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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED ~~FEBRUARY~~AUGUST 2831, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO .

Commission File No. 1-10635

NIKE, Inc.

(Exact name of Registrant as specified in its charter)


Oregon						93-0584541
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

One Bowerman Drive, Beaverton, Oregon 97005-6453

(Address of principal executive offices and zip code)

(503) 671-6453

(Registrant's telephone number, including area code)


SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
Class B Common Stock	NKE	New York Stock Exchange
(Title of each class)	(Trading symbol)	(Name of each exchange on which registered)

Indicate by check mark:

Yes

•

whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☐

•

whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☐

•

whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

•

if an emerging growth company, if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

•

whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

☐

As of March 28, 2025, the number of shares of the Registrant's Common Stock outstanding were:
As of September 24, 2025, the number of shares of the Registrant's Common Stock outstanding were:
Class A			~~297~~288,887,752
Class B			1,~~178~~189,~~102~~313,~~735~~611
			1,475,990,487
			1,478,201,363

Table of Contents

NIKE, INC.

FORM 10-Q

TABLE OF CONTENTS

		PAGE
PART I - FINANCIAL INFORMATION		1
ITEM 1.	Financial Statements	1
	Unaudited Condensed Consolidated Statements of Income	1
	Unaudited Condensed Consolidated Statements of Comprehensive Income	2
	Unaudited Condensed Consolidated Balance Sheets	3
	Unaudited Condensed Consolidated Statements of Cash Flows	4
	Unaudited Condensed Consolidated Statements of Shareholders' Equity	5
	Notes to the Unaudited Condensed Consolidated Financial Statements	76
ITEM 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	2419
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	4335
ITEM 4.	Controls and Procedures	4335
PART II - OTHER INFORMATION		4537
ITEM 1.	Legal Proceedings	4537
ITEM 1A.	Risk Factors	4537
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	4638
ITEM 5.	Other Information	4739
ITEM 6.	Exhibits	4840
	Signatures	4941

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

NIKE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

THREE MONTHS ENDED

NINE MONTHS ENDED

THREE MONTHS ENDED AUGUST 31,

(In millions, except per share data)

~~FEBRUARY 28,~~ 2025

~~FEBRUARY 29,~~ 2024

~~FEBRUARY 28, 2025~~

~~FEBRUARY 29, 2024~~

Revenues

11,~~269~~720

1211,~~429~~589

~~35,212~~

~~38,756~~

Cost of sales

6,~~594~~777

6,~~867~~332

~~19,891~~

~~21,503~~

Gross profit

4,~~675~~943

5,~~562~~257

~~15,321~~

~~17,253~~

Demand creation expense

1,~~088~~188

1,~~011~~226

~~3,436~~

~~3,194~~

Operating overhead expense

2,~~799~~828

32,~~215~~822

~~8,504~~

~~9,294~~

Total selling and administrative expense

34,~~887~~016

4,~~226~~048

~~11,940~~

~~12,488~~

Interest expense (income), net

(18)

(5243)

~~(85)~~

~~(108)~~

Other (income) expense, net

~~(38)~~23

(1655)

~~(101)~~

Income before income taxes

~~844~~922

1,~~404~~307

~~3,567~~

~~4,974~~

Income tax expense

50195

~~232~~256

~~559~~

~~774~~

NET INCOME

~~794~~727

1,~~172~~051

~~3,008~~

~~4,200~~

Earnings per common share:

Basic

0.5449

0.7770

~~2.02~~

~~2.76~~

Diluted

0.5449

0.7770

~~2.02~~

~~2.74~~

Weighted average common shares outstanding:

Basic

1,~~478~~476.16

1,~~513~~497.27

~~1,487.6~~

~~1,520.8~~

Diluted

1,~~480~~479.60

1,~~526~~502.50

~~1,491.0~~

~~1,534.0~~

The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.

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NIKE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

THREE MONTHS ENDED

NINE MONTHS ENDED

THREE MONTHS ENDED AUGUST 31,

(Dollars in millions)

~~FEBRUARY 28,~~ 2025

~~FEBRUARY 29,~~ 2024

~~FEBRUARY 28, 2025~~

~~FEBRUARY 29, 2024~~

Net income

~~794~~727

1,~~172~~051

~~3,008~~

~~4,200~~

Other comprehensive income (loss), net of tax:

Change in net foreign currency translation adjustment

~~(57)~~134

~~(57)~~138

~~(143)~~

Change in net gains (losses) on cash flow hedges

~~119~~(186)

50(227)

~~342~~

~~(139)~~

Change in net gains (losses) on other

~~(1)~~2

119

Total other comprehensive income (loss), net of tax

61(50)

4(80)

~~210~~

~~(106)~~

TOTAL COMPREHENSIVE INCOME

~~855~~677

~~1,176~~971

~~3,218~~

~~4,094~~

The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.

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NIKE, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

	FEBRUARY 28,		MAY 31,
	AUGUST 31,		MAY 31,
(In millions)	2025		~~2024~~2025
ASSETS
Current assets:
Cash and equivalents	$	87,~~601~~024	$	97,~~860~~464
Short-term investments	1,~~792~~551		1,~~722~~687
Accounts receivable, net	4,~~491~~962		4,~~427~~717
Inventories	78,~~539~~114		7,~~519~~489
Prepaid expenses and other current assets	2,~~186~~247		12,~~854~~005
Total current assets	2423,~~609~~898		2523,~~382~~362
Property, plant and equipment, net	4,~~717~~861		54,~~000~~828
Operating lease right-of-use assets, net	2,~~614~~727		2,~~718~~712
Identifiable intangible assets, net	259		259
Goodwill	~~239~~240		240
Deferred income taxes and other assets	5,~~355~~349		45,~~511~~178
TOTAL ASSETS	$	37,~~793~~334	$	3836,~~110~~579
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt	$	1,000	$	1,000
Notes payable	4		5
Notes payable	4		6
Accounts payable	3,772		3,479
Accounts payable	3,106		2,851
Current portion of operating lease liabilities	506		502
Current portion of operating lease liabilities	474		477
Accrued liabilities	5,923		5,911
Accrued liabilities	5,905		5,725
Income taxes payable	706		669
Income taxes payable	734		534
Total current liabilities	10,911		10,566
Total current liabilities	11,223		10,593
Long-term debt	7,996		7,961
Long-term debt	7,956		7,903
Operating lease liabilities	2,555		2,550
Operating lease liabilities	2,477		2,566
Deferred income taxes and other liabilities	2,404		2,289
Deferred income taxes and other liabilities	2,130		2,618
Commitments and contingencies (Note 11)
Commitments and contingencies (Note 12)
Redeemable preferred stock	—		—
Shareholders' equity:
Common stock at stated value:
Class A convertible — 298 and 298 shares outstanding	—		—
Class A convertible — 289 and 290 shares outstanding	—		—
Class B — 1,179 and 1,205 shares outstanding	3		3
Class B — 1,188 and 1,186 shares outstanding	3		3
Capital in excess of stated value	1314,~~916~~473		1314,~~409~~195
Accumulated other comprehensive income (loss)	~~263~~(308)		53(258)
Retained earnings (deficit)	(~~175~~700)		~~965~~(727)
Total shareholders' equity	1413,~~007~~468		1413,~~430~~213
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	37,~~793~~334	$	3836,~~110~~579

The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.

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NIKE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	NINE MONTHS ENDED
	THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)	~~FEBRUARY 28,~~ 2025		~~FEBRUARY 29,~~ 2024
Cash provided (used) by operations:
Net income	$	~~3,008~~727	$	41,~~200~~051
Adjustments to reconcile net income to net cash provided (used) by operations:
Depreciation	576		589
Depreciation and amortization	190		188
Deferred income taxes	(~~304~~25)		(~~281~~53)
Stock-based compensation	~~544~~185		~~618~~183
Amortization, impairment and other	35		51
Impairment and other	8		(4)
Net foreign currency adjustments	2434		(817)
Changes in certain working capital components and other assets and liabilities:
(Increase) decrease in accounts receivable	(~~164~~215)		(~~429~~312)
(Increase) decrease in inventories	(99610)		~~698~~(679)
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets	(~~235~~165)		(~~342~~265)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities	~~(150)~~93		~~(213)~~292
Cash provided (used) by operations	~~3,235~~222		~~4,810~~394
Cash provided (used) by investing activities:
Purchases of short-term investments	(~~2,664~~355)		(~~3,337~~968)
Maturities of short-term investments	~~258~~209		~~2,036~~144
Sales of short-term investments	~~2,439~~294		~~3,093~~778
Additions to property, plant and equipment	(~~330~~207)		(~~599~~120)
Other investing activities	8		(9)
Cash provided (used) by investing activities	(59)		(166)
Cash provided (used) by investing activities	(289)		1,184
Cash provided (used) by financing activities:
Increase (decrease) in notes payable, net	(21)		—6
Proceeds from exercise of stock options and other stock issuances	~~400~~127		~~477~~131
Repurchase of common stock	(~~2,786~~126)		(31,~~214~~184)
Dividends — common and preferred	(~~1,709~~591)		(~~1,609~~558)
Other financing activities	(797)		(~~122~~17)
Cash provided (used) by financing activities	(~~4,176~~598)		(41,~~468~~622)
Effect of exchange rate changes on cash and equivalents	(295)		~~(7)~~19
Net increase (decrease) in cash and equivalents	(~~1,259~~440)		(1,~~519~~375)
Cash and equivalents, beginning of period	97,~~860~~464		79,~~441~~860
CASH AND EQUIVALENTS, END OF PERIOD	$	87,~~601~~024	$	8,~~960~~485
Supplemental disclosure of cash flow information:
Non-cash additions to property, plant and equipment	$	87101	$	~~177~~48
Dividends declared and not paid	594		~~561~~554

The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.

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NIKE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

	COMMON STOCK						CAPITAL IN EXCESS OF STATED VALUE		ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)		RETAINED EARNINGS (DEFICIT)		TOTAL
	CLASS A			CLASS B
(In millions, except per share data)	SHARES	AMOUNT		SHARES	AMOUNT
Balance at November 30, 2024	298	$	—	1,184	$	3	$	13,778	$	202	$	54	$	14,037
Balance at May 31, 2025	290	$	—	1,186	$	3	$	14,195	$	(258)	$	(727)	$	13,213
Stock options exercised				13			55126						55126
Repurchase of Class B Common Stock				(6)			(60)				(439)		(499)
Conversion to Class B Common Stock	(1)			1									—
Dividends on common stock ($0.400 per share)											(594)		(594)
Repurchase of Class B Common Stock				(2)			(17)				(106)		(123)
Issuance of shares to employees, net of shares withheld for employee taxes							(26)				10		(16)
Dividends on common stock ($0.40 per share) and preferred stock ($0.10 per share)											(594)		(594)
Stock-based compensation							169						169
Issuance of shares to employees, net of shares withheld for employee taxes							(16)						(16)
Net income											794		794
Stock-based compensation							185						185
Other comprehensive income (loss)									61				61
Net income											727		727
Balance at February 28, 2025	298	$	—	1,179	$	3	$	13,916	$	263	$	(175)	$	14,007
Other comprehensive income (loss)									(50)				(50)
Balance at August 31, 2025	289	$	—	1,188	$	3	$	14,473	$	(308)	$	(700)	$	13,468

	COMMON STOCK						CAPITAL IN EXCESS OF STATED VALUE		ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)		RETAINED EARNINGS (DEFICIT)		TOTAL
	CLASS A			CLASS B
(In millions, except per share data)	SHARES	AMOUNT		SHARES	AMOUNT
Balance at November 30, 2023	298	$	—	1,219	$	3	$	12,871	$	121	$	1,151	$	14,146
Balance at May 31, 2024	298	$	—	1,205	$	3	$	13,409	$	53	$	965	$	14,430
Stock options exercised				23			~~135~~124						~~135~~124
Repurchase of Class B Common Stock				(815)			(67132)				(~~799~~1,061)		(~~866~~1,193)
Dividends on common stock ($0.370 per share)											(561)		(561)
Dividends on common stock ($0.37 per share) and preferred stock ($0.10 per share)											(554)		(554)
Issuance of shares to employees, net of shares withheld for employee taxes							(27)				710		(2017)
Stock-based compensation							~~216~~183						~~216~~183
Net income											1,~~172~~051		1,~~172~~051
Other comprehensive income (loss)									4(80)				4(80)
Balance at February 29, 2024	298	$	—	1,213	$	3	$	13,128	$	125	$	970	$	14,226
Balance at August 31, 2024	298	$	—	1,193	$	3	$	13,557	$	(27)	$	411	$	13,944

	COMMON STOCK						CAPITAL IN EXCESS OF STATED VALUE		ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)		RETAINED EARNINGS (DEFICIT)		TOTAL
	CLASS A			CLASS B
(In millions, except per share data)	SHARES	AMOUNT		SHARES	AMOUNT
Balance at May 31, 2024	298	$	—	1,205	$	3	$	13,409	$	53	$	965	$	14,430
Stock options exercised				5			274						274
Repurchase of Class B Common Stock				(34)			(311)				(2,442)		(2,753)
Dividends on common stock ($1.170 per share) and preferred stock ($0.10 per share)											(1,745)		(1,745)
Issuance of shares to employees, net of shares withheld for employee taxes				3			—				39		39
Stock-based compensation							544						544
Net income											3,008		3,008
Other comprehensive income (loss)									210				210
Balance at February 28, 2025	298	$	—	1,179	$	3	$	13,916	$	263	$	(175)	$	14,007

The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.

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	COMMON STOCK						CAPITAL IN EXCESS OF STATED VALUE		ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)		RETAINED EARNINGS (DEFICIT)		TOTAL
	CLASS A			CLASS B
(In millions, except per share data)	SHARES	AMOUNT		SHARES	AMOUNT
Balance at May 31, 2023	305	$	—	1,227	$	3	$	12,412	$	231	$	1,358	$	14,004
Stock options exercised				6			347						347
Conversion to Class B Common Stock	(7)			7									—
Repurchase of Class B Common Stock				(30)			(251)				(2,956)		(3,207)
Dividends on common stock ($1.080 per share) and preferred stock ($0.10 per share)											(1,645)		(1,645)
Issuance of shares to employees, net of shares withheld for employee taxes				3			2				13		15
Stock-based compensation							618						618
Net income											4,200		4,200
Other comprehensive income (loss)									(106)				(106)
Balance at February 29, 2024	298	$	—	1,213	$	3	$	13,128	$	125	$	970	$	14,226

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.


NOTE 1	Summary of Significant Accounting Policies	7
NOTE 2	Accrued Liabilities	7
NOTE 3	Fair Value Measurements	8
NOTE 4	Income Taxes	9
NOTE 5	Stock-Based Compensation	10
NOTE 6	Earnings Per Share	11
NOTE 7	Risk Management and Derivatives	12
NOTE 8	Accumulated Other Comprehensive Income (Loss)	14
NOTE 9	Revenues	15
NOTE 10	S egment Informat ion	16
NOTE 11	Commitments and Contingencies	18
NOTE 12	Supplier Finance Programs	18

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1	Summary of Significant Accounting Policies	8
NOTE 2	Accrued Liabilities	8
NOTE 3	Fair Value Measurements	9
NOTE 4	Short-Term Borrowings and Credit Lines	11
NOTE 5	Income Taxes	11
NOTE 6	Stock-Based Compensation	12
NOTE 7	Earnings Per Share	13
NOTE 8	Risk Management and Derivatives	14
NOTE 9	Accumulated Other Comprehensive Income (Loss)	16
NOTE 10	Revenues	18
NOTE 11	Operating Segments	20
NOTE 12	Commitments and Contingencies	22
NOTE 13	Restructuring	22
NOTE 14	Supplier Finance Programs	23

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NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The Unaudited Condensed Consolidated Financial Statements include the accounts of NIKE, Inc. and its subsidiaries (the "Company" or "NIKE") and reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the results of operations for the interim period. The year-end Condensed Consolidated Balance Sheet data as of May 31, ~~2024~~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, ~~2024~~2025 (the "Annual Report"). The results of operations for the three ~~and nine~~ months ended ~~February~~August 2831, 2025, are not necessarily indicative of results ~~to be expected~~ for the entire fiscal year.

~~RECENTLY~~RECENT ~~ISSUED~~ ACCOUNTING ~~STANDARDS~~PRONOUNCEMENTS ~~AND DISCLOSURE RULES~~

In ~~November~~December 2023, the ~~Financial Accounting Standards Board (the "~~FASB") issued ~~Accounting Standards Update ("~~ASU") 2023-0709, ~~Segment~~Income ~~Reporting~~Taxes (Topic ~~280~~740): Improvements to ~~Reportable~~Income ~~Segment~~Tax Disclosures, which isincludes ~~intended~~amendments tothat ~~improve~~further ~~reportable~~enhance ~~segment~~income ~~disclosure~~tax ~~requirements~~disclosures, primarily through ~~enhanced~~standardization ~~disclosures~~and ~~about~~disaggregation ~~significant~~of ~~expenses.~~rate ~~The~~reconciliation ~~amendments~~categories ~~require public entities to disclose significant segment expenses regularly provided to the chief operating decision maker~~ and ~~included~~income ~~within~~taxes ~~segment~~paid ~~profit~~by ~~and loss~~jurisdiction. The amendments are effective for the Company's annual periods beginning June 1, ~~2024,~~2025 and ~~interim~~may ~~periods~~be ~~beginning~~applied ~~June~~either 1,prospectively ~~2025~~or retrospectively. The Company ~~will~~is ~~adopt~~currently evaluating the ASU onto adetermine ~~retrospective~~its ~~basis~~impact ~~in the Annual Report~~ on ~~Form 10-K for~~ the ~~fiscal~~Company's ~~year ending May 31, 2025~~disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company's annual periods beginning June 1, 2025, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company's annual periods beginning June 1, 2027, and interim periods beginning June 1, 2028, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.


NOTE 2 — ACCRUED LIABILITIES

Accrued liabilities included the following:

	FEBRUARY 28,		MAY 31,
	AUGUST 31,		MAY 31,
(Dollars in millions)	2025		~~2024~~2025
Sales-related reserves	$	1,~~682~~788	$	1,~~282~~834
Compensation and benefits, excluding taxes	1,~~296~~244		1,~~291~~245
Dividends payable	~~598~~599		~~563~~598
Endorsement compensation	412		578
Other	2,292		2,234
Other	1,917		2,011
TOTAL ACCRUED LIABILITIES	$	5,923	$	5,911
TOTAL ACCRUED LIABILITIES	$	5,905	$	5,725

8 7

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NOTE 3 — FAIR VALUE MEASUREMENTS

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities.

The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of ~~February~~August 2831, 2025 and May 31, ~~2024~~2025, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:

	FEBRUARY 28, 2025
	AUGUST 31, 2025
(Dollars in millions)	ASSETS AT FAIR VALUE		CASH AND EQUIVALENTS		SHORT-TERM INVESTMENTS
Cash	$	1,~~338~~409	$	1,~~338~~409	$	—
Level 1:
U.S. Treasury securities	~~1,156~~897		2—		~~1,154~~897
Level 2:
Commercial paper and bonds	~~657~~672		3235		~~625~~637
Money market funds	65,~~906~~309		65,~~906~~309		—
Time deposits	~~327~~271		~~323~~271		4—
U.S. Agency securities	917		—		917
Total Level 2	76,~~899~~269		75,~~261~~615		~~638~~654
TOTAL	$	108,~~393~~575	$	87,~~601~~024	$	1,~~792~~551

	MAY 31, 2024
	MAY 31, 2025
(Dollars in millions)	ASSETS AT FAIR VALUE		CASH AND EQUIVALENTS		SHORT-TERM INVESTMENTS
Cash	$	1,~~222~~221	$	1,~~222~~221	$	—
Level 1:
U.S. Treasury securities	1,~~175~~046		~~155~~—		1,~~020~~046
Level 2:
Commercial paper and bonds	~~591~~675		1745		~~574~~630
Money market funds	85,~~119~~902		85,~~119~~902		—
Time deposits	~~440~~297		~~347~~295		932
U.S. Agency securities	3510		—1		359
Total Level 2	96,~~185~~884		86,~~483~~243		~~702~~641
TOTAL	$	119,~~582~~151	$	97,~~860~~464	$	1,~~722~~687

As of ~~February~~August 2831, 2025, the Company held $~~845~~582 million of available-for-sale debt securities with maturity dates within one year and $~~947~~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 $9783 million and $~~113~~120 million for the three months ended ~~February~~August 2831, 2025 and ~~February 29,~~ 2024, respectively~~, and $314 million and $304 million for the nine months ended February 28, 2025 and February 29, 2024, respectively~~.

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The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:

	FEBRUARY 28, 2025
	AUGUST 31, 2025
	DERIVATIVE ASSETS						DERIVATIVE LIABILITIES
(Dollars in millions)	ASSETS AT FAIR VALUE		OTHER CURRENT ASSETS		OTHER LONG-TERM ASSETS		LIABILITIES AT FAIR VALUE		ACCRUED LIABILITIES		OTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)	$	~~619~~133	$	~~491~~107	$	~~128~~26	$	95518	$	86348	$	9170
Interest rate swaps(1)	2255		—		2255		4—		—		4—
TOTAL	$	~~641~~188	$	~~491~~107	$	~~150~~81	$	99518	$	86348	$	13170

(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 $99188 million as of ~~February~~August 2831, 2025. As of that date, the Company ~~received~~posted $~~262~~175 million of cash collateral ~~and~~to ~~$37 million of securities from~~ various counterparties on the derivative ~~asset~~liability balance. Noand no amount of collateral was ~~posted~~received from counterparties on the derivative ~~liability~~asset balance ~~as of February 28, 2025~~.

	MAY 31, 2024
	MAY 31, 2025
	DERIVATIVE ASSETS						DERIVATIVE LIABILITIES
(Dollars in millions)	ASSETS AT FAIR VALUE		OTHER CURRENT ASSETS		OTHER LONG-TERM ASSETS		LIABILITIES AT FAIR VALUE		ACCRUED LIABILITIES		OTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)	$	~~343~~107	$	~~299~~85	$	4422	$	~~120~~368	$	~~115~~226	$	5142
Interest rate swaps(1)	—24		—		—24		313		—		313
TOTAL	$	~~343~~131	$	~~299~~85	$	4446	$	~~151~~371	$	~~115~~226	$	36145

(1)If the foreign exchange and interest rate swap derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $~~142~~131 million as of May 31, ~~2024~~2025. As of that date, the Company ~~received~~posted $~~112~~166 million of cash collateral ~~from~~to various counterparties on the derivative ~~asset~~liability balance and ~~posted~~no ~~$10~~amount ~~million~~of ~~cash~~ collateral was received from counterparties on the derivative ~~liability~~asset balance.

For additional information related to the Company's derivative financial instruments and credit risk, refer to Note 87 — 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 $76,~~825~~794 million at ~~February~~August 2831, 2025 and $76,~~631~~673 million at May 31, ~~2024~~2025.

InNOTE ~~March~~4 ~~2025,~~— ~~subsequent~~INCOME ~~to the end of the third quarter of fiscal 2025, the Company repaid the $1.0 billion aggregate principal amount outstanding of its 2.40% notes due 2025 at maturity.~~TAXES

10The 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

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~~NOTE~~related 4to —uncertain ~~SHORT-TERM~~tax ~~BORROWINGS~~positions ~~AND~~were ~~CREDIT~~$392 ~~LINES~~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 ~~carrying~~Company ~~amounts~~is ~~reflected~~subject onto taxation in the ~~Unaudited~~U.S., ~~Condensed~~as ~~Consolidated~~well ~~Balance~~as ~~Sheets~~various state and foreign jurisdictions. The Company is currently under audit by the U.S. Internal Revenue Service ("IRS") for ~~Notes~~fiscal ~~payable~~years ~~approximate~~2017 ~~fair~~through ~~value~~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.

AsAlthough the timing of ~~February 28~~resolution of audits is not certain, ~~2025~~the Company evaluates all domestic and ~~May 31~~foreign audit issues in the aggregate, ~~2024~~along with the expiration of applicable statutes of limitations, and estimates that it is reasonably possible the ~~Company~~total ~~had~~gross nounrecognized ~~borrowings~~tax ~~outstanding~~benefits ~~under~~could ~~its~~decrease by up to $~~3 billion~~228 ~~commercial~~million ~~paper~~within ~~program~~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.

On March 7, 2025, subsequent to the end of the third quarter of fiscal 2025, the Company entered into a 364-day committed credit facility agreement with a syndicate of banks, which provides for up to $1 billion of borrowings, with an option to increase borrowings up to $1.5 billion in total with lender approval. The facility matures on March 6, 2026, with an option to extend the maturity date an additional 364 days. This facility replaces the prior $1 billion 364-day credit facility agreement entered into on March 8, 2024, which matured on March 7, 2025. Based on the Company's current long-term senior unsecured debt ratings of AA- and A1 from Standard and Poor's Corporation and Moody's Investor Services, respectively, the interest rate charged on any outstanding borrowings would be the prevailing Term Secured Overnight Financing Rate (Term SOFR) for the applicable interest period plus 0.60%. The facility fee is 0.02% of the total undrawn commitment. As of April 3, 2025, no amounts were outstanding under this committed credit facility.

On March 7, 2025, the Company also entered into a five-year committed credit facility agreement with a syndicate of banks which provides for up to $2 billion of borrowings, with the option to increase borrowings up to $3 billion in total with lender approval. The facility matures on March 7, 2030, with options to extend the maturity date up to an additional two years. This facility replaces the prior $2 billion five-year credit facility agreement entered into on March 11, 2022, which would have matured on March 11, 2027. Based on the Company's current long-term senior unsecured debt ratings of AA- and A1 from Standard and Poor's Corporation and Moody's Investor Services, respectively, the interest rate charged on any outstanding borrowings would be the prevailing Term SOFR for the applicable interest period plus 0.60%. The facility fee is 0.04% of the total undrawn commitment. As of April 3, 2025, no amounts were outstanding under this committed credit facility.

NOTE 5 — INCOME TAXES

The effective tax rate was 15.7% and 15.6% for the nine months ended February 28, 2025 and February 29, 2024, respectively. The increase in the Company's effective tax rate was primarily due to decreased benefits from stock-based compensation and one-time benefits recognized in the first nine months of fiscal 2024 including the impact of temporary relief provided by the Internal Revenue Service ("IRS") relating to U.S. foreign tax credit regulations. On July 21, 2023, the IRS issued Notice 2023-55 which specifically delayed the application of certain U.S. foreign tax credit regulations that had previously limited the Company's ability to claim credits on certain foreign taxes for the fiscal year ended May 31, 2023. As a result of this guidance, the Company recognized a one-time tax benefit related to fiscal 2023 tax positions in the first three months of fiscal 2024.

These impacts were largely offset by a one-time, non-cash deferred tax benefit recognized in the third quarter of fiscal 2025 provided by recently finalized U.S. tax regulations. On December 10, 2024, the U.S. Department of Treasury published final regulations related to Internal Revenue Code ("IRC") Section 987 foreign currency gains and losses derived from translation of the operations, assets and liabilities of non-U.S. qualified business units. While these regulations are effective for the Company beginning June 1, 2025, they require computation of a pre-transition foreign currency gain or loss to be included in the determination of future taxable income or loss. Based on the Company’s current analysis of the regulations and recognition of temporary differences impacting U.S. taxation of foreign earnings under Subpart F of the Internal Revenue Code, the Company recognized a non-cash deferred income tax benefit of $133 million related to pre-transition foreign currency losses expected to reduce taxable income in future periods.

The Organization for Economic Co-operation and Development (OECD) and the G20 Inclusive Framework on Base Erosion and Profit Shifting (the "Inclusive Framework") have put forth Pillar Two proposals that ensure a minimal level of taxation. Several countries in which the Company operates, including several European Union member states, have adopted domestic legislation to implement the Inclusive Framework's global corporate minimum tax rate of fifteen percent. This legislation became effective for the Company beginning June 1, 2024. Based on the Company's current analysis of Pillar Two provisions, these tax law changes did not have a material impact on the Company's financial statements for the first nine months of fiscal 2025 and are not expected to for fiscal 2025.

As of February 28, 2025, total gross unrecognized tax benefits, excluding related interest and penalties, were $1,004 million, $737 million of which would affect the Company's effective tax rate if recognized in future periods. The majority of the total gross unrecognized tax benefits are long-term in nature and included within Deferred income taxes and other liabilities on the Unaudited Condensed Consolidated Balance Sheets. As of May 31, 2024, total gross unrecognized tax benefits, excluding related interest and penalties, were $990 million. As of February 28, 2025 and May 31, 2024, accrued interest and penalties

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related to uncertain tax positions were $363 million and $332 million, respectively, (excluding federal benefit) and included within Deferred income taxes and other liabilities on the Unaudited Condensed Consolidated Balance Sheets.

The Company is subject to taxation in the U.S., as well as various state and foreign jurisdictions. The Company is currently under audit by the U.S. Internal Revenue Service ("IRS") for fiscal years 2017 through 2023. The Company has closed all U.S. federal income tax matters through fiscal 2016, with the exception of certain transfer pricing adjustments.

Tax years after 2011 remain open in certain major foreign jurisdictions. Although the timing of resolution of audits is not certain, the Company evaluates all domestic and foreign audit issues in the aggregate, along with the expiration of applicable statutes of limitations, and estimates that it is reasonably possible the total gross unrecognized tax benefits could decrease by up to $226 million within the next 12 months primarily as a result of the expected resolution with the IRS of certain U.S. federal income tax matters for fiscal years 2017 through 2019 related to transfer pricing adjustments, research and development credits and other items.

In January 2019, the European Commission opened a formal investigation to examine whether the Netherlands has breached State Aid rules when granting certain tax rulings to the Company. The Company believes the investigation is without merit. If this matter is adversely resolved, the Netherlands may be required to assess additional amounts with respect to prior periods, and the Company's income taxes related to prior periods in the Netherlands could increase.

NOTE 65 — STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

The NIKE, Inc. Stock Incentive Plan (the "Stock Incentive Plan") provides for the issuance of up to ~~798~~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				NINE MONTHS ENDED
	THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)	~~FEBRUARY 28,~~ 2025		~~FEBRUARY 29,~~ 2024		~~FEBRUARY 28, 2025~~		~~FEBRUARY 29, 2024~~
Stock options(1)	$	6976	$	8971	$	~~222~~	$	~~253~~
ESPPs	1715		1713		53		55
Restricted stock and restricted stock units(2)	8394		~~110~~99		~~269~~		~~310~~
TOTAL STOCK-BASED COMPENSATION EXPENSE	$	~~169~~185	$	~~216~~183	$	~~544~~	$	~~618~~

(1)Expense for stock options includes the expense associated with stock appreciation rights.

(2)Expense for restricted stock units includes an immaterial amount of expense for PSUs.

STOCK OPTIONS

As of ~~February~~August 2831, 2025, the Company had $~~468~~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 2.54 years.

RESTRICTED STOCK AND RESTRICTED STOCK UNITS

As of ~~February~~August 2831, 2025, the Company had $~~696~~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 2.63 years.

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NOTE 76 — 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 7768.13 million and 4061.91 million shares of common stock outstanding for the three months ended ~~February~~August 2831, 2025 and ~~February 29,~~ 2024, respectively, ~~and 75.3 million and 42.6 million shares of common stock outstanding for the nine months ended February 28, 2025 and February 29, 2024, respectively,~~ because the awards were assumed to be anti-dilutive.

THREE MONTHS ENDED

NINE MONTHS ENDED

THREE MONTHS ENDED AUGUST 31,

(In millions, except per share data)

~~FEBRUARY 28,~~ 2025

~~FEBRUARY 29,~~ 2024

~~FEBRUARY 28, 2025~~

~~FEBRUARY 29, 2024~~

Net income available to common stockholders

~~794~~727

1,~~172~~051

~~3,008~~

~~4,200~~

Determination of shares:

Weighted average common shares outstanding

1,~~478~~476.16

1,~~513~~497.27

~~1,487.6~~

~~1,520.8~~

Assumed conversion of dilutive stock options and awards

2.54

134.3

~~3.4~~

~~13.2~~

DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING

1,~~480~~479.60

1,~~526~~502.50

~~1,491.0~~

~~1,534.0~~

Earnings per common share:

Basic

0.5449

0.7770

~~2.02~~

~~2.76~~

Diluted

0.5449

0.7770

~~2.02~~

~~2.74~~

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NOTE 87 — RISK MANAGEMENT AND DERIVATIVES

The Company is exposed to global market risks, including the effect of changes in foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. As of and for the three ~~and nine~~ months ended ~~February~~August 2831, 2025, there have been no material changes to the Company's hedging program or strategy from what was disclosed within the Annual Report.

The majority of derivatives outstanding as of ~~February~~August 2831, 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 LOCATION

~~FEBRUARY~~AUGUST 2831,

MAY 31,

(Dollars in millions)

2025

~~2024~~2025

Derivatives formally designated as hedging instruments:

Foreign exchange forwards and options

Prepaid expenses and other current assets

~~479~~95

~~269~~75

Foreign exchange forwards and options

Deferred income taxes and other assets

~~128~~26

4422

Interest rate swaps

Deferred income taxes and other assets

2255

—24

Total derivatives formally designated as hedging instruments

~~629~~176

~~313~~121

Derivatives not designated as hedging instruments:

Foreign exchange forwards and options

Prepaid expenses and other current assets

3010

Total derivatives not designated as hedging instruments

3010

TOTAL DERIVATIVE ASSETS

~~641~~188

~~343~~131

DERIVATIVE LIABILITIES

BALANCE SHEET LOCATION

~~FEBRUARY~~AUGUST 2831,

MAY 31,

(Dollars in millions)

2025

~~2024~~2025

Derivatives formally designated as hedging instruments:

Foreign exchange forwards and options

Accrued liabilities

74339

~~110~~216

Foreign exchange forwards and options

Deferred income taxes and other liabilities

9170

5142

Interest rate swaps

Deferred income taxes and other liabilities

4—

313

Total derivatives formally designated as hedging instruments

87509

~~146~~361

Derivatives not designated as hedging instruments:

Foreign exchange forwards and options

Accrued liabilities

129

510

Total derivatives not designated as hedging instruments

129

510

TOTAL DERIVATIVE LIABILITIES

99518

~~151~~371

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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				LOCATION OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME	THREE MONTHS ENDED
	THREE MONTHS ENDED AUGUST 31,				LOCATION OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME	THREE MONTHS ENDED AUGUST 31,
	FEBRUARY 28, 2025		FEBRUARY 29, 2024			FEBRUARY 28, 2025		FEBRUARY 29, 2024
	2025		2024			2025		2024
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options	$	~~(30)~~43	$	(3244)	Revenues	$	(257)	$	(1021)
Foreign exchange forwards and options	~~180~~(153)		~~135~~(98)		Cost of sales	6750		70
Foreign exchange forwards and options	—(48)		—(29)		~~Demand~~Other ~~creation~~(income) expense, net	—(14)		130
Foreign exchange forwards and options	66		49		Other (income) expense, net	57		52
Interest rate swaps(2)	—		—		Interest expense (income), net	(2)		(2)
TOTAL DESIGNATED CASH FLOW HEDGES	$	~~216~~(158)	$	~~152~~(171)		$	9727	$	~~111~~77

(1)For the three months ended ~~February~~August 2831, 2025 and ~~February 29,~~ 2024, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.

(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.

(Dollars in millions)	AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES(1)					AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME(1)
	AMOUNT OF GAIN (LOSS) RECOGNIZED IN INCOME ON DERIVATIVES				LOCATION OF GAIN (LOSS)RECOGNIZED IN INCOMEON DERIVATIVES
	NINE MONTHS ENDED					LOCATION OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME	NINE MONTHS ENDED
	THREE MONTHS ENDED AUGUST 31,
	FEBRUARY 28, 2025		FEBRUARY 29, 2024				FEBRUARY 28, 2025		FEBRUARY 29, 2024
(Dollars in millions)	2025		2024
Derivatives designated as cash flow hedges:
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options	$	~~(103)~~17	$	~~(55)~~—		~~Revenues~~	$Other (income) expense, net	~~(70)~~	$	~~(7)~~
Foreign exchange forwards and options	478		154			Cost of sales	187		221
Foreign exchange forwards and options	—		2			Demand creation expense	—		1
Foreign exchange forwards and options	194		78			Other (income) expense, net	102		138
Interest rate swaps(2)	—		—			Interest expense (income), net	(6)		(6)
TOTAL DESIGNATED CASH FLOW HEDGES	$	569	$	179			$	213	$	347

(1)For the nine months ended February 28, 2025 and February 29, 2024, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.

	AMOUNT OF GAIN (LOSS) RECOGNIZED IN INCOME ON DERIVATIVES								LOCATION OF GAIN (LOSS)RECOGNIZED IN INCOMEON DERIVATIVES
	THREE MONTHS ENDED				NINE MONTHS ENDED
(Dollars in millions)	FEBRUARY 28, 2025		FEBRUARY 29, 2024		FEBRUARY 28, 2025		FEBRUARY 29, 2024
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options	$	3	$	9	$	9	$	(1)	Other (income) expense, net

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CASH FLOW HEDGES

The total notional amount of outstanding foreign currency derivatives designated as cash flow hedges was approximately $1418.75 billion and $1618.24 billion as of ~~February~~August 2831, 2025 and May 31, ~~2024~~2025, respectively. Approximately $~~471~~183 million of deferred net ~~gains~~losses (net of tax) on both outstanding and matured derivatives in Accumulated other comprehensive income (loss) as of ~~February~~August 2831, 2025, are expected to be reclassified to Net income during the next 12 months concurrent with the underlying hedged transactions also being recorded in Net income. Actual amounts ultimately reclassified to Net income are dependent on the exchange rates in effect when derivative contracts currently outstanding mature. As of ~~February~~August 2831, 2025, the maximum term over which the Company hedges exposures to the variability of cash flows for its forecasted transactions was 2733 months.

FAIR VALUE HEDGES

The total notional amount of outstanding interest rate swap contracts designated as fair value hedges was $2.4 billion ~~and $1.8 billion~~ as of ~~February~~August 2831, 2025 and May 31, ~~2024, respectively~~2025.

UNDESIGNATED DERIVATIVE INSTRUMENTS

The total notional amount of outstanding undesignated derivative instruments was $34.31 billion and $4.40 billion as of ~~February~~August 2831, 2025 and May 31, ~~2024~~2025, respectively.

CREDIT RISK

As of ~~February~~August 2831, 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.

~~NOTE 9 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)~~13

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)		OTHER		TOTAL
Balance at November 30, 2024	$	(342)	$	470	$	115	$	(41)	$	202
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)	(57)		205		—		4		152
Reclassifications to net income of previously deferred (gains) losses(2)(3)	—		(86)		—		(5)		(91)
Total other comprehensive income (loss)	(57)		119		—		(1)		61
Balance at February 28, 2025	$	(399)	$	589	$	115	$	(42)	$	263

(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.

(2)Net of immaterial tax impact.

(3)Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other.

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(Dollars in millions)	FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)		CASH FLOW HEDGES		NET INVESTMENT HEDGES(1)		OTHER		TOTAL
Balance at November 30, 2023	$	(178)	$	242	$	115	$	(58)	$	121
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)	(57)		150		—		4		97
Reclassifications to net income of previously deferred (gains) losses(2)(3)	—		(100)		—		7		(93)
Total other comprehensive income (loss)	(57)		50		—		11		4
Balance at February 29, 2024	$	(235)	$	292	$	115	$	(47)	$	125


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)		OTHER		TOTAL
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)

(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)		OTHER		TOTAL
Balance at May 31, 2024	$	(256)	$	247	$	115	$	(53)	$	53
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)	~~(143)~~137		~~546~~(151)		—		147		~~417~~(7)
Reclassifications to net income of previously deferred (gains) losses(2)(3)	—1		(~~204~~76)		—		~~(3)~~2		(~~207~~73)
Total other comprehensive income (loss)	~~(143)~~138		~~342~~(227)		—		119		~~210~~(80)
Balance at February 28, 2025	$	(399)	$	589	$	115	$	(42)	$	263
Balance at August 31, 2024	$	(118)	$	20	$	115	$	(44)	$	(27)

(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)		OTHER		TOTAL
Balance at May 31, 2023	$	(253)	$	431	$	115	$	(62)	$	231
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)	16		175		—		15		206
Reclassifications to net income of previously deferred (gains) losses(2)(3)	2		(314)		—		—		(312)
Total other comprehensive income (loss)	18		(139)		—		15		(106)
Balance at February 29, 2024	$	(235)	$	292	$	115	$	(47)	$	125

For additional information related to the Company's cash flow hedges refer to Note 7 — Risk Management and Derivatives.

~~(1)The~~14 accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.

(2)Net of immaterial tax impact.

(3)Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other.

For additional information related to the Company's cash flow hedges refer to Note 8 — Risk Management and Derivatives.

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NOTE 109 — REVENUES

DISAGGREGATION OF REVENUES

The following tables present the Company's Revenues ~~disaggregated~~ by reportable operating segment, disaggregated by major product line and distribution channel:

	THREE MONTHS ENDED FEBRUARY 28, 2025
	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 by:
Footwear	$	3,~~132~~219	$	12,~~742~~021	$	1,~~282~~109	$	1,~~052~~061	$	—	$	7,~~208~~410	$	~~349~~321	$	—	$	7,~~557~~731
Apparel	1,~~510~~474		~~913~~1,106		~~412~~362		~~358~~371		—		3,~~193~~313		2211		—		3,~~215~~324
Equipment	~~222~~327		~~156~~204		3941		6058		—		~~477~~630		78		—		~~484~~638
Other	—		—		—		—		129		129		2726		(268)		1327
TOTAL REVENUES	$	45,~~864~~020	$	23,~~811~~331	$	1,~~733~~512	$	1,~~470~~490	$	129	$	1011,~~890~~362	$	~~405~~366	$	(268)	$	11,~~269~~720
Revenues by:
Sales to Wholesale Customers	$	2,~~499~~736	$	12,~~817~~261	$	~~995~~893	$	~~844~~949	$	—	$	6,~~155~~839	$	~~208~~195	$	—	$	67,~~363~~034
Sales through Direct to Consumer	2,~~365~~284		~~994~~1,070		~~738~~619		~~626~~541		—		4,~~723~~514		~~170~~145		—		4,~~893~~659
Other	—		—		—		—		129		129		2726		(268)		1327
TOTAL REVENUES	$	45,~~864~~020	$	23,~~811~~331	$	1,~~733~~512	$	1,~~470~~490	$	129	$	1011,~~890~~362	$	~~405~~366	$	(268)	$	11,~~269~~720

	THREE MONTHS ENDED FEBRUARY 29, 2024
	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 by:
Footwear	$	3,~~460~~212	$	1,~~960~~952	$	1,~~547~~246	$	1,~~195~~052	$	—	$	87,~~162~~462	$	~~426~~436	$	—	$	87,~~588~~898
Apparel	1,~~408~~331		~~994~~993		~~498~~360		~~390~~348		—		3,~~290~~032		2517		—		3,~~315~~049
Equipment	~~202~~283		~~184~~198		3960		62		—		~~487~~603		912		—		~~496~~615
Other	—		—		—		—		914		914		3536		(1423)		3027
TOTAL REVENUES	$	54,~~070~~826	$	3,~~138~~143	$	21,~~084~~666	$	1,~~647~~462	$	914	$	11,~~948~~111	$	~~495~~501	$	(1423)	$	1211,~~429~~589
Revenues by:
Sales to Wholesale Customers	$	2,~~440~~475	$	12,~~966~~074	$	~~1,243~~971	$	~~939~~890	$	—	$	6,~~588~~410	$	~~257~~275	$	—	$	6,~~845~~685
Sales through Direct to Consumer	2,~~630~~351		1,~~172~~069		~~841~~695		~~708~~572		—		54,~~351~~687		~~203~~190		—		54,~~554~~877
Other	—		—		—		—		914		914		3536		(1423)		3027
TOTAL REVENUES	$	54,~~070~~826	$	3,~~138~~143	$	21,~~084~~666	$	1,~~647~~462	$	914	$	11,~~948~~111	$	~~495~~501	$	(1423)	$	1211,~~429~~589

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	NINE MONTHS ENDED FEBRUARY 28, 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 by:
Footwear	$	9,580	$	5,676	$	3,731	$	3,338	$	—	$	22,325	$	1,149	$	—	$	23,474
Apparel	4,534		3,042		1,244		1,143		—		9,963		65		—		10,028
Equipment	755		539		135		195		—		1,624		25		—		1,649
Other	—		—		—		—		39		39		96		(74)		61
TOTAL REVENUES	$	14,869	$	9,257	$	5,110	$	4,676	$	39	$	33,951	$	1,335	$	(74)	$	35,212
Revenues by:
Sales to Wholesale Customers	$	7,840	$	6,011	$	2,870	$	2,764	$	—	$	19,485	$	695	$	—	$	20,180
Sales through Direct to Consumer	7,029		3,246		2,240		1,912		—		14,427		544		—		14,971
Other	—		—		—		—		39		39		96		(74)		61
TOTAL REVENUES	$	14,869	$	9,257	$	5,110	$	4,676	$	39	$	33,951	$	1,335	$	(74)	$	35,212

	NINE MONTHS ENDED FEBRUARY 29, 2024
(Dollars in millions)	NORTH AMERICA		EUROPE, MIDDLE EAST & AFRICA		GREATER CHINA		ASIA PACIFIC & LATIN AMERICA		GLOBAL BRAND DIVISIONS		TOTAL NIKE BRAND		CONVERSE		CORPORATE		TOTAL NIKE, INC.
Revenues by:
Footwear	$	10,950	$	6,406	$	4,195	$	3,639	$	—	$	25,190	$	1,390	$	—	$	26,580
Apparel	4,555		3,331		1,368		1,198		—		10,452		75		—		10,527
Equipment	613		578		119		187		—		1,497		27		—		1,524
Other	—		—		—		—		34		34		110		(19)		125
TOTAL REVENUES	$	16,118	$	10,315	$	5,682	$	5,024	$	34	$	37,173	$	1,602	$	(19)	$	38,756
Revenues by:
Sales to Wholesale Customers	$	8,114	$	6,483	$	3,165	$	2,927	$	—	$	20,689	$	843	$	—	$	21,532
Sales through Direct to Consumer	8,004		3,832		2,517		2,097		—		16,450		649		—		17,099
Other	—		—		—		—		34		34		110		(19)		125
TOTAL REVENUES	$	16,118	$	10,315	$	5,682	$	5,024	$	34	$	37,173	$	1,602	$	(19)	$	38,756

Global Brand Divisions revenues included NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. Converse Other revenues were primarily attributable to licensing businesses. Corporate revenues primarily consisted of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse, but managed through the Company's central foreign exchange risk management program.

As of ~~February~~August 2831, 2025 and May 31, ~~2024~~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.

1915

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NOTE 1110 — ~~OPERATING~~SEGMENT ~~SEGMENTS~~INFORMATION

The Company's reportable operating segments ~~are~~reflect ~~evidence of~~ 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 ~~NIKE~~CODM ~~Brand~~evaluates the performance of the Company's segments ~~are~~and ~~defined~~allocates byresources ~~geographic~~based ~~regions~~on ~~for~~earnings ~~operations~~before ~~participating~~interest and taxes ("EBIT"), which represents Net income before Interest expense (income), net and Income tax expense in ~~NIKE~~the ~~Brand~~Unaudited ~~sales~~Condensed ~~activity~~Consolidated Statements of Income.

~~Each NIKE Brand geographic segment operates predominantly in one industry: the design, development, marketing and selling of athletic footwear, apparel and equipment.~~ The Company's ~~reportable operating~~ segments ~~for the NIKE Brand~~ are: ~~North~~defined ~~America;~~as ~~Europe, Middle East & Africa ("EMEA"); Greater China; and Asia Pacific & Latin America ("APLA"), and include results for the NIKE and Jordan brands.~~follows:

~~The Company's~~ NIKE ~~Direct~~BRAND operations are managed within each NIKE Brand geographic operating segment. Converse is also a reportable segment for the Company and operates in one industry: the design, marketing, licensing and selling of athletic lifestyle sneakers, apparel and accessories.

~~Global~~The NIKE Brand ~~Divisions~~reportable isoperating ~~included~~segments ~~within~~are: ~~the~~North ~~NIKE~~America; ~~Brand~~Europe, ~~for~~Middle ~~presentation~~East ~~purposes~~& toAfrica ~~align~~("EMEA"); ~~with~~Greater ~~the~~China; ~~way~~and ~~management~~Asia ~~views~~Pacific ~~the~~& ~~Company.~~Latin ~~Global~~America ~~Brand~~("APLA"), ~~Divisions~~and ~~revenues~~ include ~~NIKE~~results ~~Brand~~for ~~licensing~~the NIKE and ~~other~~Jordan ~~miscellaneous~~brands. ~~revenues~~Each ~~that~~NIKE ~~are~~Brand ~~not~~segment ~~part~~represents of a geographic ~~operating~~region ~~segment. Global Brand Divisions costs represent demand creation and~~ operating ~~overhead~~predominantly ~~expense~~in ~~that~~one ~~include~~industry: ~~product~~the ~~creation and~~ design, ~~expenses~~development, ~~centrally~~marketing ~~managed~~and ~~for~~selling ~~the~~of ~~NIKE~~athletic ~~Brand~~footwear, asapparel ~~well as costs associated with NIKE Direct global digital operations~~ and ~~enterprise technology~~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.

~~The~~As ~~primary~~part ~~financial~~of ~~measure~~the ~~used~~Company's bycentrally 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 ~~evaluate~~Converse. ~~performance~~Inventories and Cost of ~~individual~~sales ~~operating~~for geographic segments isand ~~earnings~~Converse ~~before~~reflect ~~interest~~the ~~and~~use ~~taxes~~of ~~("EBIT"),~~these ~~which~~standard ~~represents~~rates ~~Net~~to ~~income~~recognize ~~before~~non-functional ~~Interest~~currency ~~expense~~product ~~(income),~~purchases ~~net,~~in the entity's functional currency. Differences between these standard rates and ~~Income~~actual ~~taxes~~market rates are included in ~~the~~Corporate, ~~Unaudited~~together ~~Condensed~~with ~~Consolidated~~foreign ~~Statements~~currency ofhedge ~~Income~~gains and losses and other conversion gains and losses.

As16 part of the Company's centrally managed foreign exchange risk management program, standard foreign currency rates are assigned twice per year to each NIKE Brand entity in the Company's geographic operating segments and to Converse. These rates are set approximately nine and twelve months in advance of the future selling seasons to which they relate (specifically, for each currency, one standard rate applies to the fall and holiday selling seasons, and one standard rate applies to the spring and summer selling seasons) based on average market spot rates in the calendar month preceding the date they are established. Inventories and Cost of sales for geographic operating segments and Converse reflect the use of these standard rates to record non-functional currency product purchases in the entity's functional currency. Differences between assigned standard foreign currency rates and actual market rates are included in Corporate, together with foreign currency hedge gains and losses generated from the Company's centrally managed foreign exchange risk management program and other conversion gains and losses.

Accounts receivable, net, Inventories and Property, plant and equipment, net for operating segments are regularly reviewed by management and are therefore provided below.

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	THREE MONTHS ENDED						NINE MONTHS ENDED
	THREE MONTHS ENDED AUGUST 31, 2025
(Dollars in millions)	~~FEBRUARY~~NORTH ~~28, 2025~~AMERICA		~~FEBRUARY 29~~EUROPE, ~~2024~~MIDDLE EAST & AFRICA		GREATER CHINA		~~FEBRUARY~~ASIA ~~28,~~PACIFIC ~~2025~~& LATIN AMERICA		~~FEBRUARY~~GLOBAL ~~29,~~BRAND ~~2024~~DIVISIONS		TOTAL NIKE BRAND		CONVERSE		CORPORATE		TOTAL NIKE, INC.
REVENUES
Revenues	$	5,020	$	3,331	$	1,512	$	1,490	$	9	$	11,362	$	366	$	(8)	$	11,720
North America	$	4,864	$	5,070			$	14,869	$	16,118
Cost of Sales	2,897		1,900		798		838		168		6,601		193		(17)		6,777
Europe, Middle East & Africa	2,811		3,138				9,257		10,315
Gross profit	2,123		1,431		714		652		(159)		4,761		173		9		4,943
Greater China	1,733		2,084				5,110		5,682
Demand creation expense	442		313		99		97		203		1,154		33		1		1,188
Asia Pacific & Latin America	1,470		1,647				4,676		5,024
Operating overhead expense	547		382		238		208		831		2,206		102		520		2,828
Global Brand Divisions	12		9				39		34
Total selling and administrative expense	989		695		337		305		1,034		3,360		135		521		4,016
Total NIKE Brand	10,890		11,948				33,951		37,173
Other segment items(1)	—		1		—		(3)		(1)		(3)		(1)		27		23
Converse	405		495				1,335		1,602
EARNINGS (LOSS) BEFORE INTEREST AND TAXES	$	1,134	$	735	$	377	$	350	$	(1,192)	$	1,404	$	39	$	(539)
Corporate	(26)		(14)				(74)		(19)
Interest expense (income), net																	(18)
TOTAL NIKE, INC. REVENUES	$	11,269	$	12,429			$	35,212	$	38,756
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES																	$	922
EARNINGS BEFORE INTEREST AND TAXES
Supplemental information:
North America	$	1,103	$	1,400			$	3,690	$	4,360
Depreciation and amortization(2)	$	38	39		12		16		54		159		2		29		$	190
Europe, Middle East & Africa	480		734				2,103		2,591
Greater China	421		722				1,298		1,761
Asia Pacific & Latin America	346		471				1,208		1,406
Global Brand Divisions	(1,093)		(1,199)				(3,453)		(3,572)
Converse	39		98				213		380
Corporate	(470)		(874)				(1,577)		(2,060)
Interest expense (income), net	(18)		(52)				(85)		(108)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES	$	844	$	1,404			$	3,567	$	4,974

	FEBRUARY 28,		MAY 31,
(Dollars in millions)	2025		2024
ACCOUNTS RECEIVABLE, NET
North America	$	1,957	$	1,723
Europe, Middle East & Africa	1,283		1,239
Greater China	260		327
Asia Pacific & Latin America	680		792
Global Brand Divisions	103		103
Total NIKE Brand	4,283		4,184
Converse	201		201
Corporate	7		42
TOTAL ACCOUNTS RECEIVABLE, NET	$	4,491	$	4,427
INVENTORIES
North America	$	3,107	$	3,134
Europe, Middle East & Africa	1,892		2,028
Greater China	1,100		1,070
Asia Pacific & Latin America	934		810
Global Brand Divisions	154		166
Total NIKE Brand	7,187		7,208
Converse	285		296
Corporate	67		15
TOTAL INVENTORIES(1)	$	7,539	$	7,519

(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.

(12)~~Inventories~~The asamounts of ~~February 28,~~depreciation ~~2025~~ and ~~May 31,~~amortization ~~2024,~~disclosed ~~were~~by ~~substantially~~segment ~~all~~are ~~finished~~included ~~goods.~~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

(2)The amounts of depreciation and amortization disclosed by segment are included within Cost of sales and Operating overhead expense, as applicable.

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	FEBRUARY 28,		MAY 31,
	AUGUST 31,		MAY 31,
(Dollars in millions)	2025		~~2024~~2025
PROPERTY, PLANT AND EQUIPMENT, NET
INVENTORIES(1)
North America	$	~~656~~3,524	$	~~744~~3,198
Europe, Middle East & Africa	12,~~054~~128		12,~~089~~042
Greater China	~~228~~1,097		~~258~~951
Asia Pacific & Latin America	~~288~~1,066		~~282~~905
Global Brand Divisions	~~794~~142		~~842~~148
Total NIKE Brand	3,020		3,215
TOTAL NIKE BRAND	7,957		7,244
Converse	17247		27272
Corporate	~~1,680~~(90)		~~1,758~~(27)
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET	$	4,717	$	5,000
TOTAL NIKE, INC. INVENTORIES	$	8,114	$	7,489

~~NOTE~~(1)Inventories 12as —of ~~COMMITMENTS~~August 31, ~~AND~~2025 ~~CONTINGENCIES~~and May 31, 2025 were substantially all finished goods.

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.

NOTE 1312 — ~~RESTRUCTURING~~SUPPLIER FINANCE PROGRAMS

~~During~~Certain ~~the~~financial ~~third~~institutions ~~quarter~~offer ofvoluntary ~~fiscal~~supplier ~~2024,~~finance ~~the~~programs ~~Company~~facilitated ~~announced~~through a ~~multi~~third-~~year~~party ~~enterprise~~platform ~~initiative~~that ~~designed~~provide participating suppliers the option to ~~accelerate~~finance ~~its~~valid ~~future~~payment ~~growth~~obligations from the Company. AsThe ~~part~~Company ofis ~~this~~not ~~initiative,~~a ~~management~~party ~~streamlined~~to ~~the~~agreements ~~organization~~negotiated ~~which~~between ~~resulted~~participating insuppliers aand ~~net~~third-party ~~reduction~~financial ininstitutions. ~~the~~The Company's ~~global~~obligations ~~workforce.~~to ~~During~~its ~~the~~suppliers, ~~third~~including ~~quarter~~amounts ofdue ~~fiscal~~and ~~2024~~payment terms, ~~the~~are ~~Company~~not ~~recognized~~affected ~~pre-tax~~by ~~restructuring~~a ~~charges~~supplier's ofdecision ~~$403 million,~~to ~~with~~participate ~~$379 million~~in ~~primarily~~these ~~related~~programs toand ~~employee~~the ~~severance~~Company ~~costs~~does ~~and~~not ~~$24 million~~provide ~~related~~guarantees to ~~accelerated~~third ~~stock-based~~parties ~~compensation~~in connection with these programs. OfAs ~~the~~of ~~$403~~August ~~million~~31, ~~pre-tax~~2025 ~~restructuring~~and ~~charges~~May 31, 2025, the Company had $~~340~~1,314 million ~~was~~and ~~classified~~$1,101 million, ~~within~~respectively, ~~Operating~~of ~~overhead~~outstanding ~~expense~~supplier ~~and~~obligations ~~$63 million~~confirmed ~~was~~as ~~classified~~valid under these programs. These amounts are included within ~~Cost~~Accounts ofpayable ~~sales~~on the Unaudited Condensed Consolidated Balance Sheets.

As18 of the second quarter of fiscal 2025, the restructuring initiative was substantially complete. During the nine months ended February 28, 2025, the Company made cash payments of $243 million related to employee severance. As of May 31, 2024, $267 million of related pre-tax restructuring charges were reflected within Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets.

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NOTE 14 — SUPPLIER FINANCE PROGRAMS

Certain financial institutions offer voluntary supplier finance programs facilitated through a third-party platform that provide participating suppliers the option to finance valid payment obligations from the Company. The Company is not a party to agreements negotiated between participating suppliers and third-party financial institutions. The Company's obligations to its suppliers, including amounts due and payment terms, are not affected by a supplier's decision to participate in these programs and the Company does not provide guarantees to third parties in connection with these programs. As of February 28, 2025 and May 31, 2024, the Company had $1,050 million and $840 million, respectively, of outstanding supplier obligations confirmed as valid under these programs. These amounts are included within Accounts payable on the Unaudited Condensed Consolidated Balance Sheets.

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

OVERVIEW

NIKE designs, develops, markets and sells athletic footwear, apparel, equipment, accessories and services worldwide. We are the largest seller of athletic footwear and apparel in the world. We sell our products through two distribution channels: NIKE Direct operations which are comprised of both NIKE-owned retail stores and sales through our digital platforms (also referred to as "NIKE Brand Digital") and to wholesale accounts, which include a mix of independent distributors, licensees and sales representatives in nearly all countries around the world. Our goal is to deliver value to our shareholders by building a profitable global portfolio of branded footwear, apparel, equipment and accessories ~~businesses~~.

Our strategy is to achieve sustainable, profitable long-term revenue growth by leading with sport, creating innovative, "must-have" products, building deep personal consumer connections with our brands and delivering compelling consumer experiences through digital platforms and at retail.

QUARTERLY FINANCIAL HIGHLIGHTS

•NIKE, Inc. Revenues for the ~~third~~first quarter of fiscal ~~2025~~2026 were $11.37 billion compared to $1211.46 billion for the ~~third~~first quarter of fiscal ~~2024~~2025.

•NIKE Direct revenues were $4.75 billion for the ~~third~~first quarter of fiscal ~~2025~~2026 compared to $5.4.7 billion for the ~~third~~first quarter of fiscal ~~2024~~2025, ~~and~~primarily driven by a decrease in traffic in NIKE Brand Digital. NIKE Direct revenues represented approximately 4340% of total NIKE Brand revenues.

•NIKE Brand wholesale revenues were $6.28 billion for the ~~third~~first quarter of fiscal ~~2025~~2026 compared to $6.64 billion for the ~~third~~first quarter of fiscal ~~2024~~2025, primarily driven by an increase in units, partially offset by an increase in discounts.

•Gross margin for the ~~third~~first quarter of fiscal ~~2025~~2026 decreased ~~330~~320 basis points to 4142.52% due to higher discounts with our wholesale partners, higher discounts in our NIKE Brand factory stores, an increase in product costs including new tariffs and changes in channel mix.

•Inventories as of ~~February~~August 2831, 2025, were $78.51 billion, ~~flat~~an increase of 8% compared to May 31, ~~2024~~2025, primarily driven by product mix and an increase in units.

•We returned approximately $10.17 billion to our shareholders in the ~~third~~first quarter of fiscal ~~2025~~2026 through dividends and share repurchases.

Our results for the third quarter of fiscal 2025 reflected a decrease in traffic across NIKE Direct and our actions to reduce supply of certain footwear products in the marketplace through increased markdowns, higher sales-related reserves and discounts which negatively impacted our Revenues and gross margin.

FACTORS IMPACTING OUR BUSINESS

We are navigating through several external factors that create uncertainty and volatility in the operating environment, including, but not limited to, geopolitical dynamics, tax regulation, fluctuating foreign currency exchange rates and evolving tariff policies. As a result of new tariffs, ~~tax~~we ~~regulation~~expect a gross incremental cost of approximately $1.5 billion on an annualized basis. We are taking actions to mitigate the impact of new tariffs; however for fiscal 2026, we expect a negative impact on gross margin. We will continue to monitor changes to the import and ~~fluctuating~~export ~~foreign~~policies ~~exchange~~of ~~rates~~the U.S. and other countries that could require us to change the way in which we do business. These factors, and any changes to these factors, among others, could have a material adverse impact on consumer behavior and on our future Revenues and overall profitability. For a discussion of these factors and other risks, refer to Risk Factors in Item 1A of Part 1 within our Annual Report on Form 10-K for the fiscal year ended May 31, ~~2024~~2025 (the "Annual Report").

Despite these factors, we are focused on driving distinction within key sports, building a complete product portfolio, creating stories to inspire and emotionally connect with consumers, and elevating and growing the entire marketplace as we continue to take actions across the following areas:

•Product Management: Reducing the supply of certain footwear products in the marketplace as we shift to new and innovative products and rebalance the mix of our footwear portfolio.

•Marketplace Management: Repositioning NIKE Brand Digital as a full-price platform and reinvesting in wholesale distribution. This includes liquidating inventory through increased markdowns across NIKE Direct, and higher sales returns and discounts with our wholesale partners to reduce inventory and create capacity for new product. We are also making investments to elevate the presentation of our brands in physical retail.

•Brand Management: Increasing investment in demand creation, including brand marketing and sports marketing, to support key product launches and sports moments.

Over the next several quarters, we expect these actions will have a negative impact on our Revenues and gross margin as well as higher Demand creation expense. However, we believe these actions will reignite brand momentum and reposition our business to drive long-term shareholder value.19

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Our reportable operating segments are at different stages of progress against these actions and therefore, the timing of financial impacts have varied and we expect will continue to vary by segment. These actions have had, and in the future will have, a negative impact on our Revenues and overall profitability. However, we believe these actions will reignite brand momentum and reposition our business to drive long-term shareholder value.

USE OF NON-GAAP FINANCIAL MEASURES

Throughout this Quarterly Report on Form 10-Q, we discuss non-GAAP financial measures, which should be considered in addition to, and not in lieu of, the financial measures calculated and presented in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). References to these measures should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled measures used by other companies. Management uses these non-GAAP measures when evaluating the Company's performance, including when making financial and operating decisions. Additionally, management believes these non-GAAP financial measures provide investors with additional financial information that should be considered when assessing our underlying business performance and trends.

Earnings Before Interest and Taxes ("EBIT"): Calculated as Net income before Interest expense (income), net and Income tax expense in the Unaudited Condensed Consolidated Statements of Income. Total NIKE, Inc. EBIT for the three ~~and nine~~ months ended ~~February~~August 2831, 2025 and ~~February~~August 2931, 2024 are as follows:

	THREE MONTHS ENDED				NINE MONTHS ENDED
	THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)	~~FEBRUARY 28,~~ 2025		~~FEBRUARY 29,~~ 2024		~~FEBRUARY 28, 2025~~		~~FEBRUARY 29, 2024~~
Net income	$	~~794~~727	$	1,~~172~~051	$	~~3,008~~	$	~~4,200~~
Add: Interest expense (income), net	(18)		(5243)		~~(85)~~		~~(108)~~
Add: Income tax expense	50195		~~232~~256		~~559~~		~~774~~
Earnings before interest and taxes	$	826	$	1,352	$	3,482	$	4,866
EARNINGS BEFORE INTEREST AND TAXES	$	904	$	1,264

EBIT margin: Calculated as total NIKE, Inc. EBIT divided by total NIKE, Inc. Revenues. Our EBIT margin ~~calculation~~calculations for the three ~~and nine~~ months ended ~~February~~August 2831, 2025 and ~~February~~August 2931, 2024 are as follows:

	THREE MONTHS ENDED						NINE MONTHS ENDED
	THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)	~~FEBRUARY 28,~~ 2025			~~FEBRUARY 29,~~ 2024			~~FEBRUARY 28, 2025~~			~~FEBRUARY 29, 2024~~
Numerator
Earnings before interest and taxes	$	~~826~~904		$	1,~~352~~264		$	~~3,482~~		$	~~4,866~~
Denominator
Total NIKE, Inc. Revenues	$	11,~~269~~720		$	1211,~~429~~589		$	~~35,212~~		$	~~38,756~~
EBIT margin	7.3		%	10.9		%	9.9		%	12.6		%
EBIT MARGIN	7.7		%	10.9		%

Currency-neutral revenues: Currency-neutral revenues enhance visibility to underlying business trends, excluding the impact of translation arising from foreign currency exchange rate fluctuations. Currency-neutral revenues are calculated using actual exchange rates in use during the comparative prior year period in place of the exchange rates in use during the current period.

COMPARABLE STORE SALES

Comparable store sales: This key metric, which excludes NIKE Brand Digital sales, comprises revenues from NIKE-owned in-line and factory stores for which all three of the following requirements have been met: (1) the store has been open at least one year, (2) square footage has not changed by more than 15% within the past year and (3) the store has not been permanently repositioned within the past year. Comparable store sales represents a performance metric that we believe is useful information for management and investors in understanding the performance of our established NIKE-owned in-line and factory stores. Management considers this metric when making financial and operating decisions. The method of calculating comparable store sales varies across the retail industry. As a result, our calculation of this metric may not be comparable to similarly titled metrics used by other companies.

2520

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RESULTS OF OPERATIONS

	THREE MONTHS ENDED								NINE MONTHS ENDED
	THREE MONTHS ENDED AUGUST 31,
(Dollars in millions, except per share data)	~~FEBRUARY 28,~~ 2025			~~FEBRUARY 29,~~ 2024			% CHANGE		~~FEBRUARY 28, 2025~~			~~FEBRUARY 29, 2024~~			~~% CHANGE~~
Revenues	$	11,~~269~~720		$	1211,~~429~~589		-91	%	$	~~35,212~~		$	~~38,756~~		-9	%
Cost of sales	6,~~594~~777			6,~~867~~332			-47	%	~~19,891~~			~~21,503~~			-7	%
Gross profit	4,~~675~~943			5,~~562~~257			-166	%	~~15,321~~			~~17,253~~			~~-11~~	%
Gross margin	4142.52		%	4445.84		%			~~43.5~~		%	~~44.5~~		%
Demand creation expense	1,~~088~~188			1,~~011~~226			8-3	%	~~3,436~~			~~3,194~~			8	%
Operating overhead expense	2,~~799~~828			32,~~215~~822			~~-13~~0	%	~~8,504~~			~~9,294~~			-9	%
Total selling and administrative expense	34,~~887~~016			4,~~226~~048			-81	%	~~11,940~~			~~12,488~~			-4	%
% of revenues	34.53		%	34.09		%			~~33.9~~		%	~~32.2~~		%
Interest expense (income), net	(18)			(5243)			—		~~(85)~~			~~(108)~~			—
Other (income) expense, net	~~(38)~~23			(1655)			—		~~(101)~~			~~(101)~~			—
Income before income taxes	~~844~~922			1,~~404~~307			-4029	%	~~3,567~~			~~4,974~~			~~-28~~	%
Income tax expense	50195			~~232~~256			-7824	%	~~559~~			~~774~~			~~-28~~	%
Effective tax rate	521.91		%	1619.56		%			~~15.7~~		%	~~15.6~~		%
NET INCOME	$	~~794~~727		$	1,~~172~~051		-3231	%	$	~~3,008~~		$	~~4,200~~		~~-28~~	%
Diluted earnings per common share	$	0.5449		$	0.7770		-30	%	$	~~2.02~~		$	~~2.74~~		~~-26~~	%

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CONSOLIDATED OPERATING RESULTS

REVENUES

	THREE MONTHS ENDED								NINE MONTHS ENDED
	THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)	~~FEBRUARY 28,~~ 2025		~~FEBRUARY 29,~~ 2024		% CHANGE		% CHANGE EXCLUDING CURRENCY CHANGES(1)		~~FEBRUARY 28, 2025~~		~~FEBRUARY 29, 2024~~		~~% CHANGE~~		~~% CHANGE EXCLUDING CURRENCY CHANGES(1)~~
NIKE, Inc. Revenues:
NIKE Brand Revenues by:
Footwear	$	7,~~208~~410	$	87,~~162~~462	-121	%	-92	%	$	~~22,325~~	$	~~25,190~~	~~-11~~	%	~~-10~~	%
Apparel	3,~~193~~313		3,~~290~~032		-39	%	-17	%	~~9,963~~		~~10,452~~		-5	%	-4	%
Equipment	~~477~~630		~~487~~603		-24	%	03	%	~~1,624~~		~~1,497~~		8	%	9	%
Global Brand Divisions(2)	129		914		33-36	%	21-39	%	39		34		15	%	13	%
Total NIKE Brand Revenues	10,890		11,948		-9	%	-6	%	33,951		37,173		-9	%	-8	%
TOTAL NIKE BRAND REVENUES	11,362		11,111		2	%	0	%
Converse	~~405~~366		~~495~~501		-1827	%	-1628	%	~~1,335~~		~~1,602~~		~~-17~~	%	~~-16~~	%
Corporate(3)	(268)		(1423)		—		—		~~(74)~~		~~(19)~~		—		—
TOTAL NIKE, INC. REVENUES	$	11,~~269~~720	$	1211,~~429~~589	-91	%	-71	%	$	~~35,212~~	$	~~38,756~~	-9	%	-8	%
Supplemental NIKE Brand Revenues Details:
NIKE Brand Revenues by:
Sales to Wholesale Customers	$	6,~~155~~839	$	6,~~588~~410	-7	%	-45	%	$	~~19,485~~	$	~~20,689~~	-6	%	-5	%
Sales through NIKE Direct	4,~~723~~514		54,~~351~~687		-124	%	-105	%	~~14,427~~		~~16,450~~		~~-12~~	%	~~-12~~	%
Global Brand Divisions(2)	129		914		33-36	%	21-39	%	39		34		15	%	13	%
TOTAL NIKE BRAND REVENUES	$	1011,~~890~~362	$	11,~~948~~111	-92	%	-60	%	$	~~33,951~~	$	~~37,173~~	-9	%	-8	%

(1)The percent change excluding currency changes represents a non-GAAP financial measure. For additional information, see "Use of Non-GAAP Financial Measures".

(2)Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.

(3)Corporate revenues primarily consist 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 our central foreign exchange risk management program.

~~THIRD QUARTER OF FISCAL 2025 COMPARED TO THIRD QUARTER OF FISCAL 2024~~21

•NIKE, Inc. Revenues for the third quarter of fiscal 2025 were $11.3 billion compared to $12.4 billion for the third quarter of fiscal 2024. On a currency-neutral basis, NIKE, Inc. Revenues decreased 7%, primarily due to lower revenues in Greater China, Europe, Middle East & Africa ("EMEA") and North America, which each reduced NIKE, Inc. Revenues by approximately 3, 2 and 2 percentage points, respectively.

•NIKE Brand revenues, which represented over 90% of NIKE, Inc. Revenues, decreased 9% on a reported basis and 6% on a currency-neutral basis. The decrease on a currency-neutral basis was due to lower revenues in the Jordan Brand, Men's, Kids' and Women's.

•NIKE Brand footwear revenues decreased 9% on a currency-neutral basis. Unit sales of footwear decreased 8%, while lower average selling price ("ASP") per pair reduced footwear revenues by approximately 1 percentage point. Lower ASP per pair was primarily due to higher discounts and changes in channel mix, partially offset by product mix.

•NIKE Brand apparel revenues decreased 1% on a currency-neutral basis. Unit sales of apparel were flat, while lower ASP per unit reduced apparel revenues by approximately 1 percentage point. Lower ASP per unit was primarily due to changes in channel mix and higher discounts, partially offset by product mix.

•NIKE Brand wholesale revenues decreased 7% on a reported basis and 4% on a currency-neutral basis. The decrease on a currency-neutral basis was driven by lower revenues in Greater China, EMEA, Asia Pacific & Latin America ("APLA"), partially offset by an increase in North America.

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~~•NIKE~~FIRST ~~Direct~~QUARTER ~~revenues~~OF ~~were~~FISCAL ~~$4.7~~2026 ~~billion~~COMPARED inTO ~~the~~FIRST ~~third~~QUARTER ~~quarter~~OF ofFISCAL ~~fiscal~~ 2025, compared to $5.4 billion for the third quarter of fiscal 2024. NIKE Brand Digital sales were $2.5 billion for the third quarter of fiscal 2025 compared to $3.0 billion for the third quarter of fiscal 2024. On a currency-neutral basis, NIKE Direct revenues decreased 10%, primarily due to NIKE Brand Digital sales declines of 15% and comparable store sales declines of 3% compared to the third quarter of fiscal 2024. For additional information regarding comparable store sales, including the definition, see "Comparable Store Sales".

~~FIRST~~•NIKE, ~~NINE~~Inc. ~~MONTHS~~Revenues OFfor ~~FISCAL~~the first quarter of fiscal 2026 were $11.7 billion compared to $11.6 billion for the first quarter of fiscal 2025. ~~COMPARED~~On TOa ~~FIRST~~currency-neutral ~~NINE~~basis, ~~MONTHS~~NIKE, OFInc. ~~FISCAL~~Revenues ~~2024~~decreased 1%, primarily due to lower revenues in Greater China and Converse, which reduced NIKE, Inc. Revenues by approximately 2 and 1 percentage points, respectively. Higher revenues in North America increased NIKE, Inc. Revenues by approximately 2 percentage points.

•NIKE, ~~Inc.~~Brand ~~Revenues~~revenues ~~were~~increased ~~$35.~~2% ~~billion~~on ~~for~~a ~~the~~reported ~~first~~basis ~~nine~~and ~~months~~were offlat ~~fiscal~~on ~~2025 compared to $38.8 billion for the first nine months of fiscal 2024. On~~ a currency-neutral basis~~, NIKE, Inc~~. ~~Revenues decreased 8%, primarily due to lower revenues in North America, EMEA, Greater China and Converse which each reduced NIKE, Inc. Revenues by 3, 3, 1 and 1 percentage points, respectively.~~

•NIKE Brand footwear revenues, ~~which~~decreased ~~represented over 90~~2% ofon ~~NIKE,~~a ~~Inc~~currency-neutral basis. ~~Revenues,~~Unit ~~decreased~~sales 9%of onfootwear aincreased ~~reported~~2%, ~~basis~~while ~~and~~lower 8%average onselling aprice ~~currency-neutral~~("ASP") ~~basis.~~per ~~The~~pair ~~decrease~~reduced onfootwear arevenues ~~currency-neutral~~by ~~basis~~approximately ~~was~~4 ~~due~~percentage topoints. ~~lower~~Lower ~~revenues~~ASP inper ~~the~~pair ~~Jordan~~was ~~Brand,~~primarily ~~Men's,~~due ~~Women's~~to channel mix and ~~Kids'~~higher discounts.

•NIKE Brand ~~footwear~~apparel revenues ~~decreased~~increased 107% on a currency-neutral basis. Unit sales of ~~footwear~~apparel ~~decreased~~increased 810%, while lower ASP per ~~pair~~unit reduced ~~footwear~~apparel revenues by approximately 23 percentage points. Lower ASP per ~~pair~~unit was primarily due to higher discounts and ~~changes in~~ channel mix, partially offset by ~~strategic~~product ~~pricing actions~~mix.

•NIKE Brand ~~apparel~~wholesale revenues ~~decreased~~increased 47% on a ~~currency-neutral~~reported basis. ~~Unit~~and ~~sales~~5% ofon ~~apparel~~a ~~decreased~~currency-neutral ~~5%,~~basis. ~~while~~The ~~higher~~increase ~~ASP~~on ~~per~~a ~~unit~~currency-neutral ~~contributed~~basis ~~approximately~~was 1driven ~~percentage~~by ~~point~~higher ofrevenues ~~apparel~~in ~~revenue~~North ~~growth.~~America, ~~Higher~~Europe, ~~ASP~~Middle ~~per~~East ~~unit~~& ~~was~~Africa ~~primarily~~("EMEA") ~~due~~and toAsia ~~strategic~~Pacific ~~pricing~~& ~~actions~~Latin America ("APLA"), partially offset by ~~changes~~a decrease in ~~channel~~Greater ~~mix~~China.

•NIKE ~~Brand~~Direct ~~wholesale~~ revenues ~~decreased~~were 6%$4.5 ~~and~~billion 5%in onthe afirst ~~reported~~quarter ~~and~~of ~~currency-neutral~~fiscal ~~basis~~2026, ~~respectively~~compared to $4.7 ~~The~~billion ~~decrease~~for onthe first quarter of fiscal 2025. On a currency-neutral basis, ~~was~~NIKE ~~driven~~Direct byrevenues ~~lower~~decreased ~~revenues~~5% due to declines in ~~EMEA,~~NIKE ~~Greater~~Brand ~~China~~Digital sales of 12% from $2.3 billion in first quarter of fiscal 2025 to $2.0 billion in the first quarter of fiscal 2026 and declines in NIKE stores sales of 1%. Comparable store sales decreased 1%. For additional information regarding comparable store sales, ~~North~~including ~~America~~the definition, ~~and~~see ~~APLA~~"Comparable Store Sales".

GROSS MARGIN

•NIKE Direct revenues were $14.4 billion for the first nine months of fiscal 2025, compared to $16.5 billion for the first nine months of fiscal 2024. NIKE Brand Digital sales were $7.6 billion for the first nine months of fiscal 2025 compared to $9.4 billion for the first nine months of fiscal 2024. On a currency-neutral basis, NIKE Direct revenues decreased 12%, primarily due to NIKE Brand Digital sales declines of 19% and comparable store sales declines of 2% compared to the first nine months of fiscal 2024.


	THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)	2025			2024			% CHANGE
Gross profit	$	4,943		$	5,257		-6	%
Gross margin	42.2		%	45.4		%	-320 bps

	THREE MONTHS ENDED								NINE MONTHS ENDED
(Dollars in millions)	FEBRUARY 28, 2025			FEBRUARY 29, 2024			% CHANGE		FEBRUARY 28, 2025			FEBRUARY 29, 2024			% CHANGE
Gross profit	$	4,675		$	5,562		-16	%	$	15,321		$	17,253		-11	%
Gross margin	41.5		%	44.8		%	(330) bps		43.5		%	44.5		%	(100) bps

FIRST QUARTER OF FISCAL 2026 COMPARED TO FIRST QUARTER OF FISCAL 2025

~~THIRD~~Consolidated ~~QUARTER~~gross OFmargin ~~FISCAL~~was ~~2025~~320 ~~COMPARED~~basis TOpoints ~~THIRD~~lower ~~QUARTER~~than OFthe ~~FISCAL~~prior ~~2024~~year primarily due to:

~~For~~•Lower ~~the~~NIKE ~~third~~Brand ~~quarter~~ASP of(decreasing ~~fiscal 2025, our consolidated~~ gross margin ~~was~~approximately ~~330~~250 basis points), ~~lower~~primarily ~~than~~due ~~the~~to ~~prior~~higher ~~year~~discounts ~~due~~and ~~to:~~channel mix;

•~~Lower~~Higher NIKE Brand ~~ASP~~product costs (decreasing gross margin approximately ~~150~~100 basis points), primarily due to higher ~~discounts~~tariffs ~~and changes~~ in ~~channel~~North ~~mix~~America; and

•~~Higher~~Lower ~~other~~gross ~~costs~~margin from Converse (decreasing gross margin approximately 9030 basis points)~~, in part due to higher inventory obsolescence reserves;~~.

•Higher NIKE Brand product costs (decreasing gross margin approximately 70 basis points);

•Unfavorable changes in foreign currency exchange rates, net of hedges (decreasing gross margin approximately 30 basis points); and

•Lower gross margin from Converse (decreasing gross margin approximately 20 basis points).

This was partially offset by:

•~~Restructuring~~Lower ~~charges~~warehousing inand ~~the~~logistics ~~prior~~costs ~~year~~ (increasing gross margin approximately 50 basis points)., primarily due to channel mix; and

28•Favorable changes in net foreign currency exchange rates, including hedges (increasing gross margin approximately 30 basis points).

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FIRST NINE MONTHS OF FISCAL 2025 COMPARED TO FIRST NINE MONTHS OF FISCAL 2024

For the first nine months of fiscal 2025, our consolidated gross margin was 100 basis points lower than the prior year due to:

•Lower NIKE Brand ASP (decreasing gross margin approximately 140 basis points), primarily due to higher discounts and changes in channel mix, partially offset by benefits from strategic pricing actions;

•Higher other costs (decreasing gross margin approximately 70 basis points), in part due to higher inventory obsolescence reserves; and

•Lower gross margin from Converse (decreasing gross margin approximately 10 basis points).

This was partially offset by:

•Lower NIKE Brand product costs (increasing gross margin approximately 100 basis points);

•Lower warehousing and logistics costs (increasing gross margin approximately 30 basis points); and

•Restructuring charges in the prior year (increasing gross margin approximately 20 basis points).

TOTAL SELLING AND ADMINISTRATIVE EXPENSE

	THREE MONTHS ENDED								NINE MONTHS ENDED
	THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)	~~FEBRUARY 28,~~ 2025			~~FEBRUARY 29,~~ 2024			% CHANGE		~~FEBRUARY 28, 2025~~			~~FEBRUARY 29, 2024~~			~~% CHANGE~~
Demand creation expense(1)	$	1,~~088~~188		$	1,~~011~~226		8-3	%	$	~~3,436~~		$	~~3,194~~		8	%
Operating overhead expense(2)	2,~~799~~828			32,~~215~~822			~~-13~~0	%	~~8,504~~			~~9,294~~			-9	%
Total selling and administrative expense	$	34,~~887~~016		$	4,~~226~~048		-81	%	$	~~11,940~~		$	~~12,488~~		-4	%
% of revenues	34.53		%	34.09		%	50-60 bps		~~33.9~~		%	~~32.2~~		%	~~170 bps~~

(1)Demand creation expense consists of brand marketing expense, ~~including~~and sports marketing expense. Brand marketing expense includes advertising and promotion costs such as production and media costs, digital marketing expense, brand events and retail brand presentation costs,. ~~and~~Sports ~~sports~~ marketing expense, ~~including~~includes expenses related to endorsement contracts, complimentary product and sports marketing events.

(2)Operating overhead expense consists primarily of wage and benefit-related expenses and other administrative expenses, such as research and development costs, bad debt expense, rent, depreciation and amortization and costs related to professional services, certain technology investments, meetings and travel.

~~THIRD~~FIRST QUARTER OF FISCAL ~~2025~~2026 COMPARED TO ~~THIRD~~FIRST QUARTER OF FISCAL ~~2024~~2025

Demand creation expense ~~increased~~decreased 83% ~~primarily~~ due to anlower ~~increase in~~ brand marketing expense, ~~reflecting~~primarily due to higher investment in key sports events. ~~Changes~~in the prior year, partially offset by higher sports marketing expense and unfavorable changes in foreign currency exchange rates. ~~did~~Changes ~~not~~in ~~have~~foreign acurrency ~~material~~exchange ~~impact~~rates onincreased Demand creation expense by approximately 2 percentage points.

Operating overhead expense ~~decreased~~was ~~13%~~flat ~~primarily~~ due to ~~restructuring~~higher ~~charges~~wage-related expense and unfavorable changes in ~~the~~foreign ~~prior~~currency ~~year~~exchange ~~and~~rates, offset by lower ~~wage-related~~other ~~expenses~~administrative costs. Changes in foreign currency exchange rates ~~did~~increased ~~not~~Operating ~~have~~overhead aexpense ~~material~~by ~~impact~~approximately on1 ~~Operating~~percentage ~~overhead expense~~point.

FIRST NINE MONTHS OF FISCAL 2025 COMPARED TO FIRST NINE MONTHS OF FISCAL 2024

Demand creation expense increased 8% primarily due to an increase in brand marketing expense, reflecting investment in key sports events. Changes in foreign currency exchange rates did not have a material impact on Demand creation expense.

Operating overhead expense decreased 9% due to restructuring charges in the prior year, lower wage-related expenses and lower other administrative costs. Changes in foreign currency exchange rates did not have a material impact on Operating overhead expense.

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OTHER (INCOME) EXPENSE, NET

THREE MONTHS ENDED

NINE MONTHS ENDED

THREE MONTHS ENDED AUGUST 31,

(Dollars in millions)

~~FEBRUARY 28,~~ 2025

~~FEBRUARY 29,~~ 2024

~~FEBRUARY 28, 2025~~

~~FEBRUARY 29, 2024~~

Other (income) expense, net

~~(38)~~23

(1655)

~~(101)~~

Other (income) expense, net comprises 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, as well as unusual or non-operating transactions outside the normal course of business.

~~For~~FIRST ~~the~~QUARTER ~~third~~OF ~~quarter~~FISCAL of2026 ~~fiscal~~COMPARED ~~2025,~~TO ~~Other~~FIRST ~~(income)~~QUARTER ~~expense,~~OF ~~net~~FISCAL increased from $16 million of other income, net, in the prior year to $38 million of other income, net, in the current year, primarily due to goodwill impairment in the prior year and a net favorable change in foreign currency conversion gains and losses, including hedges.2025

~~For~~Other ~~the~~(income) ~~first~~expense, ~~nine~~net ~~months~~decreased from $55 million of ~~fiscal~~other ~~2025~~income, ~~Other~~net, ~~(income)~~to $23 million of other expense, net, ~~was~~in ~~flat~~part ~~compared~~due to ~~the~~a ~~prior~~net ~~year~~unfavorable change in foreign currency conversion gains and losses, including hedges.

INCOME TAXES

THREE MONTHS ENDED

NINE MONTHS ENDED

THREE MONTHS ENDED AUGUST 31,

FEBRUARY 28, 2025

FEBRUARY 29, 2024

% CHANGE

FEBRUARY 28, 2025

FEBRUARY 29, 2024

% CHANGE

2025

2024

% CHANGE

Effective tax rate

521.91

1619.56

~~(1,060)~~150 bps

~~15.7~~

~~15.6~~

~~10 bps~~

~~Our~~FIRST ~~effective~~QUARTER ~~tax~~OF ~~rate~~FISCAL ~~was~~2026 ~~5.9%~~COMPARED ~~for~~TO ~~the~~FIRST ~~third~~QUARTER ~~quarter~~OF ofFISCAL ~~fiscal~~ 2025, compared to 16.5% for the third quarter of fiscal 2024 primarily due to a one-time, non-cash deferred tax benefit provided by recently finalized U.S. tax regulations related to foreign currency gains and losses.

Our effective tax rate was 1521.71% for the first ~~nine~~quarter ~~months~~ of fiscal ~~2025~~2026, compared to 1519.6% for the first ~~nine~~quarter ~~months~~ of fiscal ~~2024~~2025, primarily due to decreased benefits from stock-based compensation ~~and one-time benefits in the first nine months of fiscal 2024 including the impact of the delay of the effective date of certain U~~.S. foreign tax credit regulations. These impacts were largely offset by a one-time, non-cash deferred tax benefit in the first nine months of fiscal 2025 provided by recently finalized U.S. tax regulations related to foreign currency gains and losses.

For additional information, refer to Note 54 — Income Taxes within the accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.

30 23

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~~OPERATING~~SEGMENT ~~SEGMENTS~~INFORMATION

AsSee ~~discussed in~~ Note 1110 — ~~Operating~~Segment ~~Segments~~Information in the accompanying Notes to the Unaudited Condensed Consolidated Financial Statements, ~~our~~for ~~operating~~a ~~segments~~description ~~are evidence~~ of ~~the~~our ~~structure of the Company's internal organization. The NIKE Brand~~ segments ~~are~~and ~~defined~~related ~~by geographic regions for operations participating in NIKE Brand sales activity~~information.

The breakdown of Revenues is as follows:

	THREE MONTHS ENDED								NINE MONTHS ENDED
	THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)	~~FEBRUARY 28,~~ 2025		~~FEBRUARY 29,~~ 2024		% CHANGE		% CHANGE EXCLUDING CURRENCY CHANGES(1)		~~FEBRUARY 28, 2025~~		~~FEBRUARY 29, 2024~~		~~% CHANGE~~		~~% CHANGE EXCLUDING CURRENCY CHANGES(1)~~
North America	$	45,~~864~~020	$	54,~~070~~826	-4	%	-4	%	$	~~14,869~~	$	~~16,118~~	-8	%	-8	%
Europe, Middle East & Africa	23,~~811~~331		3,~~138~~143		~~-10~~6	%	-61	%	~~9,257~~		~~10,315~~		~~-10~~	%	~~-10~~	%
Greater China	1,~~733~~512		21,~~084~~666		-179	%	-1510	%	~~5,110~~		~~5,682~~		~~-10~~	%	~~-10~~	%
Asia Pacific & Latin America	1,~~470~~490		1,~~647~~462		~~-11~~2	%	-41	%	~~4,676~~		~~5,024~~		-7	%	-3	%
Global Brand Divisions(2)	129		914		33-36	%	21-39	%	39		34		15	%	13	%
TOTAL NIKE BRAND	1011,~~890~~362		11,~~948~~111		-92	%	-60	%	~~33,951~~		~~37,173~~		-9	%	-8	%
Converse	~~405~~366		~~495~~501		-1827	%	-1628	%	~~1,335~~		~~1,602~~		~~-17~~	%	~~-16~~	%
Corporate(3)	(268)		(1423)		—		—		~~(74)~~		~~(19)~~		—		—
TOTAL NIKE, INC. REVENUES	$	11,~~269~~720	$	1211,~~429~~589	-91	%	-71	%	$	~~35,212~~	$	~~38,756~~	-9	%	-8	%

(1) The percent change excluding currency changes represents a non-GAAP financial measure. For additional information, see "Use of Non-GAAP Financial Measures".

(2) Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.

(3) Corporate revenues primarily consist 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 our central foreign exchange risk management program.

The primary financial measure used ~~by the Company~~ to evaluate performance of our individual reportable operating segments is EBIT. AsFor ~~discussed~~additional ininformation on our segments, refer to Note 1110 — ~~Operating~~Segment ~~Segments~~Information in the accompanying Notes to the Unaudited Condensed Consolidated Financial Statements~~, certain corporate costs are not included in EBIT of our operating segments~~.

The breakdown of EBIT is as follows:

	THREE MONTHS ENDED								NINE MONTHS ENDED
	THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)	~~FEBRUARY 28,~~ 2025			~~FEBRUARY 29,~~ 2024			% CHANGE		~~FEBRUARY 28, 2025~~			~~FEBRUARY 29, 2024~~			~~% CHANGE~~
North America	$	1,~~103~~134		$	1,~~400~~216		-217	%	$	~~3,690~~		$	~~4,360~~		~~-15~~	%
Europe, Middle East & Africa	~~480~~735			~~734~~792			-357	%	~~2,103~~			~~2,591~~			~~-19~~	%
Greater China	~~421~~377			~~722~~502			-4225	%	~~1,298~~			~~1,761~~			~~-26~~	%
Asia Pacific & Latin America	~~346~~350			~~471~~402			-2713	%	~~1,208~~			~~1,406~~			~~-14~~	%
Global Brand Divisions	(1,~~093~~192)			(1,~~199~~227)			93	%	~~(3,453)~~			~~(3,572)~~			3	%
TOTAL NIKE BRAND(1)	1,~~257~~404			21,~~128~~685			-4117	%	~~4,846~~			~~6,546~~			~~-26~~	%
Converse	39			98121			-6068	%	~~213~~			~~380~~			~~-44~~	%
Corporate	(~~470~~539)			(~~874~~542)			461	%	~~(1,577)~~			~~(2,060)~~			23	%
TOTAL NIKE, INC. EARNINGS BEFORE INTEREST AND TAXES(1)	~~826~~904			1,~~352~~264			-3928	%	~~3,482~~			~~4,866~~			~~-28~~	%
EBIT margin(1)	7.37		%	10.9		%			~~9.9~~		%	~~12.6~~		%
Interest expense (income), net	(18)			(5243)			—		~~(85)~~			~~(108)~~			—
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES	$	~~844~~922		$	1,~~404~~307		-4029	%	$	~~3,567~~		$	~~4,974~~		~~-28~~	%

(1) Total NIKE Brand EBIT, Total NIKE, Inc. EBIT and EBIT margin represent non-GAAP financial measures. For additional information, see "Use of Non-GAAP Financial Measures".

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NORTH AMERICA

	THREE MONTHS ENDED										NINE MONTHS ENDED
	THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)	~~FEBRUARY 28,~~ 2025			~~FEBRUARY 29,~~ 2024			% CHANGE		% CHANGE EXCLUDING CURRENCY CHANGES		~~FEBRUARY 28, 2025~~		~~FEBRUARY 29, 2024~~		~~% CHANGE~~		~~% CHANGE EXCLUDING CURRENCY CHANGES~~
Revenues by:
Footwear	$	3,~~132~~219		$	3,~~460~~212		-90	%	-90	%	$	~~9,580~~	$	~~10,950~~	~~-13~~	%	~~-12~~	%
Apparel	1,~~510~~474			1,~~408~~331			711	%	811	%	~~4,534~~		~~4,555~~		0	%	0	%
Equipment	~~222~~327			~~202~~283			1016	%	1016	%	~~755~~		~~613~~		23	%	23	%
TOTAL REVENUES	$	45,~~864~~020		$	54,~~070~~826		-4	%	-4	%	$	~~14,869~~	$	~~16,118~~	-8	%	-8	%
Revenues by:
Sales to Wholesale Customers	$	2,~~499~~736		$	2,~~440~~475		211	%	311	%	$	~~7,840~~	$	~~8,114~~	-3	%	-3	%
Sales through NIKE Direct	2,~~365~~284			2,~~630~~351			-103	%	-103	%	~~7,029~~		~~8,004~~		~~-12~~	%	~~-12~~	%
TOTAL REVENUES	$	45,~~864~~020		$	54,~~070~~826		-4	%	-4	%	$	~~14,869~~	$	~~16,118~~	-8	%	-8	%
EARNINGS BEFORE INTEREST AND TAXES	$	1,103		$	1,400		-21	%			$	3,690	$	4,360	-15	%
Cost of Sales	2,897			2,627			10	%
Gross profit	2,123			2,199			-3	%
Gross margin	42.3		%	45.6		%	-330 bps
Demand creation expense	442			452			-2	%
Operating overhead expense	547			529			3	%
Total selling and administrative expense	989			981			1	%
Other segment items	—			2			—
EARNINGS BEFORE INTEREST AND TAXES	$	1,134		$	1,216		-7	%

~~THIRD~~FIRST QUARTER OF FISCAL ~~2025~~2026 COMPARED TO ~~THIRD~~FIRST QUARTER OF FISCAL ~~2024~~2025

•North America revenues ~~decreased~~increased 4% on a currency-neutral basis. Wholesale revenues increased 11%, ~~primarily~~in part due to ~~lower~~shipment ~~revenues~~timing in the ~~Jordan~~prior ~~Brand.~~year ~~Wholesale~~as ~~revenues~~well ~~increased~~as 3%expanded distribution in the current year. NIKE Direct revenues decreased 103%, ~~primarily~~ due to declines in digital sales ~~declines~~ of 1210% ~~and~~while ~~comparable~~ store sales ~~declines~~were offlat. 7%Comparable store sales were flat.

•Footwear revenues ~~decreased~~were 9%flat on a currency-neutral basis. Unit sales of footwear ~~decreased~~increased 85%, while lower ASP per pair reduced footwear revenues by approximately 15 percentage ~~point~~points. Lower ASP per pair was primarily due to ~~higher discounts and changes in~~ channel mix, ~~partially~~and ~~offset~~higher ~~by product mix~~discounts.

•Apparel revenues increased 811% on a currency-neutral basis. Unit sales of apparel increased 616%, while ~~higher~~lower ASP per unit ~~contributed~~reduced ~~approximately~~apparel 2revenues ~~percentage~~by ~~points~~approximately of5 ~~apparel~~percentage ~~revenue growth~~points. ~~Higher~~Lower ASP per unit was primarily due to ~~product~~channel mix, ~~partially~~and ~~offset~~higher ~~by changes in channel mix~~discounts.

Reported EBIT decreased 217% reflecting ~~lower~~higher revenues and the following:

•Gross margin contraction of ~~210~~330 basis points, primarily due to new tariffs and lower ASP, ~~and~~partially ~~higher~~offset ~~inventory~~by ~~obsolescence~~lower ~~reserves~~warehousing and logistics costs. Lower ASP primarily reflects channel mix, higher discounts and ~~changes~~product inmix. ~~channel~~Overall ~~mix,~~product ~~partially~~costs were flat as higher tariffs were offset primarily by product mix.

•~~Selling~~Demand ~~and~~creation ~~administrative~~ expense ~~increase~~decreased ~~of 12~~2% ~~driven~~due byto ~~higher~~lower ~~operating~~brand ~~overhead~~marketing expense, ~~and higher demand creation expense. The increase in operating overhead expense was~~ primarily due to higher ~~other~~investment ~~administrative~~in ~~costs.~~key ~~The~~sports ~~increase~~events in ~~demand~~the ~~creation~~prior ~~expense~~year, ~~was~~partially ~~primarily~~offset ~~due~~by to higher ~~brand~~sports marketing expense, ~~reflecting investment~~ in ~~key~~the ~~sports~~current ~~events~~year.

•Operating ~~FIRST~~overhead ~~NINE~~expense ~~MONTHS~~increased OF3% ~~FISCAL~~due ~~2025~~to ~~COMPARED~~higher TOwage-related ~~FIRST~~expense, ~~NINE~~partially ~~MONTHS~~offset OFby ~~FISCAL~~lower ~~2024~~other administrative costs.

•North America revenues decreased 8% on a currency-neutral basis, primarily due to lower revenues in the Jordan Brand, Men's and Women's. Wholesale revenues decreased 3%. NIKE Direct revenues decreased 12%, primarily due to digital sales declines of 17% and comparable store sales declines of 3%.25

•Footwear revenues decreased 12% on a currency-neutral basis. Unit sales of footwear decreased 10%, while lower ASP per pair reduced footwear revenues by approximately 2 percentage points. Lower ASP per pair was primarily due to higher discounts and changes in channel mix, partially offset by strategic pricing actions.

•Apparel revenues were flat on a currency-neutral basis. Unit sales of apparel and ASP per unit were flat, as strategic pricing actions were offset by changes in channel mix.

Reported EBIT decreased 15% reflecting lower revenues and the following:

•Gross margin contraction of 10 basis points primarily due to lower ASP and higher inventory obsolescence reserves, partially offset by lower product costs. Lower ASP primarily reflects higher discounts and changes in channel mix.

•Selling and administrative expense increase of 3% driven by higher demand creation expense, partially offset by lower operating overhead expense. The increase in demand creation expense was primarily due to higher brand marketing expense, reflecting investment in key sports events. The decrease in operating overhead expense was due to lower wage-related expenses, partially offset by higher other administrative costs.

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EUROPE, MIDDLE EAST & AFRICA

	THREE MONTHS ENDED										NINE MONTHS ENDED
	THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)	~~FEBRUARY 28,~~ 2025			~~FEBRUARY 29,~~ 2024			% CHANGE		% CHANGE EXCLUDING CURRENCY CHANGES		~~FEBRUARY 28, 2025~~		~~FEBRUARY 29, 2024~~		~~% CHANGE~~		~~% CHANGE EXCLUDING CURRENCY CHANGES~~
Revenues by:
Footwear	$	12,~~742~~021		$	1,~~960~~952		~~-11~~4	%	-72	%	$	~~5,676~~	$	~~6,406~~	~~-11~~	%	~~-11~~	%
Apparel	~~913~~1,106			~~994~~993			-811	%	-46	%	~~3,042~~		~~3,331~~		-9	%	-8	%
Equipment	~~156~~204			~~184~~198			~~-15~~3	%	-122	%	~~539~~		~~578~~		-7	%	-6	%
TOTAL REVENUES	$	23,~~811~~331		$	3,~~138~~143		~~-10~~6	%	-61	%	$	~~9,257~~	$	~~10,315~~	~~-10~~	%	~~-10~~	%
Revenues by:
Sales to Wholesale Customers	$	12,~~817~~261		$	12,~~966~~074		-89	%	-34	%	$	~~6,011~~	$	~~6,483~~	-7	%	-6	%
Sales through NIKE Direct	~~994~~1,070			1,~~172~~069			~~-15~~0	%	-126	%	~~3,246~~		~~3,832~~		~~-15~~	%	~~-15~~	%
TOTAL REVENUES	$	23,~~811~~331		$	3,~~138~~143		~~-10~~6	%	-61	%	$	~~9,257~~	$	~~10,315~~	~~-10~~	%	~~-10~~	%
EARNINGS BEFORE INTEREST AND TAXES	$	480		$	734		-35	%			$	2,103	$	2,591	-19	%
Cost of Sales	1,900			1,695			12	%
Gross profit	1,431			1,448			-1	%
Gross margin	43.0		%	46.1		%	-310 bps
Demand creation expense	313			290			8	%
Operating overhead expense	382			366			4	%
Total selling and administrative expense	695			656			6	%
Other segment items	1			—			—
EARNINGS BEFORE INTEREST AND TAXES	$	735		$	792		-7	%

~~THIRD~~FIRST QUARTER OF FISCAL ~~2025~~2026 COMPARED TO ~~THIRD~~FIRST QUARTER OF FISCAL ~~2024~~2025

•EMEA revenues ~~decreased~~increased 61% on a currency-neutral basis ~~primarily due to lower revenues in the Jordan Brand, Men's and Kids'~~. Wholesale revenues ~~decreased~~increased 34%. NIKE Direct revenues decreased 126%, due to declines in digital sales ~~declines~~ of 2513%, partially offset by ~~comparable~~an increase in store sales ~~growth~~ of 91%. Comparable store sales increased 4%.

•Footwear revenues decreased 72% on a currency-neutral basis. Unit sales of footwear ~~decreased~~increased 4%, while lower ASP per pair reduced footwear revenues by approximately 36 percentage points. Lower ASP per pair was primarily due to ~~changes in channel mix and~~ higher discounts, ~~partially~~and ~~offset~~channel ~~by product~~ mix.

•Apparel revenues ~~decreased~~increased 46% on a currency-neutral basis. Unit sales of apparel ~~decreased~~increased 18%, while lower ASP per unit reduced apparel revenues by approximately 32 percentage points. Lower ASP per unit was primarily due to ~~changes~~higher indiscounts, ~~channel~~partially ~~mix~~offset ~~and~~by ~~higher~~product ~~discounts~~mix.

Reported EBIT decreased 357% reflecting ~~lower~~higher revenues and the following:

•Gross margin contraction of ~~420~~310 basis points, primarily due to higher ~~other~~ product costs and lower ASP, partially offset by lower warehousing and logistics costs. Lower ASP primarily reflects ~~changes in channel mix and~~ higher discounts.

•~~Selling~~Demand ~~and~~creation ~~administrative~~ expense ~~decrease~~increased ~~of 4~~8% ~~driven~~due byto ~~lower operating overhead expense, partially offset by~~ higher ~~demand~~sports ~~creation~~marketing expense. ~~The decrease in operating overhead expense was primarily due to lower wage-related expenses~~ and ~~favorable~~unfavorable changes in foreign currency exchange rates., ~~The~~partially ~~increase~~offset inby ~~demand~~lower ~~creation~~brand marketing expense, ~~was~~primarily due to higher ~~sports~~investment ~~marketing~~in ~~expense~~key ~~and~~sports ~~brand~~events ~~marketing expense, partially offset by favorable changes~~ in ~~foreign~~the ~~currency~~prior ~~exchange rates~~year.

~~FIRST~~•Operating ~~NINE~~overhead ~~MONTHS~~expense OFincreased ~~FISCAL~~4% ~~2025~~due ~~COMPARED~~to TOunfavorable ~~FIRST~~changes ~~NINE~~in ~~MONTHS~~foreign OFcurrency ~~FISCAL~~exchange ~~2024~~rates and higher wage-related expense, partially offset by lower other administrative costs.

~~•EMEA~~26 revenues decreased 10% on a currency-neutral basis due to lower revenues in Men's, the Jordan Brand, Women's and Kids'. Wholesale revenues decreased 6%. NIKE Direct revenues decreased 15%, due to digital sales declines of 28%, partially offset by comparable store sales growth of 4% and the addition of new stores.

•Footwear revenues decreased 11% on a currency-neutral basis. Unit sales of footwear decreased 10%, while lower ASP per pair reduced footwear revenues by approximately 1 percentage point. Lower ASP per pair was primarily due to changes in channel mix and higher discounts, partially offset by strategic pricing actions.

•Apparel revenues decreased 8% on a currency-neutral basis. Unit sales of apparel decreased 8%, while ASP per unit was flat, as strategic pricing actions were offset by changes in channel mix.

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Reported EBIT decreased 19% reflecting lower revenues and the following:

•Gross margin contraction of 30 basis points primarily due to lower ASP, partially offset by lower warehousing and logistics costs. Lower ASP primarily reflects changes in channel mix and higher discounts, partially offset by strategic pricing actions.

•Selling and administrative expense decrease of 1% driven by lower operating overhead expense, partially offset by higher demand creation expense. The decrease in operating overhead expense was primarily due to lower wage-related expenses and lower other administrative costs. The increase in demand creation expense was primarily due to higher brand marketing expense, reflecting investment in key sports events, partially offset by lower sports marketing expense.

GREATER CHINA

	THREE MONTHS ENDED										NINE MONTHS ENDED
	THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)	~~FEBRUARY 28,~~ 2025			~~FEBRUARY 29,~~ 2024			% CHANGE		% CHANGE EXCLUDING CURRENCY CHANGES		~~FEBRUARY 28, 2025~~		~~FEBRUARY 29, 2024~~		~~% CHANGE~~		~~% CHANGE EXCLUDING CURRENCY CHANGES~~
Revenues by:
Footwear	$	1,~~282~~109		$	1,~~547~~246		-1711	%	-1512	%	$	~~3,731~~	$	~~4,195~~	~~-11~~	%	~~-11~~	%
Apparel	~~412~~362			~~498~~360			~~-17~~1	%	~~-15~~0	%	~~1,244~~		~~1,368~~		-9	%	-9	%
Equipment	3941			3960			0-32	%	-133	%	~~135~~		~~119~~		13	%	13	%
TOTAL REVENUES	$	1,~~733~~512		$	21,~~084~~666		-179	%	-1510	%	$	~~5,110~~	$	~~5,682~~	~~-10~~	%	~~-10~~	%
Revenues by:
Sales to Wholesale Customers	$	~~995~~893		$	~~1,243~~971		-208	%	-189	%	$	~~2,870~~	$	~~3,165~~	-9	%	-9	%
Sales through NIKE Direct	~~738~~619			~~841~~695			-1211	%	-1112	%	~~2,240~~		~~2,517~~		~~-11~~	%	~~-11~~	%
TOTAL REVENUES	$	1,~~733~~512		$	21,~~084~~666		-179	%	-1510	%	$	~~5,110~~	$	~~5,682~~	~~-10~~	%	~~-10~~	%
EARNINGS BEFORE INTEREST AND TAXES	$	421		$	722		-42	%			$	1,298	$	1,761	-26	%
Cost of Sales	798			855			-7	%
Gross profit	714			811			-12	%
Gross margin	47.2		%	48.7		%	-150 bps
Demand creation expense	99			114			-13	%
Operating overhead expense	238			240			-1	%
Total selling and administrative expense	337			354			-5	%
Other segment items	—			(45)			—
EARNINGS BEFORE INTEREST AND TAXES	$	377		$	502		-25	%

~~THIRD~~FIRST QUARTER OF FISCAL ~~2025~~2026 COMPARED TO ~~THIRD~~FIRST QUARTER OF FISCAL ~~2024~~2025

•Greater China revenues decreased 1510% on a currency-neutral basis ~~due to lower revenues in Men's, the Jordan Brand, Women's and Kids', reflecting our actions to prioritize the health of the marketplace~~. Wholesale revenues decreased 189%. NIKE Direct revenues decreased 1112% due to declines in digital sales ~~declines~~ of 2027% and ~~comparable~~declines in store sales ~~declines~~ of 64%. Comparable store sales decreased 5%.

•Footwear revenues decreased 1512% on a currency-neutral basis. Unit sales of footwear decreased 1511%, while lower ASP per pair ~~was~~reduced ~~flat,~~footwear asrevenues ~~strategic~~by ~~pricing~~approximately ~~actions~~1 ~~were~~percentage ~~offset~~point. byLower ASP per pair was primarily due to higher discounts and ~~changes in~~ channel mix.

•Apparel revenues ~~decreased~~were ~~15%~~flat on a currency-neutral basis. Unit sales of apparel decreased 192%, while higher ASP per unit ~~contributed~~increased ~~approximately~~apparel 4revenues ~~percentage~~by ~~points~~approximately of2 ~~apparel~~percentage ~~revenue growth~~points. Higher ASP per unit was primarily due to ~~strategic~~product ~~pricing~~mix, ~~actions~~partially offset by higher discounts.

Reported EBIT decreased 4225% reflecting lower revenues and the following:

•Gross margin contraction of ~~approximately~~150 ~~580~~ basis points, ~~reflecting~~primarily ~~higher~~due ~~inventory~~to ~~obsolescence reserves and unfavorable changes in standard foreign currency exchange rates, partially offset by~~ higher ~~ASP.~~product ~~Higher ASP primarily reflects strategic pricing actions~~costs, ~~partially~~driven ~~offset~~ by ~~higher~~product ~~discounts~~mix.

•~~Selling and administrative expense increase of 3% driven by higher demand creation expense.~~ Demand creation expense ~~increased~~decreased 13%, primarily due to ~~higher~~lower brand marketing expense., ~~Operating~~driven ~~overhead~~by ~~expense was flat as~~ higher ~~other~~investment ~~administrative~~in ~~costs~~key ~~were~~sports ~~offset~~events ~~by favorable changes~~ in ~~foreign~~the ~~currency~~prior ~~exchange rates~~year.

~~FIRST~~•Operating ~~NINE~~overhead ~~MONTHS~~expense OFdecreased ~~FISCAL~~1%, ~~2025~~primarily ~~COMPARED~~due TOto ~~FIRST~~lower ~~NINE~~other ~~MONTHS~~administrative OFcosts, ~~FISCAL~~partially ~~2024~~offset by higher wage-related expense.

•Greater China revenues decreased 10% on a currency-neutral basis due to lower revenues in Men's, the Jordan Brand, Women's and Kids'. Wholesale revenues decreased 9%. NIKE Direct revenues decreased 11% due to digital sales declines of 19% and comparable store sales declines of 7%.27

•Footwear revenues decreased 11% on a currency-neutral basis. Unit sales of footwear decreased 9%, while lower ASP per pair reduced footwear revenues by approximately 2 percentage points. Lower ASP per pair was primarily due to higher discounts and changes in channel mix, partially offset by strategic pricing actions.

•Apparel revenues decreased 9% on a currency-neutral basis. Unit sales of apparel decreased 14%, while higher ASP per unit contributed approximately 5 percentage points of apparel revenue growth. Higher ASP per unit was primarily due to strategic pricing actions.

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Reported EBIT decreased 26% reflecting lower revenues and the following:

•Gross margin contraction of approximately 410 basis points, primarily due to unfavorable changes in standard foreign currency exchange rates and higher inventory obsolescence reserves.

•Selling and administrative expense decrease of 3% driven by lower operating overhead expense, partially offset by higher demand creation expense. Operating overhead expense decreased primarily due to lower wage-related expenses and lower other administrative costs. Demand creation expense increased primarily due to higher sports marketing expense.

ASIA PACIFIC & LATIN AMERICA

	THREE MONTHS ENDED										NINE MONTHS ENDED
	THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)	~~FEBRUARY 28,~~ 2025			~~FEBRUARY 29,~~ 2024			% CHANGE		% CHANGE EXCLUDING CURRENCY CHANGES		~~FEBRUARY 28, 2025~~		~~FEBRUARY 29, 2024~~		~~% CHANGE~~		~~% CHANGE EXCLUDING CURRENCY CHANGES~~
Revenues by:
Footwear	$	1,~~052~~061		$	1,~~195~~052		~~-12~~1	%	-50	%	$	~~3,338~~	$	~~3,639~~	-8	%	-4	%
Apparel	~~358~~371			~~390~~348			-87	%	-15	%	~~1,143~~		~~1,198~~		-5	%	-1	%
Equipment	6058			62			-36	%	5-7	%	~~195~~		~~187~~		4	%	8	%
TOTAL REVENUES	$	1,~~470~~490		$	1,~~647~~462		~~-11~~2	%	-41	%	$	~~4,676~~	$	~~5,024~~	-7	%	-3	%
Revenues by:
Sales to Wholesale Customers	$	~~844~~949		$	~~939~~890		~~-10~~7	%	-46	%	$	~~2,764~~	$	~~2,927~~	-6	%	-2	%
Sales through NIKE Direct	~~626~~541			~~708~~572			-125	%	-46	%	~~1,912~~		~~2,097~~		-9	%	-4	%
TOTAL REVENUES	$	1,~~470~~490		$	1,~~647~~462		~~-11~~2	%	-41	%	$	~~4,676~~	$	~~5,024~~	-7	%	-3	%
EARNINGS BEFORE INTEREST AND TAXES	$	346		$	471		-27	%			$	1,208	$	1,406	-14	%
Cost of Sales	838			782			7	%
Gross profit	652			680			-4	%
Gross margin	43.8		%	46.5		%	-270 bps
Demand creation expense	97			90			8	%
Operating overhead expense	208			188			11	%
Total selling and administrative expense	305			278			10	%
Other segment items	(3)			—			—
EARNINGS BEFORE INTEREST AND TAXES	$	350		$	402		-13	%

~~THIRD~~FIRST QUARTER OF FISCAL ~~2025~~2026 COMPARED TO ~~THIRD~~FIRST QUARTER OF FISCAL ~~2024~~2025

•APLA revenues ~~decreased~~increased 41% on a currency-neutral basis primarily due to ~~lower~~higher revenues in ~~Southeast~~Central ~~Asia~~& ~~and~~South ~~India~~America ~~("SEA&I")~~ and ~~Korea~~Pacific, partially offset by ~~higher~~lower revenues in ~~Central~~Southeast ~~and~~Asia ~~South~~& ~~America.~~India ~~APLA revenues decreased primarily due to lower revenues in Men's~~ and ~~the Jordan Brand~~Korea. Wholesale revenues ~~decreased~~increased 46%. NIKE Direct revenues decreased 46% due to declines in digital sales ~~declines~~ of 8% and ~~comparable~~declines in store sales ~~declines~~ of 35%,. ~~partially~~Comparable ~~offset~~store bysales ~~the~~decreased ~~addition of new stores~~8%.

•Footwear revenues ~~decreased~~were 5%flat on a currency-neutral basis. Unit sales of footwear ~~decreased~~increased 25%, while lower ASP per pair reduced footwear revenues by approximately 35 percentage points. Lower ASP per pair was primarily due to product mix, channel mix and higher discounts.

•Apparel revenues ~~decreased~~increased 15% on a currency-neutral basis. Unit sales of apparel ~~decreased~~increased 110%, while lower ASP per unit ~~was~~reduced ~~flat,~~apparel asrevenues ~~strategic~~by ~~pricing~~approximately ~~actions~~5 ~~were~~percentage ~~offset~~points. byLower ASP per unit was primarily due to higher discounts and ~~changes in~~ channel mix.

Reported EBIT decreased 2713% reflecting ~~lower~~higher revenues and the following:

•Gross margin contraction of approximately ~~250~~270 basis points, primarily due to lower ASP, and unfavorable changes in standard foreign currency exchange rates ~~and higher warehousing and logistics costs, partially offset by lower product costs~~. Lower ASP primarily reflects ~~higher discounts and~~ product mix., ~~Lower~~higher ~~product~~discounts ~~costs~~and ~~primarily~~channel ~~reflects product~~ mix.

•~~Selling and administrative expense increase of 2% driven by higher demand creation expense.~~ Demand creation expense increased 8%, primarily due to higher sports marketing expense ~~and higher brand marketing expense~~. ~~Operating overhead expense was flat as higher wage-related expenses and higher other administrative costs were offset by favorable changes in foreign currency exchange rates.~~

35•Operating overhead expense increased 11%, primarily due to higher wage-related expense and higher other administrative costs.

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FIRST NINE MONTHS OF FISCAL 2025 COMPARED TO FIRST NINE MONTHS OF FISCAL 2024

•APLA revenues decreased 3% on a currency-neutral basis primarily due to lower revenues in Korea and SEA&I. APLA revenues decreased primarily due to lower revenues in Men's and the Jordan Brand. Wholesale revenues decreased 2%. NIKE Direct revenues decreased 4% due to digital sales declines of 10%, partially offset by comparable store sales growth of 1% and the addition of new stores.

•Footwear revenues decreased 4% on a currency-neutral basis. Unit sales of footwear decreased 3%, while lower ASP per pair reduced footwear revenues by approximately 1 percentage point. Lower ASP per pair was primarily due to higher discounts and changes in channel mix, partially offset by strategic pricing actions.

•Apparel revenues decreased 1% on a currency-neutral basis. Unit sales of apparel decreased 3%, while higher ASP per unit contributed approximately 2 percentage points of apparel revenue growth. Higher ASP per unit was primarily due to strategic pricing actions.

Reported EBIT decreased 14% reflecting lower revenues and the following:

•Gross margin contraction of approximately 110 basis points primarily due to unfavorable changes in standard foreign currency exchange rates, lower ASP and higher warehousing and logistics costs, partially offset by lower product costs. Lower ASP reflects higher discounts and changes in channel mix, partially offset by strategic pricing actions.

•Selling and administrative expense decrease of 2% driven by lower demand creation expense. Demand creation expense decreased primarily due to favorable changes in foreign currency exchange rates and lower brand marketing expense. Operating overhead expense was flat as favorable changes in foreign currency exchange rates were offset by higher wage-related expenses and higher other administrative costs.

GLOBAL BRAND DIVISIONS

	THREE MONTHS ENDED								NINE MONTHS ENDED
	THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)	~~FEBRUARY 28,~~ 2025		~~FEBRUARY 29,~~ 2024		% CHANGE		~~% CHANGE EXCLUDING CURRENCY CHANGES~~		~~FEBRUARY 28, 2025~~		~~FEBRUARY 29, 2024~~		~~% CHANGE~~		~~% CHANGE EXCLUDING CURRENCY CHANGES~~
Revenues	$	129	$	914	33-36	%	21	%	$	39	$	34	15	%	13	%
Earnings (Loss) Before Interest and Taxes	$	(1,093)	$	(1,199)	9	%			$	(3,453)	$	(3,572)	3	%
Cost of Sales	168		153		10	%
Gross profit	(159)		(139)		-14	%
Demand creation expense	203		242		-16	%
Operating overhead expense	831		846		-2	%
Total selling and administrative expense	1,034		1,088		-5	%
Other segment items	(1)		—		—
EARNINGS (LOSS) BEFORE INTEREST AND TAXES	$	(1,192)	$	(1,227)	3	%

Global Brand Divisions primarily ~~represent~~represents ~~demand creation and operating overhead expense~~costs, including product creation and design expenses, that are centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.

~~THIRD~~FIRST QUARTER OF FISCAL ~~2025~~2026 COMPARED TO ~~THIRD~~FIRST QUARTER OF FISCAL ~~2024~~2025

Global Brand Divisions' loss before interest and taxes decreased 93%, ~~driven~~primarily bydue to lower ~~operating~~Demand ~~overhead~~creation expense, ~~partially~~and ~~offset~~lower byOperating ~~higher~~overhead ~~demand~~expense. Demand creation expense. ~~The~~decreased ~~decrease~~16%, inprimarily ~~operating~~due ~~overhead~~to lower brand marketing expense, ~~was~~driven ~~due~~by tohigher ~~lower~~investment ~~wage-related~~in ~~expenses~~key ~~and~~sports ~~lower~~events ~~other~~in ~~administrative~~the ~~costs~~prior year. ~~Higher~~Operating ~~demand~~overhead ~~creation~~ expense ~~was~~decreased 2%, primarily due to ~~increased~~lower ~~brand~~other ~~marketing~~administrative costs, partially offset by higher wage-related expense.

FIRST NINE MONTHS OF FISCAL 2025 COMPARED TO FIRST NINE MONTHS OF FISCAL 2024

Global Brand Divisions' loss before interest and taxes decreased 3% driven by lower operating overhead expense, partially offset by higher demand creation expense. The decrease in operating overhead expense was primarily due to lower wage-related expenses. Higher demand creation expense was due to increased brand marketing expense and sports marketing expense.

CONVERSE

	THREE MONTHS ENDED										NINE MONTHS ENDED
	THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)	~~FEBRUARY 28,~~ 2025			~~FEBRUARY 29,~~ 2024			% CHANGE		% CHANGE EXCLUDING CURRENCY CHANGES		~~FEBRUARY 28, 2025~~		~~FEBRUARY 29, 2024~~		~~% CHANGE~~		~~% CHANGE EXCLUDING CURRENCY CHANGES~~
Revenues by:
Footwear	$	~~349~~321		$	~~426~~436		-1826	%	-1628	%	$	~~1,149~~	$	~~1,390~~	~~-17~~	%	~~-17~~	%
Apparel	2211			2517			-1235	%	-1235	%	65		75		~~-13~~	%	~~-14~~	%
Equipment	78			912			-2233	%	-2234	%	25		27		-7	%	-6	%
Other(1)	2726			3536			-2328	%	-2028	%	96		~~110~~		~~-13~~	%	~~-12~~	%
TOTAL REVENUES	$	~~405~~366		$	~~495~~501		-1827	%	-1628	%	$	~~1,335~~	$	~~1,602~~	~~-17~~	%	~~-16~~	%
Revenues by:
Sales to Wholesale Customers	$	~~208~~195		$	~~257~~275		-1929	%	-1731	%	$	~~695~~	$	~~843~~	~~-18~~	%	~~-17~~	%
Sales through Direct to Consumer	~~170~~145			~~203~~190			-1624	%	-1525	%	~~544~~		~~649~~		~~-16~~	%	~~-16~~	%
Other(1)	2726			3536			-2328	%	-1928	%	96		~~110~~		~~-13~~	%	~~-12~~	%
TOTAL REVENUES	$	~~405~~366		$	~~495~~501		-1827	%	-1628	%	$	~~1,335~~	$	~~1,602~~	~~-17~~	%	~~-16~~	%
EARNINGS BEFORE INTEREST AND TAXES	$	39		$	98		-60	%			$	213	$	380	-44	%
Cost of Sales	193			233			-17	%
Gross profit	173			268			-35	%
Gross margin	47.3		%	53.5		%	-620 bps
Demand creation expense	33			35			-6	%
Operating overhead expense	102			113			-10	%
Total selling and administrative expense	135			148			-9	%
Other segment items	(1)			(1)			—
EARNINGS BEFORE INTEREST AND TAXES	$	39		$	121		-68	%

(1)Other revenues consist of territories serviced by third-party licensees who pay royalties to Converse for the use of its registered trademarks and other intellectual property rights.

~~THIRD QUARTER OF FISCAL 2025 COMPARED TO THIRD QUARTER OF FISCAL 2024~~29

~~•Converse~~FIRST ~~revenues~~QUARTER ~~decreased~~OF ~~16%~~FISCAL on2026 aCOMPARED ~~currency-neutral~~TO ~~basis~~FIRST ~~driven~~QUARTER byOF ~~revenue~~FISCAL ~~declines in all territories. Unit sales decreased 6%, while ASP decreased 10%, reflecting higher discounts in direct to consumer.~~2025

•~~Wholesale~~Converse revenues decreased 1728% on a currency-neutral basis, asdriven by declines in ~~Western~~all ~~Europe~~territories. ~~and~~Unit ~~Asia~~sales ~~were~~decreased ~~partially~~22%, ~~offset~~while lower ASP reduced revenues by ~~growth~~approximately in6 ~~North~~percentage ~~America~~points. Lower ASP per unit was primarily due to higher discounts and product mix.

•~~Direct~~Wholesale ~~to consumer~~ revenues decreased 1531% on a currency-neutral basis, ~~primarily~~driven ~~due~~by todeclines ~~reduced traffic~~ in ~~North~~all ~~America and lower ASP due to higher discounts~~territories.

~~Reported~~•Direct ~~EBIT~~to consumer revenues decreased 6025% on a currency-neutral basis, reflecting ~~lower~~reduced ~~revenues~~traffic in Western Europe and ~~the~~North ~~following:~~America.

~~•Gross~~Reported ~~margin~~EBIT ~~contraction~~decreased of68% ~~approximately~~reflecting ~~470 basis points due to~~ lower ~~ASP,~~revenues ~~partially~~and ~~offset~~the ~~by lower product costs. Lower ASP primarily reflects higher discounts.~~following:

•~~Selling~~Gross ~~and~~margin ~~administrative~~contraction ~~expense~~of ~~decrease~~approximately of620 4%basis ~~driven~~points, byprimarily due to lower ~~operating~~ASP ~~overhead~~and ~~expense.~~higher ~~Operating~~warehousing ~~overhead~~and ~~expense~~logistics ~~decreased~~costs. Lower ASP primarily ~~due~~reflects tohigher ~~lower~~discounts ~~other~~and ~~administrative~~product ~~costs~~mix.

•Demand ~~FIRST~~creation ~~NINE~~expense ~~MONTHS~~decreased OF6%, ~~FISCAL~~primarily ~~2025~~due ~~COMPARED~~to TOlower ~~FIRST~~brand ~~NINE~~marketing ~~MONTHS OF FISCAL 2024~~expense.

•~~Converse~~Operating ~~revenues~~overhead ~~decreased~~expense ~~16% on a currency-neutral basis driven by revenue declines in all territories. Unit sales~~ decreased 10%, ~~while~~primarily ~~ASP~~due ~~decreased~~to ~~6%,~~lower ~~reflecting~~wage-related ~~higher~~expense ~~discounts~~and inlower ~~direct~~other toadministrative ~~consumer~~costs.

•Wholesale revenues decreased 17% on a currency-neutral basis, as declines in Western Europe and Asia were partially offset by growth in North America.

•Direct to consumer revenues decreased 16% on a currency-neutral basis due to reduced traffic in all territories and lower ASP due to higher discounts.

Reported EBIT decreased 44% reflecting lower revenues and the following:

•Gross margin contraction of approximately 280 basis points due to lower ASP, and higher logistics costs, partially offset by lower product costs. Lower ASP primarily reflects higher discounts.

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CORPORATE

	THREE MONTHS ENDED						NINE MONTHS ENDED
	THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)	~~FEBRUARY 28,~~ 2025		~~FEBRUARY 29,~~ 2024		% CHANGE		~~FEBRUARY 28, 2025~~		~~FEBRUARY 29, 2024~~		~~% CHANGE~~
Revenues	$	(268)	$	(1423)	—		$	~~(74)~~	$	~~(19)~~	—
Earnings (Loss) Before Interest and Taxes	$	(470)	$	(874)	46	%	$	(1,577)	$	(2,060)	23	%
Cost of Sales	(17)		(13)		—
Gross profit	9		(10)		—
Demand creation expense	1		3		-67	%
Operating overhead expense	520		540		-4	%
Total selling and administrative expense	521		543		-4	%
Other segment items	27		(11)		—
EARNINGS (LOSS) BEFORE INTEREST AND TAXES	$	(539)	$	(542)	1	%

Corporate primarily consists of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to our corporate headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses.

Corporate revenues primarily consist 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 our central foreign exchange risk management program.

The Corporate loss before interest and taxes primarily consists of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to our corporate headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses.

In addition to the foreign currency gains and losses recognized within Corporate revenues, foreign currency results in Corporate include gains and losses resulting from the difference between actual foreign currency exchange rates and standard rates used to record non-functional currency denominated product purchases within the NIKE Brand geographic operating segments and Converse; related foreign currency hedge results; conversion gains and losses arising from remeasurement of monetary assets and liabilities in non-functional currencies; and certain other foreign currency derivative instruments.

~~THIRD~~FIRST QUARTER OF FISCAL ~~2025~~2026 COMPARED TO ~~THIRD~~FIRST QUARTER OF FISCAL ~~2024~~2025

Corporate's loss before interest and taxes decreased $~~404~~3 million ~~for the third quarter of fiscal 2025~~, primarily due to the following:

•a favorable change of $~~403~~20 million, ~~related to restructuring charges~~ in ~~the prior year, $340 million of which was reported as a component of consolidated~~ Operating overhead expense ~~and~~primarily ~~$63~~related ~~million~~to oflower ~~which~~other ~~was~~administrative ~~reported~~costs, aspartially aoffset ~~component~~by ofhigher ~~consolidated~~wage-related ~~gross margin~~expense;

•a favorable change in net foreign currency gains and losses of $1417 million related to the ~~remeasurement~~difference ofbetween ~~monetary~~actual ~~assets~~foreign currency exchange rates and ~~liabilities~~standard ~~denominated~~foreign incurrency ~~non-functional~~exchange ~~currencies~~rates ~~and~~assigned to the ~~impact~~NIKE ofBrand ~~certain~~geographic ~~foreign~~operating ~~currency~~segments ~~derivative~~and ~~instruments~~Converse, net of hedge gains and losses; these results are reported as a component of consolidated ~~Other~~Gross ~~(income) expense, net~~profit; and

•an unfavorable change of $3937 million related to the ~~difference~~remeasurement ~~between~~of ~~actual~~monetary ~~foreign~~assets ~~currency exchange rates~~ and ~~standard~~liabilities ~~foreign~~denominated ~~currency~~in ~~exchange~~non-functional ~~rates~~currencies ~~assigned~~and to the ~~NIKE~~impact ~~Brand~~of ~~geographic~~certain ~~operating~~foreign ~~segments~~currency ~~and~~derivative ~~Converse~~instruments, ~~net of hedge gains and losses,~~ reported as a component of consolidated ~~gross~~Other ~~margin~~(income) expense, net.

~~FIRST~~30 ~~NINE MONTHS OF FISCAL 2025 COMPARED TO FIRST NINE MONTHS OF FISCAL 2024~~

Corporate's loss before interest and taxes decreased $483 million for the first nine months of fiscal 2025, primarily due to the following:

•a favorable change of $403 million, related to restructuring charges in the prior year, $340 million of which was reported as a component of consolidated Operating overhead expense and $63 million of which was reported as a component of consolidated gross margin;

•a favorable change of $142 million primarily related to lower wage-related expenses and lower other administrative costs, reported as a component of consolidated Operating overhead expense;

•an unfavorable change of $68 million related to the difference between actual foreign currency exchange rates and standard foreign currency exchange rates assigned to the NIKE Brand geographic operating segments and Converse, net of hedge gains and losses, reported as a component of consolidated gross margin; and

•an unfavorable change of $18 million related to the remeasurement of monetary assets and liabilities denominated in non-functional currencies and the impact of certain foreign currency derivative instruments, reported as a component of consolidated Other (income) expense, net.

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FOREIGN CURRENCY EXPOSURES AND HEDGING PRACTICES

OVERVIEW

As a global company with significant operations outside the United States, in the normal course of business we are exposed to risk arising from changes in currency exchange rates. Our primary foreign currency exposures arise from the recording of transactions denominated in non-functional currencies and the translation of foreign currency denominated results of operations, financial position and cash flows into U.S. Dollars.

Our foreign exchange risk management program is intended to lessen both the positive and negative effects of currency fluctuations on our consolidated results of operations, financial position and cash flows. We manage global foreign exchange risk centrally on a portfolio basis to address those risks material to NIKE, Inc. Our hedging policy is designed to partially or entirely offset the impact of exchange rate changes on the underlying net exposures being hedged. Where exposures are hedged, our program has the effect of delaying the impact of exchange rate movements on our Unaudited Condensed Consolidated Financial Statements; the length of the delay is dependent upon hedge horizons. We do not hold or issue derivative instruments for trading or speculative purposes. As of and for the three ~~and nine~~ months ended ~~February~~August 2831, 2025, there have been no material changes to ~~the~~our ~~Company's~~ hedging program or strategy from what was disclosed within our Annual Report.

Refer to Note 3 — Fair Value Measurements and Note 87 — Risk Management and Derivatives in the accompanying Notes to the Unaudited Condensed Consolidated Financial Statements for additional description of outstanding derivatives at each reported period end. For additional information about our Foreign Currency Exposures and Hedging Practices, refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations within our Annual Report.

TRANSACTIONAL EXPOSURES

We conduct business in various currencies and have transactions which subject us to foreign currency risk. Our most significant transactional foreign currency exposures are:

•Product Costs — Product purchases denominated in currencies other than the functional currency of the transacting entity and factory input costs from the foreign currency adjustments program with certain factories.

•Non-Functional Currency Denominated External Sales — A portion of our NIKE Brand and Converse revenues associated with European operations are earned in currencies other than the Euro (e.g., the British Pound) but are recognized at a subsidiary that uses the Euro as its functional currency. These sales generate a foreign currency exposure.

•Other Costs — Non-functional currency denominated costs, such as endorsement contracts, also generate foreign currency risk, though to a lesser extent.

•Non-Functional Currency Denominated Monetary Assets and Liabilities — Our global subsidiaries have various monetary assets and liabilities, primarily receivables and payables, including intercompany receivables and payables, denominated in currencies other than their functional currencies. These balance sheet items are subject to remeasurement which may create fluctuations in Other (income) expense, net within our Unaudited Condensed Consolidated Statements of Income.

MANAGING TRANSACTIONAL EXPOSURES

Transactional exposures are managed on a portfolio basis within our foreign currency risk management program. We manage these exposures by taking advantage of natural offsets and currency correlations that exist within the portfolio and may also elect to use currency forward and option contracts to hedge the remaining effect of exchange rate fluctuations on probable forecasted future cash flows, including certain product cost exposures, non-functional currency denominated external sales and other costs described above. Generally, these are accounted for as cash flow hedges.

Certain currency forward contracts used to manage the foreign exchange exposure of non-functional currency denominated monetary assets and liabilities subject to remeasurement are not formally designated as hedging instruments. Accordingly, changes in fair value of these instruments are recognized within Other (income) expense, net within our Unaudited Condensed Consolidated Statements of Income and are intended to offset the foreign currency impact of the remeasurement of the related non-functional currency denominated asset or liability being hedged.

3931

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TRANSLATIONAL EXPOSURES

Many of our foreign subsidiaries operate in functional currencies other than the U.S. Dollar. Fluctuations in currency exchange rates create volatility in our reported results as we are required to translate the balance sheets, operational results and cash flows of these subsidiaries into U.S. Dollars for consolidated reporting. The translation of foreign subsidiaries' non-U.S. Dollar denominated balance sheets into U.S. Dollars for consolidated reporting results in a cumulative translation adjustment to Accumulated other comprehensive income (loss) within Shareholders' equity. The impact of foreign exchange rate fluctuations on the translation of our consolidated Revenues was a ~~detriment~~benefit of approximately $~~310~~213 million ~~and $342 million~~ for the three ~~and nine~~ months ended ~~February~~August 2831, 2025~~, respectively~~. The impact of foreign exchange rate fluctuations on the translation of our Income before income taxes was a ~~detriment~~benefit of approximately $6754 million ~~and $70 million~~ for the three ~~and nine~~ months ended ~~February~~August 2831, 2025~~, respectively~~.

MANAGING TRANSLATIONAL EXPOSURES

To minimize the impact of translating foreign currency denominated revenues and expenses into U.S. Dollars for consolidated reporting, certain foreign subsidiaries use excess cash to purchase U.S. Dollar denominated available-for-sale investments. The variable future cash flows associated with the purchase and subsequent sale of these U.S. Dollar denominated investments at non-U.S. Dollar functional currency subsidiaries creates a foreign currency exposure that qualifies for hedge accounting under U.S. GAAP. We utilize forward contracts and/or options to mitigate the variability of the forecasted future purchases and sales of these U.S. Dollar investments. ~~The~~and ~~combination~~to ofmitigate ~~the~~exposure ~~purchase~~to ~~and~~forecasted ~~sale~~future cash flows of ~~the~~certain Uintercompany transactions.~~S. Dollar~~ ~~investment~~The combination of these foreign currency exposures and the related hedging ~~instrument~~instruments has the effect of partially offsetting the year-over-year foreign currency translation impact on net earnings ~~in the period the investments are sold~~. ~~Hedges~~These ofhedges ~~the purchase of U.S. Dollar denominated available-for-sale investments~~ are generally accounted for as cash flow hedges.

We estimate the combination of translation of foreign currency-denominated profits from our international businesses and the year-over-year change in foreign currency related gains and losses included in Other (income) expense, net had ana ~~unfavorable~~favorable impact of approximately $5317 million ~~and $88 million~~ on our Income before income taxes for the three ~~and nine~~ months ended ~~February~~August 2831, 2025~~, respectively~~.

LIQUIDITY AND CAPITAL RESOURCES

CASH FLOW ACTIVITY

Cash provided (used) by operations was an inflow of $3,235 million for the first nine months of fiscal 2025 compared to an inflow of $4,810 million for the first nine months of fiscal 2024. Net income, adjusted for non-cash items, generated $3,883 million of operating cash inflow for the first nine months of fiscal 2025, compared to $5,096 million for the first nine months of fiscal 2024. The net change in certain working capital components and other assets and liabilities resulted in a decrease to cash provided by operations of $648 million for the first nine months of fiscal 2025 compared to a decrease of $286 million for the first nine months of fiscal 2024. This net change was primarily impacted by unfavorable changes to Inventories and favorable changes to Accounts receivables, net. This was due to lower sales in the current period as well as an increase in inventory units, partially offset by lower product costs and shifts in product mix.


	THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)	2025		2024		$ CHANGE
Cash provided (used by):
Operations	$	222	$	394	$	(172)
Investing activities	(59)		(166)		107
Financing activities	(598)		(1,622)		1,024
Effect of exchange rate changes on cash and equivalents	(5)		19		(24)
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS	$	(440)	$	(1,375)	$	935

Cash provided ~~(used)~~ by ~~investing~~operations ~~activities~~decreased ~~was~~$172 anmillion. ~~outflow~~This ofwas ~~$289~~driven ~~million~~by ~~for~~a ~~the~~decrease ~~first~~of ~~nine~~$239 ~~months~~million ofin ~~fiscal~~Net ~~2025~~income, ~~compared~~adjusted tofor annon-cash ~~inflow~~items, ofand ~~$1,184~~changes ~~million~~in ~~for~~certain ~~the~~working ~~first~~capital ~~nine~~components ~~months~~and ofother ~~fiscal~~assets ~~2024~~and liabilities, ~~primarily~~which ~~driven~~increased by$67 ~~the~~million. ~~net~~The change in ~~short-term~~working ~~investments~~capital ~~(including~~was ~~sales,~~primarily ~~maturities~~impacted ~~and~~by ~~purchases).~~favorable ~~For~~changes ~~the~~to ~~first~~Accounts ~~nine~~receivable ~~months~~and ofInventories. ~~fiscal~~This ~~2025,~~was ~~the net change~~ in ~~short-term~~part ~~investments~~due ~~resulted~~to inthe atiming ~~cash inflow~~ of ~~$33~~wholesale ~~million~~shipments ~~compared~~as towell as a ~~cash~~larger ~~inflow~~increase ofin ~~$1,792~~inventory ~~million~~units ~~for~~in the ~~first~~prior ~~nine~~period. ~~months~~These ofchanges ~~fiscal~~were ~~2024,~~partially ~~primarily~~offset ~~reflecting~~by ~~higher~~changes ~~maturities~~to inAccounts payable, due to the ~~prior~~timing ~~period~~of payments.

Cash ~~provided (~~used) by ~~financing~~investing activities ~~was~~decreased ~~an outflow of~~ $~~4,176~~107 million ~~for the first nine months of fiscal 2025 compared to an outflow of $4~~,~~468~~ ~~million for the first nine months of fiscal 2024. The decreased outflow was~~ primarily ~~due~~driven toby ~~lower share repurchases of $2,786 million in~~ the ~~first~~net ~~nine~~change ~~months of fiscal 2025 compared to $3,214 million~~ in ~~the~~short-term ~~first~~investments ~~nine~~(including ~~months of fiscal 2024~~sales, ~~partially~~maturities ~~offset~~and ~~by higher dividend payments of $1,709 million in the first nine months of fiscal 2025 compared to $1,609 million in the first nine months of fiscal 2024~~purchases).

~~During~~Cash ~~the~~used ~~first~~by ~~nine~~financing ~~months~~activities ofdecreased ~~fiscal 2025, we repurchased a total of 34.4 million shares of NIKE's Class B Common Stock for~~ $21,~~753~~024 million ~~(an average price of $80.02 per share) under the four-year~~, ~~$18~~primarily ~~billion~~driven ~~share repurchase plan authorized~~ by ~~the~~lower ~~Board of Directors in June 2022. As of February 28, 2025, we have repurchased 119.3 million shares at a cost of approximately $11.8 billion (an average price of $98.97 per~~ share) ~~under this $18 billion share repurchase program. We continue to expect funding of share~~ repurchases ~~will come from operating cash flows, excess cash and/or proceeds from debt~~. ~~The timing and the amount of share repurchases will be dictated by our capital needs and stock market conditions.~~

40During the first three months of fiscal 2026, we purchased a total of 1.8 million shares of NIKE's Class B Common Stock for $123 million (an average price of $68.20 per share) under the four-year, $18 billion share repurchase plan authorized by the Board of Directors in June 2022. As of August 31, 2025, we have repurchased 124.4 million shares at a cost of approximately $12.1 billion (an average price of $97.57 per share) under this $18 billion share repurchase program. During the first quarter of fiscal 2026, we continued to moderate and ultimately stopped repurchases under our existing share repurchase program due to lower operating cash flows in the current year. The existing program remains authorized by the Board of Directors and we may resume share repurchases in the future at any time, depending upon market conditions, our liquidity and capital needs and other factors. We continue to expect funding of share repurchases will come from operating cash flows and excess cash.

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CAPITAL RESOURCES

On July 2117, ~~2022~~2025, we filed a shelf registration statement (the "Shelf") with the U.S. Securities and Exchange Commission (the "SEC") which permits us to issue an unlimited amount of ~~debt~~ securities from time to time. The Shelf expires on July 2117, ~~2025~~2028.

As of ~~February~~August 2831, 2025, our committed credit facilities were unchanged from the information previously reported within our Annual Report. We currently have long-term debt ratings of ~~AA-~~A+ and A1 from Standard and Poor's Corporation and Moody's Investor Services, respectively. Any changes to these ratings could result in interest rate and facility fee changes. As of ~~February~~August 2831, 2025, we were in full compliance with the covenants under our facilities and believe it is unlikely we will fail to meet any of the covenants in the foreseeable future. As of ~~February~~August 2831, 2025 and May 31, ~~2024~~2025, no amounts were outstanding under our committed credit facilities.

OnLiquidity ~~March~~is 7,also ~~2025,~~provided ~~subsequent~~by toour ~~the end of the third quarter of fiscal 2025, we entered into a 364-day committed credit facility agreement with a syndicate of banks, which provides for up to~~ $1 3 billion ofcommercial ~~borrowings,~~paper ~~with an option to increase borrowings up to $1~~program.5 ~~billion~~As inof ~~total~~and ~~with~~for ~~lender~~the ~~approval.~~three ~~The~~months ~~facility~~ended ~~matures on March 6~~August 31, ~~2026~~2025, ~~with~~we andid ~~option~~not tohave ~~extend~~any ~~the~~borrowings ~~maturity~~outstanding ~~date~~under anour ~~additional 364 days. This facility replaces the prior~~ $13 billion ~~364-day~~program. ~~credit~~We ~~facility~~may ~~agreement~~issue ~~entered~~commercial ~~into~~paper onor ~~March~~other 8,debt ~~2024,~~securities ~~which~~depending ~~matured~~ on ~~March~~general 7,corporate ~~2025~~needs. ~~Refer to Note 4 – Short-term Borrowings and Credit Lines for more information.~~

OnTo ~~March 7~~date, 2025, we also entered into a five-year committed credit facility agreement with a syndicate of banks which provides for up to $2 billion of borrowings, with the option to increase borrowings up to $3 billion in ~~total~~fiscal ~~with lender approval. The facility matures on March 7~~2026, ~~2030,~~we ~~with~~have ~~options~~not toexperienced ~~extend~~difficulty ~~the~~accessing ~~maturity date up to an additional two years. This facility replaces~~ the ~~prior~~capital $2or ~~billion five-year~~ credit ~~facility~~markets; ~~agreement entered into on March 11~~however, ~~2022,~~future ~~which~~volatility ~~would~~may ~~have~~increase ~~matured~~costs onassociated ~~March~~with ~~11,~~issuing ~~2027.~~commercial ~~Refer~~paper toor ~~Note~~other 4debt –instruments ~~Short-term~~or ~~Borrowings~~affect ~~and~~our ~~Credit~~ability ~~Lines~~to ~~for~~access ~~more~~those ~~information~~markets.

~~Liquidity~~As isof ~~also~~August 31, ~~provided~~2025, bywe ~~our~~had ~~$3 billion~~Cash ~~commercial~~and ~~paper~~equivalents ~~program.~~and AsShort-term ofinvestments ~~and~~totaling ~~for~~$8.6 ~~the~~billion, ~~three~~primarily ~~months~~consisting ~~ended~~of ~~February 28~~commercial paper, ~~2025~~corporate notes, wedeposits ~~did~~held ~~not~~at ~~have~~major ~~any~~banks, ~~borrowings~~money ~~outstanding~~market ~~under~~funds, ~~our~~U.S. $3Treasury ~~billion~~obligations ~~program.~~and Weother ~~may~~investment ~~issue~~grade ~~commercial~~fixed-income ~~paper~~securities. Our orfixed-income ~~other~~investments ~~debt~~are ~~securities~~exposed ~~depending~~to onboth ~~general~~credit ~~corporate~~and ~~needs~~interest rate risk. All Inof ~~March~~our ~~2025,~~investments ~~subsequent~~are investment grade to ~~the~~minimize ~~end~~our ofcredit ~~the~~risk. While ~~third~~individual ~~quarter~~securities ofhave ~~fiscal~~varying ~~2025~~durations, weas ~~repaid~~of ~~the~~August 31, ~~$1.0~~2025, ~~billion~~the ~~aggregate~~weighted ~~principal~~average ~~amount~~days ~~outstanding~~to maturity of our ~~2.40%~~cash ~~notes~~equivalents ~~due~~and ~~2025~~short-term atinvestments ~~maturity~~portfolio was 106 days.

ToWe ~~date,~~believe inthat ~~fiscal~~existing ~~2025~~Cash and equivalents, weShort-term ~~have~~investments ~~not~~and ~~experienced~~cash ~~difficulty~~generated ~~accessing~~by ~~the~~operations, ~~capital~~together orwith ~~credit~~access ~~markets;~~to ~~however,~~external ~~future~~sources ~~volatility~~of ~~may~~funds ~~increase~~as ~~costs~~described ~~associated~~above, ~~with~~will ~~issuing~~be ~~commercial~~sufficient ~~paper~~to ormeet ~~other~~our domestic ~~debt~~and ~~instruments~~foreign capital orneeds ~~affect~~for ~~our~~the ~~ability~~next totwelve ~~access~~months ~~those~~and ~~markets~~beyond.

AsThere ofhave ~~February 28,~~been ~~2025,~~no wesignificant ~~had~~changes Cash and equivalents and Short-term investments totaling $10.4 billion, primarily consisting of commercial paper, corporate notes, deposits held at major banks, money market funds, U.S. Treasury obligations and other investment grade fixed-income securities. Our fixed-income investments are exposed to ~~both credit and interest rate risk. All of our investments are investment grade to minimize our credit risk. While individual securities have varying durations, as of February 28, 2025,~~ the ~~weighted~~material ~~average days to maturity of our~~ cash ~~equivalents~~requirements ~~and~~previously ~~short-term investments portfolio was 87 days~~reported.

We believe that existing Cash and equivalents, Short-term investments and cash generated by operations, together with access to external sources of funds as described above, will be sufficient to meet our domestic and foreign capital needs in the foreseeable future.

CONTRACTUAL OBLIGATIONS

As a result of renewals of, and additions to, outstanding endorsement contracts, including associated marketing commitments, cash payments due under these contracts have increased from what was reported within our Annual Report.

Obligations under these endorsement contracts as of February 28, 2025, and significant contracts entered into through the date of this report, were $15.1 billion, with $1.4 billion payable within 12 months.

Other than the changes reported above, there have been no significant changes to the material cash requirements reported within our Annual Report.

OFF-BALANCE SHEET ARRANGEMENTS

As of ~~February~~August 2831, 2025, we did not have any off-balance sheet arrangements that have, or are reasonably likely to have, a material effect on our current or future financial condition, results of operations, liquidity, capital expenditures or capital resources.

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~~NEW~~RECENT ACCOUNTING PRONOUNCEMENTS

Refer to Note 1 — Summary of Significant Accounting Policies within the accompanying Notes to the Unaudited Condensed Consolidated Financial Statements for recently adopted and issued accounting standards.

CRITICAL ACCOUNTING ESTIMATES

~~Our~~The ~~discussion~~preparation ~~and analysis~~ of our ~~financial condition and results of operations are based upon our~~ Unaudited Condensed Consolidated Financial Statements, ~~which have been prepared~~ in accordance with ~~accounting principles generally accepted in the United States of America~~U.S. ~~The~~GAAP ~~preparation of these financial statements~~ requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities.

We believe the assumptions and judgments involved in the accounting estimates described in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section within ~~our~~the Annual Report have the greatest potential impact on our ~~financial~~Unaudited ~~statements~~Condensed Consolidated Financial Statements, so we consider these to be our critical accounting estimates. ~~Actual~~Because of the uncertainty inherent in these matters, actual results could differ from these estimates. WeWithin the context of these critical accounting estimates, we are not currently aware of any reasonably likely events or circumstances that would result in materially different amounts being reported.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes from the information previously reported under Part II, Item 7A within our Annual Report on Form 10-K for the fiscal year ended May 31, ~~2024~~2025.

ITEM 4. CONTROLS AND PROCEDURES

We maintain disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in our Securities Exchange Act of 1934, as amended (the "Exchange Act") reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

We carry out a variety of ongoing procedures, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, to evaluate the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of ~~February~~August 2831, 2025.

There have not been any changes in our internal control over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND ANALYST REPORTS

Certain written and oral statements, other than purely historic information, including estimates, projections, statements relating to NIKE's business plans, objectives and expected operating or financial results and the assumptions upon which those statements are based, made or incorporated by reference from time to time by NIKE or its representatives in this report, other reports, filings with the SEC, press releases, conferences or otherwise, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe," "anticipate," "expect," "estimate," "project," "will be," "will continue," "will likely result" or words or phrases of similar meaning. Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. The risks and uncertainties are detailed from time to time in reports filed by NIKE with the SEC, including reports filed on Forms 8-K, 10-Q and 10-K, and include, among others, the following: risks relating to our ~~executive~~business ~~transition;~~strategy, ~~risks~~including, ~~relating~~but tonot ~~our~~limited ~~multi-year enterprise initiative~~to, risks related to ~~any~~an ~~delays~~increased infocus ~~the timing for implementing the initiative or potential disruptions to NIKE's business or operations as it executes~~ on ~~the~~sport ~~initiative,~~ and ~~other~~rebalancing ~~factors that may cause NIKE to be unable to achieve the expected benefits~~ of ~~the~~our ~~initiative~~channel mix; intense competition among designers, marketers, distributors and sellers of athletic or leisure footwear, apparel and equipment for consumers and endorsers; NIKE's ability to successfully innovate and compete in various categories; new product development and innovation; demographic changes; changes in consumer preferences and channel mix; popularity of particular designs, categories of products and sports; seasonal and geographic demand for NIKE products; difficulties in anticipating or forecasting, and responding to changes in consumer preferences, consumer demand for NIKE products, changes in channel mix and the various market factors described above; the size and growth of the overall athletic or leisure footwear, apparel and equipment markets; general risks associated with ~~doing~~operating ~~business~~a ~~outside~~global ~~of the United States~~business, including, without limitation, exchange rate fluctuations, inflation, import duties, ~~tariffs,~~ quotas, sanctions, political and economic instability, conflicts and terrorism; the potential impact of new and existing laws, regulations or policies, including, without limitation, those relating to tariffs, import/export, trade, taxes, wages, labor and immigration; international, national and local political, civil, economic and market conditions, including volatility in and uncertainty regarding inflation and interest rates; ~~our ability to execute on our sustainability strategy and achieve our sustainability-related goals and targets, including sustainable product offerings;~~ difficulties in implementing, operating and maintaining NIKE's increasingly complex information technology systems and controls, including, without limitation, the systems related to demand and supply planning and inventory control; interruptions in data and information technology systems; consumer data security; risks related to our sustainability strategy; fluctuations and difficulty in forecasting operating results, including, without limitation, the fact that advance orders may not be indicative of future revenues due to changes in shipment timing, the changing mix of orders with shorter lead times, and discounts, order cancellations and returns; the ability of NIKE to sustain, manage or forecast its growth and inventories; the size, timing and mix of purchases of NIKE's products; increases in the cost of materials, labor and energy used to manufacture products; the ability to secure and protect trademarks, patents and other intellectual property; product performance and quality; customer service; adverse publicity and an inability to maintain NIKE's reputation and brand image, including without limitation, through social media or in connection with brand damaging events; the loss of significant customers or suppliers; dependence on distributors and licensees; business disruptions; increased costs of freight and transportation to meet delivery deadlines; increases in borrowing costs due to any decline in NIKE's debt ratings; changes in business strategy or development plans; the impact of, including business and legal developments relating to, climate change, extreme weather conditions and natural disasters; litigation, regulatory proceedings, sanctions or any other claims asserted against NIKE; the ability to attract and retain qualified employees, and any negative public perception with respect to key personnel or our corporate culture, values or purpose; the effects of NIKE's decision to invest in or divest of businesses or capabilities; health epidemics, pandemics and similar outbreaks; and other factors referenced or incorporated by reference in this report and other reports.

Investors should also be aware that while NIKE does, from time to time, communicate with securities analysts, it is against NIKE's policy to disclose to them any material non-public information or other confidential commercial information. Accordingly, shareholders should not assume that NIKE agrees with any statement or report issued by any analyst irrespective of the content of the statement or report. Furthermore, NIKE has a policy against confirming financial forecasts or projections issued by others. Thus, to the extent that reports issued by securities analysts contain any projections, forecasts or opinions, such reports are not the responsibility of NIKE.

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PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Refer to Note 1211 — Commitments and Contingencies within the accompanying Notes to the Unaudited Condensed Consolidated Financial Statements, which is incorporated by reference herein.

ITEM 1A. RISK FACTORS

There have been no material changes in our risk factors from those disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended May 31, ~~2024~~2025.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

In June 2022, the Board of Directors approved a four-year, $18 billion share repurchase program. As of ~~February~~August 2831, 2025, the Company had repurchased ~~119~~124.34 million shares at an average price of $~~98.~~97.57 per share for a total approximate cost of $1112.81 billion under the program.

All share repurchases were made under NIKE's publicly announced program, and there are no other programs under which the Company repurchases shares. The following table presents a summary of share repurchases made during the quarter ended ~~February~~August 2831, 2025:

PERIOD	TOTAL NUMBER OF SHARES PURCHASED	AVERAGE PRICE PAID PER SHARE		APPROXIMATE DOLLAR VALUE OF SHARES THAT MAY YET BE PURCHASED UNDER THE PLAN OR PROGRAM (IN MILLIONS)
December 1 - December 31, 2024	3,791,385	$	78.28	$	6,394
June 1 - June 30, 2025	1,028,990	$	63.14	$	5,925
January 1 - January 31, 2025	1,922,522	$	73.57	$	6,253
July 1 - July 31, 2025	780,281	$	74.86	$	5,866
February 1 - February 28, 2025	804,402	$	75.77	$	6,192
August 1 - August 31, 2025	—	$	—	$	5,866
	6,518,309	$	76.58
	1,809,271	$	68.20

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ITEM 5. OTHER INFORMATION

Rule 10b5-1 Trading Plans

During the fiscal quarter ended ~~February 28~~August 31, 2025, none of our directors or officers (as defined in Rule 16a-1 under the Exchange Act) adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" (as those terms are defined in Item 408 of Regulation S-K)~~, except as follows:~~.

On January 23, 2025, Johanna Nielsen, Vice President, Corporate Controller, adopted a Rule 10b5-1 trading arrangement for the sale of up to 2,084 shares of our Class B Common Stock, subject to certain conditions. The arrangement's expiration date is August 29, 2025.39

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ITEM 6. EXHIBITS

			Exhibits:
3.1			Restated Articles of Incorporation, as amended (incorporated by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2015).
3.2			Sixth Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed September 20, 2024).
4.1			Restated Articles of Incorporation, as amended (see Exhibit 3.1).
4.2			Sixth Amended and Restated Bylaws (see Exhibit 3.2).
10.1			364-Day Credit Agreement dated as of March 7, 2025, among NIKE, Inc., Bank of America, N.A., as Administrative Agent, and the other Banks named therein (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on March 10, 2025).
10.2			Five Year Credit Agreement dated as of March 7, 2025, among NIKE, Inc., Bank of America, N.A., as Administrative Agent, and the other Banks named therein (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on March 10, 2025).
31.1			Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer.
31.2			Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.
32.1†			Section 1350 Certification of Chief Executive Officer.
32.2†			Section 1350 Certification of Chief Financial Officer.
101.INS			Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH			Inline XBRL Taxonomy Extension Schema
101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF			Inline XBRL Taxonomy Extension Definition Document
101.LAB			Inline XBRL Taxonomy Extension Label Linkbase
101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase
104			Cover Page Interactive Data File - formatted in Inline XBRL and included in Exhibit 101

† Furnished herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

NIKE, INC. an Oregon Corporation
By:						/s/ ~~MATTHEW~~Matthew ~~FRIENDMatthew~~FriendMatthew FriendChief Financial Officer and Authorized Officer
Date:						~~April~~October 31, 2025

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