millions)
NORTH AMERICA
EUROPE, MIDDLE EAST & AFRICA
GREATER CHINA
ASIA PACIFIC & LATIN AMERICA
GLOBAL BRAND DIVISIONS
TOTAL NIKE BRAND
CONVERSE
CORPORATE
TOTAL NIKE, INC.
Revenues
$21,396 $13,607 $7,545 $6,729 $45 $49,322 $2,082 $(42)$51,362 
Cost of Sales
11,899 7,589 3,761 3,639 602 27,490 989 (4)28,475 
Gross profit
9,497 6,018 3,784 3,090 (557)21,832 1,093 (38)22,887 
Demand creation expense
1,495 1,114 519 407 596 4,131 140 14 4,285 
Operating overhead expense
2,189 1,517 1,019 801 3,534 9,060 485 2,746 12,291 
Total selling and administrative expense
3,684 2,631 1,538 1,208 4,130 13,191 625 2,760 16,576 
Other segment items(1)
(9)(1)(63)(3)33 (43)(6)(179)(228)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES
$5,822 $3,388 $2,309 $1,885 $(4,720)$8,684 $474 $(2,619)
Interest expense (income), net
(161)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES
$6,700 
Supplemental information:
  Depreciation and amortization(2)
$152 146 56 51 236 641 17 138 $796 
  Inventories$3,134 2,028 1,070 810 166 7,208 296 15 $7,519 
(1)At the NIKE Brand segments and Converse, other segment items consist of unusual or non-operating transactions that occur outside the normal course of business. At Corporate, this also includes foreign currency conversion gains and losses from the remeasurement of monetary assets and liabilities denominated in non-functional currencies and the impact of certain foreign currency derivative instruments.
(2)The amounts of depreciation and amortization disclosed by segment are included within Cost of sales and Operating overhead expense, as applicable.
YEAR ENDED MAY 31, 2023
(Dollars in millions)
NORTH AMERICA
EUROPE, MIDDLE EAST & AFRICA
GREATER CHINA
ASIA PACIFIC & LATIN AMERICA
GLOBAL BRAND DIVISIONS
TOTAL NIKE BRAND
CONVERSE
CORPORATE
TOTAL NIKE, INC.
Revenues$21,608 $13,418 $7,248 $6,431 $58 $48,763 $2,427 $27 $51,217 
Cost of Sales12,497 7,340 3,552 3,337 516 27,242 1,121 562 28,925 
Gross profit9,111 6,078 3,696 3,094 (458)21,521 1,306 (535)22,292 
Demand creation expense1,455 1,050 499 373 511 3,888 138 34 4,060 
Operating overhead expense2,207 1,500 1,012 789 3,881 9,389 499 2,429 12,317 
Total selling and administrative expense3,662 2,550 1,511 1,162 4,392 13,277 637 2,463 16,377 
Other segment items(1)
(5)(3)(98)— (9)(115)(7)(158)(280)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES
$5,454 $3,531 $2,283 $1,932 $(4,841)$8,359 $676 $(2,840)
Interest expense (income), net(6)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES $6,201 
Supplemental information:
  Depreciation and amortization(2)
$128 120 54 42 211 555 17 131 $703 
  Inventories
$3,806 2,167 973 894 232 8,072 305 77 $8,454 
(1)At the NIKE Brand segments and Converse, other segment items consist of unusual or non-operating transactions that occur outside the normal course of business. At Corporate, this also includes foreign currency conversion gains and losses from the remeasurement of monetary assets and liabilities denominated in non-functional currencies and the impact of certain foreign currency derivative instruments.
(2)The amounts of depreciation and amortization by segment are included within Cost of sales and Operating overhead expense, as applicable.
REVENUES AND LONG-LIVED ASSETS BY GEOGRAPHIC AREA
After allocation of revenues for Global Brand Divisions, Converse and Corporate to geographical areas based on the location where the sales originated, revenues by geographical area are similar to that as reported above for the NIKE Brand operating segments with the exception of the United States. Revenues derived in the United States were $19,725 million, $21,551 million and $22,007 million for the fiscal years ended May 31, 2025, 2024 and 2023, respectively.
The Company's largest concentrations of long-lived assets primarily consist of the Company's corporate headquarters, retail locations and distribution facilities in the United States, China and the United Kingdom, as well as distribution facilities in Belgium. Long-lived assets attributable to operations in these countries, which consist of property, plant and equipment, net and operating lease ROU assets, net, were as follows:
MAY 31,
(Dollars in millions)
20252024
United States$4,467 $4,837 
Belgium774 757 
China488 501 
United Kingdom
422 324 
Other
1,389 1,299 
TOTAL LONG-LIVED ASSETS
$7,540 $7,718 
v3.25.2
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
May 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
NOTE 16 — COMMITMENTS AND CONTINGENCIES
As of May 31, 2025 and 2024, the Company had bank guarantees and letters of credit outstanding totaling $884 million and $768 million, respectively, issued primarily for real estate agreements, self-insurance programs, other general business obligations and legal matters.
In connection with various contracts and agreements, the Company provides routine indemnification relating to the enforceability of intellectual property rights, coverage for legal issues that arise and other items where the Company is acting as the guarantor. Currently, the Company has several such agreements in place. However, based on the Company's historical experience and the estimated probability of future loss, the Company has determined the fair value of such indemnification is not material to the Company's financial position or results of operations.
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.
v3.25.2
LEASES
 12 Months Ended
May 31, 2025
Leases [Abstract]  
LEASES
NOTE 17 — LEASES
Lease expense is recognized in Cost of sales or Operating overhead expense within the Consolidated Statements of Income, based on the underlying nature of the leased asset. For the fiscal years ended May 31, 2025, 2024 and 2023, lease expense primarily consisted of operating lease costs of $663 million, $618 million and $585 million, respectively, as well as $432 million, $433 million and $403 million, respectively, primarily related to variable lease costs. As of and for the fiscal years ended May 31, 2025 and 2024 and 2023, finance leases were not a material component of the Company's lease portfolio.
The undiscounted cash flows for future maturities of the Company's operating lease liabilities and the reconciliation to the Operating lease liabilities recognized in the Company's Consolidated Balance Sheets are as follows:
(Dollars in millions)
AS OF MAY 31, 2025(1)
Fiscal 2026$565 
Fiscal 2027575 
Fiscal 2028487 
Fiscal 2029437 
Fiscal 2030389 
Thereafter885 
Total undiscounted future cash flows related to lease payments$3,338 
Less interest 286 
PRESENT VALUE OF LEASE LIABILITIES$3,052 
(1)Excludes $482 million as of May 31, 2025, of future operating lease payments for lease agreements signed but not yet commenced.
The following table includes supplemental information used to calculate the present value of Operating lease liabilities:
AS OF MAY 31,
20252024
Weighted-average remaining lease term (in years)6.66.9
Weighted-average discount rate3.1 %2.9 %
The following table includes supplemental cash and non-cash information related to operating leases:
YEAR ENDED MAY 31,
(Dollars in millions)
202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$647 $613 $575 
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities$607 $458 $602 
v3.25.2
RESTRUCTURING
 12 Months Ended
May 31, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING
NOTE 18 — RESTRUCTURING
During the third quarter of fiscal 2024, management streamlined the organization which resulted in a net reduction in the Company's global workforce. In fiscal 2024, the Company recognized pre-tax restructuring charges of $443 million, primarily associated with $392 million related to employee severance costs and $51 million related to accelerated stock-based compensation expense. Of the $443 million pre-tax restructuring charges, $379 million was classified in Operating overhead expense and $64 million was classified in Cost of sales. The related cash payments during fiscal 2024 were $123 million. As of May 31, 2024, restructuring charges of $267 million were reflected within Accrued liabilities on the Consolidated Balance Sheets.
As of the second quarter of fiscal 2025, the fiscal 2024 restructuring was substantially complete and there was an immaterial amount of restructuring charges recognized in fiscal 2025. The Company made cash payments of $247 million during fiscal 2025, and the remaining immaterial amounts are to be settled in fiscal 2026.
v3.25.2
SUPPLIER FINANCE PROGRAMS
 12 Months Ended
May 31, 2025
Payables and Accruals [Abstract]  
SUPPLIER FINANCE PROGRAMS
NOTE 19 — 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 May 31, 2025 and May 31, 2024, the Company had $1,101 million and $840 million, respectively, of outstanding supplier obligations confirmed as valid under these programs. These amounts are included within Accounts payable on the Consolidated Balance Sheets.
(Dollars in millions)
Confirmed obligations outstanding as of May 31, 2024
$840 
Invoices confirmed during the year
11,741 
Confirmed invoices paid during the year
(11,480)
Confirmed obligations outstanding as of May 31, 2025
$1,101 
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
Pay vs Performance Disclosure      
Net income $ 3,219 $ 5,700 $ 5,070
v3.25.2
Insider Trading Arrangements
 3 Months Ended
May 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Insider Trading Policies and Procedures
 12 Months Ended
May 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.2
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
May 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
At NIKE, cybersecurity risk management is an important part of our overall risk management efforts. We have cybersecurity processes, technologies and controls in place to aid in our efforts to assess, identify and manage material risks associated with cybersecurity threats. We assess cybersecurity risk at both the board and management levels.
Management’s Role in Managing Risk
At the management level, primary responsibility for assessing and managing material risks from cybersecurity threats rests with our Vice President, Corporate Information Security, Risk & Compliance ("VP, CIS"). Our VP, CIS has over two decades of experience in information technology and cybersecurity. The VP, CIS reports to our Chief Information Officer (“CIO”) who has significant experience leading technology teams at large public companies and our CIO reports to our Chief Technology Officer.
Our approach to managing cybersecurity risk is informed by the industry-standard National Institute for Standards and Technology Cybersecurity Framework. The VP, CIS has primary responsibility for implementing and overseeing our enterprise-wide cybersecurity strategy, policy, architecture and processes. We use various tools and methodologies to identify and manage cybersecurity risk, including risk assessments and a vulnerability management program that includes periodic penetration testing. We have a third-party cyber risk management program that conducts assessments on third parties who integrate with our data, network, systems and applications. These tools and methodologies inform our remediation activities, which are tracked and reported to senior management.
In addition, our internal audit function periodically conducts independent testing of the overall operations of our cybersecurity program and supporting control frameworks, and reports the results to the Audit & Finance Committee. We also engage third parties to assess our cybersecurity program maturity and to perform audits of portions of our cybersecurity control environment based on risk or where necessary to ensure regulatory compliance.
Our cybersecurity team meets frequently to monitor the prevention, detection, mitigation and remediation of cybersecurity threats and incidents. In the event of a cybersecurity incident, we have an incident response plan that governs our immediate response including detection, escalation, assessment, management and remediation. As part of incident response, the cybersecurity team will also coordinate with external advisors and other key stakeholders as needed. The cybersecurity team routinely tests this plan across the organization to validate the procedures for appropriately escalating potentially material cybersecurity risks and incidents. Also, we provide an annual, mandatory cybersecurity training program for employees that is intended to help them understand cybersecurity risks and comply with our cybersecurity policies.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
At NIKE, cybersecurity risk management is an important part of our overall risk management efforts. We have cybersecurity processes, technologies and controls in place to aid in our efforts to assess, identify and manage material risks associated with cybersecurity threats. We assess cybersecurity risk at both the board and management levels.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board of Directors has ultimate oversight of cybersecurity risk as part of its risk management oversight responsibilities, including with respect to cybersecurity risk priorities, resource allocation and oversight structures. The Board of Directors receives an update on our cybersecurity program on a quarterly basis, or more frequently as determined to be necessary or advisable. The Board of Directors has delegated risk management oversight responsibility for information security and data protection to the Audit & Finance Committee, which regularly reviews our cybersecurity program and related matters with management and reports to the Board of Directors. Topics discussed at the board level include our approach to cybersecurity risk management, key initiatives, the threat landscape and recent developments and trends. The Board of Directors is aware of the critical nature of managing risks associated with cybersecurity threats and is actively engaged in our cybersecurity risk management strategy.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board of Directors has delegated risk management oversight responsibility for information security and data protection to the Audit & Finance Committee, which regularly reviews our cybersecurity program and related matters with management and reports to the Board of Directors.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board of Directors receives an update on our cybersecurity program on a quarterly basis, or more frequently as determined to be necessary or advisable. The Board of Directors has delegated risk management oversight responsibility for information security and data protection to the Audit & Finance Committee, which regularly reviews our cybersecurity program and related matters with management and reports to the Board of Directors
Cybersecurity Risk Role of Management [Text Block]
At the management level, primary responsibility for assessing and managing material risks from cybersecurity threats rests with our Vice President, Corporate Information Security, Risk & Compliance ("VP, CIS"). Our VP, CIS has over two decades of experience in information technology and cybersecurity. The VP, CIS reports to our Chief Information Officer (“CIO”) who has significant experience leading technology teams at large public companies and our CIO reports to our Chief Technology Officer.
Our approach to managing cybersecurity risk is informed by the industry-standard National Institute for Standards and Technology Cybersecurity Framework. The VP, CIS has primary responsibility for implementing and overseeing our enterprise-wide cybersecurity strategy, policy, architecture and processes.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] At the management level, primary responsibility for assessing and managing material risks from cybersecurity threats rests with our Vice President, Corporate Information Security, Risk & Compliance ("VP, CIS").Our Board of Directors has ultimate oversight of cybersecurity risk as part of its risk management oversight responsibilities, including with respect to cybersecurity risk priorities, resource allocation and oversight structures. The Board of Directors receives an update on our cybersecurity program on a quarterly basis, or more frequently as determined to be necessary or advisable. The Board of Directors has delegated risk management oversight responsibility for information security and data protection to the Audit & Finance Committee, which regularly reviews our cybersecurity program and related matters with management and reports to the Board of Directors.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our VP, CIS has over two decades of experience in information technology and cybersecurity. The VP, CIS reports to our Chief Information Officer (“CIO”) who has significant experience leading technology teams at large public companies and our CIO reports to our Chief Technology Officer.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Board of Directors has delegated risk management oversight responsibility for information security and data protection to the Audit & Finance Committee, which regularly reviews our cybersecurity program and related matters with management and reports to the Board of Directors. Topics discussed at the board level include our approach to cybersecurity risk management, key initiatives, the threat landscape and recent developments and trends. The Board of Directors is aware of the critical nature of managing risks associated with cybersecurity threats and is actively engaged in our cybersecurity risk management strategy.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
May 31, 2025
Accounting Policies [Abstract]  
BASIS OF CONSOLIDATION The Consolidated Financial Statements include the accounts of NIKE, Inc. and its subsidiaries (the "Company" or "NIKE"). All significant intercompany transactions and balances have been eliminated.
MANAGEMENT ESTIMATES
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates, including estimates relating to assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
REVENUE RECOGNITION
Revenue transactions associated with the sale of NIKE Brand footwear, apparel and equipment, as well as Converse products, comprise a single performance obligation, which consists of the sale of products to customers either through wholesale or direct to consumer channels. The Company satisfies the performance obligation and records revenues when transfer of control to the customer has occurred, based on the terms of sale. A customer is considered to have control once they are able to direct the use and receive substantially all of the benefits of the product.
Control is transferred to wholesale customers upon shipment or upon receipt depending on the country of the sale and the arrangement with the customer. Control transfers to retail store customers at the time of sale and to substantially all digital commerce customers upon shipment. The transaction price is determined based upon the invoiced sales price, less anticipated sales returns, discounts and claims from customers. Payment terms for wholesale transactions depend on the agreement with the customer, which may be governed by the country of sale, and payment is generally required within 90 days or less of shipment to or receipt by the wholesale customer. Payment is due at the time of sale for retail store and digital commerce transactions.
Consideration for trademark licensing contracts is earned through sales-based or usage-based royalty arrangements, and the associated revenues are recognized over the license period as earned.
Taxes assessed by governmental authorities that are both imposed on and concurrent with a specific revenue-producing transaction, and are collected by the Company from a customer, are excluded from Revenues and Cost of sales in the Consolidated Statements of Income. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in Cost of sales when the related revenues are recognized.
SALES-RELATED RESERVES
Consideration promised in the Company's contracts with customers is variable due to anticipated reductions, such as sales returns, discounts and claims from customers. The Company estimates the most likely amount it will be entitled to receive and records an anticipated reduction against Revenues, with an offsetting increase to Accrued liabilities at the time revenues are recognized. The related estimated cost of inventory for product returns is recorded as a reduction to Cost of sales with an offsetting increase to Prepaid expenses and other current assets.
The provision for anticipated sales returns consists of both contractual return rights and discretionary authorized returns. Provisions for post-invoice sales discounts consist of both contractual programs and discretionary discounts that are expected to be granted at a later date.
Estimates of discretionary authorized returns, discounts and claims are based on (1) historical rates, (2) specific identification of outstanding returns not yet received from customers and outstanding discounts and claims and (3) estimated returns, discounts and claims expected but not yet finalized with customers. Actual returns, discounts and claims in any future period are inherently uncertain and thus may differ from estimates recorded. If actual or expected future returns, discounts or claims are significantly greater or lower than the reserves established, a reduction or increase to net Revenues is recorded in the period in which such determination is made.
COST OF SALES
Cost of sales consists primarily of inventory costs, as well as warehousing costs (including the cost of warehouse labor), shipping and handling costs, third-party royalties, certain foreign currency hedge gains and losses and product design costs.
DEMAND CREATION EXPENSE
Demand creation expense consists of brand marketing expense and sports marketing expense.
Brand marketing expense includes advertising and promotion costs such as production and media costs, digital marketing expense, brand events and retail brand presentation costs. Advertising production costs are expensed the first time an advertisement is run. Advertising media costs are expensed when the advertisement appears. Costs related to brand events are expensed when the event occurs. Costs related to retail brand presentation are expensed when the presentation is complete and delivered.
Sports marketing expense includes expenses related to endorsement contracts, complimentary product and sports marketing events. A significant amount of the Company's promotional expenses result from payments under endorsement contracts. In general, endorsement payments are expensed on a straight-line basis over the term of the contract. However, certain contracts contain elements that may be accounted for differently based upon the facts and circumstances of each individual contract. Prepayments made under contracts are included in Prepaid expenses and other current assets or Deferred income taxes and other assets depending on the period to which the prepayment applies.
Certain contracts provide for contingent payments to endorsers based upon specific achievements in their sport (e.g., winning a championship). The Company records Demand creation expense for these amounts when the endorser achieves the specific goal.
Certain contracts provide for variable payments based upon endorsers maintaining a level of performance in their sport over an extended period of time (e.g., maintaining a specified ranking in a sport for a year). When the Company determines payments are probable, the amounts are reported in Demand creation expense ratably over the contract period based on the Company's best estimate of the endorser's performance. In these instances, to the extent actual payments to the endorser differ from the Company's estimate due to changes in the endorser's performance, adjustments to Demand creation expense may be recorded in a future period.
Certain contracts provide for royalty payments to endorsers based upon a predetermined percent of sales of particular products, which the Company records in Cost of sales as the related sales occur. For contracts containing minimum guaranteed royalty payments, the Company records the amount of any guaranteed payment in excess of that earned through sales of product within Demand creation expense.
Through cooperative advertising programs, the Company reimburses its wholesale customers for certain costs of advertising the Company's products. To the extent the Company receives a distinct good or service in exchange for consideration paid to the customer that does not exceed the fair value of that good or service, the amounts reimbursed are recorded in Demand creation expense.
OPERATING OVERHEAD EXPENSE
Operating overhead expense consists primarily of wage and benefit-related expenses and other administrative expenses, such as research and development costs, bad debt expense, rent, depreciation and amortization and costs related to professional services, certain technology investments, meetings and travel.
CASH AND EQUIVALENTS
Cash and equivalents represent cash and short-term, highly liquid investments, that are both readily convertible to known amounts of cash and so near their maturity they present insignificant risk of changes in value because of changes in interest rates, with maturities three months or less at the date of purchase.
SHORT-TERM INVESTMENTS
Short-term investments consist of highly liquid investments with maturities over three months at the date of purchase. At May 31, 2025 and 2024, Short-term investments consisted of available-for-sale debt securities, which are recorded at fair value with unrealized gains and losses reported, net of tax, in Accumulated other comprehensive income (loss), unless unrealized losses are determined to be unrecoverable. Realized gains and losses on the sale of securities are determined by specific identification. The Company considers all available-for-sale debt securities, including those with maturity dates beyond 12 months, as available to support current operational liquidity needs and, therefore, classifies all securities with maturity dates beyond three months at the date of purchase as current assets within Short-term investments on the Consolidated Balance Sheets.
ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS RECEIVABLE Accounts receivable, net consist primarily of amounts due from customers. The Company makes ongoing estimates relating to the collectability of its accounts receivable and maintains an allowance for expected losses resulting from the inability of its customers to make required payments. In addition to judgments about the creditworthiness of significant customers based on ongoing credit evaluations, the Company considers historical levels of credit losses, as well as macroeconomic and industry trends to determine the amount of the allowance.
INVENTORY VALUATION
Inventory costs primarily consist of product cost from the Company's suppliers, as well as inbound freight, import duties, taxes, insurance, logistics and other handling fees. Inventories, substantially all of which are finished goods, are stated at lower of cost and net realizable value and valued on either an average or a specific identification cost basis. In some instances, the Company ships products directly from its suppliers to the customer, with the related inventory and cost of sales recognized on a specific identification basis.
If the net realizable value of inventory is estimated to be less than the cost of the inventory, a reserve is recorded equal to the difference between the cost of the inventory and the estimated net realizable value. This reserve is recorded as a charge to Cost of sales.
PROPERTY, PLANT AND EQUIPMENT AND DEPRECIATION
Property, plant and equipment are recorded at cost. Depreciation is determined on a straight-line basis for land improvements, buildings and leasehold improvements over 2 to 40 years and for machinery and equipment over 2 to 15 years.
Depreciation of assets used in manufacturing, warehousing and product distribution are recorded in Cost of sales. Depreciation of all other assets are recorded in Operating overhead expense.
SOFTWARE DEVELOPMENT COSTS
Expenditures for major software purchases and software developed for internal use are capitalized and amortized over 2 to 12 years on a straight-line basis, once ready for their intended use. The Company's policy provides for the capitalization of external direct costs associated with developing or obtaining internal use computer software. The Company also capitalizes certain payroll and payroll-related costs for employees who are directly associated with internal use computer software projects. The amount of capitalizable payroll costs with respect to these employees is limited to the time directly spent on such projects. Costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred.
IMPAIRMENT OF LONG-LIVED ASSETS
The Company reviews the carrying value of long-lived assets or asset groups to be used in operations whenever events or changes in circumstances indicate the carrying amount of the assets might not be recoverable. Factors that would necessitate an impairment assessment include a significant adverse change in the extent or manner in which an asset is used, a significant adverse change in legal factors or the business climate that could affect the value of the asset or a significant decline in the observable market value of an asset, among others. If such facts indicate a potential impairment, the Company would assess the recoverability of an asset group by determining if the carrying value of the asset group exceeds the sum of the projected undiscounted cash flows expected to result from the use and eventual disposition of the assets over the remaining economic life of the primary asset in the asset group. If the recoverability test indicates that the carrying value of the asset group is not recoverable, the Company will estimate the fair value of the asset group using appropriate valuation methodologies, which would typically include an estimate of discounted cash flows. Any impairment would be measured as the difference between the asset group's carrying amount and its estimated fair value.
GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSETS
The Company performs annual impairment tests on goodwill and intangible assets with indefinite lives in the fourth quarter of each fiscal year or when events occur or circumstances change that would, more likely than not, reduce the fair value of a reporting unit or an intangible asset with an indefinite life below its carrying value.
For purposes of testing goodwill for impairment, the Company allocates goodwill across its reporting units, which are considered the Company's operating segments. For both goodwill and indefinite-lived intangible assets, which primarily consist of acquired trade names and trademarks, the Company may first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit or an intangible asset with an indefinite life is less than its carrying amount. If, after assessing the totality of events and circumstances, the Company determines it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is greater than its carrying amount, an impairment test is unnecessary.
If an impairment test is necessary, the Company will estimate the fair value of the related reporting unit or indefinite-lived intangible asset. If the carrying value of a reporting unit or indefinite-lived intangible asset exceeds its fair value, the goodwill of that reporting unit or indefinite-lived intangible asset is determined to be impaired and the Company will record an impairment charge equal to the excess of the carrying value over the related fair value.
OPERATING LEASES
The Company primarily leases retail store space, certain distribution and warehouse facilities, office space, equipment and other non-real estate assets. The Company determines if an arrangement is a lease at inception and begins recording lease activity at the commencement date, which is generally the date in which the Company takes possession of or controls the physical use of the asset. Lease components are not separated from non-lease components for real estate leases within the Company's lease portfolio. Right-of-use ("ROU") assets and lease liabilities are recognized based on the present value of lease payments over the lease term with lease expense recognized on a straight-line basis. The Company's incremental borrowing rate is used to determine the present value of future lease payments unless the implicit rate is readily determinable.
Lease agreements may contain rent escalation clauses, renewal or termination options, rent holidays or certain landlord incentives, including tenant improvement allowances. ROU assets include amounts for scheduled rent increases and are reduced by the amount of lease incentives. The lease term includes the non-cancelable period of the lease and options to extend or terminate the lease when it is reasonably certain the Company will exercise those options. The Company does not record leases with an initial term of 12 months or less on the Consolidated Balance Sheets and recognizes related lease payments in the Consolidated Statements of Income on a straight-line basis over the lease term. Certain lease agreements include variable lease payments, which are based on a percent of retail sales over specified levels or adjust periodically for inflation as a result of changes in a published index, primarily the Consumer Price Index, and are expensed as incurred.
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. Fair value is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. The Company uses a three-level hierarchy that prioritizes fair value measurements based on the types of inputs used, as follows:
•Level 1: Quoted prices in active markets for identical assets or liabilities.
•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
•Level 3: Unobservable inputs with little or no market data available, which require the reporting entity to develop its own assumptions.
The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Financial assets and liabilities are classified in their entirety based on the most conservative level of input that is significant to the fair value measurement.
Pricing vendors are utilized for a majority of Level 1 and Level 2 investments. These vendors either provide a quoted market price in an active market or use observable inputs without applying significant adjustments in their pricing. Observable inputs include broker quotes, interest rates and yield curves observable at commonly quoted intervals, volatilities and credit risks. The fair value of derivative contracts is determined using observable market inputs such as the daily market foreign currency rates, forward pricing curves, currency volatilities, currency correlations and interest rates and considers nonperformance risk of the Company and its counterparties.
The Company's fair value measurement process includes comparing fair values to another independent pricing vendor to ensure appropriate fair values are recorded.
FOREIGN CURRENCY TRANSLATION AND FOREIGN CURRENCY TRANSACTIONS
Adjustments resulting from translating foreign functional currency financial statements into U.S. Dollars are included in the foreign currency translation adjustment, a component of Accumulated other comprehensive income (loss).
The Company's global subsidiaries have various monetary assets and liabilities, primarily receivables and payables, which are denominated in currencies other than their functional currency. These balance sheet items are subject to remeasurement, the impact of which is recorded in Other (income) expense, net, within the Consolidated Statements of Income.
ACCOUNTING FOR DERIVATIVES AND HEDGING ACTIVITIES
The Company uses derivative financial instruments to reduce its exposure to changes in foreign currency exchange rates and interest rates. All derivatives are recorded at fair value on the Consolidated Balance Sheets and changes in the fair value of derivative financial instruments are either recognized in Accumulated other comprehensive income (loss), Long-term debt or Net income depending on the nature of the underlying exposure, whether the derivative is formally designated as a hedge and, if designated, the extent to which the hedge is effective. The Company classifies the cash flows at settlement from derivatives in the same category as the cash flows from the related hedged items. For undesignated hedges, designated cash flow hedges and fair value hedges, this is primarily within the Cash provided (used) by operations component of the Consolidated Statements of Cash Flows. For designated net investment hedges, this is within the Cash provided (used) by investing activities component of the Consolidated Statements of Cash Flows.
STOCK-BASED COMPENSATION
The Company accounts for stock-based compensation by estimating the fair value, net of estimated forfeitures, of equity awards and recognizing the related expense as Cost of sales or Operating overhead expense, as applicable, in the Consolidated Statements of Income on a straight-line basis over the vesting period. Substantially all awards vest ratably over four years of continued employment, with stock options expiring 10 years from the date of grant. Performance-based restricted stock units vest based on the Company's achievement of certain performance criteria throughout the three-year performance period and continued employment through the vesting date. The fair value of options, stock appreciation rights and employees' purchase rights under the employee stock purchase plans ("ESPPs") is determined using the Black-Scholes option pricing model. The fair value of restricted stock and time-vesting restricted stock units is established by the market price on the date of grant. The fair value of performance-based restricted stock units is estimated as of the grant date using a Monte Carlo simulation.
From time to time, the Company's Board of Directors authorizes share repurchase programs for the repurchase of Class B Common Stock. The value of repurchased shares is deducted from Total shareholders' equity through allocation to Capital in excess of stated value and Retained earnings (deficit).
INCOME TAXES
The Company accounts for income taxes using the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. The Company records a valuation allowance to reduce deferred tax assets to the amount management believes is more likely than not to be realized. Realization of deferred tax assets is dependent on future taxable earnings and is therefore uncertain. At least quarterly, the Company assesses taxable income in prior carryback periods, the scheduled reversal of deferred tax liabilities, projected future taxable income and available tax planning strategies. The Company uses forecasts of taxable income and considers foreign tax credit utilization in making this assessment of realization, which are inherently uncertain and can result in variation between estimated and actual results. To the extent the Company believes that recovery is not likely, a valuation allowance is established against the net deferred tax asset, which increases the Company's income tax expense in the period when such determination is made.
The Company recognizes a tax benefit from uncertain tax positions in the consolidated financial statements only when it is more likely than not the position will be sustained upon examination by relevant tax authorities. The Company recognizes interest and penalties related to income tax matters in Income tax expense.
EARNINGS PER SHARE
Basic earnings per common share is calculated by dividing Net income by the weighted average number of common shares outstanding during the year. Diluted earnings per common share is calculated by adjusting weighted average outstanding shares, assuming conversion of all potentially dilutive stock options and awards.
RECENT ACCOUNTING PRONOUNCEMENTS
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 will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss. The Company adopted this ASU for fiscal 2025 and the related disclosures are included in Note 15 — Segment Information. The amendments were effective for the Company's annual periods beginning June 1, 2024, and interim periods beginning June 1, 2025 and have been applied retrospectively to all prior periods presented in the financial statements.
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 should 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.
HEDGING DERIVATIVES
All changes in fair value of derivatives designated as cash flow hedge instruments are recorded in Accumulated other comprehensive income (loss) until Net income is affected by the variability of cash flows of the hedged transaction. Effective hedge results are classified in the Consolidated Statements of Income in the same manner as the underlying exposure. When it is no longer probable the forecasted hedged transaction will occur in the initially identified time period, hedge accounting is discontinued and the Company accounts for the associated derivative as an undesignated instrument as discussed below. Additionally, the gains and losses associated with derivatives no longer designated as cash flow hedge instruments in Accumulated other comprehensive income (loss) are recognized immediately in Other (income) expense, net, if it is probable the forecasted hedged transaction will not occur by the end of the initially identified time period or within an additional two-month period thereafter. In rare circumstances, the additional period of time may exceed two months due to extenuating circumstances related to the nature of the forecasted transaction that are outside the control or influence of the Company.
The purpose of the Company's foreign exchange risk management program is to lessen both the positive and negative effects of currency fluctuations on the Company's consolidated results of operations, financial position and cash flows. Foreign currency exposures the Company may elect to hedge in this manner include product costs, non-functional currency denominated revenues, intercompany revenues, demand creation expenses, investments in U.S. Dollar denominated available-for-sale debt securities and certain other intercompany transactions.
Product cost foreign currency exposures are primarily generated through non-functional currency denominated product purchases. NIKE entities primarily purchase product in two ways: (1) Certain NIKE entities purchase product from the NIKE Trading Company ("NTC"), a wholly-owned sourcing hub that buys NIKE branded products from third-party factories, predominantly in U.S. Dollars. The NTC, whose functional currency is the U.S. Dollar, then sells the product to NIKE entities in their respective functional currencies. NTC sales to a NIKE entity with a different functional currency result in a foreign currency
exposure for the NTC. (2) Other NIKE entities purchase product directly from third-party factories in U.S. Dollars. These purchases generate a foreign currency exposure for those NIKE entities with a functional currency other than the U.S. Dollar.
The Company's policy permits the utilization of derivatives to reduce its foreign currency exposures where internal netting or other strategies cannot be effectively employed. Typically, the Company may enter into hedge contracts starting up to 12 to 24 months in advance of the forecasted transaction and may place incremental hedges up to 100% of the exposure by the time the forecasted transaction occurs.The Company is exposed to the risk of changes in the fair value of certain fixed-rate debt attributable to changes in interest rates. Derivatives used by the Company to hedge this risk are receive-fixed, pay-variable interest rate swaps which are designated as fair value hedges of the related long-term debt. Changes in the fair values of the interest rate swaps are recorded in Long-term debt or Current portion of long-term debt.
UNDESIGNATED DERIVATIVE INSTRUMENTS The Company may elect to enter into foreign exchange forwards to mitigate the change in fair value of specific assets and liabilities on the Consolidated Balance Sheets. These undesignated instruments are recorded at fair value as a derivative asset or liability on the Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, together with the remeasurement gain or loss from the hedged balance sheet position.
CREDIT RISK
The Company is exposed to credit-related losses in the event of nonperformance by counterparties to hedging instruments. The counterparties to all derivative transactions are major financial institutions with investment grade credit ratings; however, this does not eliminate the Company's exposure to credit risk with these institutions. This credit risk is limited to the unrealized gains in such contracts should any of these counterparties fail to perform as contracted. To manage this risk, the Company has established strict counterparty credit guidelines that are continually monitored.
The Company's derivative contracts contain credit risk-related contingent features designed to protect against significant deterioration in counterparties' creditworthiness and their ultimate ability to settle outstanding derivative contracts in the normal course of business. The Company's bilateral credit-related contingent features generally require the owing entity, either the Company or the derivative counterparty, to post collateral for the fair value of outstanding derivatives per counterparty. For certain counterparties, collateral would only be posted for the fair value of outstanding derivatives per counterparty greater than $50 million. Additionally, for those counterparties, a certain level of decline in credit rating of either the Company or the counterparty could trigger collateral requirements.
v3.25.2
PROPERTY, PLANT AND EQUIPMENT (Tables)
 12 Months Ended
May 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment, Net
Property, plant and equipment, net included the following:
MAY 31,
(Dollars in millions)
20252024
Land and improvements$334 $329 
Buildings3,510 3,439 
Machinery and equipment2,954 3,123 
Internal-use software1,693 1,807 
Leasehold improvements2,037 2,023 
Construction in process404 193 
Total property, plant and equipment, gross10,932 10,914 
Less accumulated depreciation and amortization
6,104 5,914 
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET$4,828 $5,000 
v3.25.2
ACCRUED LIABILITIES (Tables)
 12 Months Ended
May 31, 2025
Accrued Liabilities, Current [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities included the following:
MAY 31,
(Dollars in millions)
20252024
Sales-related reserves $1,834 $1,282 
Compensation and benefits, excluding taxes1,245 1,291 
Dividends payable598 563 
Endorsement compensation481 578 
Other1,753 2,011 
TOTAL ACCRUED LIABILITIES$5,911 $5,725 
v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
May 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value, Assets 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 May 31, 2025 and 2024, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement.
MAY 31, 2025
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,221 $1,221 $— 
Level 1:
U.S. Treasury securities1,046 — 1,046 
Level 2:
Commercial paper and bonds675 45 630 
Money market funds5,902 5,902 — 
Time deposits297 295 2 
U.S. Agency securities10 1 9 
Total Level 26,884 6,243 641 
TOTAL$9,151 $7,464 $1,687 
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:
MAY 31, 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)
$107 $85 $22 $368 $226 $142 
Interest rate swaps(1)
24 — 24 3 — 3 
TOTAL
$131 $85 $46 $371 $226 $145 
(1)If the foreign exchange and interest rate swap derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $131 million as of May 31, 2025. As of that date, the Company posted $166 million cash collateral to various counterparties on the derivative liability balance and no amount of collateral was received from counterparties on the derivative asset balance.
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 $5 
Interest rate swaps(1)
— — — 31 — 31 
TOTAL
$343 $299 $44 $151 $115 $36 
(1)If the foreign exchange and interest rate swap 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 Consolidated Balance Sheets:
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONMAY 31,
(Dollars in millions)
20252024
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$75 $269 
Foreign exchange forwards and optionsDeferred income taxes and other assets22 44 
Interest rate swaps
Deferred income taxes and other assets
24 — 
Total derivatives formally designated as hedging instruments121 313 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options
Prepaid expenses and other current assets10 30 
Total derivatives not designated as hedging instruments10 30 
TOTAL DERIVATIVE ASSETS$131 $343 


 DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONMAY 31,
(Dollars in millions)
20252024
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$216 $110 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities142 5 
Interest rate swapsDeferred income taxes and other liabilities3 31 
Total derivatives formally designated as hedging instruments361 146 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options
Accrued liabilities10 5 
Total derivatives not designated as hedging instruments10 5 
TOTAL DERIVATIVE LIABILITIES$371 $151 
v3.25.2
LONG-TERM DEBT (Tables)
 12 Months Ended
May 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Long-term debt, net of unamortized premiums, discounts, debt issuance costs, and interest rate swap fair value adjustments comprises the following: 
BOOK VALUE OUTSTANDING
AS OF MAY 31,
Scheduled Maturity (Dollars in millions)
ORIGINAL PRINCIPALINTEREST RATEINTEREST PAYMENTS20252024
Corporate Term Debt:(1)(2)
March 27, 20251,000 2.40 %Semi-Annually$— $999 
November 1, 20261,000 2.38 %Semi-Annually999 998 
March 27, 20271,000 2.75 %Semi-Annually999 998 
March 27, 20301,500 2.85 %Semi-Annually1,495 1,494 
March 27, 2040(3)
1,000 3.25 %Semi-Annually993 966 
May 1, 2043(3)
500 3.63 %Semi-Annually502 488 
November 1, 2045(3)
1,000 3.88 %Semi-Annually997 986 
November 1, 2046500 3.38 %Semi-Annually493 492 
March 27, 20501,500 3.38 %Semi-Annually1,483 1,482 
Total7,961 8,903 
Less Current Portion of Long-Term Debt— 1,000 
TOTAL LONG-TERM DEBT$7,961 $7,903 
(1)These senior unsecured obligations rank equally with the Company's other unsecured and unsubordinated indebtedness.
(2)The bonds are redeemable at the Company's option at a price equal to the greater of (i) 100% of the aggregate principal amount of the notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments, plus in each case, accrued and unpaid interest. However, the bonds also feature a par call provision, which allows for the bonds to be redeemed at a price equal to 100% of the aggregate principal amount of the notes being redeemed, plus accrued and unpaid interest on or after the Par Call Date, which can range from one to six months prior to the scheduled maturity, as defined in the respective notes.
(3)The Company entered into interest rate swap agreements pursuant to which the Company receives fixed interest payments at the same rate as the term debt and pays variable interest payments based on SOFR plus a fixed spread. At May 31, 2025, the notional amount outstanding of these swaps was $2.4 billion and had interest rates payable that ranged from 3.6% to 4.5%. These swaps mature during fiscal 2034 and 2035.
v3.25.2
INCOME TAXES (Tables)
 12 Months Ended
May 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
Income before income taxes is as follows:
YEAR ENDED MAY 31,
(Dollars in millions)
202520242023
Income before income taxes:
United States$3,220 $5,588 $4,663 
Foreign665 1,112 1,538 
TOTAL INCOME BEFORE INCOME TAXES$3,885 $6,700 $6,201 
Schedule of Components of Income Tax Expense
The provision for income taxes is as follows:
YEAR ENDED MAY 31,
(Dollars in millions)
202520242023
Current:
United States
Federal$358 $782 $430 
State121 201 184 
Foreign475 514 634 
Total Current954 1,497 1,248 
Deferred:
United States
Federal(135)(422)(162)
State(12)(61)(25)
Foreign(141)(14)70 
Total Deferred(288)(497)(117)
TOTAL INCOME TAX EXPENSE$666 $1,000 $1,131 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate is as follows:
 YEAR ENDED MAY 31,
202520242023
Federal income tax rate21.0 %21.0 %21.0 %
State taxes, net of federal benefit2.0 %1.4 %1.5 %
Foreign earnings1.1 %-2.5 %1.7 %
U.S. tax regulations - foreign currency losses
-3.4 %0.0 %0.0 %
Foreign-derived intangible income benefit-5.3 %-4.8 %-6.1 %
Stock-based compensation
1.5 %-0.5 %-1.1 %
Income tax audits and contingency reserves2.7 %1.8 %1.0 %
U.S. research and development tax credit-2.1 %-2.1 %-1.2 %
Other, net-0.4 %0.6 %1.4 %
EFFECTIVE INCOME TAX RATE17.1 %14.9 %18.2 %
Schedule of Deferred Income Tax Assets and Liabilities
Deferred income tax assets and liabilities comprise the following as of: 
MAY 31,
(Dollars in millions)
20252024
Deferred tax assets:
Inventories
$98 $69 
Sales return reserves
205 125 
Deferred compensation
387 347 
Stock-based compensation285 290 
Reserves and accrued liabilities
143 113 
Operating lease liabilities458 474 
Intangibles217 236 
Capitalized research and development expenditures 923 878 
Net operating loss carry-forwards75 21 
Subpart F deferred tax315 409 
Other
212 214 
Total deferred tax assets3,318 3,176 
Valuation allowance(51)(29)
Total deferred tax assets after valuation allowance3,267 3,147 
Deferred tax liabilities:
Foreign withholding tax on undistributed earnings of foreign subsidiaries(119)(131)
Property, plant and equipment
(225)(290)
Right-of-use assets(377)(397)
Other
(4)(9)
Total deferred tax liabilities(725)(827)
NET DEFERRED TAX ASSET (1)
$2,542 $2,320 
(1)Of the total $2,542 million net deferred tax asset for the period ended May 31, 2025, $2,668 million was included within Deferred income taxes and other assets and $(126) million was included within Deferred income taxes and other liabilities on the Consolidated Balance Sheets. Of the total $2,320 million net deferred tax asset for the period ended May 31, 2024, $2,465 million was included within Deferred income taxes and other assets and $(145) million was included within Deferred income taxes and other liabilities on the Consolidated Balance Sheets.
Schedule of Unrecognized Tax Benefits Roll Forward
The following is a reconciliation of the changes in the gross balance of unrecognized tax benefits as of:
 MAY 31,
(Dollars in millions)
202520242023
Unrecognized tax benefits, beginning of the period$990 $936 $848 
Gross increases related to prior period tax positions11 35 95 
Gross decreases related to prior period tax positions
(10)(13)(17)
Gross increases related to current period tax positions
81 77 50 
Settlements(5)(22)(18)
Lapse of statute of limitations(45)(24)(7)
Changes due to currency translation4 1 (15)
UNRECOGNIZED TAX BENEFITS, END OF THE PERIOD$1,026 $990 $936 
v3.25.2
COMMON STOCK AND STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
May 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award
The following table summarizes the Company's total stock-based compensation expense recognized in Cost of sales or Operating overhead expense, as applicable: 
 YEAR ENDED MAY 31,
(Dollars in millions)
202520242023
Stock options(1)
$292 $336 $311 
ESPPs69 69 72 
Restricted stock and restricted stock units(1)(2)
348 399 372 
TOTAL STOCK-BASED COMPENSATION EXPENSE$709 $804 $755 
(1)Expense for stock options includes the expense associated with stock appreciation rights.
(2)For the fiscal years ended May 31, 2025, 2024 and 2023, expense for restricted stock units includes an immaterial amount of expense for PSUs.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions The weighted average assumptions used to estimate these fair values were as follows:
 YEAR ENDED MAY 31,
202520242023
Dividend yield1.6 %1.2 %0.9 %
Expected volatility31.1 %29.3 %27.1 %
Weighted average expected life (in years)6.05.85.8
Risk-free interest rate3.8 %4.3 %3.3 %
Schedule of Share-based Compensation, Stock Options, Activity
The following summarizes the stock option transactions under the plan discussed above: 
SHARES(1)
WEIGHTED AVERAGE OPTION PRICE
(In millions)
Options outstanding as of May 31, 202473.7 $98.10 
Exercised(5.4)58.50 
Forfeited(6.5)101.93 
Granted13.3 83.20 
Options outstanding as of May 31, 202575.1 $97.99 
(1)Includes stock appreciation rights transactions.
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
The following summarizes the restricted stock and restricted stock units transactions under the plan discussed above: 
SHARES(1)
WEIGHTED AVERAGE GRANT DATE
FAIR VALUE
(In millions)
Nonvested as of May 31, 20249.1 $117.52
Vested(3.3)116.76
Forfeited(1.7)105.68
Granted6.6 82.32
Nonvested as of May 31, 202510.7 $94.29
(1) Includes an immaterial amount of PSU transactions
v3.25.2
EARNINGS PER SHARE (Tables)
 12 Months Ended
May 31, 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 75.5 million, 41.0 million and 31.7 million shares of common stock outstanding for the fiscal years ended May 31, 2025, 2024 and 2023, respectively, because the awards were assumed to be anti-dilutive.
 YEAR ENDED MAY 31,
(In millions, except per share data)
202520242023
Net income available to common stockholders$3,219 $5,700 $5,070 
Determination of shares:
Weighted average common shares outstanding1,484.9 1,517.6 1,551.6 
Assumed conversion of dilutive stock options and awards2.7 12.1 18.2 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING1,487.6 1,529.7 1,569.8 
Earnings per common share:
Basic$2.17 $3.76 $3.27 
Diluted$2.16 $3.73 $3.23 
v3.25.2
RISK MANAGEMENT AND DERIVATIVES (Tables)
 12 Months Ended
May 31, 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:
MAY 31, 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)
$107 $85 $22 $368 $226 $142 
Interest rate swaps(1)
24 — 24 3 — 3 
TOTAL
$131 $85 $46 $371 $226 $145 
(1)If the foreign exchange and interest rate swap derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $131 million as of May 31, 2025. As of that date, the Company posted $166 million cash collateral to various counterparties on the derivative liability balance and no amount of collateral was received from counterparties on the derivative asset balance.
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 $5 
Interest rate swaps(1)
— — — 31 — 31 
TOTAL
$343 $299 $44 $151 $115 $36 
(1)If the foreign exchange and interest rate swap 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 Consolidated Balance Sheets:
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONMAY 31,
(Dollars in millions)
20252024
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$75 $269 
Foreign exchange forwards and optionsDeferred income taxes and other assets22 44 
Interest rate swaps
Deferred income taxes and other assets
24 — 
Total derivatives formally designated as hedging instruments121 313 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options
Prepaid expenses and other current assets10 30 
Total derivatives not designated as hedging instruments10 30 
TOTAL DERIVATIVE ASSETS$131 $343 


 DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONMAY 31,
(Dollars in millions)
20252024
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$216 $110 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities142 5 
Interest rate swapsDeferred income taxes and other liabilities3 31 
Total derivatives formally designated as hedging instruments361 146 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options
Accrued liabilities10 5 
Total derivatives not designated as hedging instruments10 5 
TOTAL DERIVATIVE LIABILITIES$371 $151 
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following tables present the amounts affecting the Consolidated Statements of Income for the years ended May 31, 2025, 2024 and 2023:

(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)
YEAR ENDED MAY 31,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		YEAR ENDED MAY 31,
202520242023202520242023
Derivatives designated as
cash flow hedges:
Foreign exchange forwards
and options
$(67)$(66)$16 Revenues$(93)$(24)$26 
Foreign exchange forwards
and options
(55)231 305 Cost of sales295 294 581 
Foreign exchange forwards
and options
1 3 (1)Demand creation expense1 2 (5)
Foreign exchange forwards
and options
(6)102 207 Other (income) expense, net145 204 338 
Interest rate swaps(2)
— — — Interest expense (income), net(8)(8)(8)
TOTAL DESIGNATED CASH FLOW HEDGES
$(127)$270 $527 $340 $468 $932 
(1)For the fiscal years ended May 31, 2025, 2024, and 2023, 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
YEAR ENDED MAY 31,
(Dollars in millions)
202520242023
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options and embedded derivatives$2 $24 $28 Other (income) expense, net
v3.25.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 12 Months Ended
May 31, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2024$(256)$247 $115 $(53)$53 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications
142 (132)— (5)5 
Reclassifications to net income of previously deferred (gains) losses(2)
— (322)— 6(316)
Total other comprehensive income (loss)142 (454)— 1 (311)
Balance at May 31, 2025$(114)$(207)$115 $(52)$(258)
(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)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)$231 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications
(4)239 — 15 250 
Reclassifications to net income of previously deferred (gains) losses(2)
1 (423)— (6)(428)
Total other comprehensive income (loss)(3)(184)— 9 (178)
Balance at May 31, 2024$(256)$247 $115 $(53)$53 
(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)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.
v3.25.2
REVENUES (Tables)
 12 Months Ended
May 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following tables present the Company's Revenues disaggregated by reportable operating segment, major product line and distribution channel:
YEAR ENDED MAY 31, 2025
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINA
ASIA PACIFIC & LATIN AMERICA
GLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$12,684 $7,569 $4,805 $4,452 $— $29,510 $1,457 $— $30,967 
Apparel5,837 3,971 1,616 1,541 — 12,965 80 — 13,045 
Equipment1,051 717 165 258 — 2,191 32 — 2,223 
Other— — — — 48 48 123 (97)74 
TOTAL REVENUES$19,572 $12,257 $6,586 $6,251 $48 $44,714 $1,692 $(97)$46,309 
Revenues by:
Sales to Wholesale Customers$10,484 $8,022 $3,699 $3,678 $— $25,883 $875 $— $26,758 
Sales through Direct to Consumer9,088 4,235 2,887 2,573 — 18,783 694 — 19,477 
Other— — — — 48 48 123 (97)74 
TOTAL REVENUES$19,572 $12,257 $6,586 $6,251 $48 $44,714 $1,692 $(97)$46,309 

YEAR ENDED MAY 31, 2024
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINA
ASIA PACIFIC & LATIN AMERICA
GLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$14,537 $8,473 $5,552 $4,865 $— $33,427 $1,800 $— $35,227 
Apparel5,953 4,380 1,828 1,614 — 13,775 93 — 13,868 
Equipment906 754 165 250 — 2,075 37 — 2,112 
Other— — — — 45 45 152 (42)155 
TOTAL REVENUES$21,396 $13,607 $7,545 $6,729 $45 $49,322 $2,082 $(42)$51,362 
Revenues by:
Sales to Wholesale Customers$11,004 $8,562 $4,262 $3,930 $— $27,758 $1,098 $— $28,856 
Sales through Direct to Consumer10,392 5,045 3,283 2,799 — 21,519 832 — 22,351 
Other— — — — 45 45 152 (42)155 
TOTAL REVENUES$21,396 $13,607 $7,545 $6,729 $45 $49,322 $2,082 $(42)$51,362 
YEAR ENDED MAY 31, 2023
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINA
ASIA PACIFIC & LATIN AMERICA
GLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$14,897 $8,260 $5,435 $4,543 $— $33,135 $2,155 $— $35,290 
Apparel5,947 4,566 1,666 1,664 — 13,843 90 — 13,933 
Equipment764 592 147 224 — 1,727 28 — 1,755 
Other— — — — 58 58 154 27 239 
TOTAL REVENUES$21,608 $13,418 $7,248 $6,431 $58 $48,763 $2,427 $27 $51,217 
Revenues by:
Sales to Wholesale Customers$11,273 $8,522 $3,866 $3,736 $— $27,397 $1,299 $— $28,696 
Sales through Direct to Consumer10,335 4,896 3,382 2,695 — 21,308 974 — 22,282 
Other— — — — 58 58 154 27 239 
TOTAL REVENUES$21,608 $13,418 $7,248 $6,431 $58 $48,763 $2,427 $27 $51,217 
v3.25.2
SEGMENT INFORMATION (Tables)
 12 Months Ended
May 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
YEAR ENDED MAY 31, 2025
(Dollars in millions)
NORTH AMERICA
EUROPE, MIDDLE EAST & AFRICA
GREATER CHINA
ASIA PACIFIC & LATIN AMERICA
GLOBAL BRAND DIVISIONS
TOTAL NIKE BRAND
CONVERSE
CORPORATE
TOTAL NIKE, INC.
Revenues
$19,572 $12,257 $6,586 $6,251 $48 $44,714 $1,692 $(97)$46,309 
Cost of Sales
11,056 6,967 3,558 3,502 634 25,717 868 (66)26,519 
Gross profit
8,516 5,290 3,028 2,749 (586)18,997 824 (31)19,790 
Demand creation expense
1,633 1,222 529 421 716 4,521 156 12 4,689 
Operating overhead expense
2,150 1,479 973 804 3,401 8,807 430 2,162 11,399 
Total selling and administrative expense
3,783 2,701 1,502 1,225 4,117 13,328 586 2,174 16,088 
Other segment items(1)
(2)14 (76)(3)(4)(71)(2)(3)(76)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES
$4,735 $2,575 $1,602 $1,527 $(4,699)$5,740 $240 $(2,202)
Interest expense (income), net
(107)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES
$3,885 
Supplemental information:
  Depreciation and amortization(2)
$157 143 49 50 237 636 14 125 $775 
  Inventories
$3,198 2,042 951 905 148 7,244 272 (27)$7,489 
(1)At the NIKE Brand segments and Converse, other segment items consist of unusual or non-operating transactions that occur outside the normal course of business. At Corporate, this also includes foreign currency conversion gains and losses from the remeasurement of monetary assets and liabilities denominated in non-functional currencies and the impact of certain foreign currency derivative instruments.
(2)The amounts of depreciation and amortization disclosed by segment are included within Cost of sales and Operating overhead expense, as applicable.

YEAR ENDED MAY 31, 2024
(Dollars in millions)
NORTH AMERICA
EUROPE, MIDDLE EAST & AFRICA
GREATER CHINA
ASIA PACIFIC & LATIN AMERICA
GLOBAL BRAND DIVISIONS
TOTAL NIKE BRAND
CONVERSE
CORPORATE
TOTAL NIKE, INC.
Revenues
$21,396 $13,607 $7,545 $6,729 $45 $49,322 $2,082 $(42)$51,362 
Cost of Sales
11,899 7,589 3,761 3,639 602 27,490 989 (4)28,475 
Gross profit
9,497 6,018 3,784 3,090 (557)21,832 1,093 (38)22,887 
Demand creation expense
1,495 1,114 519 407 596 4,131 140 14 4,285 
Operating overhead expense
2,189 1,517 1,019 801 3,534 9,060 485 2,746 12,291 
Total selling and administrative expense
3,684 2,631 1,538 1,208 4,130 13,191 625 2,760 16,576 
Other segment items(1)
(9)(1)(63)(3)33 (43)(6)(179)(228)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES
$5,822 $3,388 $2,309 $1,885 $(4,720)$8,684 $474 $(2,619)
Interest expense (income), net
(161)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES
$6,700 
Supplemental information:
  Depreciation and amortization(2)
$152 146 56 51 236 641 17 138 $796 
  Inventories$3,134 2,028 1,070 810 166 7,208 296 15 $7,519 
(1)At the NIKE Brand segments and Converse, other segment items consist of unusual or non-operating transactions that occur outside the normal course of business. At Corporate, this also includes foreign currency conversion gains and losses from the remeasurement of monetary assets and liabilities denominated in non-functional currencies and the impact of certain foreign currency derivative instruments.
(2)The amounts of depreciation and amortization disclosed by segment are included within Cost of sales and Operating overhead expense, as applicable.
YEAR ENDED MAY 31, 2023
(Dollars in millions)
NORTH AMERICA
EUROPE, MIDDLE EAST & AFRICA
GREATER CHINA
ASIA PACIFIC & LATIN AMERICA
GLOBAL BRAND DIVISIONS
TOTAL NIKE BRAND
CONVERSE
CORPORATE
TOTAL NIKE, INC.
Revenues$21,608 $13,418 $7,248 $6,431 $58 $48,763 $2,427 $27 $51,217 
Cost of Sales12,497 7,340 3,552 3,337 516 27,242 1,121 562 28,925 
Gross profit9,111 6,078 3,696 3,094 (458)21,521 1,306 (535)22,292 
Demand creation expense1,455 1,050 499 373 511 3,888 138 34 4,060 
Operating overhead expense2,207 1,500 1,012 789 3,881 9,389 499 2,429 12,317 
Total selling and administrative expense3,662 2,550 1,511 1,162 4,392 13,277 637 2,463 16,377 
Other segment items(1)
(5)(3)(98)— (9)(115)(7)(158)(280)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES
$5,454 $3,531 $2,283 $1,932 $(4,841)$8,359 $676 $(2,840)
Interest expense (income), net(6)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES $6,201 
Supplemental information:
  Depreciation and amortization(2)
$128 120 54 42 211 555 17 131 $703 
  Inventories
$3,806 2,167 973 894 232 8,072 305 77 $8,454 
(1)At the NIKE Brand segments and Converse, other segment items consist of unusual or non-operating transactions that occur outside the normal course of business. At Corporate, this also includes foreign currency conversion gains and losses from the remeasurement of monetary assets and liabilities denominated in non-functional currencies and the impact of certain foreign currency derivative instruments.
(2)The amounts of depreciation and amortization by segment are included within Cost of sales and Operating overhead expense, as applicable.
Long-Lived Assets by Geographic Areas Long-lived assets attributable to operations in these countries, which consist of property, plant and equipment, net and operating lease ROU assets, net, were as follows:
MAY 31,
(Dollars in millions)
20252024
United States$4,467 $4,837 
Belgium774 757 
China488 501 
United Kingdom
422 324 
Other
1,389 1,299 
TOTAL LONG-LIVED ASSETS
$7,540 $7,718 
v3.25.2
LEASES (Tables)
 12 Months Ended
May 31, 2025
Leases [Abstract]  
Schedule of Lessee, Operating Lease, Liability, Maturity
The undiscounted cash flows for future maturities of the Company's operating lease liabilities and the reconciliation to the Operating lease liabilities recognized in the Company's Consolidated Balance Sheets are as follows:
(Dollars in millions)
AS OF MAY 31, 2025(1)
Fiscal 2026$565 
Fiscal 2027575 
Fiscal 2028487 
Fiscal 2029437 
Fiscal 2030389 
Thereafter885 
Total undiscounted future cash flows related to lease payments$3,338 
Less interest 286 
PRESENT VALUE OF LEASE LIABILITIES$3,052 
(1)Excludes $482 million as of May 31, 2025, of future operating lease payments for lease agreements signed but not yet commenced.
Schedule of Lease, Cost
The following table includes supplemental information used to calculate the present value of Operating lease liabilities:
AS OF MAY 31,
20252024
Weighted-average remaining lease term (in years)6.66.9
Weighted-average discount rate3.1 %2.9 %
The following table includes supplemental cash and non-cash information related to operating leases:
YEAR ENDED MAY 31,
(Dollars in millions)
202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$647 $613 $575 
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities$607 $458 $602 
v3.25.2
SUPPLIER FINANCE PROGRAMS (Tables)
 12 Months Ended
May 31, 2025
Payables and Accruals [Abstract]  
Schedule of Supplier Finance Programs
(Dollars in millions)
Confirmed obligations outstanding as of May 31, 2024
$840 
Invoices confirmed during the year
11,741 
Confirmed invoices paid during the year
(11,480)
Confirmed obligations outstanding as of May 31, 2025
$1,101 
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
Significant Accounting Policies [Line Items]      
Total advertising and promotion expenses $ 4,689,000,000 $ 4,285,000,000 $ 4,060,000,000
Prepaid demand creation expenses 1,333,000,000 814,000,000  
Allowance for uncollectible accounts receivable 27,000,000 35,000,000  
Inventory reserve 233,000,000 155,000,000  
Goodwill, impairment loss $ 0    
Goodwill, impaired, accumulated impairment loss   0  
Performance-based Restricted Stock Units (PSUs)      
Significant Accounting Policies [Line Items]      
Stock options vesting period (in years) 3 years    
Stock Incentive Plan      
Significant Accounting Policies [Line Items]      
Stock options vesting period (in years) 4 years    
Stock options expiration from the date of grant (in years) 10 years    
Land Improvements | Minimum      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, minimum useful life (in years) 2 years    
Land Improvements | Maximum      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, minimum useful life (in years) 40 years    
Building | Minimum      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, minimum useful life (in years) 2 years    
Building | Maximum      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, minimum useful life (in years) 40 years    
Leasehold improvements | Minimum      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, minimum useful life (in years) 2 years    
Leasehold improvements | Maximum      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, minimum useful life (in years) 40 years    
Machinery and Equipment | Minimum      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, minimum useful life (in years) 2 years    
Machinery and Equipment | Maximum      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, minimum useful life (in years) 15 years    
Software and Software Development Costs | Minimum      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, minimum useful life (in years) 2 years    
Software and Software Development Costs | Maximum      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, minimum useful life (in years) 12 years    
Prepaid expenses and other current assets      
Significant Accounting Policies [Line Items]      
Prepaid demand creation expenses $ 498,000,000 420,000,000  
Deferred income taxes and other assets      
Significant Accounting Policies [Line Items]      
Prepaid demand creation expenses $ 835,000,000 $ 394,000,000  
v3.25.2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
$ in Millions
May 31, 2025
May 31, 2024
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment, gross $ 10,932 $ 10,914
Less accumulated depreciation and amortization 6,104 5,914
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET 4,828 5,000
Land and improvements    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment, gross 334 329
Buildings    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment, gross 3,510 3,439
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment, gross 2,954 3,123
Internal-use software    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment, gross 1,693 1,807
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment, gross 2,037 2,023
Construction in process    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment, gross $ 404 $ 193
v3.25.2
ACCRUED LIABILITIES (Details) - USD ($)
$ in Millions
May 31, 2025
May 31, 2024
Accrued Liabilities, Current [Abstract]    
Sales-related reserves $ 1,834 $ 1,282
Compensation and benefits, excluding taxes 1,245 1,291
Dividends payable 598 563
Endorsement compensation 481 578
Other 1,753 2,011
TOTAL ACCRUED LIABILITIES $ 5,911 $ 5,725
v3.25.2
FAIR VALUE MEASUREMENTS - Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Millions
May 31, 2025
May 31, 2024
Assets, Fair Value Disclosure [Abstract]    
SHORT-TERM INVESTMENTS $ 1,687 $ 1,722
Fair Value, Measurements, Recurring    
Assets, Fair Value Disclosure [Abstract]    
Cash 1,221 1,222
ASSETS AT FAIR VALUE 9,151 11,582
CASH AND EQUIVALENTS 7,464 9,860
SHORT-TERM INVESTMENTS 1,687 1,722
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury securities    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 1,046 1,175
CASH AND EQUIVALENTS 0 155
SHORT-TERM INVESTMENTS 1,046 1,020
Fair Value, Measurements, Recurring | Level 2    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 6,884 9,185
CASH AND EQUIVALENTS 6,243 8,483
SHORT-TERM INVESTMENTS 641 702
Fair Value, Measurements, Recurring | Level 2 | Commercial paper and bonds    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 675 591
CASH AND EQUIVALENTS 45 17
SHORT-TERM INVESTMENTS 630 574
Fair Value, Measurements, Recurring | Level 2 | Money market funds    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 5,902 8,119
CASH AND EQUIVALENTS 5,902 8,119
SHORT-TERM INVESTMENTS 0 0
Fair Value, Measurements, Recurring | Level 2 | Time deposits    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 297 440
CASH AND EQUIVALENTS 295 347
SHORT-TERM INVESTMENTS 2 93
Fair Value, Measurements, Recurring | Level 2 | U.S. Agency securities    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 10 35
CASH AND EQUIVALENTS 1 0
SHORT-TERM INVESTMENTS $ 9 $ 35
v3.25.2
FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
Fair Value Disclosures [Abstract]      
Available-for-sale securities with maturity dates within one year from purchase date $ 776    
Available-for-sale securities with maturity dates over one year and less than five years from purchase date 911    
Interest income related to cash and equivalents and short-term investments $ 404 $ 430 $ 297
v3.25.2
FAIR VALUE MEASUREMENTS - Derivative Assets and Liabilities at Fair Value (Details) - USD ($)
May 31, 2025
May 31, 2024
DERIVATIVE ASSETS    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Assets  
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other current assets  
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] Deferred income taxes and other assets  
DERIVATIVE LIABILITIES    
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Liabilities and Equity  
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued liabilities  
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Deferred income taxes and other liabilities  
Fair value of collateral $ 0 $ 112,000,000
Fair value of derivative liability collateral 166,000,000 10,000,000
Fair Value, Measurements, Recurring    
DERIVATIVE LIABILITIES    
Reduction in derivative liabilities if netted 131,000,000 142,000,000
Reduction in derivative assets if netted 131,000,000 142,000,000
Level 2 | Fair Value, Measurements, Recurring    
DERIVATIVE ASSETS    
ASSETS AT FAIR VALUE 131,000,000 343,000,000
OTHER CURRENT ASSETS 85,000,000 299,000,000
OTHER LONG-TERM ASSETS 46,000,000 44,000,000
DERIVATIVE LIABILITIES    
LIABILITIES AT FAIR VALUE 371,000,000 151,000,000
ACCRUED LIABILITIES 226,000,000 115,000,000
OTHER LONG-TERM LIABILITIES 145,000,000 36,000,000
Foreign exchange forwards and options | Level 2 | Fair Value, Measurements, Recurring    
DERIVATIVE ASSETS    
ASSETS AT FAIR VALUE 107,000,000 343,000,000
OTHER CURRENT ASSETS 85,000,000 299,000,000
OTHER LONG-TERM ASSETS 22,000,000 44,000,000
DERIVATIVE LIABILITIES    
LIABILITIES AT FAIR VALUE 368,000,000 120,000,000
ACCRUED LIABILITIES 226,000,000 115,000,000
OTHER LONG-TERM LIABILITIES 142,000,000 5,000,000
Interest rate swaps | Level 2 | Fair Value, Measurements, Recurring    
DERIVATIVE ASSETS    
ASSETS AT FAIR VALUE 24,000,000 0
OTHER CURRENT ASSETS 0 0
OTHER LONG-TERM ASSETS 24,000,000 0
DERIVATIVE LIABILITIES    
LIABILITIES AT FAIR VALUE 3,000,000 31,000,000
ACCRUED LIABILITIES 0 0
OTHER LONG-TERM LIABILITIES $ 3,000,000 $ 31,000,000
v3.25.2
SHORT-TERM BORROWINGS AND CREDIT LINES (Details) - USD ($)
Mar. 07, 2025
Mar. 08, 2024
Mar. 11, 2022
May 31, 2025
May 31, 2024
Short-term Debt [Line Items]          
Notes payable       $ 5,000,000 $ 6,000,000
Revolving Credit Facility | Line of Credit          
Short-term Debt [Line Items]          
Notes payable       $ 0 $ 0
Revolving Credit Facility | Committed Credit Facility, Maturing March 6, 2026 | Line of Credit          
Short-term Debt [Line Items]          
Debt instrument, term 364 days        
Borrowing capacity $ 1,000,000,000        
Extension term 364 days        
Basis spread on variable rate 0.725%        
Revolving credit facility, fee 0.04%        
Revolving Credit Facility | Committed Credit Facility, Maturing March 7, 2025 | Line of Credit          
Short-term Debt [Line Items]          
Debt instrument, term   364 days      
Borrowing capacity   $ 1,000,000,000      
Revolving Credit Facility | Committed Credit Facility, Maturing March 7, 2030 | Line of Credit          
Short-term Debt [Line Items]          
Debt instrument, term 5 years        
Borrowing capacity $ 2,000,000,000        
Extension term 2 years        
Basis spread on variable rate 0.725%        
Revolving credit facility, fee 0.05%        
Revolving Credit Facility | Committed Credit Facility, Maturing March 11, 2027 | Line of Credit          
Short-term Debt [Line Items]          
Debt instrument, term     5 years    
Borrowing capacity     $ 2,000,000,000    
Revolving Credit Facility, Option To Increase Upon Lender Approval | Committed Credit Facility, Maturing March 6, 2026 | Line of Credit          
Short-term Debt [Line Items]          
Borrowing capacity $ 1,500,000,000        
Revolving Credit Facility, Option To Increase Upon Lender Approval | Committed Credit Facility, Maturing March 7, 2030 | Line of Credit          
Short-term Debt [Line Items]          
Borrowing capacity $ 3,000,000,000        
v3.25.2
LONG-TERM DEBT - Net of Unamortized Premiums, Discounts and Debt Issuance Costs (Details) - USD ($)
 12 Months Ended
May 31, 2025
May 31, 2024
Debt Instrument [Line Items]    
Total $ 7,961,000,000 $ 8,903,000,000
Less Current Portion of Long-Term Debt 0 1,000,000,000
TOTAL LONG-TERM DEBT 7,961,000,000 7,903,000,000
Interest rate swaps    
Debt Instrument [Line Items]    
Notional amount outstanding $ 2,400,000,000  
Minimum | Interest rate swaps    
Debt Instrument [Line Items]    
Derivative, basis spread on variable rate 3.60%  
Maximum | Interest rate swaps    
Debt Instrument [Line Items]    
Derivative, basis spread on variable rate 4.50%  
Corporate Bond Payables    
Debt Instrument [Line Items]    
Percent of aggregate principal amount of the notes to be redeemed 100.00%  
Corporate Bond Payables | 2.40% Corporate bond, payable March 27, 2025    
Debt Instrument [Line Items]    
ORIGINAL PRINCIPAL $ 1,000,000,000  
INTEREST RATE 2.40%  
INTEREST PAYMENTS Semi-Annually  
Total $ 0 999,000,000
Corporate Bond Payables | 2.38% Corporate bond, payable November 1, 2026    
Debt Instrument [Line Items]    
ORIGINAL PRINCIPAL $ 1,000,000,000  
INTEREST RATE 2.38%  
INTEREST PAYMENTS Semi-Annually  
Total $ 999,000,000 998,000,000
Corporate Bond Payables | 2.75% Corporate bond, payable March 27, 2027    
Debt Instrument [Line Items]    
ORIGINAL PRINCIPAL $ 1,000,000,000  
INTEREST RATE 2.75%  
INTEREST PAYMENTS Semi-Annually  
Total $ 999,000,000 998,000,000
Corporate Bond Payables | 2.85% Corporate bond, payable March 27, 2030    
Debt Instrument [Line Items]    
ORIGINAL PRINCIPAL $ 1,500,000,000  
INTEREST RATE 2.85%  
INTEREST PAYMENTS Semi-Annually  
Total $ 1,495,000,000 1,494,000,000
Corporate Bond Payables | 3.25% Corporate bond, payable March 27, 2040    
Debt Instrument [Line Items]    
ORIGINAL PRINCIPAL $ 1,000,000,000  
INTEREST RATE 3.25%  
INTEREST PAYMENTS Semi-Annually  
Total $ 993,000,000 966,000,000
Corporate Bond Payables | 3.63% Corporate bond, payable May 1, 2043    
Debt Instrument [Line Items]    
ORIGINAL PRINCIPAL $ 500,000,000  
INTEREST RATE 3.63%  
INTEREST PAYMENTS Semi-Annually  
Total $ 502,000,000 488,000,000
Corporate Bond Payables | 3.88% Corporate bond, payable November 1, 2045    
Debt Instrument [Line Items]    
ORIGINAL PRINCIPAL $ 1,000,000,000  
INTEREST RATE 3.88%  
INTEREST PAYMENTS Semi-Annually  
Total $ 997,000,000 986,000,000
Corporate Bond Payables | 3.38% Corporate bond, payable November 1, 2046    
Debt Instrument [Line Items]    
ORIGINAL PRINCIPAL $ 500,000,000  
INTEREST RATE 3.38%  
INTEREST PAYMENTS Semi-Annually  
Total $ 493,000,000 492,000,000
Corporate Bond Payables | 3.38% Corporate bond, payable March 27, 2050    
Debt Instrument [Line Items]    
ORIGINAL PRINCIPAL $ 1,500,000,000  
INTEREST RATE 3.38%  
INTEREST PAYMENTS Semi-Annually  
Total $ 1,483,000,000 $ 1,482,000,000
v3.25.2
LONG-TERM DEBT - Additional Information (Details) - USD ($)
$ in Millions
May 31, 2025
May 31, 2024
Maturity of long-term debt    
Year one $ 0  
Year two 2,000  
Year three 0  
Year four 0  
Year five 1,500  
Level 2    
Maturity of long-term debt    
Fair value of long term debt $ 6,673 $ 7,631
v3.25.2
INCOME TAXES - Income before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
Income before income taxes:      
United States $ 3,220 $ 5,588 $ 4,663
Foreign 665 1,112 1,538
Income before income taxes $ 3,885 $ 6,700 $ 6,201
v3.25.2
INCOME TAXES - Provision for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
Current:      
Federal $ 358 $ 782 $ 430
State 121 201 184
Foreign 475 514 634
Total Current 954 1,497 1,248
Deferred:      
Federal (135) (422) (162)
State (12) (61) (25)
Foreign (141) (14) 70
Total Deferred (288) (497) (117)
TOTAL INCOME TAX EXPENSE $ 666 $ 1,000 $ 1,131
v3.25.2
INCOME TAXES - Reconciliation from United States Statutory Federal Income Tax Rate to Effective Income Tax Rate (Details)
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
Income Tax Disclosure [Abstract]      
Federal income tax rate 21.00% 21.00% 21.00%
State taxes, net of federal benefit 2.00% 1.40% 1.50%
Foreign earnings 1.10% (2.50%) 1.70%
U.S. tax regulations - foreign currency losses (3.40%) 0.00% 0.00%
Foreign-derived intangible income benefit (5.30%) (4.80%) (6.10%)
Stock-based compensation 1.50% (0.50%) (1.10%)
Income tax audits and contingency reserves 2.70% 1.80% 1.00%
U.S. research and development tax credit (2.10%) (2.10%) (1.20%)
Other, net (0.40%) 0.60% 1.40%
EFFECTIVE INCOME TAX RATE 17.10% 14.90% 18.20%
v3.25.2
INCOME TAXES - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Feb. 28, 2025
May 31, 2025
May 31, 2024
May 31, 2023
May 31, 2022
Income Tax Disclosure [Abstract]          
Deferred foreign income tax benefit $ 133        
Operating loss carryforwards   $ 261      
Operating loss carryforwards, subject to expiration   135      
Operating loss carryforwards, not subject to expiration   126      
Total gross unrecognized tax benefits, excluding related interest and penalties   1,026 $ 990 $ 936 $ 848
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   738      
Accrued interest and penalties related to uncertain tax positions (excluding federal benefit)   376 332    
Long-term income taxes payable     266    
Estimated decrease in total gross unrecognized tax benefits as a result of resolutions of global tax examinations and expiration of applicable statutes of limitations   249      
Decrease in income tax expense related to tax holiday   $ 271 $ 338 $ 263  
Decrease in income tax expense related to tax holiday per diluted share, (in dollars per share)   $ 0.18 $ 0.22 $ 0.17  
v3.25.2
INCOME TAXES - Deferred Income Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
May 31, 2025
May 31, 2024
Deferred tax assets:    
Inventories $ 98 $ 69
Sales return reserves 205 125
Deferred compensation 387 347
Stock-based compensation 285 290
Reserves and accrued liabilities 143 113
Operating lease liabilities 458 474
Intangibles 217 236
Capitalized research and development expenditures 923 878
Net operating loss carry-forwards 75 21
Subpart F deferred tax 315 409
Other 212 214
Total deferred tax assets 3,318 3,176
Valuation allowance (51) (29)
Total deferred tax assets after valuation allowance 3,267 3,147
Deferred tax liabilities:    
Foreign withholding tax on undistributed earnings of foreign subsidiaries (119) (131)
Property, plant and equipment (225) (290)
Right-of-use assets (377) (397)
Other (4) (9)
Total deferred tax liabilities (725) (827)
NET DEFERRED TAX ASSET 2,542 2,320
Deferred Income Taxes And Other Assets, Noncurrent    
Deferred tax liabilities:    
NET DEFERRED TAX ASSET 2,668 2,465
Deferred Income Taxes And Other Liabilities, Noncurrent    
Deferred tax liabilities:    
Deferred tax liabilities, net $ (126) $ (145)
v3.25.2
INCOME TAXES - Reconciliation of Changes in Gross Balance of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Unrecognized tax benefits, beginning of the period $ 990 $ 936 $ 848
Gross increases related to prior period tax positions 11 35 95
Gross decreases related to prior period tax positions (10) (13) (17)
Gross increases related to current period tax positions 81 77 50
Settlements (5) (22) (18)
Lapse of statute of limitations (45) (24) (7)
Changes due to currency translation 4 1  
Changes due to currency translation     (15)
UNRECOGNIZED TAX BENEFITS, END OF THE PERIOD $ 1,026 $ 990 $ 936
v3.25.2
REDEEMABLE PREFERRED STOCK (Details) - Non-marketable preferred stock
$ / shares in Units, $ in Millions
 12 Months Ended
May 31, 2025
USD ($)
$ / shares
Temporary Equity [Line Items]  
Redeemable preferred stock, par value (in dollars per share) $ 1
Redeemable preferred stock, redeemable value (in dollars) | $ $ 0.3
Redeemable preferred stock, dividends payable annually per share (in dollars per share) $ 0.10
v3.25.2
COMMON STOCK AND STOCK-BASED COMPENSATION - Additional Information (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
May 31, 2025
USD ($)
$ / shares
shares
May 31, 2024
USD ($)
$ / shares
shares
May 31, 2023
USD ($)
$ / shares
shares
Common Stock and Share Based Compensation [Line Items]      
Weighted average fair value per share of the options granted (in dollars per share) | $ / shares $ 25.90 $ 32.78 $ 31.31
Restricted Stock And Restricted Stock Units      
Common Stock and Share Based Compensation [Line Items]      
Unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as operating overhead expense over a weighted average period (in years) 2 years 6 months    
Restricted stock granted to key employees under 1990 Plan, weighted average values per share (in dollars per share) | $ / shares $ 82.32 $ 103.13 $ 115.56
Vested, fair value $ 221 $ 340 $ 250
Unrecognized compensation costs from restricted stock, net of estimated forfeitures $ 631    
Class A Common Stock      
Common Stock and Share Based Compensation [Line Items]      
Common stock, no par value (in dollars per share) | $ / shares $ 0    
Common stock, number of shares authorized (in shares) | shares 400,000,000    
Common stock, Class A conversion ratio to Class B (in shares) 1    
Class B Common Stock      
Common Stock and Share Based Compensation [Line Items]      
Common stock, no par value (in dollars per share) | $ / shares $ 0    
Common stock, number of shares authorized (in shares) | shares 2,400,000,000    
Class B Common Stock | ESPPs      
Common Stock and Share Based Compensation [Line Items]      
Employee stock purchase plans, payroll deductions 10.00%    
Employee stock purchase plan offering period 6 months    
Shares purchased, price as percentage of lower of the fair market value 85.00%    
Purchase of shares by employee (in shares) | shares 3,600,000 3,100,000 3,000,000.0
Stock Incentive Plan      
Common Stock and Share Based Compensation [Line Items]      
Stock options vesting period (in years) 4 years    
Stock options expiration from the date of grant (in years) 10 years    
Options exercisable (in shares) | shares 49,800,000    
Options exercisable (in dollars per share) | $ / shares $ 98.00    
Stock Incentive Plan | Stock options      
Common Stock and Share Based Compensation [Line Items]      
Unrecognized compensation costs from stock options, net of estimated forfeitures $ 400    
Unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as operating overhead expense over a weighted average period (in years) 2 years 4 months 24 days    
Stock Incentive Plan | Class B Common Stock      
Common Stock and Share Based Compensation [Line Items]      
Shares available for grant (in shares) | shares 798,000,000    
Minimum term of market traded options for estimates of expected volatility (in years) 1 year    
Aggregate intrinsic value for options outstanding $ 20    
Aggregate intrinsic value for options exercisable 20    
Total intrinsic value of options exercised $ 120 $ 305 $ 438
Weighted average remaining contractual life for options outstanding (in years) 5 years 4 months 24 days    
Weighted average remaining contractual life for options exercisable (in years) 3 years 10 months 24 days    
v3.25.2
COMMON STOCK AND STOCK-BASED COMPENSATION - Total Stock-Based Compensation Expense (Details) - Class B Common Stock - USD ($)
$ in Millions
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense $ 709 $ 804 $ 755
Stock options      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense 292 336 311
ESPPs      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense 69 69 72
Restricted stock and restricted stock units      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense $ 348 $ 399 $ 372
v3.25.2
COMMON STOCK AND STOCK-BASED COMPENSATION - Weighted Average Assumptions Used to Estimate Fair Values (Details) - Stock options
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Dividend yield 1.60% 1.20% 0.90%
Expected volatility 31.10% 29.30% 27.10%
Weighted average expected life (in years) 6 years 5 years 9 months 18 days 5 years 9 months 18 days
Risk-free interest rate 3.80% 4.30% 3.30%
v3.25.2
COMMON STOCK AND STOCK-BASED COMPENSATION - Stock Option Transactions Under Plan (Details) - Stock Incentive Plan
shares in Millions
 12 Months Ended
May 31, 2025
$ / shares
shares
SHARES  
Options outstanding, beginning balance (in shares) | shares 73.7
Exercised (in shares) | shares (5.4)
Forfeited (in shares) | shares (6.5)
Granted (in shares) | shares 13.3
Options outstanding, ending balance (in shares) | shares 75.1
WEIGHTED AVERAGE OPTION PRICE  
Options outstanding, beginning balance (in dollars per share) | $ / shares $ 98.10
Exercised (in dollars per share) | $ / shares 58.50
Forfeited (in dollars per share) | $ / shares 101.93
Granted (in dollars per share) | $ / shares 83.20
Options outstanding, ending balance (in dollars per share) | $ / shares $ 97.99
v3.25.2
COMMON STOCK AND STOCK-BASED COMPENSATION - Restricted Stock and Restricted Stock Units (Details) - Restricted Stock And Restricted Stock Units - $ / shares
shares in Millions
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
SHARES      
Nonvested, beginning balance (in shares) 9.1    
Vested (in shares) (3.3)    
Forfeited (in shares) (1.7)    
Granted (in shares) 6.6    
Nonvested, ending balance (in shares) 10.7 9.1  
WEIGHTED AVERAGE GRANT DATE FAIR VALUE      
Nonvested, beginning balance (in dollars per share) $ 117.52    
Vested (in dollars per share) 116.76    
Forfeited (in dollars per share) 105.68    
Granted (in dollars per share) 82.32 $ 103.13 $ 115.56
Nonvested, ending balance (in dollars per share) $ 94.29 $ 117.52  
v3.25.2
EARNINGS PER SHARE - Additional Information (Details) - shares
shares in Millions
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
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) 75.5 41.0 31.7
v3.25.2
EARNINGS PER SHARE- Reconciliation from Basic Earnings Per Share to Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
Earnings Per Share [Abstract]      
Net income available to common stockholders $ 3,219 $ 5,700 $ 5,070
Determination of shares:      
Weighted average common shares outstanding (in shares) 1,484.9 1,517.6 1,551.6
Assumed conversion of dilutive stock options and awards (in shares) 2.7 12.1 18.2
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in shares) 1,487.6 1,529.7 1,569.8
Earnings per common share:      
Basic (in dollars per share) $ 2.17 $ 3.76 $ 3.27
Diluted (in dollars per share) $ 2.16 $ 3.73 $ 3.23
v3.25.2
BENEFIT PLANS (Details) - USD ($)
$ in Millions
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
Retirement Benefits [Abstract]      
401(k) employee savings plans, expenses $ 151 $ 153 $ 136
Assets held in rabbi trust 1,123 1,037  
Deferred compensation plan liabilities $ 1,102 $ 1,063  
v3.25.2
RISK MANAGEMENT AND DERIVATIVES - FV of Derivative Instruments Included within Consolidated Balance Sheet (Details) - USD ($)
$ in Millions
May 31, 2025
May 31, 2024
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS $ 131 $ 343
DERIVATIVE LIABILITIES 371 151
Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 121 313
DERIVATIVE LIABILITIES 361 146
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 75 269
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Deferred income taxes and other assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 22 44
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Accrued liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 216 110
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Deferred income taxes and other liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 142 5
Derivatives formally designated as hedging instruments | Interest rate swaps | Deferred income taxes and other assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 24 0
Derivatives formally designated as hedging instruments | Interest rate swaps | Deferred income taxes and other liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 3 31
Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 10 30
DERIVATIVE LIABILITIES 10 5
Derivatives not designated as hedging instruments | Foreign exchange forwards and options | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 10 30
Derivatives not designated as hedging instruments | Foreign exchange forwards and options | Accrued liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES $ 10 $ 5
v3.25.2
RISK MANAGEMENT AND DERIVATIVES - Amounts Affecting Consolidated Statements of Income (Details) - USD ($)
$ in Millions
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
Foreign exchange forwards and options and embedded derivatives      
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)
Foreign exchange forwards and options and embedded derivatives | Derivatives not designated as hedging instruments      
Derivative Instruments, Gain (Loss) [Line Items]      
AMOUNT OF GAIN (LOSS) RECOGNIZED IN INCOME ON DERIVATIVES $ 2 $ 24 $ 28
Derivatives designated as cash flow hedges      
Derivative Instruments, Gain (Loss) [Line Items]      
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES (127) 270 527
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME 340 468 932
Derivatives designated as cash flow hedges | Foreign exchange forwards and options | Revenues      
Derivative Instruments, Gain (Loss) [Line Items]      
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES (67) (66) 16
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME (93) (24) 26
Derivatives designated as cash flow hedges | Foreign exchange forwards and options | Cost of sales      
Derivative Instruments, Gain (Loss) [Line Items]      
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES (55) 231 305
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME 295 294 581
Derivatives designated as cash flow hedges | Foreign exchange forwards and options | Demand creation expense      
Derivative Instruments, Gain (Loss) [Line Items]      
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES 1 3 (1)
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME 1 2 (5)
Derivatives designated as cash flow hedges | Foreign exchange forwards and options | Other (income) expense, net      
Derivative Instruments, Gain (Loss) [Line Items]      
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES (6) 102 207
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME 145 204 338
Derivatives designated as cash flow hedges | Interest rate swaps | 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
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME $ (8) $ (8) $ (8)
v3.25.2
RISK MANAGEMENT AND DERIVATIVES - Additional Information (Details) - USD ($)
 12 Months Ended
May 31, 2025
May 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Deferred net losses (net of tax) expected to be reclassified to Net Income during the next 12 months $ 24,000,000  
Maximum term over which the company hedges exposures to the variability of cash flows for its forecasted transactions (in months) 30 months  
Interest rate swaps    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total notional amount of outstanding derivatives $ 2,400,000,000  
Derivatives not designated as hedging instruments | Not designated as derivative instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total notional amount of outstanding derivatives $ 4,000,000,000.0 $ 4,400,000,000
Derivatives designated as cash flow hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Additional period for forecasted transaction expected to occur 2 months  
Percentage of anticipated exposures hedged (percent) 100.00%  
Derivatives designated as cash flow hedges | Derivatives designated as hedging instruments    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total notional amount of outstanding derivatives $ 18,400,000,000 16,200,000,000
Derivatives designated as fair value hedges | Derivatives designated as hedging instruments    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total notional amount of outstanding derivatives 2,400,000,000 $ 1,800,000,000
Minimum    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Credit risk related contingent features collateral threshold $ 50,000,000  
Minimum | Derivatives designated as cash flow hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Typical time period that anticipated exposures are hedged against (in months) 12 months  
Maximum | Derivatives designated as cash flow hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Typical time period that anticipated exposures are hedged against (in months) 24 months  
v3.25.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 14,430 $ 14,004 $ 15,281
Other comprehensive income (loss):      
Other comprehensive gains (losses) before reclassifications 5 250  
Reclassifications to net income of previously deferred (gains) losses (316) (428)  
Total other comprehensive income (loss), net of tax (311) (178) (87)
Ending balance 13,213 14,430 14,004
TOTAL      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 53 231 318
Other comprehensive income (loss):      
Total other comprehensive income (loss), net of tax (311) (178) (87)
Ending balance (258) 53 231
FOREIGN CURRENCY TRANSLATION ADJUSTMENT      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (256) (253)  
Other comprehensive income (loss):      
Other comprehensive gains (losses) before reclassifications 142 (4)  
Reclassifications to net income of previously deferred (gains) losses 0 1  
Total other comprehensive income (loss), net of tax 142 (3)  
Ending balance (114) (256) (253)
CASH FLOW HEDGES      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 247 431  
Other comprehensive income (loss):      
Other comprehensive gains (losses) before reclassifications (132) 239  
Reclassifications to net income of previously deferred (gains) losses (322) (423)  
Total other comprehensive income (loss), net of tax (454) (184)  
Ending balance (207) 247 431
NET INVESTMENT HEDGES      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 115 115  
Other comprehensive income (loss):      
Other comprehensive gains (losses) before reclassifications 0 0  
Reclassifications to net income of previously deferred (gains) losses 0 0  
Total other comprehensive income (loss), net of tax 0 0  
Ending balance 115 115 115
OTHER      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (53) (62)  
Other comprehensive income (loss):      
Other comprehensive gains (losses) before reclassifications (5) 15  
Reclassifications to net income of previously deferred (gains) losses 6 (6)  
Total other comprehensive income (loss), net of tax 1 9  
Ending balance $ (52) $ (53) $ (62)
v3.25.2
REVENUES - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
Disaggregation of Revenue [Line Items]      
Revenues $ 46,309 $ 51,362 $ 51,217
Sales to Wholesale Customers      
Disaggregation of Revenue [Line Items]      
Revenues 26,758 28,856 28,696
Sales through Direct to Consumer      
Disaggregation of Revenue [Line Items]      
Revenues 19,477 22,351 22,282
Other      
Disaggregation of Revenue [Line Items]      
Revenues 74 155 239
Footwear      
Disaggregation of Revenue [Line Items]      
Revenues 30,967 35,227 35,290
Apparel      
Disaggregation of Revenue [Line Items]      
Revenues 13,045 13,868 13,933
Equipment      
Disaggregation of Revenue [Line Items]      
Revenues 2,223 2,112 1,755
Other      
Disaggregation of Revenue [Line Items]      
Revenues 74 155 239
Operating Segments | NIKE Brand      
Disaggregation of Revenue [Line Items]      
Revenues 44,714 49,322 48,763
Operating Segments | NIKE Brand | Sales to Wholesale Customers      
Disaggregation of Revenue [Line Items]      
Revenues 25,883 27,758 27,397
Operating Segments | NIKE Brand | Sales through Direct to Consumer      
Disaggregation of Revenue [Line Items]      
Revenues 18,783 21,519 21,308
Operating Segments | NIKE Brand | Other      
Disaggregation of Revenue [Line Items]      
Revenues 48 45 58
Operating Segments | NIKE Brand | Footwear      
Disaggregation of Revenue [Line Items]      
Revenues 29,510 33,427 33,135
Operating Segments | NIKE Brand | Apparel      
Disaggregation of Revenue [Line Items]      
Revenues 12,965 13,775 13,843
Operating Segments | NIKE Brand | Equipment      
Disaggregation of Revenue [Line Items]      
Revenues 2,191 2,075 1,727
Operating Segments | NIKE Brand | Other      
Disaggregation of Revenue [Line Items]      
Revenues 48 45 58
Operating Segments | CONVERSE      
Disaggregation of Revenue [Line Items]      
Revenues 1,692 2,082 2,427
Operating Segments | CONVERSE | Sales to Wholesale Customers      
Disaggregation of Revenue [Line Items]      
Revenues 875 1,098 1,299
Operating Segments | CONVERSE | Sales through Direct to Consumer      
Disaggregation of Revenue [Line Items]      
Revenues 694 832 974
Operating Segments | CONVERSE | Other      
Disaggregation of Revenue [Line Items]      
Revenues 123 152 154
Operating Segments | CONVERSE | Footwear      
Disaggregation of Revenue [Line Items]      
Revenues 1,457 1,800 2,155
Operating Segments | CONVERSE | Apparel      
Disaggregation of Revenue [Line Items]      
Revenues 80 93 90
Operating Segments | CONVERSE | Equipment      
Disaggregation of Revenue [Line Items]      
Revenues 32 37 28
Operating Segments | CONVERSE | Other      
Disaggregation of Revenue [Line Items]      
Revenues 123 152 154
GLOBAL BRAND DIVISIONS | NIKE Brand      
Disaggregation of Revenue [Line Items]      
Revenues 48 45 58
GLOBAL BRAND DIVISIONS | NIKE Brand | Other      
Disaggregation of Revenue [Line Items]      
Revenues 48 45 58
GLOBAL BRAND DIVISIONS | NIKE Brand | Other      
Disaggregation of Revenue [Line Items]      
Revenues 48 45 58
CORPORATE      
Disaggregation of Revenue [Line Items]      
Revenues (97) (42) 27
CORPORATE | Other      
Disaggregation of Revenue [Line Items]      
Revenues (97) (42) 27
CORPORATE | Other      
Disaggregation of Revenue [Line Items]      
Revenues (97) (42) 27
NORTH AMERICA | Operating Segments | NIKE Brand      
Disaggregation of Revenue [Line Items]      
Revenues 19,572 21,396 21,608
NORTH AMERICA | Operating Segments | NIKE Brand | Sales to Wholesale Customers      
Disaggregation of Revenue [Line Items]      
Revenues 10,484 11,004 11,273
NORTH AMERICA | Operating Segments | NIKE Brand | Sales through Direct to Consumer      
Disaggregation of Revenue [Line Items]      
Revenues 9,088 10,392 10,335
NORTH AMERICA | Operating Segments | NIKE Brand | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
NORTH AMERICA | Operating Segments | NIKE Brand | Footwear      
Disaggregation of Revenue [Line Items]      
Revenues 12,684 14,537 14,897
NORTH AMERICA | Operating Segments | NIKE Brand | Apparel      
Disaggregation of Revenue [Line Items]      
Revenues 5,837 5,953 5,947
NORTH AMERICA | Operating Segments | NIKE Brand | Equipment      
Disaggregation of Revenue [Line Items]      
Revenues 1,051 906 764
NORTH AMERICA | Operating Segments | NIKE Brand | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand      
Disaggregation of Revenue [Line Items]      
Revenues 12,257 13,607 13,418
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Sales to Wholesale Customers      
Disaggregation of Revenue [Line Items]      
Revenues 8,022 8,562 8,522
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Sales through Direct to Consumer      
Disaggregation of Revenue [Line Items]      
Revenues 4,235 5,045 4,896
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Footwear      
Disaggregation of Revenue [Line Items]      
Revenues 7,569 8,473 8,260
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Apparel      
Disaggregation of Revenue [Line Items]      
Revenues 3,971 4,380 4,566
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Equipment      
Disaggregation of Revenue [Line Items]      
Revenues 717 754 592
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
GREATER CHINA | Operating Segments | NIKE Brand      
Disaggregation of Revenue [Line Items]      
Revenues 6,586 7,545 7,248
GREATER CHINA | Operating Segments | NIKE Brand | Sales to Wholesale Customers      
Disaggregation of Revenue [Line Items]      
Revenues 3,699 4,262 3,866
GREATER CHINA | Operating Segments | NIKE Brand | Sales through Direct to Consumer      
Disaggregation of Revenue [Line Items]      
Revenues 2,887 3,283 3,382
GREATER CHINA | Operating Segments | NIKE Brand | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
GREATER CHINA | Operating Segments | NIKE Brand | Footwear      
Disaggregation of Revenue [Line Items]      
Revenues 4,805 5,552 5,435
GREATER CHINA | Operating Segments | NIKE Brand | Apparel      
Disaggregation of Revenue [Line Items]      
Revenues 1,616 1,828 1,666
GREATER CHINA | Operating Segments | NIKE Brand | Equipment      
Disaggregation of Revenue [Line Items]      
Revenues 165 165 147
GREATER CHINA | Operating Segments | NIKE Brand | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand      
Disaggregation of Revenue [Line Items]      
Revenues 6,251 6,729 6,431
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Sales to Wholesale Customers      
Disaggregation of Revenue [Line Items]      
Revenues 3,678 3,930 3,736
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Sales through Direct to Consumer      
Disaggregation of Revenue [Line Items]      
Revenues 2,573 2,799 2,695
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Footwear      
Disaggregation of Revenue [Line Items]      
Revenues 4,452 4,865 4,543
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Apparel      
Disaggregation of Revenue [Line Items]      
Revenues 1,541 1,614 1,664
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Equipment      
Disaggregation of Revenue [Line Items]      
Revenues 258 250 224
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Other      
Disaggregation of Revenue [Line Items]      
Revenues $ 0 $ 0 $ 0
v3.25.2
REVENUES - Additional Information (Details) - USD ($)
$ in Millions
May 31, 2025
May 31, 2024
Revenue from Contract with Customer [Abstract]    
Allowance for sales discounts and returns $ 1,834 $ 1,282
Refund liability 1,277 799
Reserve for product returns $ 528 $ 331
v3.25.2
SEGMENT INFORMATION - Information by Operating Segments (Details) - USD ($)
$ in Millions
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]      
Revenues $ 46,309 $ 51,362 $ 51,217
Cost of sales 26,519 28,475 28,925
Gross profit 19,790 22,887 22,292
Demand creation expense 4,689 4,285 4,060
Operating overhead expense 11,399 12,291 12,317
Total selling and administrative expense 16,088 16,576 16,377
Other segment items (76) (228) (280)
Interest expense (income), net (107) (161) (6)
Income before income taxes 3,885 6,700 6,201
Depreciation and amortization 775 796 703
Inventories 7,489 7,519 8,454
Operating Segments | NIKE Brand      
Segment Reporting, Asset Reconciling Item [Line Items]      
Revenues 44,714 49,322 48,763
Cost of sales 25,717 27,490 27,242
Gross profit 18,997 21,832 21,521
Demand creation expense 4,521 4,131 3,888
Operating overhead expense 8,807 9,060 9,389
Total selling and administrative expense 13,328 13,191 13,277
Other segment items (71) (43) (115)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES 5,740 8,684 8,359
Depreciation and amortization 636 641 555
Inventories 7,244 7,208 8,072
Operating Segments | NIKE Brand | NORTH AMERICA      
Segment Reporting, Asset Reconciling Item [Line Items]      
Revenues 19,572 21,396 21,608
Cost of sales 11,056 11,899 12,497
Gross profit 8,516 9,497 9,111
Demand creation expense 1,633 1,495 1,455
Operating overhead expense 2,150 2,189 2,207
Total selling and administrative expense 3,783 3,684 3,662
Other segment items (2) (9) (5)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES 4,735 5,822 5,454
Depreciation and amortization 157 152 128
Inventories 3,198 3,134 3,806
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA      
Segment Reporting, Asset Reconciling Item [Line Items]      
Revenues 12,257 13,607 13,418
Cost of sales 6,967 7,589 7,340
Gross profit 5,290 6,018 6,078
Demand creation expense 1,222 1,114 1,050
Operating overhead expense 1,479 1,517 1,500
Total selling and administrative expense 2,701 2,631 2,550
Other segment items 14 (1) (3)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES 2,575 3,388 3,531
Depreciation and amortization 143 146 120
Inventories 2,042 2,028 2,167
Operating Segments | NIKE Brand | GREATER CHINA      
Segment Reporting, Asset Reconciling Item [Line Items]      
Revenues 6,586 7,545 7,248
Cost of sales 3,558 3,761 3,552
Gross profit 3,028 3,784 3,696
Demand creation expense 529 519 499
Operating overhead expense 973 1,019 1,012
Total selling and administrative expense 1,502 1,538 1,511
Other segment items (76) (63) (98)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES 1,602 2,309 2,283
Depreciation and amortization 49 56 54
Inventories 951 1,070 973
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA      
Segment Reporting, Asset Reconciling Item [Line Items]      
Revenues 6,251 6,729 6,431
Cost of sales 3,502 3,639 3,337
Gross profit 2,749 3,090 3,094
Demand creation expense 421 407 373
Operating overhead expense 804 801 789
Total selling and administrative expense 1,225 1,208 1,162
Other segment items (3) (3) 0
EARNINGS (LOSS) BEFORE INTEREST AND TAXES 1,527 1,885 1,932
Depreciation and amortization 50 51 42
Inventories 905 810 894
Operating Segments | CONVERSE      
Segment Reporting, Asset Reconciling Item [Line Items]      
Revenues 1,692 2,082 2,427
Cost of sales 868 989 1,121
Gross profit 824 1,093 1,306
Demand creation expense 156 140 138
Operating overhead expense 430 485 499
Total selling and administrative expense 586 625 637
Other segment items (2) (6) (7)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES 240 474 676
Depreciation and amortization 14 17 17
Inventories 272 296 305
GLOBAL BRAND DIVISIONS      
Segment Reporting, Asset Reconciling Item [Line Items]      
Depreciation and amortization 237    
GLOBAL BRAND DIVISIONS | NIKE Brand      
Segment Reporting, Asset Reconciling Item [Line Items]      
Revenues 48 45 58
Cost of sales 634 602 516
Gross profit (586) (557) (458)
Demand creation expense 716 596 511
Operating overhead expense 3,401 3,534 3,881
Total selling and administrative expense 4,117 4,130 4,392
Other segment items (4) 33 (9)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES (4,699) (4,720) (4,841)
Depreciation and amortization   236 211
Inventories 148 166 232
CORPORATE      
Segment Reporting, Asset Reconciling Item [Line Items]      
Revenues (97) (42) 27
Cost of sales (66) (4) 562
Gross profit (31) (38) (535)
Demand creation expense 12 14 34
Operating overhead expense 2,162 2,746 2,429
Total selling and administrative expense 2,174 2,760 2,463
Other segment items (3) (179) (158)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES (2,202) (2,619) (2,840)
Depreciation and amortization 125 138 131
Inventories $ (27) $ 15 $ 77
v3.25.2
SEGMENT INFORMATION - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]      
Revenues $ 46,309 $ 51,362 $ 51,217
United States      
Segment Reporting, Asset Reconciling Item [Line Items]      
Revenues $ 19,725 $ 21,551 $ 22,007
v3.25.2
SEGMENT INFORMATION- Long-lived Assets by Geographic Areas (Details) - USD ($)
$ in Millions
May 31, 2025
May 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
TOTAL LONG-LIVED ASSETS $ 7,540 $ 7,718
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
TOTAL LONG-LIVED ASSETS 4,467 4,837
Belgium    
Revenues from External Customers and Long-Lived Assets [Line Items]    
TOTAL LONG-LIVED ASSETS 774 757
China    
Revenues from External Customers and Long-Lived Assets [Line Items]    
TOTAL LONG-LIVED ASSETS 488 501
United Kingdom    
Revenues from External Customers and Long-Lived Assets [Line Items]    
TOTAL LONG-LIVED ASSETS 422 324
Other    
Revenues from External Customers and Long-Lived Assets [Line Items]    
TOTAL LONG-LIVED ASSETS $ 1,389 $ 1,299
v3.25.2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
$ in Millions
May 31, 2025
May 31, 2024
Commitments and Contingencies Disclosure [Abstract]    
Letters of credit outstanding $ 884 $ 768
v3.25.2
LEASES - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
Leases [Abstract]      
Operating lease cost $ 663 $ 618 $ 585
Variable lease cost $ 432 $ 433 $ 403
v3.25.2
LEASES - Maturities (Details)
$ in Millions
May 31, 2025
USD ($)
Leases [Abstract]  
Fiscal 2026 $ 565
Fiscal 2027 575
Fiscal 2028 487
Fiscal 2029 437
Fiscal 2030 389
Thereafter 885
Total undiscounted future cash flows related to lease payments 3,338
Less interest 286
Present value of lease liabilities 3,052
Minimum lease payments, agreements signed but not yet commenced $ 482
v3.25.2
LEASES - Lease Term and Discount Rate (Details)
May 31, 2025
May 31, 2024
Leases [Abstract]    
Weighted-average remaining lease term (in years) 6 years 7 months 6 days 6 years 10 months 24 days
Weighted-average discount rate 3.10% 2.90%
v3.25.2
LEASES - Supplemental Cash Flows (Details) - USD ($)
$ in Millions
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
Leases [Abstract]      
Cash paid for amounts included in the measurement of lease liabilities: $ 647 $ 613 $ 575
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities $ 607 $ 458 $ 602
v3.25.2
RESTRUCTURING (Details) - USD ($)
$ in Millions
 12 Months Ended
May 31, 2025
May 31, 2024
Restructuring Cost and Reserve [Line Items]    
Restructuring charges   $ 443
Payments for restructuring $ 247 123
Restructuring charges reflected in accrued liabilities   267
Operating overhead expense    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges   $ 379
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]   Operating overhead expense
Cost of sales    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges   $ 64
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]   Cost of sales
Employee severance and related costs    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges   $ 392
Stock-based compensation expense    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges   $ 51
v3.25.2
SUPPLIER FINANCE PROGRAMS - Additional Information (Details) - USD ($)
$ in Millions
May 31, 2025
May 31, 2024
Payables and Accruals [Abstract]    
Outstanding supplier obligations, current $ 1,101 $ 840
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration] Accounts payable Accounts payable
v3.25.2
SUPPLIER FINANCE PROGRAMS - Confirmed Obligations (Details)
$ in Millions
 12 Months Ended
May 31, 2025
USD ($)
Supplier Finance Program, Obligation [Roll Forward]  
Confirmed obligations outstanding as of May 31, 2024 $ 840
Invoices confirmed during the year 11,741
Confirmed invoices paid during the year (11,480)
Confirmed obligations outstanding as of May 31, 2025 $ 1,101