NIKE, INC., 10-Q filed on 10/1/2025
Quarterly Report
v3.25.2
COVER PAGE - shares
 3 Months Ended
Aug. 31, 2025
Sep. 24, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Aug. 31, 2025  
Document Transition Report false  
Entity File Number 1-10635  
Entity Registrant Name NIKE, Inc.  
Entity Incorporation, State or Country Code OR  
Entity Tax Identification Number 93-0584541  
Entity Address, Address Line One One Bowerman Drive  
Entity Address, City or Town Beaverton  
Entity Address, State or Province OR  
Entity Address, Postal Zip Code 97005-6453  
City Area Code 503  
Local Phone Number 671-6453  
Title of 12(b) Security Class B Common Stock  
Trading Symbol NKE  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0000320187  
Current Fiscal Year End Date --05-31  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock Shares Outstanding   288,887,752
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock Shares Outstanding   1,189,313,611
v3.25.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Income Statement [Abstract]    
Revenues $ 11,720 $ 11,589
Cost of sales 6,777 6,332
Gross profit 4,943 5,257
Demand creation expense 1,188 1,226
Operating overhead expense 2,828 2,822
Total selling and administrative expense 4,016 4,048
Interest expense (income), net (18) (43)
Other (income) expense, net 23 (55)
Income before income taxes 922 1,307
Income tax expense 195 256
NET INCOME $ 727 $ 1,051
Earnings per common share:    
Basic (in dollars per share) $ 0.49 $ 0.70
Diluted (in dollars per share) $ 0.49 $ 0.70
Weighted average common shares outstanding:    
Basic (in shares) 1,476.6 1,497.7
Diluted (in shares) 1,479.0 1,502.0
v3.25.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 727 $ 1,051
Other comprehensive income (loss), net of tax:    
Change in net foreign currency translation adjustment 134 138
Change in net gains (losses) on cash flow hedges (186) (227)
Change in net gains (losses) on other 2 9
Total other comprehensive income (loss), net of tax (50) (80)
TOTAL COMPREHENSIVE INCOME $ 677 $ 971
v3.25.2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Aug. 31, 2025
May 31, 2025
Current assets:    
Cash and equivalents $ 7,024 $ 7,464
Short-term investments 1,551 1,687
Accounts receivable, net 4,962 4,717
Inventories 8,114 7,489
Prepaid expenses and other current assets 2,247 2,005
Total current assets 23,898 23,362
Property, plant and equipment, net 4,861 4,828
Operating lease right-of-use assets, net 2,727 2,712
Identifiable intangible assets, net 259 259
Goodwill 240 240
Deferred income taxes and other assets 5,349 5,178
TOTAL ASSETS 37,334 36,579
Current liabilities:    
Notes payable 4 5
Accounts payable 3,772 3,479
Current portion of operating lease liabilities 506 502
Accrued liabilities 5,923 5,911
Income taxes payable 706 669
Total current liabilities 10,911 10,566
Long-term debt 7,996 7,961
Operating lease liabilities 2,555 2,550
Deferred income taxes and other liabilities 2,404 2,289
Commitments and contingencies (Note 11)
Redeemable preferred stock 0 0
Shareholders' equity:    
Capital in excess of stated value 14,473 14,195
Accumulated other comprehensive income (loss) (308) (258)
Retained earnings (deficit) (700) (727)
Total shareholders' equity 13,468 13,213
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 37,334 36,579
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
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares
shares in Millions
Aug. 31, 2025
May 31, 2025
Class A Convertible Common Stock    
Shareholders' equity:    
Common stock, outstanding (in shares) 289 290
Class B Common Stock    
Shareholders' equity:    
Common stock, outstanding (in shares) 1,188 1,186
v3.25.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Cash provided (used) by operations:    
Net income $ 727 $ 1,051
Adjustments to reconcile net income to net cash provided (used) by operations:    
Depreciation and amortization 190 188
Deferred income taxes (25) (53)
Stock-based compensation 185 183
Impairment and other 8 (4)
Net foreign currency adjustments 34 (7)
Changes in certain working capital components and other assets and liabilities:    
(Increase) decrease in accounts receivable (215) (312)
(Increase) decrease in inventories (610) (679)
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets (165) (265)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities 93 292
Cash provided (used) by operations 222 394
Cash provided (used) by investing activities:    
Purchases of short-term investments (355) (968)
Maturities of short-term investments 209 144
Sales of short-term investments 294 778
Additions to property, plant and equipment (207) (120)
Cash provided (used) by investing activities (59) (166)
Cash provided (used) by financing activities:    
Increase (decrease) in notes payable, net (1) 6
Proceeds from exercise of stock options and other stock issuances 127 131
Repurchase of common stock (126) (1,184)
Dividends — common and preferred (591) (558)
Other financing activities (7) (17)
Cash provided (used) by financing activities (598) (1,622)
Effect of exchange rate changes on cash and equivalents (5) 19
Net increase (decrease) in cash and equivalents (440) (1,375)
Cash and equivalents, beginning of period 7,464 9,860
CASH AND EQUIVALENTS, END OF PERIOD 7,024 8,485
Supplemental disclosure of cash flow information:    
Non-cash additions to property, plant and equipment 101 48
Dividends declared and not paid $ 594 $ 554
v3.25.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
shares in Millions, $ in Millions
Total
CAPITAL IN EXCESS OF STATED VALUE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
RETAINED EARNINGS (DEFICIT)
Class A Common Stock
Class A Common Stock
COMMON STOCK
Class B Common Stock
Class B Common Stock
COMMON STOCK
Beginning Balance (in shares) at May. 31, 2024           298   1,205
Beginning Balance at May. 31, 2024 $ 14,430 $ 13,409 $ 53 $ 965       $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               3
Stock options exercised 124 124            
Repurchase of Class B Common Stock (in shares)               (15)
Repurchase of Class B Common Stock (1,193) (132)   (1,061)        
Dividends on common stock and preferred stock (554)     (554)        
Issuance of shares to employees, net of shares withheld for employee taxes (17) (27)   10        
Stock-based compensation 183 183            
Net income 1,051     1,051        
Other comprehensive income (loss) (80)   (80)          
Ending Balance (in shares) at Aug. 31, 2024           298   1,193
Ending Balance at Aug. 31, 2024 13,944 13,557 (27) 411       $ 3
Beginning Balance (in shares) at May. 31, 2025         290 290 1,186 1,186
Beginning Balance at May. 31, 2025 13,213 14,195 (258) (727)       $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               3
Stock options exercised 126 126            
Conversion to Class B Common Stock (in shares)           (1)   1
Repurchase of Class B Common Stock (in shares)               (2)
Repurchase of Class B Common Stock (123) (17)   (106)        
Dividends on common stock and preferred stock (594)     (594)        
Issuance of shares to employees, net of shares withheld for employee taxes (16) (16)          
Stock-based compensation 185 185            
Net income 727     727        
Other comprehensive income (loss) (50)   (50)          
Ending Balance (in shares) at Aug. 31, 2025         289 289 1,188 1,188
Ending Balance at Aug. 31, 2025 $ 13,468 $ 14,473 $ (308) $ (700)       $ 3
v3.25.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Dividends declared per common share (in dollars per share) $ 0.40 $ 0.37
Dividends declared per preferred share (in dollars per share) $ 0.10 $ 0.10
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Aug. 31, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The Unaudited Condensed Consolidated Financial Statements include the accounts of NIKE, Inc. and its subsidiaries (the "Company" or "NIKE") and reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the results of operations for the interim period. The year-end Condensed Consolidated Balance Sheet data as of May 31, 2025, was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("U.S. GAAP"). The interim financial information and notes thereto should be read in conjunction with the Company's latest Annual Report on Form 10-K for the fiscal year ended May 31, 2025 (the "Annual Report"). The results of operations for the three months ended August 31, 2025, are not necessarily indicative of results for the entire fiscal year.
RECENT ACCOUNTING PRONOUNCEMENTS
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 and may be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company's annual periods beginning June 1, 2027, and interim periods beginning June 1, 2028, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
v3.25.2
ACCRUED LIABILITIES
 3 Months Ended
Aug. 31, 2025
Accrued Liabilities, Current [Abstract]  
ACCRUED LIABILITIES
NOTE 2 — ACCRUED LIABILITIES
Accrued liabilities included the following:
AUGUST 31,MAY 31,
(Dollars in millions)20252025
Sales-related reserves$1,788 $1,834 
Compensation and benefits, excluding taxes1,244 1,245 
Dividends payable599 598 
Other2,292 2,234
TOTAL ACCRUED LIABILITIES$5,923 $5,911 
v3.25.2
FAIR VALUE MEASUREMENTS
 3 Months Ended
Aug. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
NOTE 3 — FAIR VALUE MEASUREMENTS
The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities.
The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of August 31, 2025 and May 31, 2025, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
AUGUST 31, 2025
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,409 $1,409 $— 
Level 1:
U.S. Treasury securities897 — 897 
Level 2:
Commercial paper and bonds672 35 637 
Money market funds5,309 5,309 — 
Time deposits271 271 — 
U.S. Agency securities17 — 17 
Total Level 26,269 5,615 654 
TOTAL$8,575 $7,024 $1,551 
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 
As of August 31, 2025, the Company held $582 million of available-for-sale debt securities with maturity dates within one year and $969 million with maturity dates greater than one year and less than five years in Short-term investments on the Unaudited Condensed Consolidated Balance Sheets. The fair value of the Company's available-for-sale debt securities approximates their amortized cost.
Included in Interest expense (income), net was interest income related to the Company's investment portfolio of $83 million and $120 million for the three months ended August 31, 2025 and 2024, respectively.
The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
AUGUST 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)
$133 $107 $26 $518 $348 $170 
Interest rate swaps(1)
55 — 55 — — — 
TOTAL$188 $107 $81 $518 $348 $170 
(1)If the foreign exchange and interest rate swap derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $188 million as of August 31, 2025. As of that date, the Company posted $175 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, 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.
For additional information related to the Company's derivative financial instruments and credit risk, refer to Note 7 — Risk Management and Derivatives.
The carrying amounts of other current financial assets and other current financial liabilities approximate fair value.
FINANCIAL ASSETS AND LIABILITIES NOT RECORDED AT FAIR VALUE
The Company's Long-term debt is recorded at adjusted cost, net of unamortized premiums, discounts, debt issuance costs and interest rate swap fair value adjustments. The fair value of long-term debt is estimated based upon quoted prices for similar instruments or quoted prices for identical instruments in inactive markets (Level 2). The fair value of the Company's Long-term debt, excluding interest rate swap fair value adjustments, was approximately $6,794 million at August 31, 2025 and $6,673 million at May 31, 2025.
v3.25.2
INCOME TAXES
 3 Months Ended
Aug. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES
NOTE 4 — INCOME TAXES
The effective tax rate was 21.1% and 19.6% for the three months ended August 31, 2025 and 2024, respectively. The increase in the Company's effective tax rate was primarily due to decreased benefits from stock-based compensation.
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 were effective for NIKE beginning June 1, 2025. Based on the Company's current analysis of the provisions, the Company does not expect these tax law changes to have a material impact on the Company's financial statements; however, the Company will continue to evaluate their impact as further information becomes available.
As of August 31, 2025, total gross unrecognized tax benefits, excluding related interest and penalties, were $1,021 million, $748 million of which would affect the Company's effective tax rate if recognized in future periods. The majority of total gross unrecognized tax benefits are long-term in nature and included within Deferred income taxes and other liabilities on the Unaudited Condensed Consolidated Balance Sheets. As of May 31, 2025, total gross unrecognized tax benefits, excluding related interest and penalties, were $1,026 million. As of August 31, 2025 and May 31, 2025, accrued interest and penalties
related to uncertain tax positions were $392 million and $376 million, respectively, (excluding federal benefit) and included within Deferred income taxes and other liabilities on the Unaudited Condensed Consolidated Balance Sheets.
The Company is subject to taxation in the U.S., as well as various state and foreign jurisdictions. The Company is currently under audit by the U.S. Internal Revenue Service ("IRS") for fiscal years 2017 through 2023. The Company has closed all U.S. federal income tax matters through fiscal year 2016, with the exception of certain transfer pricing adjustments. In certain major foreign jurisdictions, tax years after 2014 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 $228 million within the next 12 months primarily as a result of the expected resolution with the IRS of certain U.S. federal income tax matters for fiscal years 2017 through 2019 related to transfer pricing adjustments, research and development credits and other items.
In January 2019, the European Commission opened a formal investigation to examine whether the Netherlands has breached State Aid rules when granting certain tax rulings to the Company. The Company believes the investigation is without merit. If this matter is adversely resolved, the Netherlands may be required to assess additional amounts with respect to prior periods, and the Company's income taxes related to prior periods in the Netherlands could increase.
v3.25.2
STOCK-BASED COMPENSATION
 3 Months Ended
Aug. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
STOCK-BASED COMPENSATION
NOTE 5 — STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION
The NIKE, Inc. Stock Incentive Plan (the "Stock Incentive Plan") provides for the issuance of up to 843 million previously unissued shares of Class B Common Stock in connection with equity awards granted under the Stock Incentive Plan. The Stock Incentive Plan authorizes the grant of non-statutory stock options, incentive stock options, stock appreciation rights and stock awards, including restricted stock and restricted stock units. Restricted stock units include both time-vesting restricted stock units as well as performance-based restricted stock units ("PSUs"). In addition to the Stock Incentive Plan, the Company gives employees the right to purchase shares at a discount from the market price under employee stock purchase plans ("ESPPs").
The following table summarizes the Company's total stock-based compensation expense recognized within Cost of sales or Operating overhead expense, as applicable: 
 THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)
20252024
Stock options(1)
$76 $71 
ESPPs15 13 
Restricted stock and restricted stock units(2)
94 99 
TOTAL STOCK-BASED COMPENSATION EXPENSE$185 $183 
(1)Expense for stock options includes the expense associated with stock appreciation rights.
(2)Expense for restricted stock units includes an immaterial amount of expense for PSUs.
STOCK OPTIONS
As of August 31, 2025, the Company had $309 million of unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized within Cost of sales or Operating overhead expense, as applicable, over a weighted average remaining period of 2.4 years.
RESTRICTED STOCK AND RESTRICTED STOCK UNITS
As of August 31, 2025, the Company had $522 million of unrecognized compensation costs from restricted stock and restricted stock units, net of estimated forfeitures, to be recognized within Cost of sales or Operating overhead expense, as applicable, over a weighted average remaining period of 2.3 years.
v3.25.2
EARNINGS PER SHARE
 3 Months Ended
Aug. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
NOTE 6 — 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 68.3 million and 61.1 million shares of common stock outstanding for the three months ended August 31, 2025 and 2024, respectively, because the awards were assumed to be anti-dilutive.
 THREE MONTHS ENDED AUGUST 31,
(In millions, except per share data)
20252024
Net income available to common stockholders$727 $1,051 
Determination of shares:
Weighted average common shares outstanding1,476.6 1,497.7 
Assumed conversion of dilutive stock options and awards2.4 4.3 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING1,479.0 1,502.0 
Earnings per common share:
Basic$0.49 $0.70 
Diluted$0.49 $0.70 
v3.25.2
RISK MANAGEMENT AND DERIVATIVES
 3 Months Ended
Aug. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
RISK MANAGEMENT AND DERIVATIVES
NOTE 7 — RISK MANAGEMENT AND DERIVATIVES
The Company is exposed to global market risks, including the effect of changes in foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. As of and for the three months ended August 31, 2025, there have been no material changes to the Company's hedging program or strategy from what was disclosed within the Annual Report.
The majority of derivatives outstanding as of August 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 Unaudited Condensed Consolidated Balance Sheets at fair value and classified based on the instrument's maturity date.
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONAUGUST 31,MAY 31,
(Dollars in millions)
20252025
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$95 $75 
Foreign exchange forwards and optionsDeferred income taxes and other assets26 22 
Interest rate swaps
Deferred income taxes and other assets
55 24 
Total derivatives formally designated as hedging instruments176 121 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets12 10 
Total derivatives not designated as hedging instruments12 10 
TOTAL DERIVATIVE ASSETS$188 $131 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONAUGUST 31,MAY 31,
(Dollars in millions)
20252025
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$339 $216 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities170 142 
Interest rate swaps
Deferred income taxes and other liabilities
— 3 
Total derivatives formally designated as hedging instruments509 361 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities9 10 
Total derivatives not designated as hedging instruments9 10 
TOTAL DERIVATIVE LIABILITIES$518 $371 
The following tables present the amounts affecting the Unaudited Condensed Consolidated Statements of Income:

(Dollars in millions)
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES(1)
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME(1)
THREE MONTHS ENDED AUGUST 31,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		THREE MONTHS ENDED AUGUST 31,
2025202420252024
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$43 $(44)Revenues$(7)$(21)
Foreign exchange forwards and options(153)(98)Cost of sales50 70 
Foreign exchange forwards and options(48)(29)Other (income) expense, net(14)30 
Interest rate swaps(2)
— — Interest expense (income), net(2)(2)
TOTAL DESIGNATED CASH FLOW HEDGES $(158)$(171)$27 $77 
(1)For the three months ended August 31, 2025 and 2024, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.
AMOUNT OF GAIN (LOSS) RECOGNIZED
IN INCOME ON DERIVATIVES		LOCATION OF GAIN (LOSS)
RECOGNIZED IN INCOME
ON DERIVATIVES
THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)
20252024
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options$17 $— Other (income) expense, net
CASH FLOW HEDGES
The total notional amount of outstanding foreign currency derivatives designated as cash flow hedges was approximately $18.5 billion and $18.4 billion as of August 31, 2025 and May 31, 2025, respectively. Approximately $183 million of deferred net losses (net of tax) on both outstanding and matured derivatives in Accumulated other comprehensive income (loss) as of August 31, 2025, are expected to be reclassified to Net income during the next 12 months concurrent with the underlying hedged transactions also being recorded in Net income. Actual amounts ultimately reclassified to Net income are dependent on the exchange rates in effect when derivative contracts currently outstanding mature. As of August 31, 2025, the maximum term over which the Company hedges exposures to the variability of cash flows for its forecasted transactions was 33 months.
FAIR VALUE HEDGES
The total notional amount of outstanding interest rate swap contracts designated as fair value hedges was $2.4 billion as of August 31, 2025 and May 31, 2025.
UNDESIGNATED DERIVATIVE INSTRUMENTS
The total notional amount of outstanding undesignated derivative instruments was $4.1 billion and $4.0 billion as of August 31, 2025 and May 31, 2025, respectively.
CREDIT RISK
As of August 31, 2025, the Company was in compliance with all credit risk-related contingent features and considers the impact of the risk of counterparty default to be immaterial. For additional information related to the Company's derivative financial instruments and collateral, refer to Note 3 — Fair Value Measurements.
v3.25.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 3 Months Ended
Aug. 31, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
NOTE 8 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2025$(114)$(207)$115 $(52)$(258)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
134 (155)— 2 (19)
Reclassifications to net income of previously deferred (gains) losses(2)(3)
— (31)— — (31)
Total other comprehensive income (loss)134 (186)— 2 (50)
Balance at August 31, 2025$20 $(393)$115 $(50)$(308)
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(3)Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2024$(256)$247 $115 $(53)$53 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
137 (151)— 7 (7)
Reclassifications to net income of previously deferred (gains) losses(2)(3)
1 (76)— 2 (73)
Total other comprehensive income (loss)138 (227)— 9 (80)
Balance at August 31, 2024$(118)$20 $115 $(44)$(27)
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(3)Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other.
For additional information related to the Company's cash flow hedges refer to Note 7 — Risk Management and Derivatives.
v3.25.2
REVENUES
 3 Months Ended
Aug. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES
NOTE 9 — REVENUES
DISAGGREGATION OF REVENUES
The following tables present the Company's Revenues by reportable operating segment, disaggregated by major product line and distribution channel:
THREE MONTHS ENDED AUGUST 31, 2025
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,219 $2,021 $1,109 $1,061 $— $7,410 $321 $— $7,731 
Apparel1,474 1,106 362 371 — 3,313 11 — 3,324 
Equipment327 204 41 58 — 630 8 — 638 
Other— — — — 9 9 26 (8)27 
TOTAL REVENUES$5,020 $3,331 $1,512 $1,490 $9 $11,362 $366 $(8)$11,720 
Revenues by:
Sales to Wholesale Customers$2,736 $2,261 $893 $949 $— $6,839 $195 $— $7,034 
Sales through Direct to Consumer2,284 1,070 619 541 — 4,514 145 — 4,659 
Other— — — — 9 9 26 (8)27 
TOTAL REVENUES$5,020 $3,331 $1,512 $1,490 $9 $11,362 $366 $(8)$11,720 

THREE MONTHS ENDED AUGUST 31, 2024
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,212 $1,952 $1,246 $1,052 $— $7,462 $436 $— $7,898 
Apparel1,331 993 360 348 — 3,032 17 — 3,049 
Equipment283 198 60 62 — 603 12 — 615 
Other— — — — 14 14 36 (23)27 
TOTAL REVENUES$4,826 $3,143 $1,666 $1,462 $14 $11,111 $501 $(23)$11,589 
Revenues by:
Sales to Wholesale Customers$2,475 $2,074 $971 $890 $— $6,410 $275 $— $6,685 
Sales through Direct to Consumer2,351 1,069 695 572 — 4,687 190 — 4,877 
Other— — — — 14 14 36 (23)27 
TOTAL REVENUES$4,826 $3,143 $1,666 $1,462 $14 $11,111 $501 $(23)$11,589 
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 August 31, 2025 and May 31, 2025, the Company did not have any contract assets and had an immaterial amount of contract liabilities recorded in Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets.
v3.25.2
SEGMENT INFORMATION
 3 Months Ended
Aug. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 10 — 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 Unaudited Condensed Consolidated Statements of Income.
The Company's segments are defined as follows:
NIKE BRAND
The NIKE Brand reportable operating segments are: North America; Europe, Middle East & Africa ("EMEA"); Greater China; and Asia Pacific & Latin America ("APLA"), and include results for the NIKE and Jordan brands. Each NIKE Brand segment represents a geographic region operating predominantly in one industry: the design, development, marketing and selling of athletic footwear, apparel and equipment.
Global Brand Divisions is included within NIKE Brand for presentation purposes to align with the way management views the Company. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. Global Brand Divisions primarily represents costs, including product creation and design expenses, that are centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology.
CONVERSE
Converse operates in one industry: the design, marketing, licensing and selling of casual sneakers, apparel and accessories.
CORPORATE
Corporate 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.
THREE MONTHS ENDED AUGUST 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
$5,020 $3,331 $1,512 $1,490 $9 $11,362 $366 $(8)$11,720 
Cost of Sales
2,897 1,900 798 838 168 6,601 193 (17)6,777 
Gross profit
2,123 1,431 714 652 (159)4,761 173 9 4,943 
Demand creation expense
442 313 99 97 203 1,154 33 1 1,188 
Operating overhead expense
547 382 238 208 831 2,206 102 520 2,828 
Total selling and administrative expense
989 695 337 305 1,034 3,360 135 521 4,016 
Other segment items(1)
— 1 — (3)(1)(3)(1)27 23 
EARNINGS (LOSS) BEFORE INTEREST AND TAXES
$1,134 $735 $377 $350 $(1,192)$1,404 $39 $(539)
Interest expense (income), net
(18)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES
$922 
Supplemental information:
  Depreciation and amortization(2)
$38 39 12 16 54 159 2 29 $190 
(1)At NIKE Brand segments and Converse, other segment items consist of unusual or non-operating transactions that occur outside the normal course of business. At Corporate, this also includes foreign currency conversion gains and losses from the remeasurement of monetary assets and liabilities denominated in non-functional currencies and the impact of certain foreign currency derivative instruments.
(2)The amounts of depreciation and amortization disclosed by segment are included within Cost of sales and Operating overhead expense, as applicable.

THREE MONTHS ENDED AUGUST 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
$4,826 $3,143 $1,666 $1,462 $14 $11,111 $501 $(23)$11,589 
Cost of Sales
2,627 1,695 855 782 153 6,112 233 (13)6,332 
Gross profit
2,199 1,448 811 680 (139)4,999 268 (10)5,257 
Demand creation expense
452 290 114 90 242 1,188 35 3 1,226 
Operating overhead expense
529 366 240 188 846 2,169 113 540 2,822 
Total selling and administrative expense
981 656 354 278 1,088 3,357 148 543 4,048 
Other segment items(1)
2 — (45)— — (43)(1)(11)(55)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES
$1,216 $792 $502 $402 $(1,227)$1,685 $121 $(542)
Interest expense (income), net
(43)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES
$1,307 
Supplemental information:
  Depreciation and amortization(2)
$36 35 13 11 57 152 4 32 $188 
(1)At NIKE Brand segments and Converse, other segment items consist of unusual or non-operating transactions that occur outside the normal course of business. At Corporate, this also includes foreign currency conversion gains and losses from the remeasurement of monetary assets and liabilities denominated in non-functional currencies and the impact of certain foreign currency derivative instruments.
(2)The amounts of depreciation and amortization disclosed by segment are included within Cost of sales and Operating overhead expense, as applicable.
AUGUST 31,MAY 31,
(Dollars in millions)
20252025
INVENTORIES(1)
North America$3,524 $3,198 
Europe, Middle East & Africa2,128 2,042 
Greater China1,097 951 
Asia Pacific & Latin America1,066 905 
Global Brand Divisions
142 148 
TOTAL NIKE BRAND
7,957 7,244 
Converse247 272 
Corporate
(90)(27)
TOTAL NIKE, INC. INVENTORIES
$8,114 $7,489 
(1)Inventories as of August 31, 2025 and May 31, 2025 were substantially all finished goods.
v3.25.2
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Aug. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
NOTE 11 — COMMITMENTS AND CONTINGENCIES
In the ordinary course of business, the Company is subject to various legal proceedings, claims and government investigations relating to its business, products and actions of its employees and representatives, including contractual and employment relationships, product liability, antitrust, customs, tax, intellectual property and other matters. The outcome of these legal matters is inherently uncertain, and the Company cannot predict the eventual outcome of currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or consequences relating to those matters. When a loss related to a legal proceeding or claim is probable and reasonably estimable, the Company accrues its best estimate for the ultimate resolution of the matter. If one or more legal matters were to be resolved against the Company in a reporting period for amounts above management's expectations, the Company's financial position, operating results and cash flows for that reporting period could be materially adversely affected. In the opinion of management, based on its current knowledge and after consultation with counsel, the Company does not believe any currently pending legal matters will have a material adverse impact on the Company's results of operations, financial position or cash flows, except as described below.
BELGIAN CUSTOMS CLAIM
The Company has received claims for certain years from Belgian Customs for alleged underpaid duties related to products imported beginning in fiscal 2018. The Company disputes these claims and has engaged in the appellate process. The Company has issued bank guarantees in order to appeal the claims. At this time, the Company is unable to estimate the range of loss and cannot predict the final outcome as it could take several years to reach a resolution on this matter. If this matter is ultimately resolved against the Company, the amounts owed, including fines, penalties and other consequences relating to the matter, could have a material adverse effect on the Company's results of operations, financial position and cash flows.
v3.25.2
SUPPLIER FINANCE PROGRAMS
 3 Months Ended
Aug. 31, 2025
Payables and Accruals [Abstract]  
SUPPLIER FINANCE PROGRAMS
NOTE 12 — 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 August 31, 2025 and May 31, 2025, the Company had $1,314 million and $1,101 million, respectively, of outstanding supplier obligations confirmed as valid under these programs. These amounts are included within Accounts payable on the Unaudited Condensed Consolidated Balance Sheets.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Pay vs Performance Disclosure    
Net income $ 727 $ 1,051
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Aug. 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
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Aug. 31, 2025
Accounting Policies [Abstract]  
BASIS OF PRESENTATION
The Unaudited Condensed Consolidated Financial Statements include the accounts of NIKE, Inc. and its subsidiaries (the "Company" or "NIKE") and reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the results of operations for the interim period. The year-end Condensed Consolidated Balance Sheet data as of May 31, 2025, was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("U.S. GAAP"). The interim financial information and notes thereto should be read in conjunction with the Company's latest Annual Report on Form 10-K for the fiscal year ended May 31, 2025 (the "Annual Report"). The results of operations for the three months ended August 31, 2025, are not necessarily indicative of results for the entire fiscal year.
RECENT ACCOUNTING PRONOUNCEMENTS
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 and may be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company's annual periods beginning June 1, 2027, and interim periods beginning June 1, 2028, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
FAIR VALUE MEASUREMENTS The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities.
v3.25.2
ACCRUED LIABILITIES (Tables)
 3 Months Ended
Aug. 31, 2025
Accrued Liabilities, Current [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities included the following:
AUGUST 31,MAY 31,
(Dollars in millions)20252025
Sales-related reserves$1,788 $1,834 
Compensation and benefits, excluding taxes1,244 1,245 
Dividends payable599 598 
Other2,292 2,234
TOTAL ACCRUED LIABILITIES$5,923 $5,911 
v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Aug. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of August 31, 2025 and May 31, 2025, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
AUGUST 31, 2025
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,409 $1,409 $— 
Level 1:
U.S. Treasury securities897 — 897 
Level 2:
Commercial paper and bonds672 35 637 
Money market funds5,309 5,309 — 
Time deposits271 271 — 
U.S. Agency securities17 — 17 
Total Level 26,269 5,615 654 
TOTAL$8,575 $7,024 $1,551 
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 
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:
AUGUST 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)
$133 $107 $26 $518 $348 $170 
Interest rate swaps(1)
55 — 55 — — — 
TOTAL$188 $107 $81 $518 $348 $170 
(1)If the foreign exchange and interest rate swap derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $188 million as of August 31, 2025. As of that date, the Company posted $175 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, 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.
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONAUGUST 31,MAY 31,
(Dollars in millions)
20252025
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$95 $75 
Foreign exchange forwards and optionsDeferred income taxes and other assets26 22 
Interest rate swaps
Deferred income taxes and other assets
55 24 
Total derivatives formally designated as hedging instruments176 121 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets12 10 
Total derivatives not designated as hedging instruments12 10 
TOTAL DERIVATIVE ASSETS$188 $131 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONAUGUST 31,MAY 31,
(Dollars in millions)
20252025
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$339 $216 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities170 142 
Interest rate swaps
Deferred income taxes and other liabilities
— 3 
Total derivatives formally designated as hedging instruments509 361 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities9 10 
Total derivatives not designated as hedging instruments9 10 
TOTAL DERIVATIVE LIABILITIES$518 $371 
v3.25.2
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Aug. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of Share-based Compensation Arrangements by Share-based Payment Award
The following table summarizes the Company's total stock-based compensation expense recognized within Cost of sales or Operating overhead expense, as applicable: 
 THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)
20252024
Stock options(1)
$76 $71 
ESPPs15 13 
Restricted stock and restricted stock units(2)
94 99 
TOTAL STOCK-BASED COMPENSATION EXPENSE$185 $183 
(1)Expense for stock options includes the expense associated with stock appreciation rights.
(2)Expense for restricted stock units includes an immaterial amount of expense for PSUs.
v3.25.2
EARNINGS PER SHARE (Tables)
 3 Months Ended
Aug. 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 68.3 million and 61.1 million shares of common stock outstanding for the three months ended August 31, 2025 and 2024, respectively, because the awards were assumed to be anti-dilutive.
 THREE MONTHS ENDED AUGUST 31,
(In millions, except per share data)
20252024
Net income available to common stockholders$727 $1,051 
Determination of shares:
Weighted average common shares outstanding1,476.6 1,497.7 
Assumed conversion of dilutive stock options and awards2.4 4.3 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING1,479.0 1,502.0 
Earnings per common share:
Basic$0.49 $0.70 
Diluted$0.49 $0.70 
v3.25.2
RISK MANAGEMENT AND DERIVATIVES (Tables)
 3 Months Ended
Aug. 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:
AUGUST 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)
$133 $107 $26 $518 $348 $170 
Interest rate swaps(1)
55 — 55 — — — 
TOTAL$188 $107 $81 $518 $348 $170 
(1)If the foreign exchange and interest rate swap derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $188 million as of August 31, 2025. As of that date, the Company posted $175 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, 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.
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONAUGUST 31,MAY 31,
(Dollars in millions)
20252025
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$95 $75 
Foreign exchange forwards and optionsDeferred income taxes and other assets26 22 
Interest rate swaps
Deferred income taxes and other assets
55 24 
Total derivatives formally designated as hedging instruments176 121 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets12 10 
Total derivatives not designated as hedging instruments12 10 
TOTAL DERIVATIVE ASSETS$188 $131 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONAUGUST 31,MAY 31,
(Dollars in millions)
20252025
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$339 $216 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities170 142 
Interest rate swaps
Deferred income taxes and other liabilities
— 3 
Total derivatives formally designated as hedging instruments509 361 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities9 10 
Total derivatives not designated as hedging instruments9 10 
TOTAL DERIVATIVE LIABILITIES$518 $371 
Schedule of Derivative Instruments, Gain (Loss) In Statement of Income
The following tables present the amounts affecting the Unaudited Condensed Consolidated Statements of Income:

(Dollars in millions)
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES(1)
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME(1)
THREE MONTHS ENDED AUGUST 31,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		THREE MONTHS ENDED AUGUST 31,
2025202420252024
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$43 $(44)Revenues$(7)$(21)
Foreign exchange forwards and options(153)(98)Cost of sales50 70 
Foreign exchange forwards and options(48)(29)Other (income) expense, net(14)30 
Interest rate swaps(2)
— — Interest expense (income), net(2)(2)
TOTAL DESIGNATED CASH FLOW HEDGES $(158)$(171)$27 $77 
(1)For the three months ended August 31, 2025 and 2024, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.
AMOUNT OF GAIN (LOSS) RECOGNIZED
IN INCOME ON DERIVATIVES		LOCATION OF GAIN (LOSS)
RECOGNIZED IN INCOME
ON DERIVATIVES
THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)
20252024
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options$17 $— Other (income) expense, net
v3.25.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 3 Months Ended
Aug. 31, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2025$(114)$(207)$115 $(52)$(258)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
134 (155)— 2 (19)
Reclassifications to net income of previously deferred (gains) losses(2)(3)
— (31)— — (31)
Total other comprehensive income (loss)134 (186)— 2 (50)
Balance at August 31, 2025$20 $(393)$115 $(50)$(308)
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(3)Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2024$(256)$247 $115 $(53)$53 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
137 (151)— 7 (7)
Reclassifications to net income of previously deferred (gains) losses(2)(3)
1 (76)— 2 (73)
Total other comprehensive income (loss)138 (227)— 9 (80)
Balance at August 31, 2024$(118)$20 $115 $(44)$(27)
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(3)Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other.
v3.25.2
REVENUES (Tables)
 3 Months Ended
Aug. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenues
The following tables present the Company's Revenues by reportable operating segment, disaggregated by major product line and distribution channel:
THREE MONTHS ENDED AUGUST 31, 2025
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,219 $2,021 $1,109 $1,061 $— $7,410 $321 $— $7,731 
Apparel1,474 1,106 362 371 — 3,313 11 — 3,324 
Equipment327 204 41 58 — 630 8 — 638 
Other— — — — 9 9 26 (8)27 
TOTAL REVENUES$5,020 $3,331 $1,512 $1,490 $9 $11,362 $366 $(8)$11,720 
Revenues by:
Sales to Wholesale Customers$2,736 $2,261 $893 $949 $— $6,839 $195 $— $7,034 
Sales through Direct to Consumer2,284 1,070 619 541 — 4,514 145 — 4,659 
Other— — — — 9 9 26 (8)27 
TOTAL REVENUES$5,020 $3,331 $1,512 $1,490 $9 $11,362 $366 $(8)$11,720 

THREE MONTHS ENDED AUGUST 31, 2024
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,212 $1,952 $1,246 $1,052 $— $7,462 $436 $— $7,898 
Apparel1,331 993 360 348 — 3,032 17 — 3,049 
Equipment283 198 60 62 — 603 12 — 615 
Other— — — — 14 14 36 (23)27 
TOTAL REVENUES$4,826 $3,143 $1,666 $1,462 $14 $11,111 $501 $(23)$11,589 
Revenues by:
Sales to Wholesale Customers$2,475 $2,074 $971 $890 $— $6,410 $275 $— $6,685 
Sales through Direct to Consumer2,351 1,069 695 572 — 4,687 190 — 4,877 
Other— — — — 14 14 36 (23)27 
TOTAL REVENUES$4,826 $3,143 $1,666 $1,462 $14 $11,111 $501 $(23)$11,589 
v3.25.2
SEGMENT INFORMATION (Tables)
 3 Months Ended
Aug. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
THREE MONTHS ENDED AUGUST 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
$5,020 $3,331 $1,512 $1,490 $9 $11,362 $366 $(8)$11,720 
Cost of Sales
2,897 1,900 798 838 168 6,601 193 (17)6,777 
Gross profit
2,123 1,431 714 652 (159)4,761 173 9 4,943 
Demand creation expense
442 313 99 97 203 1,154 33 1 1,188 
Operating overhead expense
547 382 238 208 831 2,206 102 520 2,828 
Total selling and administrative expense
989 695 337 305 1,034 3,360 135 521 4,016 
Other segment items(1)
— 1 — (3)(1)(3)(1)27 23 
EARNINGS (LOSS) BEFORE INTEREST AND TAXES
$1,134 $735 $377 $350 $(1,192)$1,404 $39 $(539)
Interest expense (income), net
(18)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES
$922 
Supplemental information:
  Depreciation and amortization(2)
$38 39 12 16 54 159 2 29 $190 
(1)At NIKE Brand segments and Converse, other segment items consist of unusual or non-operating transactions that occur outside the normal course of business. At Corporate, this also includes foreign currency conversion gains and losses from the remeasurement of monetary assets and liabilities denominated in non-functional currencies and the impact of certain foreign currency derivative instruments.
(2)The amounts of depreciation and amortization disclosed by segment are included within Cost of sales and Operating overhead expense, as applicable.

THREE MONTHS ENDED AUGUST 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
$4,826 $3,143 $1,666 $1,462 $14 $11,111 $501 $(23)$11,589 
Cost of Sales
2,627 1,695 855 782 153 6,112 233 (13)6,332 
Gross profit
2,199 1,448 811 680 (139)4,999 268 (10)5,257 
Demand creation expense
452 290 114 90 242 1,188 35 3 1,226 
Operating overhead expense
529 366 240 188 846 2,169 113 540 2,822 
Total selling and administrative expense
981 656 354 278 1,088 3,357 148 543 4,048 
Other segment items(1)
2 — (45)— — (43)(1)(11)(55)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES
$1,216 $792 $502 $402 $(1,227)$1,685 $121 $(542)
Interest expense (income), net
(43)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES
$1,307 
Supplemental information:
  Depreciation and amortization(2)
$36 35 13 11 57 152 4 32 $188 
(1)At NIKE Brand segments and Converse, other segment items consist of unusual or non-operating transactions that occur outside the normal course of business. At Corporate, this also includes foreign currency conversion gains and losses from the remeasurement of monetary assets and liabilities denominated in non-functional currencies and the impact of certain foreign currency derivative instruments.
(2)The amounts of depreciation and amortization disclosed by segment are included within Cost of sales and Operating overhead expense, as applicable.
AUGUST 31,MAY 31,
(Dollars in millions)
20252025
INVENTORIES(1)
North America$3,524 $3,198 
Europe, Middle East & Africa2,128 2,042 
Greater China1,097 951 
Asia Pacific & Latin America1,066 905 
Global Brand Divisions
142 148 
TOTAL NIKE BRAND
7,957 7,244 
Converse247 272 
Corporate
(90)(27)
TOTAL NIKE, INC. INVENTORIES
$8,114 $7,489 
(1)Inventories as of August 31, 2025 and May 31, 2025 were substantially all finished goods.
v3.25.2
ACCRUED LIABILITIES (Details) - USD ($)
$ in Millions
Aug. 31, 2025
May 31, 2025
Accrued Liabilities, Current [Abstract]    
Sales-related reserves $ 1,788 $ 1,834
Compensation and benefits, excluding taxes 1,244 1,245
Dividends payable 599 598
Other 2,292 2,234
TOTAL ACCRUED LIABILITIES $ 5,923 $ 5,911
v3.25.2
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Millions
Aug. 31, 2025
May 31, 2025
Assets, Fair Value Disclosure [Abstract]    
SHORT-TERM INVESTMENTS $ 1,551 $ 1,687
Fair Value, Measurements, Recurring    
Assets, Fair Value Disclosure [Abstract]    
Cash 1,409 1,221
ASSETS AT FAIR VALUE 8,575 9,151
CASH AND EQUIVALENTS 7,024 7,464
SHORT-TERM INVESTMENTS 1,551 1,687
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury securities    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 897 1,046
CASH AND EQUIVALENTS 0 0
SHORT-TERM INVESTMENTS 897 1,046
Fair Value, Measurements, Recurring | Level 2    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 6,269 6,884
CASH AND EQUIVALENTS 5,615 6,243
SHORT-TERM INVESTMENTS 654 641
Fair Value, Measurements, Recurring | Level 2 | Commercial paper and bonds    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 672 675
CASH AND EQUIVALENTS 35 45
SHORT-TERM INVESTMENTS 637 630
Fair Value, Measurements, Recurring | Level 2 | Money market funds    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 5,309 5,902
CASH AND EQUIVALENTS 5,309 5,902
SHORT-TERM INVESTMENTS 0 0
Fair Value, Measurements, Recurring | Level 2 | Time deposits    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 271 297
CASH AND EQUIVALENTS 271 295
SHORT-TERM INVESTMENTS 0 2
Fair Value, Measurements, Recurring | Level 2 | U.S. Agency securities    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 17 10
CASH AND EQUIVALENTS 0 1
SHORT-TERM INVESTMENTS $ 17 $ 9
v3.25.2
FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2025
Aug. 31, 2024
May 31, 2025
Fair Value Disclosures [Abstract]      
Available-for-sale securities with maturity dates within one year from purchase date $ 582    
Available-for-sale securities with maturity dates over one year and less than five years from purchase date 969    
Interest income related to cash and equivalents and short-term investments 83 $ 120  
Fair value of long term debt $ 6,794   $ 6,673
v3.25.2
FAIR VALUE MEASUREMENTS - Derivative Assets and Liabilities at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($)
Aug. 31, 2025
May 31, 2025
DERIVATIVE ASSETS    
ASSETS AT FAIR VALUE $ 188,000,000 $ 131,000,000
OTHER CURRENT ASSETS 107,000,000 85,000,000
OTHER LONG-TERM ASSETS 81,000,000 46,000,000
DERIVATIVE LIABILITIES    
LIABILITIES AT FAIR VALUE 518,000,000 371,000,000
ACCRUED LIABILITIES 348,000,000 226,000,000
OTHER LONG-TERM LIABILITIES 170,000,000 145,000,000
Reduction in derivative liabilities if netted 188,000,000 131,000,000
Reduction in derivative assets if netted 188,000,000 131,000,000
Fair value of derivative liability collateral 175,000,000 166,000,000
Cash collateral from counterparties related to derivative instruments 0 0
Foreign exchange forwards and options | Level 2    
DERIVATIVE ASSETS    
ASSETS AT FAIR VALUE 133,000,000 107,000,000
OTHER CURRENT ASSETS 107,000,000 85,000,000
OTHER LONG-TERM ASSETS 26,000,000 22,000,000
DERIVATIVE LIABILITIES    
LIABILITIES AT FAIR VALUE 518,000,000 368,000,000
ACCRUED LIABILITIES 348,000,000 226,000,000
OTHER LONG-TERM LIABILITIES 170,000,000 142,000,000
Interest rate swaps | Level 2    
DERIVATIVE ASSETS    
ASSETS AT FAIR VALUE 55,000,000 24,000,000
OTHER CURRENT ASSETS 0 0
OTHER LONG-TERM ASSETS 55,000,000 24,000,000
DERIVATIVE LIABILITIES    
LIABILITIES AT FAIR VALUE 0 3,000,000
ACCRUED LIABILITIES 0 0
OTHER LONG-TERM LIABILITIES $ 0 $ 3,000,000
v3.25.2
INCOME TAXES (Details) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2025
Aug. 31, 2024
May 31, 2025
Income Tax Disclosure [Abstract]      
Effective income tax rate 21.10% 19.60%  
Total gross unrecognized tax benefits, excluding related interest and penalties $ 1,021   $ 1,026
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 748    
Accrued interest and penalties related to uncertain tax positions (excluding federal benefit) 392   $ 376
Estimated decrease in total gross unrecognized tax benefits as a result of resolutions of global tax examinations and expiration of applicable statutes of limitations $ 228    
v3.25.2
STOCK-BASED COMPENSATION - Stock-Based Compensation (Details)
Aug. 31, 2025
shares
Stock Incentive Plan | Class B Common Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares available for grant (in shares) 843,000,000
v3.25.2
STOCK-BASED COMPENSATION - Total Stock-Based Compensation Expense (Details) - Class B Common Stock - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense $ 185 $ 183
Stock options    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense 76 71
ESPPs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense 15 13
Restricted stock and restricted stock units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense $ 94 $ 99
v3.25.2
STOCK-BASED COMPENSATION - Stock Options (Details) - Stock options - Stock Incentive Plan
$ in Millions
 3 Months Ended
Aug. 31, 2025
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation costs from stock options $ 309
Unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as operating overhead expense over a weighted average period 2 years 4 months 24 days
v3.25.2
STOCK-BASED COMPENSATION - Restricted Stock and Restricted Stock Units (Details) - Restricted stock and restricted stock units
$ in Millions
 3 Months Ended
Aug. 31, 2025
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation costs from restricted stock, net of estimated forfeitures $ 522
Unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as operating overhead expense over a weighted average period 2 years 3 months 18 days
v3.25.2
EARNINGS PER SHARE - Additional Information (Details) - shares
shares in Millions
 3 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Stock options    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive options not included in the computation of diluted earnings per share (in shares) 68.3 61.1
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
 3 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Earnings Per Share [Abstract]    
Net income available to common stockholders $ 727 $ 1,051
Determination of shares:    
Weighted average common shares outstanding (in shares) 1,476.6 1,497.7
Assumed conversion of dilutive stock options and awards (in shares) 2.4 4.3
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in shares) 1,479.0 1,502.0
Earnings per common share:    
Basic (in dollars per share) $ 0.49 $ 0.70
Diluted (in dollars per share) $ 0.49 $ 0.70
v3.25.2
RISK MANAGEMENT AND DERIVATIVES - FV of Derivative Instruments Included within Consolidated Balance Sheet (Details) - USD ($)
$ in Millions
Aug. 31, 2025
May 31, 2025
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS $ 188 $ 131
DERIVATIVE LIABILITIES 518 371
Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 176 121
DERIVATIVE LIABILITIES 509 361
Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 12 10
DERIVATIVE LIABILITIES 9 10
Prepaid expenses and other current assets | Foreign exchange forwards and options | Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 95 75
Prepaid expenses and other current assets | Foreign exchange forwards and options | Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 12 10
Deferred income taxes and other assets | Foreign exchange forwards and options | Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 26 22
Deferred income taxes and other assets | Interest rate swaps | Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 55 24
Accrued liabilities | Foreign exchange forwards and options | Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 339 216
Accrued liabilities | Foreign exchange forwards and options | Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 9 10
Deferred income taxes and other liabilities | Foreign exchange forwards and options | Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 170 142
Deferred income taxes and other liabilities | Interest rate swaps | Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES $ 0 $ 3
v3.25.2
RISK MANAGEMENT AND DERIVATIVES - Amounts Affecting Consolidated Statements of Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Derivatives designated as cash flow hedges    
Derivative Instruments, Gain (Loss) [Line Items]    
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES $ (158) $ (171)
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME 27 77
Foreign exchange forwards and options | Derivatives not designated as hedging instruments    
Derivative Instruments, Gain (Loss) [Line Items]    
AMOUNT OF GAIN (LOSS) RECOGNIZED 
IN INCOME ON DERIVATIVES $ 17 $ 0
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Foreign exchange forwards and options | Derivatives designated as cash flow hedges | Revenues    
Derivative Instruments, Gain (Loss) [Line Items]    
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES $ 43 $ (44)
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME (7) (21)
Foreign exchange forwards and options | Derivatives designated as cash flow hedges | Cost of sales    
Derivative Instruments, Gain (Loss) [Line Items]    
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES (153) (98)
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME 50 70
Foreign exchange forwards and options | Derivatives designated as cash flow hedges | Other (income) expense, net    
Derivative Instruments, Gain (Loss) [Line Items]    
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES (48) (29)
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME (14) 30
Interest rate swaps | Derivatives designated as cash flow hedges | Interest expense (income), net    
Derivative Instruments, Gain (Loss) [Line Items]    
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES 0 0
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME $ (2) $ (2)
v3.25.2
RISK MANAGEMENT AND DERIVATIVES - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2025
May 31, 2025
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 $ 183  
Maximum term over which the company hedges exposures to the variability of cash flows for its forecasted transactions 33 months  
Derivatives not designated as hedging instruments    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total notional amount of outstanding derivatives $ 4,100 $ 4,000
Derivatives designated as cash flow hedges | Derivatives formally designated as hedging instruments    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total notional amount of outstanding derivatives 18,500 18,400
Fair Value Hedging | Derivatives formally designated as hedging instruments    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total notional amount of outstanding derivatives $ 2,400 $ 2,400
v3.25.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2025
Aug. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance $ 13,213 $ 14,430
Other comprehensive income (loss):    
Other comprehensive gains (losses) before reclassifications (19) (7)
Reclassifications to net income of previously deferred (gains) losses (31) (73)
Total other comprehensive income (loss), net of tax (50) (80)
Ending Balance 13,468 13,944
TOTAL    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (258) 53
Other comprehensive income (loss):    
Total other comprehensive income (loss), net of tax (50) (80)
Ending Balance (308) (27)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (114) (256)
Other comprehensive income (loss):    
Other comprehensive gains (losses) before reclassifications 134 137
Reclassifications to net income of previously deferred (gains) losses 0 1
Total other comprehensive income (loss), net of tax 134 138
Ending Balance 20 (118)
CASH FLOW HEDGES    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (207) 247
Other comprehensive income (loss):    
Other comprehensive gains (losses) before reclassifications (155) (151)
Reclassifications to net income of previously deferred (gains) losses (31) (76)
Total other comprehensive income (loss), net of tax (186) (227)
Ending Balance (393) 20
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
OTHER    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (52) (53)
Other comprehensive income (loss):    
Other comprehensive gains (losses) before reclassifications 2 7
Reclassifications to net income of previously deferred (gains) losses 0 2
Total other comprehensive income (loss), net of tax 2 9
Ending Balance $ (50) $ (44)
v3.25.2
REVENUES - Disaggregation of Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Disaggregation of Revenue [Line Items]    
Revenues $ 11,720 $ 11,589
Sales to Wholesale Customers    
Disaggregation of Revenue [Line Items]    
Revenues 7,034 6,685
Sales through Direct to Consumer    
Disaggregation of Revenue [Line Items]    
Revenues 4,659 4,877
Other    
Disaggregation of Revenue [Line Items]    
Revenues 27 27
Footwear    
Disaggregation of Revenue [Line Items]    
Revenues 7,731 7,898
Apparel    
Disaggregation of Revenue [Line Items]    
Revenues 3,324 3,049
Equipment    
Disaggregation of Revenue [Line Items]    
Revenues 638 615
Other    
Disaggregation of Revenue [Line Items]    
Revenues 27 27
Operating Segments | NIKE Brand    
Disaggregation of Revenue [Line Items]    
Revenues 11,362 11,111
Operating Segments | NIKE Brand | Sales to Wholesale Customers    
Disaggregation of Revenue [Line Items]    
Revenues 6,839 6,410
Operating Segments | NIKE Brand | Sales through Direct to Consumer    
Disaggregation of Revenue [Line Items]    
Revenues 4,514 4,687
Operating Segments | NIKE Brand | Other    
Disaggregation of Revenue [Line Items]    
Revenues 9 14
Operating Segments | NIKE Brand | NORTH AMERICA    
Disaggregation of Revenue [Line Items]    
Revenues 5,020 4,826
Operating Segments | NIKE Brand | NORTH AMERICA | Sales to Wholesale Customers    
Disaggregation of Revenue [Line Items]    
Revenues 2,736 2,475
Operating Segments | NIKE Brand | NORTH AMERICA | Sales through Direct to Consumer    
Disaggregation of Revenue [Line Items]    
Revenues 2,284 2,351
Operating Segments | NIKE Brand | NORTH AMERICA | Other    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA    
Disaggregation of Revenue [Line Items]    
Revenues 3,331 3,143
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Sales to Wholesale Customers    
Disaggregation of Revenue [Line Items]    
Revenues 2,261 2,074
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Sales through Direct to Consumer    
Disaggregation of Revenue [Line Items]    
Revenues 1,070 1,069
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Other    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Operating Segments | NIKE Brand | GREATER CHINA    
Disaggregation of Revenue [Line Items]    
Revenues 1,512 1,666
Operating Segments | NIKE Brand | GREATER CHINA | Sales to Wholesale Customers    
Disaggregation of Revenue [Line Items]    
Revenues 893 971
Operating Segments | NIKE Brand | GREATER CHINA | Sales through Direct to Consumer    
Disaggregation of Revenue [Line Items]    
Revenues 619 695
Operating Segments | NIKE Brand | GREATER CHINA | Other    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA    
Disaggregation of Revenue [Line Items]    
Revenues 1,490 1,462
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Sales to Wholesale Customers    
Disaggregation of Revenue [Line Items]    
Revenues 949 890
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Sales through Direct to Consumer    
Disaggregation of Revenue [Line Items]    
Revenues 541 572
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Other    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Operating Segments | CONVERSE    
Disaggregation of Revenue [Line Items]    
Revenues 366 501
Operating Segments | CONVERSE | Sales to Wholesale Customers    
Disaggregation of Revenue [Line Items]    
Revenues 195 275
Operating Segments | CONVERSE | Sales through Direct to Consumer    
Disaggregation of Revenue [Line Items]    
Revenues 145 190
Operating Segments | CONVERSE | Other    
Disaggregation of Revenue [Line Items]    
Revenues 26 36
Operating Segments | Footwear | NIKE Brand    
Disaggregation of Revenue [Line Items]    
Revenues 7,410 7,462
Operating Segments | Footwear | NIKE Brand | NORTH AMERICA    
Disaggregation of Revenue [Line Items]    
Revenues 3,219 3,212
Operating Segments | Footwear | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA    
Disaggregation of Revenue [Line Items]    
Revenues 2,021 1,952
Operating Segments | Footwear | NIKE Brand | GREATER CHINA    
Disaggregation of Revenue [Line Items]    
Revenues 1,109 1,246
Operating Segments | Footwear | NIKE Brand | ASIA PACIFIC & LATIN AMERICA    
Disaggregation of Revenue [Line Items]    
Revenues 1,061 1,052
Operating Segments | Footwear | CONVERSE    
Disaggregation of Revenue [Line Items]    
Revenues 321 436
Operating Segments | Apparel | NIKE Brand    
Disaggregation of Revenue [Line Items]    
Revenues 3,313 3,032
Operating Segments | Apparel | NIKE Brand | NORTH AMERICA    
Disaggregation of Revenue [Line Items]    
Revenues 1,474 1,331
Operating Segments | Apparel | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA    
Disaggregation of Revenue [Line Items]    
Revenues 1,106 993
Operating Segments | Apparel | NIKE Brand | GREATER CHINA    
Disaggregation of Revenue [Line Items]    
Revenues 362 360
Operating Segments | Apparel | NIKE Brand | ASIA PACIFIC & LATIN AMERICA    
Disaggregation of Revenue [Line Items]    
Revenues 371 348
Operating Segments | Apparel | CONVERSE    
Disaggregation of Revenue [Line Items]    
Revenues 11 17
Operating Segments | Equipment | NIKE Brand    
Disaggregation of Revenue [Line Items]    
Revenues 630 603
Operating Segments | Equipment | NIKE Brand | NORTH AMERICA    
Disaggregation of Revenue [Line Items]    
Revenues 327 283
Operating Segments | Equipment | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA    
Disaggregation of Revenue [Line Items]    
Revenues 204 198
Operating Segments | Equipment | NIKE Brand | GREATER CHINA    
Disaggregation of Revenue [Line Items]    
Revenues 41 60
Operating Segments | Equipment | NIKE Brand | ASIA PACIFIC & LATIN AMERICA    
Disaggregation of Revenue [Line Items]    
Revenues 58 62
Operating Segments | Equipment | CONVERSE    
Disaggregation of Revenue [Line Items]    
Revenues 8 12
Operating Segments | Other | NIKE Brand    
Disaggregation of Revenue [Line Items]    
Revenues 9 14
Operating Segments | Other | NIKE Brand | NORTH AMERICA    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Operating Segments | Other | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Operating Segments | Other | NIKE Brand | GREATER CHINA    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Operating Segments | Other | NIKE Brand | ASIA PACIFIC & LATIN AMERICA    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Operating Segments | Other | CONVERSE    
Disaggregation of Revenue [Line Items]    
Revenues 26 36
GLOBAL BRAND DIVISIONS    
Disaggregation of Revenue [Line Items]    
Revenues 9 14
GLOBAL BRAND DIVISIONS | Other    
Disaggregation of Revenue [Line Items]    
Revenues 9 14
GLOBAL BRAND DIVISIONS | NIKE Brand    
Disaggregation of Revenue [Line Items]    
Revenues 9 14
GLOBAL BRAND DIVISIONS | Other    
Disaggregation of Revenue [Line Items]    
Revenues 9 14
CORPORATE    
Disaggregation of Revenue [Line Items]    
Revenues (8) (23)
CORPORATE | Other    
Disaggregation of Revenue [Line Items]    
Revenues (8) (23)
CORPORATE | Other    
Disaggregation of Revenue [Line Items]    
Revenues $ (8) $ (23)
v3.25.2
REVENUES - Additional Information (Details) - USD ($)
Aug. 31, 2025
May 31, 2025
Revenue from Contract with Customer [Abstract]    
Contract asset $ 0 $ 0
v3.25.2
SEGMENT INFORMATION - Information by Operating Segments (Details) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2025
Aug. 31, 2024
May 31, 2025
Segment Reporting, Asset Reconciling Item [Line Items]      
Revenues $ 11,720 $ 11,589  
Cost of sales 6,777 6,332  
Gross profit 4,943 5,257  
Demand creation expense 1,188 1,226  
Operating overhead expense 2,828 2,822  
Total selling and administrative expense 4,016 4,048  
Other segment items 23 (55)  
Interest expense (income), net (18) (43)  
Income before income taxes 922 1,307  
Depreciation and amortization 190 188  
Inventories 8,114   $ 7,489
Operating Segments | NIKE Brand      
Segment Reporting, Asset Reconciling Item [Line Items]      
Revenues 11,362 11,111  
Cost of sales 6,601 6,112  
Gross profit 4,761 4,999  
Demand creation expense 1,154 1,188  
Operating overhead expense 2,206 2,169  
Total selling and administrative expense 3,360 3,357  
Other segment items (3) (43)  
EARNINGS (LOSS) BEFORE INTEREST AND TAXES 1,404 1,685  
Depreciation and amortization 159 152  
Inventories 7,957   7,244
Operating Segments | NIKE Brand | NORTH AMERICA      
Segment Reporting, Asset Reconciling Item [Line Items]      
Revenues 5,020 4,826  
Cost of sales 2,897 2,627  
Gross profit 2,123 2,199  
Demand creation expense 442 452  
Operating overhead expense 547 529  
Total selling and administrative expense 989 981  
Other segment items 0 2  
EARNINGS (LOSS) BEFORE INTEREST AND TAXES 1,134 1,216  
Depreciation and amortization 38 36  
Inventories 3,524   3,198
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA      
Segment Reporting, Asset Reconciling Item [Line Items]      
Revenues 3,331 3,143  
Cost of sales 1,900 1,695  
Gross profit 1,431 1,448  
Demand creation expense 313 290  
Operating overhead expense 382 366  
Total selling and administrative expense 695 656  
Other segment items 1 0  
EARNINGS (LOSS) BEFORE INTEREST AND TAXES 735 792  
Depreciation and amortization 39 35  
Inventories 2,128   2,042
Operating Segments | NIKE Brand | GREATER CHINA      
Segment Reporting, Asset Reconciling Item [Line Items]      
Revenues 1,512 1,666  
Cost of sales 798 855  
Gross profit 714 811  
Demand creation expense 99 114  
Operating overhead expense 238 240  
Total selling and administrative expense 337 354  
Other segment items 0 (45)  
EARNINGS (LOSS) BEFORE INTEREST AND TAXES 377 502  
Depreciation and amortization 12 13  
Inventories 1,097   951
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA      
Segment Reporting, Asset Reconciling Item [Line Items]      
Revenues 1,490 1,462  
Cost of sales 838 782  
Gross profit 652 680  
Demand creation expense 97 90  
Operating overhead expense 208 188  
Total selling and administrative expense 305 278  
Other segment items (3) 0  
EARNINGS (LOSS) BEFORE INTEREST AND TAXES 350 402  
Depreciation and amortization 16 11  
Inventories 1,066   905
Operating Segments | CONVERSE      
Segment Reporting, Asset Reconciling Item [Line Items]      
Revenues 366 501  
Cost of sales 193 233  
Gross profit 173 268  
Demand creation expense 33 35  
Operating overhead expense 102 113  
Total selling and administrative expense 135 148  
Other segment items (1) (1)  
EARNINGS (LOSS) BEFORE INTEREST AND TAXES 39 121  
Depreciation and amortization 2 4  
Inventories 247   272
GLOBAL BRAND DIVISIONS      
Segment Reporting, Asset Reconciling Item [Line Items]      
Revenues 9 14  
GLOBAL BRAND DIVISIONS | NIKE Brand      
Segment Reporting, Asset Reconciling Item [Line Items]      
Revenues 9 14  
Cost of sales 168 153  
Gross profit (159) (139)  
Demand creation expense 203 242  
Operating overhead expense 831 846  
Total selling and administrative expense 1,034 1,088  
Other segment items (1) 0  
EARNINGS (LOSS) BEFORE INTEREST AND TAXES (1,192) (1,227)  
Depreciation and amortization 54 57  
Inventories 142   148
CORPORATE      
Segment Reporting, Asset Reconciling Item [Line Items]      
Revenues (8) (23)  
Cost of sales (17) (13)  
Gross profit 9 (10)  
Demand creation expense 1 3  
Operating overhead expense 520 540  
Total selling and administrative expense 521 543  
Other segment items 27 (11)  
EARNINGS (LOSS) BEFORE INTEREST AND TAXES (539) (542)  
Depreciation and amortization 29 $ 32  
Inventories $ (90)   $ (27)
v3.25.2
SUPPLIER FINANCE PROGRAMS (Details) - USD ($)
$ in Millions
Aug. 31, 2025
May 31, 2025
Payables and Accruals [Abstract]    
Outstanding supplier obligations, current $ 1,314 $ 1,101