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 ~~NOVEMBER~~FEBRUARY 3028, ~~2025~~2026

☐ 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 December 22, 2025, the number of shares of the Registrant's Common Stock outstanding were:
As of March 25, 2026, the number of shares of the Registrant's Common Stock outstanding were:
Class A			~~288~~281,~~887~~387,752
Class B			1,~~191~~199,~~495~~499,~~650~~281
			1,480,383,402
			1,480,887,033

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	7
ITEM 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	2325
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	4247
ITEM 4.	Controls and Procedures	4247
PART II - OTHER INFORMATION		4449
ITEM 1.	Legal Proceedings	4449
ITEM 1A.	Risk Factors	4449
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	4550
ITEM 5.	Other Information	4651
ITEM 6.	Exhibits	4752
	Signatures	4853

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

NIKE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

THREE MONTHS ENDED NOVEMBER 30,

SIX MONTHS ENDED NOVEMBER 30,

THREE MONTHS ENDED FEBRUARY 28,

NINE MONTHS ENDED FEBRUARY 28,

(In millions, except per share data)

~~2025~~2026

~~2024~~2025

~~2025~~2026

~~2024~~2025

Revenues

1211,~~427~~279

1211,~~354~~269

2435,~~147~~426

2335,~~943~~212

Cost of sales

76,~~382~~749

6,~~965~~594

1420,~~159~~908

1319,~~297~~891

Gross profit

54,~~045~~530

54,~~389~~675

914,~~988~~518

1015,~~646~~321

Demand creation expense

1,~~273~~090

1,~~122~~088

23,~~461~~551

23,~~348~~436

Operating overhead expense

2,~~766~~887

2,~~883~~799

58,~~594~~481

58,~~705~~504

Total selling and administrative expense

43,~~039~~977

43,~~005~~887

812,~~055~~032

811,~~053~~940

Interest (income) expense, net

(915)

(2418)

(2742)

(6785)

Other (income) expense, net

16(82)

(838)

39(43)

(63101)

Income before income taxes

~~999~~650

~~1,416~~844

12,~~921~~571

23,~~723~~567

Income tax expense

~~207~~130

~~253~~50

~~402~~532

~~509~~559

NET INCOME

~~792~~520

~~1,163~~794

12,~~519~~039

23,~~214~~008

Earnings per common share:

Basic

0.5435

0.7854

1.0338

12.4802

Diluted

0.5335

0.7854

1.0338

12.4802

Weighted average common shares outstanding:

Basic

1,~~479~~480.5

1,~~486~~478.81

1,478.19

1,~~492~~487.36

Diluted

1,481.06

1,~~490~~480.06

1,480.04

1,~~495~~491.90

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

Table of Contents

NIKE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

THREE MONTHS ENDED NOVEMBER 30,

SIX MONTHS ENDED NOVEMBER 30,

THREE MONTHS ENDED FEBRUARY 28,

NINE MONTHS ENDED FEBRUARY 28,

(Dollars in millions)

~~2025~~2026

~~2024~~2025

~~2025~~2026

~~2024~~2025

Net income

~~792~~520

~~1,163~~794

12,~~519~~039

23,~~214~~008

Other comprehensive income (loss), net of tax:

Change in net foreign currency translation adjustment

~~(55)~~113

(~~224~~57)

79192

(86143)

Change in net gains (losses) on cash flow hedges

~~258~~(216)

~~450~~119

72(144)

~~223~~342

Change in net gains (losses) on other

1—

3(1)

1211

Total other comprehensive income (loss), net of tax

~~204~~(103)

~~229~~61

~~154~~51

~~149~~210

TOTAL COMPREHENSIVE INCOME

~~996~~417

~~1,392~~855

12,~~673~~090

23,~~363~~218

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

Table of Contents

NIKE, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

	NOVEMBER 30,		MAY 31,
	FEBRUARY 28,		MAY 31,
(In millions)	~~2025~~2026		2025
ASSETS
Current assets:
Cash and equivalents	$	6,~~974~~660	$	7,464
Short-term investments	1,~~371~~397		1,687
Accounts receivable, net	5,~~738~~369		4,717
Inventories	7,~~726~~487		7,489
Prepaid expenses and other current assets	2,~~206~~271		2,005
Total current assets	2423,~~015~~184		23,362
Property, plant and equipment, net	4,~~843~~766		4,828
Operating lease right-of-use assets, net	2,~~894~~886		2,712
Identifiable intangible assets, net	259		259
Goodwill	240		240
Deferred income taxes and other assets	5,~~536~~729		5,178
TOTAL ASSETS	$	37,~~787~~064	$	36,579
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt	$	999	$	—
Notes payable	—		5
Accounts payable	32,~~717~~888		3,479
Current portion of operating lease liabilities	~~513~~493		502
Accrued liabilities	56,~~919~~183		5,911
Income taxes payable	~~492~~275		669
Total current liabilities	1110,~~640~~838		10,566
Long-term debt	7,~~016~~030		7,961
Operating lease liabilities	2,~~754~~656		2,550
Deferred income taxes and other liabilities	2,~~292~~450		2,289
Commitments and contingencies (Note 11)
Commitments and contingencies (Note 12)
Redeemable preferred stock	—		—
Shareholders' equity:
Common stock at stated value:
Class A convertible — 289 and 290 shares outstanding	—		—
Class A convertible — 281 and 290 shares outstanding	—		—
Class B — 1,191 and 1,186 shares outstanding	3		3
Class B — 1,199 and 1,186 shares outstanding	3		3
Capital in excess of stated value	14,~~705~~904		14,195
Accumulated other comprehensive income (loss)	(~~104~~207)		(258)
Retained earnings (deficit)	(~~519~~610)		(727)
Total shareholders' equity	14,~~085~~090		13,213
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	37,~~787~~064	$	36,579

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

Table of Contents

NIKE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	SIX MONTHS ENDED NOVEMBER 30,
	NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)	~~2025~~2026		~~2024~~2025
Cash provided (used) by operations:
Net income	$	12,~~519~~039	$	23,~~214~~008
Adjustments to reconcile net income to net cash provided (used) by operations:
Depreciation and amortization	~~369~~554		~~378~~576
Deferred income taxes	(68132)		(~~188~~304)
Stock-based compensation	~~361~~555		~~375~~544
Impairment and other	940		~~(9)~~35
Net foreign currency adjustments	541		5424
Changes in certain working capital components and other assets and liabilities:
(Increase) decrease in accounts receivable	(~~1,021~~623)		(~~943~~164)
(Increase) decrease in inventories	~~(257)~~24		(~~547~~99)
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets	~~111~~260		~~140~~(235)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities	(~~276~~1,487)		(31150)
Cash provided (used) by operations	~~801~~1,231		13,~~443~~235
Cash provided (used) by investing activities:
Purchases of short-term investments	(~~636~~889)		(2,~~084~~664)
Maturities of short-term investments	~~395~~478		~~197~~258
Sales of short-term investments	~~536~~744		12,~~886~~439
Additions to property, plant and equipment	(~~400~~546)		(~~249~~330)
Other investing activities	(363)		108
Cash provided (used) by investing activities	(~~108~~276)		(~~240~~289)
Cash provided (used) by financing activities:
Increase (decrease) in notes payable, net	(4)		43(2)
Proceeds from exercise of stock options and other stock issuances	~~234~~251		~~345~~400
Repurchase of common stock	(146)		(2,~~280~~786)
Dividends — common and preferred	(1,~~189~~798)		(1,~~115~~709)
Other financing activities	(7281)		(6379)
Cash provided (used) by financing activities	(1,~~177~~778)		(34,~~070~~176)
Effect of exchange rate changes on cash and equivalents	~~(6)~~19		(1429)
Net increase (decrease) in cash and equivalents	(~~490~~804)		(1,~~881~~259)
Cash and equivalents, beginning of period	7,464		9,860
CASH AND EQUIVALENTS, END OF PERIOD	$	6,~~974~~660	$	78,~~979~~601
Supplemental disclosure of cash flow information:
Non-cash additions to property, plant and equipment	$	~~107~~67	$	8587
Dividends declared and not paid	611		~~597~~594

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

Table of Contents

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 August 31, 2025	289	$	—	1,188	$	3	$	14,473	$	(308)	$	(700)	$	13,468
Stock options exercised				—	—		13						13
Repurchase of Class B Common Stock											—		—
Dividends on common stock ($0.41 per share)											(611)		(611)
Issuance of shares to employees, net of shares withheld for employee taxes				3	—		43						43
Stock-based compensation							176						176
Net income											792		792
Other comprehensive income (loss)									204				204
Balance at November 30, 2025	289	$	—	1,191	$	3	$	14,705	$	(104)	$	(519)	$	14,085
Stock options exercised				—	—		16						16
Conversion to Class B Common Stock	(8)	—		8	—								—
Dividends on common stock ($0.41 per share)											(611)		(611)
Issuance of shares to employees, net of shares withheld for employee taxes				—	—		(11)						(11)
Stock-based compensation							194						194
Net income											520		520
Other comprehensive income (loss)									(103)				(103)
Balance at February 28, 2026	281	$	—	1,199	$	3	$	14,904	$	(207)	$	(610)	$	14,090

	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 August 31, 2024	298	$	—	1,193	$	3	$	13,557	$	(27)	$	411	$	13,944
Stock options exercised				1	—		95						95
Repurchase of Class B Common Stock				(13)	—		(119)				(942)		(1,061)
Dividends on common stock ($0.40 per share)											(597)		(597)
Issuance of shares to employees, net of shares withheld for employee taxes				3	—		53				19		72
Stock-based compensation							192						192
Net income											1,163		1,163
Other comprehensive income (loss)									229				229
Balance at November 30, 2024	298	$	—	1,184	$	3	$	13,778	$	202	$	54	$	14,037
Stock options exercised				1	—		55						55
Repurchase of Class B Common Stock				(6)	—		(60)				(439)		(499)
Dividends on common stock ($0.40 per share)											(594)		(594)
Issuance of shares to employees, net of shares withheld for employee taxes				—	—		(26)				10		(16)
Stock-based compensation							169						169
Net income											794		794
Other comprehensive income (loss)									61				61
Balance at February 28, 2025	298	$	—	1,179	$	3	$	13,916	$	263	$	(175)	$	14,007

	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, 2025	290	$	—	1,186	$	3	$	14,195	$	(258)	$	(727)	$	13,213
Stock options exercised				3	—		~~139~~155						~~139~~155
Conversion to Class B Common Stock	(19)	—		19	—								—
Repurchase of Class B Common Stock				(2)	—		(17)				(106)		(123)
Dividends on common stock ($0.81 per share) and preferred stock ($0.10 per share)											(1,205)		(1,205)
Dividends on common stock ($1.22 per share) and preferred stock ($0.10 per share)											(1,816)		(1,816)
Issuance of shares to employees, net of shares withheld for employee taxes				3	—		2716						2716
Stock-based compensation							~~361~~555						~~361~~555
Net income											12,~~519~~039		12,~~519~~039
Other comprehensive income (loss)									~~154~~51				~~154~~51
Balance at November 30, 2025	289	$	—	1,191	$	3	$	14,705	$	(104)	$	(519)	$	14,085
Balance at February 28, 2026	281	$	—	1,199	$	3	$	14,904	$	(207)	$	(610)	$	14,090

Table of Contents

	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				45	—		~~219~~274						~~219~~274
Repurchase of Class B Common Stock				(2834)	—		(~~251~~311)				(2,~~003~~442)		(2,~~254~~753)
Dividends on common stock ($0.77 per share) and preferred stock ($0.10 per share)											(1,151)		(1,151)
Dividends on common stock ($1.17 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	—		26—				2939		5539
Stock-based compensation							~~375~~544						~~375~~544
Net income											23,~~214~~008		23,~~214~~008
Other comprehensive income (loss)									~~149~~210				~~149~~210
Balance at November 30, 2024	298	$	—	1,184	$	3	$	13,778	$	202	$	54	$	14,037
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.

Table of Contents

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	~~Income~~Short-Term ~~Taxes~~Borrowings and Credit Lines	10
NOTE 5	~~Stock-Based~~Income ~~Compensation~~Taxes	11
NOTE 6	~~Earnings~~Stock-Based ~~Per Share~~Compensation	1211
NOTE 7	~~Risk~~Earnings ~~Management~~Per ~~and Derivatives~~Share	13
NOTE 8	~~Accumulated~~Risk ~~Other~~Management ~~Comprehensive~~and ~~Income (Loss)~~Derivatives	1514
NOTE 9	~~Revenues~~Accumulated Other Comprehensive Income (Loss)	1716
NOTE 10	~~Segment Information~~Revenues	1918
NOTE 11	~~Commitments~~Segment ~~and Contingencies~~Information	2220
NOTE 12	~~Supplier~~Commitments ~~Finance~~and ~~Programs~~Contingencies	2223
NOTE 13	Severance and Other Employee Costs	23
NOTE 14	Supplier Finance Programs	24

Table of Contents


NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The Unaudited Condensed Consolidated Financial Statements include the accounts of NIKE, Inc. and its subsidiaries (the "Company" or "NIKE") and reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the results of operations for the interim period. The year-end Condensed Consolidated Balance Sheet data as of May 31, 2025, was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("U.S. GAAP"). The interim financial information and notes thereto should be read in conjunction with the Company's latest Annual Report on Form 10-K for the fiscal year ended May 31, 2025 (the "Annual Report"). The results of operations for the three and ~~six~~nine months ended ~~November~~February 3028, ~~2025~~2026, are not necessarily indicative of results for the entire fiscal year.

RECENT ACCOUNTING PRONOUNCEMENTS

In December 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company's annual periods beginning June 1, 2025. ~~and~~The ~~may~~Company bewill ~~applied~~adopt ~~either~~the ~~prospectively~~ASU oron ~~retrospectively.~~a ~~The~~prospective ~~Company~~basis isin ~~currently evaluating~~ the ~~ASU~~Annual toReport ~~determine~~on ~~its~~Form ~~impact~~10-K onfor the ~~Company's~~fiscal ~~disclosures~~year ending May 31, 2026.

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.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which includes amendments to more closely align hedge accounting with the economics of an entity’s risk management activities. The amendments are effective for the Company’s annual periods beginning June 1, 2027 and interim periods within those fiscal years, with early adoption permitted, and should be applied prospectively. The Company is currently evaluating the ASU to determine its impact on the Company’s financial statements and related disclosures.


NOTE 2 — ACCRUED LIABILITIES

Accrued liabilities included the following:

	NOVEMBER 30,		MAY 31,
	FEBRUARY 28,		MAY 31,
(Dollars in millions)	~~2025~~2026		2025
Sales-related reserves	$	1,~~748~~658	$	1,834
Compensation and benefits, excluding taxes	1,~~236~~544		1,245
Dividends payable	~~615~~616		598
Other	2,~~320~~365		2,234
TOTAL ACCRUED LIABILITIES	$	56,~~919~~183	$	5,911

Table of Contents


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 ~~November~~February 3028, ~~2025~~2026 and May 31, 2025, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:

	NOVEMBER 30, 2025
	FEBRUARY 28, 2026
(Dollars in millions)	ASSETS AT FAIR VALUE		CASH AND EQUIVALENTS		SHORT-TERM INVESTMENTS
Cash	$	1,~~758~~693	$	1,~~758~~693	$	—
Level 1:
U.S. Treasury securities	~~701~~727		—		~~701~~727
Level 2:
Commercial paper and bonds	~~676~~680		28		~~648~~652
Money market funds	4,~~899~~787		4,~~899~~787		—
Time deposits	~~289~~150		~~289~~150		—
U.S. Agency securities	2220		—2		2218
Total Level 2	5,~~886~~637		54,~~216~~967		670
TOTAL	$	8,~~345~~057	$	6,~~974~~660	$	1,~~371~~397


	MAY 31, 2025
(Dollars in millions)	ASSETS AT FAIR VALUE		CASH AND EQUIVALENTS		SHORT-TERM INVESTMENTS
Cash	$	1,221	$	1,221	$	—
Level 1:
U.S. Treasury securities	1,046		—		1,046
Level 2:
Commercial paper and bonds	675		45		630
Money market funds	5,902		5,902		—
Time deposits	297		295		2
U.S. Agency securities	10		1		9
Total Level 2	6,884		6,243		641
TOTAL	$	9,151	$	7,464	$	1,687

As of ~~November~~February 3028, ~~2025~~2026, the Company held $~~445~~485 million of available-for-sale debt securities with maturity dates within one year and $~~926~~912 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 (income) expense, net was interest income related to the Company's investment portfolio of $6265 million and $97 million for the three months ended ~~November~~February 3028, ~~2025~~2026 and ~~2024~~2025, respectively, and $~~145~~210 million and $~~217~~314 million for the ~~six~~nine months ended ~~November~~February 3028, ~~2025~~2026 and ~~2024~~2025, respectively.

Table of Contents

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:

	NOVEMBER 30, 2025
	FEBRUARY 28, 2026
	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)	$	~~216~~165	$	~~166~~140	$	5025	$	~~328~~474	$	~~259~~376	$	6998
Interest rate swaps(1)	7285		—		7285		—		—		—
TOTAL	$	~~288~~250	$	~~166~~140	$	~~122~~110	$	~~328~~474	$	~~259~~376	$	6998

(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 $~~243~~225 million as of ~~November~~February 3028, ~~2025~~2026. As of that date, the Company received $4118 million from various counterparties on the derivative asset balance and posted $40189 million of cash collateral to counterparties on the derivative liability balance.


	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)	$	107	$	85	$	22	$	368	$	226	$	142
Interest rate swaps(1)	24		—		24		3		—		3
TOTAL	$	131	$	85	$	46	$	371	$	226	$	145

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

For additional information related to the Company's derivative financial instruments and credit risk, refer to Note 78 — Risk Management and Derivatives.

The carrying amounts of other current financial assets and other current financial liabilities approximate fair value.

FINANCIAL ASSETS AND LIABILITIES NOT RECORDED AT FAIR VALUE

The Company's Long-term debt is recorded at adjusted cost, net of unamortized premiums, discounts, debt issuance costs and interest rate swap fair value adjustments. The fair value of long-term debt is estimated based upon quoted prices for similar instruments or quoted prices for identical instruments in inactive markets (Level 2). The fair value of the Company's Long-term debt, excluding interest rate swap fair value adjustments, was approximately $6,~~913~~961 million at ~~November~~February 3028, ~~2025~~2026 and $6,673 million at May 31, 2025.

NOTE 4 — ~~INCOME~~SHORT-TERM ~~TAXES~~BORROWINGS AND CREDIT LINES

~~The~~As ~~effective~~of ~~tax~~February 28, ~~rate~~2026 ~~was 20.9%~~ and ~~18.7% for the six months ended November 30~~May 31, 2025 ~~and 2024~~, ~~respectively. The increase in~~ the Company's ~~effective~~had ~~tax~~no ~~rate~~borrowings ~~was~~outstanding ~~primarily~~under ~~due~~its to$3 billion ~~changes~~commercial inpaper ~~earnings mix and decreased benefits from stock-based compensation~~program.

On ~~July~~March 46, ~~2025~~2026, subsequent to the ~~U.S.~~end ~~government~~of ~~enacted~~the ~~The~~third ~~One~~quarter ~~Big~~of ~~Beautiful~~fiscal ~~Bill~~2026, ~~Act~~the Company entered into a 364-day committed credit facility agreement with a syndicate of ~~2025~~banks, which ~~includes,~~provides ~~among~~for ~~other~~up ~~provisions~~to $1 billion of borrowings, ~~changes~~with an option to ~~the~~increase Uborrowings up to $1.S.5 billion ~~corporate~~in ~~income~~total ~~tax~~with ~~system~~lender ~~including~~approval. ~~the~~The ~~allowance~~facility ofmatures ~~immediate~~on ~~expensing~~March of5, ~~qualifying~~2027, ~~research~~with ~~and~~an ~~development~~option ~~expenses~~to ~~and~~extend ~~permanent~~the ~~extensions~~maturity ofdate ~~certain~~an ~~provisions~~additional ~~within~~364 ~~the~~days. ~~Tax~~This ~~Cuts~~facility ~~and~~replaces ~~Jobs~~the ~~Act.~~prior ~~Certain~~$1 billion ~~provisions~~364-day ~~were~~credit ~~effective~~facility ~~for~~agreement ~~NIKE~~entered ~~beginning~~into ~~June~~on 1March 7, 2025, which matured on March 6, 2026. Based on the Company's current ~~analysis~~long-term senior unsecured debt ratings of ~~the~~A+ ~~provisions~~and A2 from Standard and Poor's Corporation and Moody's Investor Services, respectively, the ~~Company~~interest ~~does~~rate ~~not~~charged ~~expect~~on ~~these~~any ~~tax~~outstanding ~~law~~borrowings ~~changes~~would tobe ~~have~~the aprevailing ~~material~~Term ~~impact~~Secured onOvernight Financing Rate for the ~~Company's~~applicable ~~financial~~interest ~~statements;~~period ~~however,~~plus 0.625%. The facility fee is 0.03% of the ~~Company~~total ~~will~~undrawn ~~continue~~commitment. toAs ~~evaluate~~of ~~their~~April 1, ~~impact~~2026, asno ~~further~~amounts ~~information~~were ~~becomes~~outstanding ~~available~~under this committed credit facility.

As of November 30, 2025, total gross unrecognized tax benefits, excluding related interest and penalties, were $1,029 million, $757 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

Table of Contents

~~related~~NOTE ~~interest~~5 ~~and~~— ~~penalties,~~INCOME were $1,026 million. As of November 30, 2025 and May 31, 2025, accrued interest and penalties related to uncertain tax positions were $417 million and $376 million, respectively, (excluding federal benefit) and included within Deferred income taxes and other liabilities on the Unaudited Condensed Consolidated Balance Sheets.TAXES

The ~~Company~~effective istax ~~subject~~rate towas ~~taxation~~20.7% inand 15.7% for the ~~U.S.,~~nine asmonths ~~well~~ended asFebruary ~~various~~28, ~~state~~2026 and ~~foreign~~2025, ~~jurisdictions~~respectively. The increase in the Company’s iseffective ~~currently~~tax ~~under~~rate ~~audit~~was primarily due to a one-time, non-cash deferred tax benefit recognized in the third quarter of fiscal year 2025 provided by finalized U.S. tax regulations. On December 10, 2024, the U.S. Department of Treasury published final regulations related to Internal Revenue ~~Service~~Code ~~("IRS")~~Section ~~for~~987 ~~fiscal~~foreign ~~years~~currency ~~2017~~gains ~~through~~and ~~2023.~~losses ~~The~~derived ~~Company~~from ~~has~~translation ~~closed~~of ~~all~~the operations, assets and liabilities of non-U.S. ~~federal~~qualified ~~income~~business ~~tax~~units. ~~matters~~These ~~through~~regulations ~~fiscal~~required ~~year~~a ~~2016,~~pre-transition ~~with~~foreign currency gain or loss to be included in the ~~exception~~determination of ~~certain~~future ~~transfer~~taxable ~~pricing~~income ~~adjustments~~or loss. InDuring ~~certain~~the ~~major~~third ~~foreign~~quarter ~~jurisdictions~~of fiscal year 2025, the Company recognized a non-cash deferred income tax ~~years~~benefit ~~after~~of ~~2014~~$133 million ~~remain~~related ~~subject~~to pre-transition foreign currency losses expected to ~~examination~~reduce taxable income in future periods.

~~Although~~On July 4, 2025, the ~~timing~~U.S. ofgovernment ~~resolution~~enacted ofThe ~~audits~~One isBig ~~not~~Beautiful ~~certain,~~Bill ~~the~~Act ~~Company~~of ~~evaluates~~2025 ~~all~~which ~~domestic~~includes, ~~and~~among ~~foreign~~other ~~audit~~provisions, ~~issues~~changes into the ~~aggregate,~~U.S. ~~along~~corporate ~~with~~income tax system including the ~~expiration~~allowance of ~~applicable~~immediate ~~statutes~~expensing of ~~limitations,~~qualifying research and ~~estimates~~development ~~that~~expenses itand ispermanent ~~reasonably~~extensions ~~possible~~of certain provisions within the ~~total~~Tax ~~gross~~Cuts ~~unrecognized~~and ~~tax~~Jobs ~~benefits~~Act. ~~could~~Certain ~~decrease~~provisions bywere upeffective tofor ~~$296~~NIKE ~~million~~beginning ~~within~~June ~~the~~1, ~~next~~2025. 12These ~~months~~tax ~~primarily~~law aschanges adid ~~result~~not ofhave ~~the~~a ~~expected~~material ~~resolution~~impact ~~with~~on the ~~IRS~~Company's ofUnaudited ~~certain~~Condensed ~~U.S.~~Consolidated ~~federal~~Financial ~~income~~Statements ~~tax~~for ~~matters~~the ~~for~~nine ~~fiscal~~months ~~years~~ended ~~2017~~February ~~through~~28, ~~2019~~2026 ~~related~~and are not expected to ~~transfer~~have ~~pricing~~a ~~adjustments,~~material ~~research~~impact ~~and~~for ~~development~~the ~~credits~~remainder ~~and~~of ~~other~~fiscal ~~items.~~year 2026.

As of February 28, 2026, total gross unrecognized tax benefits, excluding related interest and penalties, were $969 million, $753 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 February 28, 2026 and May 31, 2025, accrued interest and penalties related to uncertain tax positions were $433 million and $376 million, respectively, (excluding federal benefit) and included within Deferred income taxes and other liabilities on the Unaudited Condensed Consolidated Balance Sheets.

The Company is subject to taxation in the U.S., as well as various state and foreign jurisdictions. The Company is currently under audit by the U.S. Internal Revenue Service ("IRS") for fiscal years 2017 through 2023. The Company has closed all U.S. federal income tax matters through fiscal year 2016, with the exception of certain transfer pricing adjustments. In certain major foreign jurisdictions, tax years after 2015 remain subject to examination.

Although the timing of resolution of audits is not certain, the Company evaluates all domestic and foreign audit issues in the aggregate, along with the expiration of applicable statutes of limitations, and estimates that it is reasonably possible the total gross unrecognized tax benefits could decrease by up to $234 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 56 — STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

The NIKE, Inc. Stock Incentive Plan (the "Stock Incentive Plan") provides for the issuance of up to 843 million previously unissued shares of Class B Common Stock in connection with equity awards granted under the Stock Incentive Plan. The Stock Incentive Plan authorizes the grant of non-statutory stock options, incentive stock options, stock appreciation rights and stock awards, including restricted stock and restricted stock units. Restricted stock units include both time-vesting restricted stock units as well as performance-based restricted stock units ("PSUs"). In addition to the Stock Incentive Plan, the Company gives employees the right to purchase shares at a discount from the market price under employee stock purchase plans ("ESPPs").

Table of Contents

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 NOVEMBER 30,				SIX MONTHS ENDED NOVEMBER 30,
	THREE MONTHS ENDED FEBRUARY 28,				NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)	~~2025~~2026		~~2024~~2025		~~2025~~2026		~~2024~~2025
Stock options(1)	$	7168	$	8269	$	~~147~~215	$	~~153~~222
ESPPs	1119		2317		2645		3653
Restricted stock and restricted stock units	94107		8783		~~188~~295		~~186~~269
TOTAL STOCK-BASED COMPENSATION EXPENSE	$	~~176~~194	$	~~192~~169	$	~~361~~555	$	~~375~~544

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

STOCK OPTIONS

As of ~~November~~February 3028, ~~2025~~2026, the Company had $~~478~~405 million of unrecognized compensation costs ~~from~~related to 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 2.65 years.

RESTRICTED STOCK AND RESTRICTED STOCK UNITS

As of ~~November~~February 3028, ~~2025~~2026, the Company had $~~805~~753 million of unrecognized compensation costs ~~from~~related to 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 2.86 years.

Table of Contents

NOTE 6 — EARNINGS PER SHARE

The following is a reconciliation from basic earnings per common share to diluted earnings per common share. The computations of diluted earnings per common share exclude restricted stock, restricted stock units and options, including shares under ESPPs, to purchase an estimated additional 84.1 million and 81.4 million shares of common stock outstanding for the three months ended November 30, 2025 and 2024, respectively, and 84.3 million and 77.9 million shares of common stock outstanding for the six months ended November 30, 2025 and 2024, respectively, because the awards were assumed to be anti-dilutive.

	THREE MONTHS ENDED NOVEMBER 30,				SIX MONTHS ENDED NOVEMBER 30,
(In millions, except per share data)	2025		2024		2025		2024
Net income available to common stockholders	$	792	$	1,163	$	1,519	$	2,214
Determination of shares:
Weighted average common shares outstanding	1,479.5		1,486.8		1,478.1		1,492.3
Assumed conversion of dilutive stock options and awards	1.5		3.2		1.9		3.6
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING	1,481.0		1,490.0		1,480.0		1,495.9
Earnings per common share:
Basic	$	0.54	$	0.78	$	1.03	$	1.48
Diluted	$	0.53	$	0.78	$	1.03	$	1.48

Table of Contents

NOTE 7 — ~~RISK~~EARNINGS ~~MANAGEMENT~~PER ~~AND DERIVATIVES~~SHARE

The ~~Company~~following is ~~exposed~~a reconciliation from basic earnings per common share to ~~global~~diluted ~~market~~earnings ~~risks,~~per ~~including~~common ~~the~~share. ~~effect~~The computations of ~~changes~~diluted inearnings ~~foreign~~per ~~currency~~common ~~exchange~~share ~~rates~~exclude ~~and~~restricted ~~interest rates~~stock, restricted stock units and ~~uses~~options, ~~derivatives~~including toshares ~~manage~~under ~~financial~~ESPPs, ~~exposures~~to ~~that~~purchase ~~occur~~an inestimated ~~the~~additional ~~normal~~83.3 ~~course~~million ofand ~~business~~77.1 Asmillion shares of ~~and~~common stock outstanding for the three ~~and six~~ months ended ~~November~~February 3028, 2026 and 2025, ~~there~~respectively, ~~have~~and ~~been~~83.3 nomillion ~~material~~and ~~changes~~75.3 tomillion shares of common stock outstanding for the ~~Company's~~nine ~~hedging~~months ~~program~~ended orFebruary ~~strategy~~28, ~~from~~2026 ~~what~~and ~~was~~2025, ~~disclosed~~respectively, ~~within~~because the ~~Annual~~awards ~~Report~~were assumed to be anti-dilutive.

The majority of derivatives outstanding as of November 30, 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.


	THREE MONTHS ENDED FEBRUARY 28,				NINE MONTHS ENDED FEBRUARY 28,
(In millions, except per share data)	2026		2025		2026		2025
Net income available to common stockholders	$	520	$	794	$	2,039	$	3,008
Determination of shares:
Weighted average common shares outstanding	1,480.5		1,478.1		1,478.9		1,487.6
Assumed conversion of dilutive stock options and awards	1.1		2.5		1.5		3.4
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING	1,481.6		1,480.6		1,480.4		1,491.0
Earnings per common share:
Basic	$	0.35	$	0.54	$	1.38	$	2.02
Diluted	$	0.35	$	0.54	$	1.38	$	2.02

	DERIVATIVE ASSETS
	BALANCE SHEET LOCATION	NOVEMBER 30,		MAY 31,
(Dollars in millions)		2025		2025
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and options	Prepaid expenses and other current assets	$	155	$	75
Foreign exchange forwards and options	Deferred income taxes and other assets	50		22
Interest rate swaps	Deferred income taxes and other assets	72		24
Total derivatives formally designated as hedging instruments		277		121
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options	Prepaid expenses and other current assets	11		10
Total derivatives not designated as hedging instruments		11		10
TOTAL DERIVATIVE ASSETS		$	288	$	131
	DERIVATIVE LIABILITIES
	BALANCE SHEET LOCATION	NOVEMBER 30,		MAY 31,
(Dollars in millions)		2025		2025
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and options	Accrued liabilities	$	244	$	216
Foreign exchange forwards and options	Deferred income taxes and other liabilities	69		142
Interest rate swaps	Deferred income taxes and other liabilities	—		3
Total derivatives formally designated as hedging instruments		313		361
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options	Accrued liabilities	15		10
Total derivatives not designated as hedging instruments		15		10
TOTAL DERIVATIVE LIABILITIES		$	328	$	371

Table of Contents

(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 NOVEMBER 30,				LOCATION OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME	THREE MONTHS ENDED NOVEMBER 30,
	2025		2024			2025		2024
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options	$	4	$	(29)	Revenues	$	3	$	(24)
Foreign exchange forwards and options	192		396		Cost of sales	—		50
Foreign exchange forwards and options	55		157		Other (income) expense, net	(19)		15
Interest rate swaps(2)	—		—		Interest (income) expense, net	(1)		(2)
TOTAL DESIGNATED CASH FLOW HEDGES	$	251	$	524		$	(17)	$	39


NOTE 8 — RISK MANAGEMENT AND DERIVATIVES

~~(1)For~~The ~~the~~Company ~~three~~is ~~months~~exposed ~~ended~~to ~~November~~global ~~30,~~market ~~2025 and 2024~~risks, including the ~~amounts~~effect ~~recorded~~of changes in ~~Other~~foreign ~~(income)~~currency ~~expense~~exchange rates and interest rates, ~~net~~and asuses aderivatives ~~result~~to ofmanage financial exposures that occur in the ~~discontinuance~~normal course of ~~cash~~business. ~~flow~~As ~~hedges~~of ~~because~~and for the ~~forecasted~~three ~~transactions~~and ~~were~~nine months ended February 28, 2026, there have been no ~~longer~~material ~~probable~~changes ofto ~~occurring~~the ~~were~~Company's ~~immaterial~~hedging program or strategy from what was disclosed within the Annual Report.

The majority of derivatives outstanding as of February 28, 2026, 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 28,		MAY 31,
(Dollars in millions)		2026		2025
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and options	Prepaid expenses and other current assets	$	104	$	75
Foreign exchange forwards and options	Deferred income taxes and other assets	25		22
Interest rate swaps	Deferred income taxes and other assets	85		24
Total derivatives formally designated as hedging instruments		214		121
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options	Prepaid expenses and other current assets	36		10



Total derivatives not designated as hedging instruments		36		10
TOTAL DERIVATIVE ASSETS		$	250	$	131

	DERIVATIVE LIABILITIES
	BALANCE SHEET LOCATION	FEBRUARY 28,		MAY 31,
(Dollars in millions)		2026		2025
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and options	Accrued liabilities	$	354	$	216
Foreign exchange forwards and options	Deferred income taxes and other liabilities	97		142
Interest rate swaps	Deferred income taxes and other liabilities	—		3
Total derivatives formally designated as hedging instruments		451		361
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options	Accrued liabilities	22		10

Foreign exchange forwards and options	Deferred income taxes and other liabilities	1		—

Total derivatives not designated as hedging instruments		23		10
TOTAL DERIVATIVE LIABILITIES		$	474	$	371

Table of Contents

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 FEBRUARY 28,				LOCATION OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME	THREE MONTHS ENDED FEBRUARY 28,
	2026		2025			2026		2025
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options	$	(8)	$	(30)	Revenues	$	3	$	(25)
Foreign exchange forwards and options	(190)		180		Cost of sales	(8)		67

Foreign exchange forwards and options	(58)		66		Other (income) expense, net	(20)		57
Interest rate swaps(2)	—		—		Interest (income) expense, net	(2)		(2)
TOTAL DESIGNATED CASH FLOW HEDGES	$	(256)	$	216		$	(27)	$	97

(1)For the three months ended February 28, 2026 and 2025, 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 (income) expense, 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)
	SIX MONTHS ENDED NOVEMBER 30,				LOCATION OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME	SIX MONTHS ENDED NOVEMBER 30,
	NINE MONTHS ENDED FEBRUARY 28,				LOCATION OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME	NINE MONTHS ENDED FEBRUARY 28,
	2025		2024			2025		2024
	2026		2025			2026		2025
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options	$	4739	$	(73103)	Revenues	$	(41)	$	(4570)
Foreign exchange forwards and options	39(151)		~~298~~478		Cost of sales	5042		~~120~~187
Foreign exchange forwards and options	7(51)		~~128~~194		Other (income) expense, net	(3353)		45102
Interest rate swaps(2)	—		—		Interest (income) expense, net	(35)		(46)
TOTAL DESIGNATED CASH FLOW HEDGES	$	93(163)	$	~~353~~569		$	10(17)	$	~~116~~213

(1)For the ~~six~~nine months ended ~~November~~February 3028, ~~2025~~2026 and ~~2024~~2025, 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 NOVEMBER 30,

SIX MONTHS ENDED NOVEMBER 30,

THREE MONTHS ENDED FEBRUARY 28,

NINE MONTHS ENDED FEBRUARY 28,

(Dollars in millions)

~~2025~~2026

~~2024~~2025

~~2025~~2026

~~2024~~2025

Derivatives not designated as hedging instruments:

Foreign exchange forwards and options

3(61)

20(41)

Other (income) expense, net

14 15

Table of Contents

CASH FLOW HEDGES

The total notional amount of outstanding foreign currency derivatives designated as cash flow hedges was approximately $1617.82 billion and $18.4 billion as of ~~November~~February 3028, ~~2025~~2026 and May 31, 2025, respectively. Approximately $68222 million of deferred net losses (net of tax) on both outstanding and matured derivatives in Accumulated other comprehensive income (loss) as of ~~November~~February 3028, ~~2025~~2026, 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 ~~November~~February 3028, ~~2025~~2026, the maximum term over which the Company hedges exposures to the variability of cash flows for its forecasted transactions was 33 months.

FAIR VALUE HEDGES

The total notional amount of outstanding interest rate swap contracts designated as fair value hedges was $2.4 billion as of ~~November~~February 3028, ~~2025~~2026 and May 31, 2025, respectively.

UNDESIGNATED DERIVATIVE INSTRUMENTS

The total notional amount of outstanding undesignated derivative instruments was $45.63 billion and $4.0 billion as of ~~November~~February 3028, ~~2025~~2026 and May 31, 2025, respectively.

CREDIT RISK

As of ~~November~~February 3028, ~~2025~~2026, 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 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 August 31, 2025	$	20	$	(393)	$	115	$	(50)	$	(308)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)	(55)		247		—		1		193
Reclassifications to net income of previously deferred (gains) losses(2)(3)	—		11		—		—		11
Total other comprehensive income (loss)	(55)		258		—		1		204
Balance at November 30, 2025	$	(35)	$	(135)	$	115	$	(49)	$	(104)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)	113		(236)		—		1		(122)
Reclassifications to net income of previously deferred (gains) losses(2)(3)	—		20		—		(1)		19
Total other comprehensive income (loss)	113		(216)		—		—		(103)
Balance at February 28, 2026	$	78	$	(351)	$	115	$	(49)	$	(207)

(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.

1516

Table of Contents

(Dollars in millions)	FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)		CASH FLOW HEDGES		NET INVESTMENT HEDGES(1)		OTHER		TOTAL
Balance at August 31, 2024	$	(118)	$	20	$	115	$	(44)	$	(27)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)	(223)		492		—		3		272
Reclassifications to net income of previously deferred (gains) losses(2)(3)	(1)		(42)		—		—		(43)
Total other comprehensive income (loss)	(224)		450		—		3		229
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

(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, 2025	$	(114)	$	(207)	$	115	$	(52)	$	(258)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)	79192		92(144)		—		34		~~174~~52
Reclassifications to net income of previously deferred (gains) losses(2)(3)	—		~~(20)~~—		—		—(1)		(201)
Total other comprehensive income (loss)	79192		72(144)		—		3		~~154~~51
Balance at November 30, 2025	$	(35)	$	(135)	$	115	$	(49)	$	(104)
Balance at February 28, 2026	$	78	$	(351)	$	115	$	(49)	$	(207)

(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)	(86143)		~~341~~546		—		1014		~~265~~417
Reclassifications to net income of previously deferred (gains) losses(2)(3)	—		(~~118~~204)		—		2(3)		(~~116~~207)
Total other comprehensive income (loss)	(86143)		~~223~~342		—		1211		~~149~~210
Balance at November 30, 2024	$	(342)	$	470	$	115	$	(41)	$	202
Balance at February 28, 2025	$	(399)	$	589	$	115	$	(42)	$	263

(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 78 — Risk Management and Derivatives.

16 17

Table of Contents

NOTE 910 — REVENUES

DISAGGREGATION OF REVENUES

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

	THREE MONTHS ENDED NOVEMBER 30, 2025
	THREE MONTHS ENDED FEBRUARY 28, 2026
(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,~~542~~326	$	21,~~012~~789	$	~~954~~1,187	$	1,~~151~~051	$	—	$	7,~~659~~353	$	~~255~~231	$	—	$	7,~~914~~584
Apparel	1,~~811~~480		~~1,196~~926		~~442~~397		~~457~~381		—		3,~~906~~184		1512		—		3,~~921~~196
Equipment	~~280~~220		~~184~~159		2731		5958		—		~~550~~468		54		—		~~555~~472
Other	—		—		—		—		97		97		2517		3		3727
TOTAL REVENUES	$	5,~~633~~026	$	32,~~392~~874	$	1,~~423~~615	$	1,~~667~~490	$	97	$	1211,~~124~~012	$	~~300~~264	$	3	$	1211,~~427~~279
Revenues by:
Sales to Wholesale Customers	$	32,~~550~~768	$	21,~~188~~919	$	~~767~~888	$	~~994~~891	$	—	$	76,~~499~~466	$	~~143~~142	$	—	$	76,~~642~~608
Sales through Direct to Consumer	2,~~083~~258		~~1,204~~955		~~656~~727		~~673~~599		—		4,~~616~~539		~~132~~105		—		4,~~748~~644
Other	—		—		—		—		97		97		2517		3		3727
TOTAL REVENUES	$	5,~~633~~026	$	32,~~392~~874	$	1,~~423~~615	$	1,~~667~~490	$	97	$	1211,~~124~~012	$	~~300~~264	$	3	$	1211,~~427~~279

	THREE MONTHS ENDED NOVEMBER 30, 2024
	THREE 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	$	3,~~236~~132	$	1,~~982~~742	$	1,~~203~~282	$	1,~~234~~052	$	—	$	7,~~655~~208	$	~~364~~349	$	—	$	87,~~019~~557
Apparel	1,~~693~~510		~~1,136~~913		~~472~~412		~~437~~358		—		3,~~738~~193		2622		—		3,~~764~~215
Equipment	~~250~~222		~~185~~156		3639		7360		—		~~544~~477		67		—		~~550~~484
Other	—		—		—		—		1312		1312		3327		(2526)		2113
TOTAL REVENUES	$	54,~~179~~864	$	32,~~303~~811	$	1,~~711~~733	$	1,~~744~~470	$	1312	$	1110,~~950~~890	$	~~429~~405	$	(2526)	$	1211,~~354~~269
Revenues by:
Sales to Wholesale Customers	$	2,~~866~~499	$	21,~~120~~817	$	~~904~~995	$	~~1,030~~844	$	—	$	6,~~920~~155	$	~~212~~208	$	—	$	76,~~132~~363
Sales through Direct to Consumer	2,~~313~~365		~~1,183~~994		~~807~~738		~~714~~626		—		54,~~017~~723		~~184~~170		—		54,~~201~~893
Other	—		—		—		—		1312		1312		3327		(2526)		2113
TOTAL REVENUES	$	54,~~179~~864	$	32,~~303~~811	$	1,~~711~~733	$	1,~~744~~470	$	1312	$	1110,~~950~~890	$	~~429~~405	$	(2526)	$	1211,~~354~~269

1718

Table of Contents

	SIX MONTHS ENDED NOVEMBER 30, 2025
	NINE MONTHS ENDED FEBRUARY 28, 2026
(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	$	610,~~761~~087	$	45,~~033~~822	$	23,~~063~~250	$	23,~~212~~263	$	—	$	1522,~~069~~422	$	~~574~~805	$	—	$	1523,~~643~~227
Apparel	34,~~285~~765		23,~~302~~228		~~804~~1,201		~~828~~1,209		—		710,~~219~~403		2739		—		710,~~246~~442
Equipment	~~607~~827		~~388~~547		6899		~~117~~175		—		1,~~180~~648		1317		—		1,~~193~~665
Other	—		—		—		—		1825		1825		5269		(52)		6592
TOTAL REVENUES	$	1015,~~653~~679	$	69,~~723~~597	$	24,~~935~~550	$	34,~~157~~647	$	1825	$	2334,~~486~~498	$	~~666~~930	$	(52)	$	2435,~~147~~426
Revenues by:
Sales to Wholesale Customers	$	69,~~286~~054	$	46,~~449~~368	$	12,~~660~~548	$	12,~~943~~834	$	—	$	1420,~~338~~804	$	~~337~~480	$	—	$	1421,~~675~~284
Sales through Direct to Consumer	46,~~367~~625		23,~~274~~229		12,~~275~~002		1,~~214~~813		—		913,~~130~~669		~~277~~381		—		914,~~407~~050
Other	—		—		—		—		1825		1825		5269		(52)		6592
TOTAL REVENUES	$	1015,~~653~~679	$	69,~~723~~597	$	24,~~935~~550	$	34,~~157~~647	$	1825	$	2334,~~486~~498	$	~~666~~930	$	(52)	$	2435,~~147~~426

	SIX MONTHS ENDED NOVEMBER 30, 2024
	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	$	69,~~448~~580	$	35,~~934~~676	$	23,~~449~~731	$	23,~~286~~338	$	—	$	1522,~~117~~325	$	~~800~~1,149	$	—	$	1523,~~917~~474
Apparel	34,~~024~~534		23,~~129~~042		~~832~~1,244		~~785~~1,143		—		69,~~770~~963		4365		—		610,~~813~~028
Equipment	~~533~~755		~~383~~539		96135		~~135~~195		—		1,~~147~~624		1825		—		1,~~165~~649
Other	—		—		—		—		2739		2739		6996		(4874)		4861
TOTAL REVENUES	$	1014,~~005~~869	$	69,~~446~~257	$	35,~~377~~110	$	34,~~206~~676	$	2739	$	2333,~~061~~951	$	~~930~~1,335	$	(4874)	$	2335,~~943~~212
Revenues by:
Sales to Wholesale Customers	$	57,~~341~~840	$	46,~~194~~011	$	12,~~875~~870	$	12,~~920~~764	$	—	$	1319,~~330~~485	$	~~488~~695	$	—	$	1320,~~818~~180
Sales through Direct to Consumer	47,~~664~~029		23,~~252~~246		12,~~502~~240		1,~~286~~912		—		914,~~704~~427		~~373~~544		—		1014,~~077~~971
Other	—		—		—		—		2739		2739		6996		(4874)		4861
TOTAL REVENUES	$	1014,~~005~~869	$	69,~~446~~257	$	35,~~377~~110	$	34,~~206~~676	$	2739	$	2333,~~061~~951	$	~~930~~1,335	$	(4874)	$	2335,~~943~~212

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 ~~November~~February 3028, ~~2025~~2026 and May 31, 2025, the Company did not have any contract assets and had an immaterial amount of contract liabilities recorded in Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets.

18 19

Table of Contents

NOTE 1011 — SEGMENT INFORMATION

The Company's reportable operating segments reflect the structure of the Company's internal organization and the financial information the Chief Operating Decision Maker ("CODM"), the Company's Chief Executive Officer, regularly reviews to assess Company performance and allocate resources. The CODM evaluates the performance of the Company's segments and allocates resources based on earnings before interest and taxes ("EBIT"), which represents Net income before Interest (income) expense, net, and Income tax expense in the Unaudited Condensed Consolidated Statements of Income.

The Company's segments are defined as follows:

NIKE BRAND

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

Global Brand Divisions is included within NIKE Brand for presentation purposes to align with the way management views the Company. Global Brand Divisions ~~revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. Global Brand Divisions~~ primarily represents costs, including product creation and design expenses, that are centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.

CONVERSE

Converse operates in one industry: the design, marketing, licensing and selling of casual sneakers, apparel and accessories.

CORPORATE

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

As part of the Company's centrally managed foreign exchange risk management program, standard foreign currency rates are assigned twice per year to each NIKE Brand entity in the Company's geographic segments and to Converse. Inventories and Cost of sales for geographic segments and Converse reflect the use of these standard rates to recognize non-functional currency product purchases in the entity's functional currency. Differences between these standard rates and actual market rates are included in Corporate, together with foreign currency hedge gains and losses and other conversion gains and losses.

1920

Table of Contents

	THREE MONTHS ENDED NOVEMBER 30, 2025
	THREE MONTHS ENDED FEBRUARY 28, 2026
(Dollars in millions)	NORTH AMERICA		EUROPE, MIDDLE EAST & AFRICA		GREATER CHINA		ASIA PACIFIC & LATIN AMERICA		GLOBAL BRAND DIVISIONS		TOTAL NIKE BRAND		CONVERSE		CORPORATE		TOTAL NIKE, INC.
Revenues	$	5,~~633~~026	$	32,~~392~~874	$	1,~~423~~615	$	1,~~667~~490	$	97	$	1211,~~124~~012	$	~~300~~264	$	3	$	1211,~~427~~279
Cost of Sales	3,335		1,925		836		964		152		7,212		176		(6)		7,382
Cost of sales	3,036		1,705		839		870		160		6,610		167		(28)		6,749
Gross profit	2,298		1,467		587		703		(143)		4,912		124		9		5,045
Gross profit (loss)	1,990		1,169		776		620		(153)		4,402		97		31		4,530
Demand creation expense	~~473~~416		~~334~~296		~~145~~97		~~109~~91		~~185~~170		1,~~246~~070		2417		3		1,~~273~~090
Operating overhead expense	~~565~~593		~~399~~360		~~252~~235		~~206~~200		~~744~~886		2,~~166~~274		~~104~~120		~~496~~493		2,~~766~~887
Total selling and administrative expense	1,~~038~~009		~~733~~656		~~397~~332		~~315~~291		~~929~~1,056		3,~~412~~344		~~128~~137		~~499~~496		43,~~039~~977
Other segment items(1)	~~(1)~~—		1(2)		(123)		(13)		—		(228)		—		18(54)		16(82)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES	$	~~1,261~~981	$	~~733~~515	$	~~191~~467	$	~~389~~332	$	(1,~~072~~209)	$	1,~~502~~086	$	(440)	$	(~~508~~411)
Interest (income) expense, net																	(915)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES																	$	~~999~~650
Supplemental information:
Depreciation and amortization(2)	$	3337	37		1011		13		5558		~~148~~156		2		2927		$	~~179~~185

(1)At NIKE Brand segments and Converse, other segment items consist of unusual or non-operating transactions that occur outside the normal course of business. At Corporate, this also includes foreign currency conversion gains and losses from the remeasurement of monetary assets and liabilities denominated in non-functional currencies and the impact of certain foreign currency derivative instruments.

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

	THREE MONTHS ENDED NOVEMBER 30, 2024
	THREE 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	$	54,~~179~~864	$	32,~~303~~811	$	1,~~711~~733	$	1,~~744~~470	$	1312	$	1110,~~950~~890	$	~~429~~405	$	(2526)	$	1211,~~354~~269
Cost of Sales	2,896		1,788		957		977		147		6,765		222		(22)		6,965
Cost of sales	2,766		1,696		953		829		148		6,392		217		(15)		6,594
Gross profit	2,283		1,515		754		767		(134)		5,185		207		(3)		5,389
Gross profit (loss)	2,098		1,115		780		641		(136)		4,498		188		(11)		4,675
Demand creation expense	~~382~~401		~~313~~267		~~135~~123		9897		~~147~~158		1,~~075~~046		4340		42		1,~~122~~088
Operating overhead expense	~~531~~596		~~372~~353		~~252~~235		~~209~~200		~~851~~802		2,~~215~~186		~~111~~108		~~557~~505		2,~~883~~799
Total selling and administrative expense	~~913~~997		~~685~~620		~~387~~358		~~307~~297		~~998~~960		3,~~290~~232		~~154~~148		~~561~~507		43,~~005~~887
Other segment items(1)	(12)		~~(1)~~15		~~(8)~~1		—(2)		1(3)		(9)		—1		1(48)		(838)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES	$	1,~~371~~103	$	~~831~~480	$	~~375~~421	$	~~460~~346	$	(1,~~133~~093)	$	1,~~904~~257	$	5339	$	(~~565~~470)
Interest (income) expense, net																	(2418)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES																	$	~~1,416~~844
Supplemental information:
Depreciation and amortization(2)	$	3449	3637		1311		1312		5955		~~155~~164		43		31		$	~~190~~198

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

20 21

Table of Contents

	SIX MONTHS ENDED NOVEMBER 30, 2025
	NINE MONTHS ENDED FEBRUARY 28, 2026
(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	$	1015,~~653~~679	$	69,~~723~~597	$	24,~~935~~550	$	34,~~157~~647	$	1825	$	2334,~~486~~498	$	~~666~~930	$	(52)	$	2435,~~147~~426
Cost of Sales	6,232		3,825		1,634		1,802		320		13,813		369		(23)		14,159
Cost of sales	9,268		5,530		2,473		2,672		480		20,423		536		(51)		20,908
Gross profit	4,421		2,898		1,301		1,355		(302)		9,673		297		18		9,988
Gross profit (loss)	6,411		4,067		2,077		1,975		(455)		14,075		394		49		14,518
Demand creation expense	~~915~~1,331		~~647~~943		~~244~~341		~~206~~297		~~388~~558		23,~~400~~470		5774		47		23,~~461~~551
Operating overhead expense	1,~~112~~705		~~781~~1,141		~~490~~725		~~414~~614		12,~~575~~461		46,~~372~~646		~~206~~326		1,~~016~~509		58,~~594~~481
Total selling and administrative expense	23,~~027~~036		12,~~428~~084		~~734~~1,066		~~620~~911		13,~~963~~019		610,~~772~~116		~~263~~400		1,~~020~~516		812,~~055~~032
Other segment items(1)	(1)		2—		(124)		(47)		(1)		(533)		(1)		45(9)		39(43)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES	$	23,~~395~~376	$	1,~~468~~983	$	~~568~~1,035	$	~~739~~1,071	$	(23,~~264~~473)	$	23,~~906~~992	$	35(5)	$	(1,~~047~~458)
Interest (income) expense, net																	(2742)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES																	$	12,~~921~~571
Supplemental information:
Depreciation and amortization(2)	$	71108	76113		2233		2942		~~109~~167		~~307~~463		46		5885		$	~~369~~554

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

	SIX MONTHS ENDED NOVEMBER 30, 2024
	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	$	1014,~~005~~869	$	69,~~446~~257	$	35,~~377~~110	$	34,~~206~~676	$	2739	$	2333,~~061~~951	$	~~930~~1,335	$	(4874)	$	2335,~~943~~212
Cost of Sales	5,523		3,483		1,812		1,759		300		12,877		455		(35)		13,297
Cost of sales	8,289		5,179		2,765		2,588		448		19,269		672		(50)		19,891
Gross profit	4,482		2,963		1,565		1,447		(273)		10,184		475		(13)		10,646
Gross profit (loss)	6,580		4,078		2,345		2,088		(409)		14,682		663		(24)		15,321
Demand creation expense	~~834~~1,235		~~603~~870		~~249~~372		~~188~~285		~~389~~547		23,~~263~~309		78118		79		23,~~348~~436
Operating overhead expense	1,~~060~~656		~~738~~1,091		~~492~~727		~~397~~597		12,~~697~~499		46,~~384~~570		~~224~~332		1,~~097~~602		58,~~705~~504
Total selling and administrative expense	12,~~894~~891		1,~~341~~961		~~741~~1,099		~~585~~882		23,~~086~~046		69,~~647~~879		~~302~~450		1,~~104~~611		811,~~053~~940
Other segment items(1)	(1)		~~(1)~~14		(5352)		—(2)		1(2)		(5243)		~~(1)~~—		(1058)		(63101)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES	$	23,~~587~~690	$	12,~~623~~103	$	~~877~~1,298	$	~~862~~1,208	$	(23,~~360~~453)	$	34,~~589~~846	$	~~174~~213	$	(1,~~107~~577)
Interest (income) expense, net																	(6785)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES																	$	23,~~723~~567
Supplemental information:
Depreciation and amortization(2)	$	70119	71108		2637		2436		~~116~~171		~~307~~471		811		6394		$	~~378~~576

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

2122

Table of Contents

	NOVEMBER 30,		MAY 31,
	FEBRUARY 28,		MAY 31,
(Dollars in millions)	~~2025~~2026		2025
INVENTORIES(1)
North America	$	3,~~261~~166	$	3,198
Europe, Middle East & Africa	2,~~172~~269		2,042
Greater China	~~1,074~~937		951
Asia Pacific & Latin America	1,~~001~~011		905
Global Brand Divisions	~~152~~157		148
TOTAL NIKE BRAND	7,~~660~~540		7,244
Converse	~~229~~195		272
Corporate	(~~163~~248)		(27)
TOTAL NIKE, INC. INVENTORIES	$	7,~~726~~487	$	7,489

(1)Inventories as of ~~November~~February 3028, ~~2025~~2026 and May 31, 2025 were substantially all finished goods.

NOTE 1112 — COMMITMENTS AND CONTINGENCIES

~~The Company issues bank guarantees and letters of credit primarily for real estate agreements, self-insurance programs, other general business obligations and legal matters.~~ As of ~~November~~February 3028, ~~2025~~2026 and May 31, 2025, the Company had outstanding bank guarantees and letters of credit of approximately $01.93 billion. ~~Subsequent~~and ~~to November 30, 2025, the Company issued approximately~~ $0.39 billion, inrespectively, ~~additional~~issued ~~guarantees~~primarily ~~resulting~~for inreal ~~total~~estate ~~guarantees~~agreements, ~~and~~self-insurance ~~letters~~programs, ofother ~~credit~~general ofbusiness ~~approximately~~obligations ~~$1.2~~and ~~billion~~legal ~~as of the date of this report~~matters.

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 Authorities 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 1213 — ~~SUPPLIER~~SEVERANCE ~~FINANCE~~AND ~~PROGRAMS~~OTHER EMPLOYEE COSTS

~~Certain~~For ~~financial~~the ~~institutions~~three ~~offer~~and ~~voluntary~~nine ~~supplier~~months ~~finance~~ended ~~programs~~February ~~facilitated~~28, ~~through~~2026, ~~a third-party platform that provide participating suppliers~~ the ~~option to finance valid payment obligations from the~~ Company. ~~The~~recognized ~~Company~~$230 million isand ~~not~~$304 million, arespectively, ~~party~~of toestimated ~~agreements negotiated between participating suppliers and third~~pre-~~party~~tax ~~financial~~employee ~~institutions.~~severance ~~The~~costs ~~Company's~~primarily ~~obligations~~related to ~~its~~organizational ~~suppliers,~~changes. ~~including~~Employee ~~amounts~~severance ~~due~~costs ~~and payment terms,~~ are ~~not~~recognized ~~affected~~when by a ~~supplier's~~future ~~decision~~related toexpense ~~participate~~is inconsidered ~~these~~probable ~~programs~~ and ~~the~~reasonably ~~Company~~estimable. ~~does~~The ~~not~~expected ~~provide~~pre-tax ~~guarantees~~charges toare ~~third~~estimates ~~parties~~and inare ~~connection~~subject ~~with~~to ~~these~~a ~~programs.~~number As of ~~November 30,~~assumptions ~~2025~~ and ~~May 31,~~actual ~~2025,~~results ~~the~~may ~~Company~~vary ~~had~~from ~~$1,164 million and $1,101 million, respectively, of outstanding supplier obligations confirmed as valid under these programs. These amounts are included within Accounts payable on~~ the ~~Unaudited~~estimates ~~Condensed Consolidated Balance Sheets~~provided.

22For the three and nine months ended February 28, 2026, $193 million and $254 million, respectively, were classified within Operating overhead expense and $37 million and $50 million, respectively, were classified within Cost of sales on the Unaudited Condensed Consolidated Statements of Income. The majority of these charges were classified within Global Brand Divisions and Converse.

As of February 28, 2026, the Company made cash payments related to employee severance costs of $82 million. As of February 28, 2026, the remaining severance and other employee costs of $222 million are reflected within Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets, classified within Compensation and benefits, excluding taxes in Note 2 — Accrued Liabilities.

Table of Contents

NOTE 14 — SUPPLIER FINANCE PROGRAMS

As of February 28, 2026 and May 31, 2025, the Company had approximately $0.7 billion and $1.1 billion, respectively, of outstanding supplier obligations confirmed as valid under the voluntary supplier finance programs. These amounts are included within Accounts payable on the Unaudited Condensed Consolidated Balance Sheets.

Table of Contents

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.

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 were $1211.43 billion for the ~~second~~third quarter of fiscal 2026, upflat 1on a reported basis and down 3% on a ~~reported~~currency-neutral basis.

•NIKE Brand wholesale revenues were $76.5 billion for the ~~second~~third quarter of fiscal 2026 compared to $6.92 billion for the ~~second~~third quarter of fiscal 2025,. ~~primarily~~The increase on a currency-neutral basis was driven by anhigher ~~increase~~revenues in North America and Asia Pacific & Latin America ("APLA"), partially offset by ~~declines~~lower revenues in Greater China and ~~Asia~~Europe, ~~Pacific~~Middle East & ~~Latin~~Africa ~~America~~ ("~~APLA~~EMEA").

•NIKE Direct revenues were $4.65 billion for the ~~second~~third quarter of fiscal 2026 compared to $54.07 billion for the ~~second~~third quarter of fiscal 2025, primarily driven by a decrease in traffic ~~in NIKE Brand Digital~~.

•Gross margin for the ~~second~~third quarter of fiscal 2026 decreased ~~300~~130 basis points to 40.62% primarily due to higher tariffs in North America.

•Inventories as of ~~November~~February 3028, ~~2025~~2026, were $7.75 billion, anflat ~~increase of 3%~~ compared to May 31, 2025, ~~driven~~primarily byreflecting ~~increased~~an ~~product~~increase ~~costs~~in ~~including~~units, ~~higher~~offset ~~tariffs~~by inproduct ~~North America~~mix.

•We returned approximately $~~598~~609 million to our shareholders in the ~~second~~third quarter of fiscal 2026 through dividends.

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, we 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 export policies of 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, 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: Accelerating product innovation and reducing the supply of certain footwear products in the marketplace to 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.

2325

Table of Contents

Our reportable operating segments are at different stages of progress ~~against~~and we expect to complete these actions ~~and~~by ~~therefore,~~ the end of December 2026. The timing of financial impacts ~~have~~has ~~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.~~ North America has made the most progress against these actions, while Greater China and Converse will take more time. In Greater China, a trend of declining store traffic, elevated promotional activity and higher levels of inventory across the marketplace are negatively impacting revenues and overall profitability, while Converse is in the midst of a strategic reset of the brand and marketplace. We expect negative impacts from Greater China ~~and Converse~~ to continue throughout fiscal ~~2026~~2027. ~~However,~~While ~~we believe~~ these product, marketplace and brand management actions taken across our portfolio have had, and in the future may have, a negative impact on our Revenues and overall profitability, we believe they will reignite brand momentum and reposition our business to drive long-term shareholder value.

We have also been evaluating opportunities to operate more efficiently and profitably through realigning costs across our supply chain and technology to serve an integrated marketplace. For the three and nine months ended February 28, 2026, we recognized pre-tax charges of $230 million and $304 million, respectively, primarily associated with employee severance costs. We continue to evaluate opportunities and may take additional actions which could lead to additional charges in future quarters. For more information, refer to Note 13 — Severance and Other Employee Costs within the accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.

OTHER MATTERS

On February 20, 2026, the U.S. Supreme Court ruled that U.S. tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") on goods imported into the U.S. were unauthorized. Total IEEPA tariffs paid as of the date of this report is approximately $1.0 billion. The ruling did not address potential refunds, and therefore the ultimate availability, timing and amount of any potential refunds of these tariffs is highly uncertain. As such, we have determined that potential recovery of any funds is not probable. We will continue to monitor changes to the import and export policies of the U.S. and other countries that could impact our financial position, results of operations and cash flows.

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") and EBIT margin: Calculated as Net income before Interest (income) expense, net and Income tax expense in the Unaudited Condensed Consolidated Statements of Income and total NIKE, Inc. EBIT divided by total NIKE, Inc. Revenues, respectively. Total NIKE, Inc. EBIT and our EBIT margin calculations for the three and ~~six~~nine months ended ~~November~~February 3028, ~~2025~~2026 and ~~November~~February 3028, ~~2024~~2025 are as follows:

	THREE MONTHS ENDED NOVEMBER 30,						SIX MONTHS ENDED NOVEMBER 30,
	THREE MONTHS ENDED FEBRUARY 28,						NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)	~~2025~~2026			~~2024~~2025			~~2025~~2026			~~2024~~2025
Net income	$	~~792~~520		$	~~1,163~~794		$	12,~~519~~039		$	23,~~214~~008
Add: Interest (income) expense, net	(9)			(24)			(27)			(67)
Add: Income tax expense	130			50			532			559
Add: Income tax expense	207			253			402			509
Add: Interest (income) expense, net	(15)			(18)			(42)			(85)
EARNINGS BEFORE INTEREST AND TAXES	$	990		$	1,392		$	1,894		$	2,656
EBIT	$	635		$	826		$	2,529		$	3,482
Total NIKE, Inc. Revenues	11,279			11,269			35,426			35,212
Net income margin	4.6		%	7.0		%	5.8		%	8.5		%
EBIT margin	5.6		%	7.3		%	7.1		%	9.9		%

EBIT margin: Calculated as total NIKE, Inc. EBIT divided by total NIKE, Inc. Revenues. Our EBIT margin calculations for the three and six months ended November 30, 2025 and November 30, 2024 are as follows:

	THREE MONTHS ENDED NOVEMBER 30,						SIX MONTHS ENDED NOVEMBER 30,
(Dollars in millions)	2025			2024			2025			2024
Numerator
Earnings before interest and taxes	$	990		$	1,392		$	1,894		$	2,656
Denominator
Total NIKE, Inc. Revenues	$	12,427		$	12,354		$	24,147		$	23,943
EBIT MARGIN	8.0		%	11.3		%	7.8		%	11.1		%

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.

Table of Contents

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.

24 27

Table of Contents

RESULTS OF OPERATIONS

	THREE MONTHS ENDED NOVEMBER 30,								SIX MONTHS ENDED NOVEMBER 30,
	THREE MONTHS ENDED FEBRUARY 28,								NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions, except per share data)	~~2025~~2026			~~2024~~2025			% CHANGE		~~2025~~2026			~~2024~~2025			% CHANGE
Revenues	$	1211,~~427~~279		$	1211,~~354~~269		10	%	$	2435,~~147~~426		$	2335,~~943~~212		1	%
Cost of sales	76,~~382~~749			6,~~965~~594			62	%	1420,~~159~~908			1319,~~297~~891			65	%
Gross profit	54,~~045~~530			54,~~389~~675			-63	%	914,~~988~~518			1015,~~646~~321			-65	%
Gross margin	40.62		%	4341.65		%			41.40		%	4443.5		%
Demand creation expense	1,~~273~~090			1,~~122~~088			130	%	23,~~461~~551			23,~~348~~436			53	%
Operating overhead expense	2,~~766~~887			2,~~883~~799			-43	%	58,~~594~~481			58,~~705~~504			-20	%
Total selling and administrative expense	43,~~039~~977			43,~~005~~887			12	%	812,~~055~~032			811,~~053~~940			01	%
% of revenues	3235.53		%	3234.45		%			3334.40		%	33.69		%
Interest (income) expense, net	(915)			(2418)			—		(2742)			(6785)			—
Other (income) expense, net	16(82)			(838)			—		39(43)			(63101)			—
Income before income taxes	~~999~~650			~~1,416~~844			-2923	%	12,~~921~~571			23,~~723~~567			-2928	%
Income tax expense	~~207~~130			~~253~~50			~~-18~~160	%	~~402~~532			~~509~~559			-215	%
Effective tax rate	20.70		%	175.9		%			20.97		%	1815.7		%
NET INCOME	$	~~792~~520		$	~~1,163~~794		-3235	%	$	12,~~519~~039		$	23,~~214~~008		-3132	%
Diluted earnings per common share	$	0.5335		$	0.7854		-3235	%	$	1.0338		$	12.4802		-3032	%

CONSOLIDATED OPERATING RESULTS

REVENUES

	THREE MONTHS ENDED NOVEMBER 30,								SIX MONTHS ENDED NOVEMBER 30,
	THREE MONTHS ENDED FEBRUARY 28,								NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)	~~2025~~2026		~~2024~~2025		% CHANGE		% CHANGE EXCLUDING CURRENCY CHANGES(1)		~~2025~~2026		~~2024~~2025		% CHANGE		% CHANGE EXCLUDING CURRENCY CHANGES(1)
NIKE, Inc. Revenues:
NIKE Brand Revenues by:
Footwear	$	7,~~659~~353	$	7,~~655~~208	02	%	-1	%	$	1522,~~069~~422	$	1522,~~117~~325	0	%	-21	%
Apparel	3,~~906~~184		3,~~738~~193		40	%	-4	%	710,~~219~~403		69,~~770~~963		74	%	52	%
Equipment	~~550~~468		~~544~~477		1-2	%	0-6	%	1,~~180~~648		1,~~147~~624		31	%	-1	%
Global Brand Divisions(2)	97		1312		-3142	%	-2337	%	1825		2739		-3336	%	-3234	%
TOTAL NIKE BRAND REVENUES	1211,~~124~~012		1110,~~950~~890		1	%	1-2	%	2334,~~486~~498		2333,~~061~~951		2	%	10	%
Converse	~~300~~264		~~429~~405		-3035	%	-3137	%	~~666~~930		~~930~~1,335		-2830	%	-2932	%
Corporate(3)	3		(2526)		—		—		(52)		(4874)		—		—
TOTAL NIKE, INC. REVENUES	$	1211,~~427~~279	$	1211,~~354~~269	10	%	0-3	%	$	2435,~~147~~426	$	2335,~~943~~212	1	%	-1	%
Supplemental NIKE Brand Revenues Details:
NIKE Brand Revenues by:
Sales to Wholesale Customers	$	76,~~499~~466	$	6,~~920~~155	85	%	81	%	$	1420,~~338~~804	$	1319,~~330~~485	87	%	65	%
Sales through NIKE Direct	4,~~616~~539		54,~~017~~723		-84	%	-97	%	913,~~130~~669		914,~~704~~427		-65	%	-7	%
Global Brand Divisions(2)	97		1312		-3142	%	-2337	%	1825		2739		-3336	%	-3234	%
TOTAL NIKE BRAND REVENUES	$	1211,~~124~~012	$	1110,~~950~~890	1	%	1-2	%	$	2334,~~486~~498	$	2333,~~061~~951	2	%	10	%

(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.

2528

Table of Contents

~~SECOND~~THIRD QUARTER OF FISCAL 2026 COMPARED TO ~~SECOND~~THIRD QUARTER OF FISCAL 2025

•NIKE, Inc. Revenues for the ~~second~~third quarter of fiscal 2026 were $1211.43 billion, upflat 1% on a reported basis. On a currency-neutral basis, NIKE, Inc. Revenues ~~were~~decreased ~~flat~~3%, primarily due to ~~higher~~lower revenues in ~~North~~EMEA, ~~America~~Greater China and Converse, which ~~increased~~reduced NIKE, Inc. Revenues by approximately 42, 1, and 1 percentage points, respectively. ~~Lower~~Higher revenues in ~~Greater~~North ~~China,~~America ~~Converse~~increased ~~and APLA reduced~~ NIKE, Inc. Revenues by approximately 2, 1 ~~and 1~~ percentage ~~points, respectively~~point.

•NIKE Brand revenues increased 1% on ~~both~~ a reported basis and decreased 2% on a currency-neutral basis.

•NIKE Brand footwear revenues decreased 1% on a currency-neutral basis. Unit sales of footwear ~~were~~decreased ~~flat~~2%, while ~~lower~~higher average selling price ("ASP") per pair ~~reduced~~contributed ~~footwear revenues by~~ approximately 1 percentage point of footwear revenue growth. ~~Lower~~Higher ASP per pair was primarily due to ~~channel~~product mix and ~~higher~~strategic ~~discounts~~pricing, partially offset by ~~product~~channel mix ~~and strategic pricing~~.

•NIKE Brand apparel revenues ~~increased~~decreased 4% on a currency-neutral basis. Unit sales of apparel ~~increased~~decreased 43%, while lower ASP per unit ~~was~~reduced ~~flat~~apparel asrevenues ~~higher~~by ~~discounts~~approximately ~~and~~1 ~~channel~~percentage ~~mix~~point. ~~were~~Lower ~~offset~~ASP per unit was primarily due to higher discounts, partially offset by product mix and strategic pricing.

•NIKE Brand wholesale revenues ~~increased~~were 8$6.5 billion for the third quarter of fiscal 2026, up 5% on ~~both~~ a reported basis and up 1% on a currency-neutral basis. The increase on a currency-neutral basis was driven by higher revenues in North America and APLA, partially offset by lower revenues in Greater China and ~~APLA~~EMEA.

•NIKE Direct revenues were $4.65 billion for the ~~second~~third quarter of fiscal 2026, down 84% on a reported basis and down 97% on a currency-neutral basis, due to declines in NIKE Brand Digital sales of 149% and declines in NIKE ~~stores~~store sales of 35%. NIKE Brand Digital sales were $2.43 billion for the ~~second~~third quarter of fiscal 2026 compared to $2.85 billion for the ~~second~~third quarter of fiscal 2025, with declines primarily due to reduced traffic. Comparable store sales decreased 35%. For additional information regarding comparable store sales, including the definition, see "Comparable Store Sales".

FIRST ~~SIX~~NINE MONTHS OF FISCAL 2026 COMPARED TO FIRST ~~SIX~~NINE MONTHS OF FISCAL 2025

•NIKE, Inc. Revenues for the first ~~six~~nine months of fiscal 2026 were $2435.14 billion, up 1% on a reported basis. On a currency-neutral basis, NIKE, Inc. Revenues decreased 1%, primarily due to lower revenues in Greater China, ~~Converse~~ and ~~APLA~~Converse, which reduced NIKE, Inc. Revenues by approximately 2, 1 and 1 percentage points, respectively. Higher revenues in North America increased NIKE, Inc. Revenues by approximately 32 percentage points.

•NIKE Brand revenues increased 2% on a reported basis and 1%were flat on a currency-neutral basis.

•NIKE Brand footwear revenues decreased 21% on a currency-neutral basis. Unit sales of footwear ~~increased~~were 1%flat, while lower ASP per pair reduced footwear revenues by approximately 31 percentage ~~points~~point. Lower ASP per pair was primarily due to channel mix and higher discounts, partially offset by product mix and strategic pricing.

•NIKE Brand apparel revenues increased 52% on a currency-neutral basis. Unit sales of apparel increased 73%, while lower ASP per unit reduced apparel revenues by approximately 21 percentage ~~points~~point. Lower ASP per unit was primarily due to higher discounts and channel mix, partially offset by product mix.

•NIKE Brand wholesale revenues ~~increased~~were $20.8 billion for the first nine months of fiscal 2026, up 7% on a reported basis and 6up 5% on a currency-neutral basis. The increase on a currency-neutral basis was driven by higher revenues in North America and ~~Europe, Middle East & Africa ("EMEA") and~~ APLA, partially offset by lower revenues in Greater China.

•NIKE Direct revenues were $913.17 billion for the first ~~six~~nine months of fiscal 2026, down 65% on a reported basis and down 7% on a currency-neutral basis, due to declines in NIKE Brand Digital sales of 1312% and declines in NIKE ~~stores~~store sales of 23%. NIKE Brand Digital sales were $46.58 billion infor the ~~second~~first ~~quarter~~nine months of fiscal 2026 compared to $57.16 billion infor the ~~second~~first ~~quarter~~nine months of fiscal 2025, with declines primarily due to reduced traffic. Comparable store sales decreased 23%.

26 29

Table of Contents

GROSS MARGIN

	THREE MONTHS ENDED NOVEMBER 30,								SIX MONTHS ENDED NOVEMBER 30,
	THREE MONTHS ENDED FEBRUARY 28,								NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)	~~2025~~2026			~~2024~~2025			% CHANGE		~~2025~~2026			~~2024~~2025			% CHANGE
Gross profit	$	54,~~045~~530		$	54,~~389~~675		-63	%	$	914,~~988~~518		$	1015,~~646~~321		-65	%
Gross margin	40.62		%	4341.65		%	-~~300~~130 bps		41.40		%	4443.5		%	-~~310~~250 bps

~~SECOND~~THIRD QUARTER OF FISCAL 2026 COMPARED TO ~~SECOND~~THIRD QUARTER OF FISCAL 2025

Consolidated gross margin was ~~300~~130 basis points lower than the prior year ~~primarily~~ due to:

•Higher NIKE Brand product costs (decreasing gross margin approximately ~~360~~270 basis points), primarily due to higher tariffs in North America; and

•Lower ~~NIKE~~gross ~~Brand~~margin ~~ASP~~from Converse (decreasing gross margin approximately 5030 basis points)~~, primarily due to channel mix and higher discounts, partially offset by strategic pricing; and~~.

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

This was partially offset by:

•~~Lower~~Higher ~~warehousing~~NIKE ~~and~~Brand ~~logistics~~ASP ~~costs~~ (increasing gross margin approximately 5080 basis points), primarily due to ~~channel~~strategic pricing and product mix;

•~~Favorable~~Lower ~~changes~~other incosts ~~net foreign currency exchange rates, including hedges~~ (increasing gross margin approximately 4060 basis points), primarily due to lower inventory obsolescence reserves; ~~and~~

•Lower ~~other~~warehousing and logistics costs (increasing gross margin approximately 4020 basis points),; ~~primarily due to lower inventory obsolescence reserves.~~and

~~FIRST~~•Favorable ~~SIX~~changes ~~MONTHS~~in OFnet ~~FISCAL~~foreign ~~2026~~currency ~~COMPARED~~exchange TOrates, ~~FIRST~~including ~~SIX~~hedges ~~MONTHS~~(increasing OFgross ~~FISCAL~~margin ~~2025~~approximately 10 basis points).

~~Consolidated~~FIRST ~~gross~~NINE ~~margin~~MONTHS ~~was~~OF ~~310~~FISCAL ~~basis~~2026 ~~points~~COMPARED ~~lower~~TO ~~than~~FIRST ~~the~~NINE ~~prior~~MONTHS ~~year~~OF ~~primarily~~FISCAL ~~due to:~~2025

~~•Higher~~Consolidated ~~NIKE Brand product costs (decreasing~~ gross margin ~~approximately~~was ~~230~~250 basis points), ~~primarily~~lower ~~due~~than tothe ~~higher~~prior ~~tariffs~~year indue ~~North America;~~to:

•~~Lower~~Higher NIKE Brand ~~ASP~~product costs (decreasing gross margin approximately ~~150~~240 basis points), primarily due to ~~channel mix and~~ higher ~~discounts,~~tariffs ~~partially~~in ~~offset~~North ~~by strategic pricing~~America; ~~and~~

•Lower NIKE Brand ASP (decreasing gross margin approximately 80 basis points), primarily due to channel mix and higher discounts, partially offset by strategic pricing; and

•Lower gross margin from Converse (decreasing gross margin approximately 30 basis points).

This was partially offset by:

•Lower warehousing and logistics costs (increasing gross margin approximately 5040 basis points), primarily due to channel mix; ~~and~~

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

•Lower other costs (increasing gross margin approximately 30 basis points), primarily due to lower inventory obsolescence reserves.

TOTAL SELLING AND ADMINISTRATIVE EXPENSE

	THREE MONTHS ENDED NOVEMBER 30,								SIX MONTHS ENDED NOVEMBER 30,
	THREE MONTHS ENDED FEBRUARY 28,								NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)	~~2025~~2026			~~2024~~2025			% CHANGE		~~2025~~2026			~~2024~~2025			% CHANGE
Demand creation expense(1)	$	1,~~273~~090		$	1,~~122~~088		130	%	$	23,~~461~~551		$	23,~~348~~436		53	%
Operating overhead expense(2)	2,~~766~~887			2,~~883~~799			-43	%	58,~~594~~481			58,~~705~~504			-20	%
Total selling and administrative expense	$	43,~~039~~977		$	43,~~005~~887		12	%	$	812,~~055~~032		$	811,~~053~~940		—1	%
% of revenues	3235.53		%	3234.45		%	1080 bps		3334.40		%	33.69		%	~~-20~~10 bps

(1)Demand creation expense consists of brand marketing expense and sports marketing expense. Brand marketing expense includes advertising and promotion costs such as production and media costs, digital marketing expense, brand events and retail brand presentation costs. Sports marketing expense 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 costs, 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.

2730

Table of Contents

~~SECOND~~THIRD QUARTER OF FISCAL 2026 COMPARED TO ~~SECOND~~THIRD QUARTER OF FISCAL 2025

Demand creation expense ~~increased~~was ~~13%~~flat ~~due~~as to higher ~~brand~~sports marketing expense and ~~higher~~unfavorable ~~sports~~changes in foreign currency exchange rates were offset by lower brand marketing expense. Changes in foreign currency exchange rates increased Demand creation expense by approximately 13 percentage ~~point~~points.

Operating overhead expense ~~decreased~~increased 43% due to ~~lower~~higher wage-related expense, driven by employee severance costs, and unfavorable changes in foreign currency exchange rates, partially offset by lower other administrative costs. Changes in foreign currency exchange rates increased Operating overhead expense by approximately 12 percentage ~~point~~points.

FIRST ~~SIX~~NINE MONTHS OF FISCAL 2026 COMPARED TO FIRST ~~SIX~~NINE MONTHS OF FISCAL 2025

Demand creation expense increased 53% ~~primarily~~ due to higher sports marketing expense and unfavorable changes in foreign currency exchange rates, partially offset by lower brand marketing expense, reflecting higher investment in key sports events in the prior year. Changes in foreign currency exchange rates increased Demand creation expense by approximately 12 percentage ~~point~~points.

Operating overhead expense ~~decreased~~was 2%flat ~~due~~as to lower other administrative costs, ~~partially~~were offset by higher wage-related expense, driven by employee severance costs, and unfavorable changes in foreign currency exchange rates. Changes in foreign currency exchange rates increased Operating overhead expense by approximately 1 percentage point.

OTHER (INCOME) EXPENSE, NET

	THREE MONTHS ENDED NOVEMBER 30,				SIX MONTHS ENDED NOVEMBER 30,
	THREE MONTHS ENDED FEBRUARY 28,				NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)	~~2025~~2026		~~2024~~2025		~~2025~~2026		~~2024~~2025
Other (income) expense, net	$	16(82)	$	(838)	$	39(43)	$	(63101)

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.

~~SECOND~~THIRD QUARTER OF FISCAL 2026 COMPARED TO ~~SECOND~~THIRD QUARTER OF FISCAL 2025

Other (income) expense, net ~~decreased~~increased from $838 million of other income, net, to $1682 million of other ~~expense~~income, net, primarily due to settlements of legal matters, partially offset by an unfavorable net change in foreign currency conversion gains and losses, including hedges.

FIRST ~~SIX~~NINE MONTHS OF FISCAL 2026 COMPARED TO FIRST ~~SIX~~NINE MONTHS OF FISCAL 2025

Other (income) expense, net decreased from $63101 million of other income, net, to $3943 million of other ~~expense~~income, net, primarily due to an unfavorable net change in foreign currency conversion gains and losses, including hedges, partially offset by settlements of legal matters.

INCOME TAXES

	THREE MONTHS ENDED NOVEMBER 30,					SIX MONTHS ENDED NOVEMBER 30,
	THREE MONTHS ENDED FEBRUARY 28,					NINE MONTHS ENDED FEBRUARY 28,
	2025		2024		% CHANGE	2025		2024		% CHANGE
	2026		2025		% CHANGE	2026		2025		% CHANGE
Effective tax rate	20.70	%	175.9	%	~~280~~1,410 bps	20.97	%	1815.7	%	~~220~~500 bps

~~SECOND~~THIRD QUARTER OF FISCAL 2026 COMPARED TO ~~SECOND~~THIRD QUARTER OF FISCAL 2025

Our effective tax rate increased from 175.9% to 20.70%, primarily due to ~~changes~~a inprior ~~earnings~~year ~~mix~~one-time, non-cash deferred tax benefit provided by U.S. tax regulations related to foreign currency gains and losses.

FIRST ~~SIX~~NINE MONTHS OF FISCAL 2026 COMPARED TO FIRST ~~SIX~~NINE MONTHS OF FISCAL 2025

Our effective tax rate increased from 1815.7% to 20.97%, primarily due to ~~changes~~a inprior ~~earnings~~year ~~mix~~one-time, ~~and~~non-cash ~~decreased~~deferred ~~benefits~~tax ~~from~~benefit ~~stock-based~~provided ~~compensation~~by U.S. tax regulations related to foreign currency gains and losses.

For additional information, refer to Note 45 — Income Taxes within the accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.

28 31

Table of Contents

SEGMENT INFORMATION

See Note 1011 — Segment Information in the accompanying Notes to the Unaudited Condensed Consolidated Financial Statements for a description of our segments and related information.

The breakdown of Revenues is as follows:

	THREE MONTHS ENDED NOVEMBER 30,								SIX MONTHS ENDED NOVEMBER 30,
	THREE MONTHS ENDED FEBRUARY 28,								NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)	~~2025~~2026		~~2024~~2025		% CHANGE		% CHANGE EXCLUDING CURRENCY CHANGES(1)		~~2025~~2026		~~2024~~2025		% CHANGE		% CHANGE EXCLUDING CURRENCY CHANGES(1)
North America	$	5,~~633~~026	$	54,~~179~~864	93	%	93	%	$	1015,~~653~~679	$	1014,~~005~~869	65	%	75	%
Europe, Middle East & Africa	32,~~392~~874		32,~~303~~811		32	%	-17	%	69,~~723~~597		69,~~446~~257		4	%	0-2	%
Greater China	1,~~423~~615		1,~~711~~733		-177	%	-1610	%	24,~~935~~550		35,~~377~~110		-1311	%	-1312	%
Asia Pacific & Latin America	1,~~667~~490		1,~~744~~470		-41	%	-42	%	34,~~157~~647		34,~~206~~676		-21	%	-2	%
Global Brand Divisions(2)	97		1312		-3142	%	-2337	%	1825		2739		-3336	%	-3234	%
TOTAL NIKE BRAND	1211,~~124~~012		1110,~~950~~890		1	%	1-2	%	2334,~~486~~498		2333,~~061~~951		2	%	10	%
Converse	~~300~~264		~~429~~405		-3035	%	-3137	%	~~666~~930		~~930~~1,335		-2830	%	-2932	%
Corporate(3)	3		(2526)		—		—		(52)		(4874)		—		—
TOTAL NIKE, INC. REVENUES	$	1211,~~427~~279	$	1211,~~354~~269	10	%	0-3	%	$	2435,~~147~~426	$	2335,~~943~~212	1	%	-1	%

(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.

The primary financial measure used to evaluate performance of our individual reportable operating segments is EBIT. For additional information on our segments, refer to Note 1011 — Segment Information in the accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.

The breakdown of EBIT is as follows:

	THREE MONTHS ENDED NOVEMBER 30,								SIX MONTHS ENDED NOVEMBER 30,
	THREE MONTHS ENDED FEBRUARY 28,								NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)	~~2025~~2026			~~2024~~2025			% CHANGE		~~2025~~2026			~~2024~~2025			% CHANGE
North America	$	~~1,261~~981		$	1,~~371~~103		-811	%	$	23,~~395~~376		$	23,~~587~~690		-79	%
Europe, Middle East & Africa	~~733~~515			~~831~~480			~~-12~~7	%	1,~~468~~983			12,~~623~~103			-106	%
Greater China	~~191~~467			~~375~~421			~~-49~~11	%	~~568~~1,035			~~877~~1,298			-3520	%
Asia Pacific & Latin America	~~389~~332			~~460~~346			-154	%	~~739~~1,071			~~862~~1,208			-1411	%
Global Brand Divisions	(1,~~072~~209)			(1,~~133~~093)			5-11	%	(23,~~264~~473)			(23,~~360~~453)			4-1	%
TOTAL NIKE BRAND(1)	1,~~502~~086			1,~~904~~257			-2114	%	23,~~906~~992			34,~~589~~846			-1918	%
Converse	(440)			5339			-~~108~~203	%	35(5)			~~174~~213			-80102	%
Corporate	(~~508~~411)			(~~565~~470)			1013	%	(1,~~047~~458)			(1,~~107~~577)			58	%
TOTAL NIKE, INC. EARNINGS BEFORE INTEREST AND TAXES(1)	990			1,392			-29	%	1,894			2,656			-29	%
TOTAL NIKE, INC. EBIT(1)	635			826			-23	%	2,529			3,482			-27	%
EBIT margin(1)	8.0		%	11.3		%			7.8		%	11.1		%
Interest (income) expense, net	(15)			(18)			—		(42)			(85)			—
Interest (income) expense, net	(9)			(24)			—		(27)			(67)			—
Income tax expense	130			50			160	%	532			559			-5	%
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES	$	999		$	1,416		-29	%	$	1,921		$	2,723		-29	%
NET INCOME	$	520		$	794		-35	%	$	2,039		$	3,008		-32	%
Total NIKE, Inc. Revenues	$	11,279		$	11,269		0	%	$	35,426		$	35,212		1	%
Net income margin	4.6		%	7.0		%			5.8		%	8.5		%
EBIT margin(1)	5.6		%	7.3		%			7.1		%	9.9		%

(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".

2932

Table of Contents

NORTH AMERICA

	THREE MONTHS ENDED NOVEMBER 30,										SIX MONTHS ENDED NOVEMBER 30,
	THREE MONTHS ENDED FEBRUARY 28,										NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)	~~2025~~2026			~~2024~~2025			% CHANGE		% CHANGE EXCLUDING CURRENCY CHANGES		~~2025~~2026			~~2024~~2025			% CHANGE		% CHANGE EXCLUDING CURRENCY CHANGES
Revenues by:
Footwear	$	3,~~542~~326		$	3,~~236~~132		96	%	96	%	$	610,~~761~~087		$	69,~~448~~580		5	%	5	%
Apparel	1,~~811~~480			1,~~693~~510			7-2	%	7-2	%	34,~~285~~765			34,~~024~~534			95	%	95	%
Equipment	~~280~~220			~~250~~222			12-1	%	12-1	%	~~607~~827			~~533~~755			1410	%	1410	%
TOTAL REVENUES	$	5,~~633~~026		$	54,~~179~~864		93	%	93	%	$	1015,~~653~~679		$	1014,~~005~~869		65	%	75	%
Revenues by:
Sales to Wholesale Customers	$	32,~~550~~768		$	2,~~866~~499		2411	%	2411	%	$	69,~~286~~054		$	57,~~341~~840		1815	%	1815	%
Sales through NIKE Direct	2,~~083~~258			2,~~313~~365			-105	%	-105	%	46,~~367~~625			47,~~664~~029			-6	%	-6	%
TOTAL REVENUES	$	5,~~633~~026		$	54,~~179~~864		93	%	93	%	$	1015,~~653~~679		$	1014,~~005~~869		65	%	75	%
Cost of Sales	3,335			2,896			15	%			6,232			5,523			13	%
Cost of sales	3,036			2,766			10	%			9,268			8,289			12	%
Gross profit	21,~~298~~990			2,~~283~~098			1-5	%			46,~~421~~411			46,~~482~~580			-13	%
Gross margin	4039.86		%	4443.1		%	-~~330~~350 bps				4140.59		%	44.83		%	-~~330~~340 bps
Demand creation expense	~~473~~416			~~382~~401			244	%			~~915~~1,331			~~834~~1,235			108	%
Operating overhead expense	~~565~~593			~~531~~596			6-1	%			1,~~112~~705			1,~~060~~656			53	%
Total selling and administrative expense	1,~~038~~009			~~913~~997			141	%			23,~~027~~036			12,~~894~~891			75	%
Other segment items	~~(1)~~—			(12)			—				(1)			(1)			—
EARNINGS BEFORE INTEREST AND TAXES	$	~~1,261~~981		$	1,~~371~~103		-811	%			$	23,~~395~~376		$	23,~~587~~690		-79	%

~~SECOND~~THIRD QUARTER OF FISCAL 2026 COMPARED TO ~~SECOND~~THIRD QUARTER OF FISCAL 2025

•North America revenues increased 93% on a currency-neutral basis. Wholesale revenues increased 2411%, primarily driven by the impacts of our marketplace management actions in both the current and prior year, and expanded distribution in the current year~~, as well as shipment growth to existing partners~~. NIKE Direct revenues decreased 105% due to declines in digital sales of 167% and declines in store sales of 21%. Comparable store sales decreased 1%.

•Footwear revenues increased 96% on a currency-neutral basis. Unit sales of footwear increased 144%, while ~~lower~~higher ASP per pair ~~reduced~~contributed ~~footwear revenues by~~ approximately 52 percentage points of footwear revenue growth. ~~Lower~~Higher ASP per pair was primarily due to ~~channel~~product mix and strategic pricing, partially offset by ~~product~~channel mix ~~and strategic pricing~~.

•Apparel revenues ~~increased~~decreased 72% on a currency-neutral basis. Unit sales of apparel ~~increased~~decreased 31%, while ~~higher~~lower ASP per unit ~~contributed~~reduced ~~approximately~~apparel 4revenues ~~percentage~~by ~~points~~approximately of1 ~~apparel~~percentage ~~revenue growth~~point. ~~Higher~~Lower ASP per unit was primarily due to ~~product~~higher ~~mix and lower~~ discounts, partially offset by ~~channel~~product mix and strategic pricing.

Reported EBIT decreased 811% reflecting higher reported revenues more than offset by:

•Gross margin contraction of ~~330~~350 basis points, primarily due to ~~new~~higher tariffs, partially offset by ~~lower~~higher ~~warehousing~~ASP and ~~logistics costs due to channel mix, and~~ lower inventory obsolescence reserves. Higher ASP ~~was~~primarily ~~flat~~reflects asstrategic ~~product~~pricing ~~mix~~ and ~~strategic~~product ~~pricing~~mix, ~~were~~partially offset ~~primarily~~ by channel mix.

•Demand creation expense increased 244% due to higher ~~brand~~sports marketing expense, ~~and~~partially ~~higher~~offset ~~sports~~by lower brand marketing expense.

•Operating overhead expense ~~increased~~decreased 61% due to ~~higher~~lower other administrative costs, ~~and~~partially offset by higher wage-related expense.

~~FIRST SIX MONTHS OF FISCAL 2026 COMPARED TO FIRST SIX MONTHS OF FISCAL 2025~~33

•North America revenues increased 7% on a currency-neutral basis. Wholesale revenues increased 18%, primarily driven by the impacts of our marketplace management actions and expanded distribution in the current year. NIKE Direct revenues decreased 6% due to declines in digital sales of 13% and declines in store sales of 1%. Comparable store sales decreased 1%.

•Footwear revenues increased 5% on a currency-neutral basis. Unit sales of footwear increased 10%, while lower ASP per pair reduced footwear revenues by approximately 5 percentage points. Lower ASP per pair was primarily due to channel mix and higher discounts, partially offset by strategic pricing.

Table of Contents

~~•Apparel~~FIRST ~~revenues~~NINE ~~increased~~MONTHS 9%OF onFISCAL a2026 ~~currency-neutral~~COMPARED ~~basis.~~TO ~~Unit~~FIRST ~~sales~~NINE ofMONTHS ~~apparel~~OF ~~increased~~FISCAL ~~9%, while ASP per unit was flat as product mix and lower discounts were primarily offset by channel mix.~~2025

~~Reported~~•North ~~EBIT~~America ~~decreased~~revenues 7increased 5% ~~reflecting~~on ~~higher~~a ~~reported~~currency-neutral basis. Wholesale revenues ~~more~~increased ~~than~~15%, ~~offset~~primarily driven by expanded distribution in the ~~following:~~current year and the impacts of our marketplace management actions in both the current and prior year. NIKE Direct revenues decreased 6% due to declines in digital sales of 11% and declines in store sales of 1%. Comparable store sales decreased 1%.

•~~Gross~~Footwear ~~margin~~revenues ~~contraction~~increased of5% ~~330~~on ~~basis~~a ~~points,~~currency-neutral ~~primarily~~basis. ~~due~~Unit tosales ~~new~~of ~~tariffs~~footwear ~~and~~increased ~~lower ASP~~8%, ~~partially~~while ~~offset by~~ lower ~~warehousing~~ASP ~~and~~per ~~logistics~~pair ~~costs~~reduced ~~due~~footwear torevenues ~~channel~~by ~~mix~~approximately ~~and~~3 ~~lower~~percentage ~~inventory obsolescence reserves~~points. Lower ASP ~~primarily~~per ~~reflects~~pair ~~channel~~was ~~mix~~primarily ~~and~~due ~~higher~~to ~~discounts~~channel mix, partially offset by product mix and strategic pricing.

•~~Demand~~Apparel ~~creation~~revenues ~~expense~~increased 5% on a currency-neutral basis. Unit sales of apparel increased 105%, ~~due~~while toASP ~~higher~~per ~~brand~~unit ~~marketing~~was ~~expense~~flat as channel mix and higher ~~sports~~discounts ~~marketing~~were ~~expense~~offset primarily by product mix.

~~•Operating~~Reported ~~overhead~~EBIT ~~expense~~decreased ~~increased 5~~9% ~~due~~reflecting to higher ~~wage-related~~reported ~~expense~~revenues ~~and~~more ~~higher~~than ~~other~~offset ~~administrative~~by ~~costs.~~the following:

•Gross margin contraction of 340 basis points, primarily due to higher tariffs and lower ASP, partially offset by lower warehousing and logistics costs due to channel mix and lower inventory obsolescence reserves. Lower ASP primarily reflects channel mix, partially offset by strategic pricing.

•Demand creation expense increased 8% due to higher sports marketing expense and higher brand marketing expense.

•Operating overhead expense increased 3% due to higher wage-related expense, partially offset by lower other administrative costs.

EUROPE, MIDDLE EAST & AFRICA

	THREE MONTHS ENDED NOVEMBER 30,										SIX MONTHS ENDED NOVEMBER 30,
	THREE MONTHS ENDED FEBRUARY 28,										NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)	~~2025~~2026			~~2024~~2025			% CHANGE		% CHANGE EXCLUDING CURRENCY CHANGES		~~2025~~2026			~~2024~~2025			% CHANGE		% CHANGE EXCLUDING CURRENCY CHANGES
Revenues by:
Footwear	$	21,~~012~~789		$	1,~~982~~742		23	%	-27	%	$	45,~~033~~822		$	35,~~934~~676		3	%	-23	%
Apparel	~~1,196~~926			~~1,136~~913			51	%	1-8	%	23,~~302~~228			23,~~129~~042			86	%	30	%
Equipment	~~184~~159			~~185~~156			-12	%	-58	%	~~388~~547			~~383~~539			1	%	-45	%
TOTAL REVENUES	$	32,~~392~~874		$	32,~~303~~811		32	%	-17	%	$	69,~~723~~597		$	69,~~446~~257		4	%	0-2	%
Revenues by:
Sales to Wholesale Customers	$	21,~~188~~919		$	21,~~120~~817		36	%	0-4	%	$	46,~~449~~368		$	46,~~194~~011		6	%	20	%
Sales through NIKE Direct	~~1,204~~955			~~1,183~~994			2-4	%	-313	%	23,~~274~~229			23,~~252~~246			-1	%	-47	%
TOTAL REVENUES	$	32,~~392~~874		$	32,~~303~~811		32	%	-17	%	$	69,~~723~~597		$	69,~~446~~257		4	%	0-2	%
Cost of Sales	1,925			1,788			8	%			3,825			3,483			10	%
Cost of sales	1,705			1,696			1	%			5,530			5,179			7	%
Gross profit	1,~~467~~169			1,~~515~~115			-35	%			24,~~898~~067			24,~~963~~078			-20	%
Gross margin	4340.27		%	4539.97		%	~~-270~~100 bps				4342.14		%	4644.01		%	-~~290~~170 bps
Demand creation expense	~~334~~296			~~313~~267			711	%			~~647~~943			~~603~~870			78	%
Operating overhead expense	~~399~~360			~~372~~353			72	%			~~781~~1,141			~~738~~1,091			65	%
Total selling and administrative expense	~~733~~656			~~685~~620			76	%			12,~~428~~084			1,~~341~~961			6	%
Other segment items	1(2)			~~(1)~~15			—				2—			~~(1)~~14			—
EARNINGS BEFORE INTEREST AND TAXES	$	~~733~~515		$	~~831~~480		~~-12~~7	%			$	1,~~468~~983		$	12,~~623~~103		-106	%

~~SECOND~~34 ~~QUARTER OF FISCAL 2026 COMPARED TO SECOND QUARTER OF FISCAL 2025~~

•EMEA revenues decreased 1% on a currency-neutral basis. Wholesale revenues were flat. NIKE Direct revenues decreased 3% due to declines in digital sales of 2% and declines in store sales of 5%. Comparable store sales decreased 3%.

•Footwear revenues decreased 2% on a currency-neutral basis. Unit sales of footwear were flat, while lower ASP per pair reduced footwear revenues by approximately 2 percentage points. Lower ASP per pair was primarily due to higher discounts, partially offset by product mix.

•Apparel revenues increased 1% on a currency-neutral basis. Unit sales of apparel increased 7%, while lower ASP per unit reduced apparel revenues by approximately 6 percentage points. Lower ASP per unit was primarily due to higher discounts and product mix.

Reported EBIT decreased 12% reflecting higher reported revenues more than offset by:

•Gross margin contraction of 270 basis points, primarily due to lower ASP, reflecting higher discounts and higher product costs, partially offset by lower warehousing and logistics costs and lower inventory obsolescence reserves.

•Demand creation expense increased 7% primarily due to higher brand marketing expense and unfavorable changes in foreign currency exchange rates.

•Operating overhead expense increased 7% primarily due to unfavorable changes in foreign currency exchange rates.

Table of Contents

~~FIRST~~THIRD ~~SIX~~QUARTER ~~MONTHS~~ OF FISCAL 2026 COMPARED TO ~~FIRST~~THIRD ~~SIX~~QUARTER ~~MONTHS~~ OF FISCAL 2025

•EMEA revenues ~~were~~decreased ~~flat~~7% on a currency-neutral basis. Wholesale revenues ~~increased~~decreased 24%. NIKE Direct revenues decreased 413% due to declines in digital sales of 76% and declines in store sales of 220%. Comparable store sales ~~increased~~decreased 119%.

•Footwear revenues decreased 27% on a currency-neutral basis. Unit sales of footwear ~~increased~~decreased 24%, while lower ASP per pair reduced footwear revenues by approximately 43 percentage points. Lower ASP per pair was primarily due to higher discounts, partially offset by product mix.

•Apparel revenues ~~increased~~decreased 38% on a currency-neutral basis. Unit sales of apparel ~~increased~~decreased 8%, while ~~lower~~ ASP per unit ~~reduced~~was ~~apparel~~flat ~~revenues~~as byhigher ~~approximately~~discounts 5were ~~percentage~~offset ~~points. Lower ASP per unit was~~ primarily ~~due~~by tochannel ~~higher discounts~~mix.

Reported EBIT ~~decreased~~increased 107% reflecting higher reported revenues ~~more~~and ~~than~~the ~~offset by~~following:

•Gross margin ~~contraction~~expansion of ~~290~~100 basis points, primarily due to ~~lower~~higher ~~ASP,~~other ~~reflecting~~product ~~higher~~costs ~~discounts~~in ~~and~~the ~~higher~~prior ~~product costs~~year, partially offset by ~~lower~~higher ~~warehousing~~discounts and ~~logistics~~unfavorable ~~costs~~changes ~~and~~in ~~lower~~standard ~~inventory~~foreign ~~obsolescence~~currency ~~reserves~~exchange rates.

•Demand creation expense increased 711%, primarily due to unfavorable changes in foreign currency exchange rates and higher sports marketing expense~~, partially offset by lower brand marketing expense, reflecting higher investment in key sports events in the prior year~~.

•Operating overhead expense increased 62% ~~primarily~~ due to unfavorable changes in foreign currency exchange rates, partially offset by lower other administrative costs.

FIRST NINE MONTHS OF FISCAL 2026 COMPARED TO FIRST NINE MONTHS OF FISCAL 2025

•EMEA revenues decreased 2% on a currency-neutral basis. Wholesale revenues were flat. NIKE Direct revenues decreased 7% due to declines in digital sales of 6% and declines in store sales of 7%. Comparable store sales decreased 6%.

•Footwear revenues decreased 3% on a currency-neutral basis. Unit sales of footwear were flat, while lower ASP per pair reduced footwear revenues by approximately 3 percentage points. Lower ASP per pair was primarily due to higher discounts, partially offset by product mix.

•Apparel revenues were flat on a currency-neutral basis. Unit sales of apparel increased 3%, while lower ASP per unit reduced apparel revenues by approximately 3 percentage points. Lower ASP per unit was primarily due to higher discounts.

Reported EBIT decreased 6% reflecting higher reported revenues more than offset by:

•Gross margin contraction of 170 basis points, primarily due to lower ASP, reflecting higher discounts, and unfavorable changes in standard foreign currency exchange rates, partially offset by lower warehousing and logistics costs.

•Demand creation expense increased 8% due to unfavorable changes in foreign currency exchange rates and higher sports marketing expense, partially offset by lower brand marketing expense, reflecting higher investment in key sports events in the prior year.

•Operating overhead expense increased 5%, primarily due to unfavorable changes in foreign currency exchange rates, partially offset by lower other administrative costs.

Table of Contents

GREATER CHINA

	THREE MONTHS ENDED NOVEMBER 30,										SIX MONTHS ENDED NOVEMBER 30,
	THREE MONTHS ENDED FEBRUARY 28,										NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)	~~2025~~2026			~~2024~~2025			% CHANGE		% CHANGE EXCLUDING CURRENCY CHANGES		~~2025~~2026			~~2024~~2025			% CHANGE		% CHANGE EXCLUDING CURRENCY CHANGES
Revenues by:
Footwear	$	~~954~~1,187		$	1,~~203~~282		-217	%	-2010	%	$	23,~~063~~250		$	23,~~449~~731		-1613	%	-1614	%
Apparel	~~442~~397			~~472~~412			-64	%	-67	%	~~804~~1,201			~~832~~1,244			-3	%	-35	%
Equipment	2731			3639			-2521	%	-2422	%	6899			96135			-2927	%	-3027	%
TOTAL REVENUES	$	1,~~423~~615		$	1,~~711~~733		-177	%	-1610	%	$	24,~~935~~550		$	35,~~377~~110		-1311	%	-1312	%
Revenues by:
Sales to Wholesale Customers	$	~~767~~888		$	~~904~~995		-1511	%	-1513	%	$	12,~~660~~548		$	12,~~875~~870		-11	%	-12	%
Sales through NIKE Direct	~~656~~727			~~807~~738			-191	%	-185	%	12,~~275~~002			12,~~502~~240			-1511	%	-1512	%
TOTAL REVENUES	$	1,~~423~~615		$	1,~~711~~733		-177	%	-1610	%	$	24,~~935~~550		$	35,~~377~~110		-1311	%	-1312	%
Cost of Sales	836			957			-13	%			1,634			1,812			-10	%
Cost of sales	839			953			-12	%			2,473			2,765			-11	%
Gross profit	~~587~~776			~~754~~780			-221	%			12,~~301~~077			12,~~565~~345			-1711	%
Gross margin	4148.30		%	4445.10		%	~~-280~~300 bps				4445.36		%	4645.39		%	-~~200~~30 bps
Demand creation expense	~~145~~97			~~135~~123			7-21	%			~~244~~341			~~249~~372			-28	%
Operating overhead expense	~~252~~235			~~252~~235			0	%			~~490~~725			~~492~~727			0	%
Total selling and administrative expense	~~397~~332			~~387~~358			3-7	%			~~734~~1,066			~~741~~1,099			-13	%
Other segment items	(123)			~~(8)~~1			—				(124)			(5352)			—
EARNINGS BEFORE INTEREST AND TAXES	$	~~191~~467		$	~~375~~421		~~-49~~11	%			$	~~568~~1,035		$	~~877~~1,298		-3520	%

~~SECOND~~THIRD QUARTER OF FISCAL 2026 COMPARED TO ~~SECOND~~THIRD QUARTER OF FISCAL 2025

•Greater China revenues decreased 1610% on a currency-neutral basis. Wholesale revenues decreased 1513%. NIKE Direct revenues decreased 185% due to declines in digital sales of 3621%, ~~and~~partially ~~declines~~offset by an increase in store sales of 51%. Comparable store sales decreased 71%.

•Footwear revenues decreased 2010% on a currency-neutral basis. Unit sales of footwear decreased 2010%, while ASP per pair was flat as ~~channel~~lower ~~mix~~discounts ~~was~~were offset primarily by ~~lower~~product ~~discounts~~mix and channel mix.

•Apparel revenues decreased 67% on a currency-neutral basis. Unit sales of apparel decreased 129%, while higher ASP per unit increased apparel revenues by approximately 62 percentage points. Higher ASP per unit was primarily due to product mix, ~~lower discounts~~ and ~~channel~~lower ~~mix~~discounts.

32Reported EBIT increased 11% reflecting lower reported revenues more than offset by:

•Gross margin expansion of 300 basis points, primarily due to lower inventory obsolescence reserves.

•Demand creation expense decreased 21%, primarily due to lower brand marketing expense.

•Operating overhead expense was flat as lower other administrative costs were offset primarily by unfavorable changes in foreign currency exchange rates.

FIRST NINE MONTHS OF FISCAL 2026 COMPARED TO FIRST NINE MONTHS OF FISCAL 2025

•Greater China revenues decreased 12% on a currency-neutral basis. Wholesale revenues decreased 12%. NIKE Direct revenues decreased 12% due to declines in digital sales of 29% and declines in store sales of 3%. Comparable store sales decreased 4%.

•Footwear revenues decreased 14% on a currency-neutral basis. Unit sales of footwear decreased 13%, while lower ASP per pair reduced footwear revenues by approximately 1 percentage point. Lower ASP per pair was primarily due to channel mix and product mix, partially offset by lower discounts.

•Apparel revenues decreased 5% on a currency-neutral basis. Unit sales of apparel decreased 7%, while higher ASP per unit contributed approximately 2 percentage points of apparel revenue growth. Higher ASP per unit was primarily due to product mix.

Table of Contents

Reported EBIT decreased 4920% reflecting lower reported revenues and the following:

•Gross margin contraction of ~~280~~30 basis points, primarily due to higher ~~inventory obsolescence reserves and higher~~ product costs, driven by product mix, partially offset by ~~higher~~lower ~~ASP~~inventory obsolescence reserves.

•Demand creation expense ~~increased~~decreased 78%, primarily due to ~~higher~~lower brand marketing expense.

•Operating overhead expense was flat as lower other administrative costs were offset by higher wage-related expense ~~was~~and ~~offset~~unfavorable bychanges ~~lower~~in ~~other~~foreign ~~administrative~~currency ~~costs~~exchange rates.

FIRST SIX MONTHS OF FISCAL 2026 COMPARED TO FIRST SIX MONTHS OF FISCAL 2025

•Greater China revenues decreased 13% on a currency-neutral basis. Wholesale revenues decreased 12%. NIKE Direct revenues decreased 15% due to declines in digital sales of 33% and declines in store sales of 5%. Comparable store sales decreased 6%.

•Footwear revenues decreased 16% on a currency-neutral basis. Unit sales of footwear decreased 15%, while lower ASP per pair reduced footwear revenues by approximately 1 percentage point. Lower ASP per pair was primarily due to channel mix.

•Apparel revenues decreased 3% on a currency-neutral basis. Unit sales of apparel decreased 6%, while higher ASP per unit contributed approximately 3 percentage points of apparel revenue growth. Higher ASP per unit was primarily due to product mix, partially offset by higher discounts.

Reported EBIT decreased 35% reflecting lower reported revenues and the following:

•Gross margin contraction of 200 basis points, primarily due to higher inventory obsolescence reserves and higher product costs, driven by product mix.

•Demand creation expense decreased 2%, primarily due to lower brand marketing expense, reflecting higher investment in key sports events in the prior year.

•Operating overhead expense was flat as lower other administrative costs were offset by higher wage-related expense.

ASIA PACIFIC & LATIN AMERICA

	THREE MONTHS ENDED NOVEMBER 30,										SIX MONTHS ENDED NOVEMBER 30,
	THREE MONTHS ENDED FEBRUARY 28,										NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)	~~2025~~2026			~~2024~~2025			% CHANGE		% CHANGE EXCLUDING CURRENCY CHANGES		~~2025~~2026			~~2024~~2025			% CHANGE		% CHANGE EXCLUDING CURRENCY CHANGES
Revenues by:
Footwear	$	1,~~151~~051		$	1,~~234~~052		-70	%	-73	%	$	23,~~212~~263		$	23,~~286~~338		-32	%	-3	%
Apparel	~~457~~381			~~437~~358			56	%	64	%	~~828~~1,209			~~785~~1,143			56	%	65	%
Equipment	5958			7360			-193	%	-187	%	~~117~~175			~~135~~195			-1310	%	-1311	%
TOTAL REVENUES	$	1,~~667~~490		$	1,~~744~~470		-41	%	-42	%	$	34,~~157~~647		$	34,~~206~~676		-21	%	-2	%
Revenues by:
Sales to Wholesale Customers	$	~~994~~891		$	~~1,030~~844		-36	%	-3	%	$	12,~~943~~834		$	12,~~920~~764		13	%	12	%
Sales through NIKE Direct	~~673~~599			~~714~~626			-64	%	-58	%	1,~~214~~813			1,~~286~~912			-65	%	-6	%
TOTAL REVENUES	$	1,~~667~~490		$	1,~~744~~470		-41	%	-42	%	$	34,~~157~~647		$	34,~~206~~676		-21	%	-2	%
Cost of Sales	964			977			-1	%			1,802			1,759			2	%
Cost of sales	870			829			5	%			2,672			2,588			3	%
Gross profit	~~703~~620			~~767~~641			-83	%			1,~~355~~975			12,~~447~~088			-65	%
Gross margin	4241.26		%	4443.06		%	-~~180~~200 bps				42.95		%	4544.17		%	-220 bps
Demand creation expense	~~109~~91			9897			11-6	%			~~206~~297			~~188~~285			104	%
Operating overhead expense	~~206~~200			~~209~~200			-10	%			~~414~~614			~~397~~597			43	%
Total selling and administrative expense	~~315~~291			~~307~~297			3-2	%			~~620~~911			~~585~~882			63	%
Other segment items	(13)			—(2)			—				(47)			—(2)			—
EARNINGS BEFORE INTEREST AND TAXES	$	~~389~~332		$	~~460~~346		-154	%			$	~~739~~1,071		$	~~862~~1,208		-1411	%

3337

Table of Contents

~~SECOND~~THIRD QUARTER OF FISCAL 2026 COMPARED TO ~~SECOND~~THIRD QUARTER OF FISCAL 2025

•APLA revenues decreased 42% on a currency-neutral basis primarily due to lower revenues in ~~Southeast Asia & India ("SEA&I"),~~ Japan and Korea, partially offset by higher revenues in Pacific ~~and Central & South America ("CASA")~~. Wholesale revenues ~~decreased~~increased 3%. NIKE Direct revenues decreased 58% due to declines in digital sales of 1012%, ~~partially~~and ~~offset~~declines ~~by an increase~~ in store sales of 13%. Comparable store sales decreased 35%.

•Footwear revenues decreased 73% on a currency-neutral basis. Unit sales of footwear decreased 73%, while ASP per pair was flat as product mix and strategic pricing were offset ~~primarily~~ by channel mix and higher discounts.

•Apparel revenues increased 64% on a currency-neutral basis. Unit sales of apparel increased 74%, while ~~lower~~ ASP per unit ~~reduced apparel revenues by approximately 1 percentage point. Lower ASP per unit~~ was ~~primarily~~flat ~~due~~as to higher discounts and channel mix, ~~partially~~were offset by product mix and strategic pricing.

Reported EBIT decreased 154% reflecting ~~lower~~higher reported revenues ~~and~~more ~~the~~than ~~following~~offset by:

•Gross margin contraction of approximately ~~180~~200 basis points, primarily due to ~~higher product costs and~~ unfavorable changes in standard foreign currency exchange rates.

•Demand creation expense ~~increased~~decreased 116%, primarily due to ~~higher~~lower ~~sports~~brand marketing expense, ~~and~~partially ~~higher~~offset ~~brand~~by ~~marketing~~unfavorable ~~expense~~changes in foreign currency exchange rates.

•Operating overhead expense ~~decreased~~was ~~1%,~~flat ~~primarily~~as ~~due~~unfavorable tochanges ~~lower~~in ~~other~~foreign ~~administrative~~currency ~~costs,~~exchange ~~partially~~rates were offset by ~~higher~~lower other administrative costs and lower wage-related expense.

FIRST ~~SIX~~NINE MONTHS OF FISCAL 2026 COMPARED TO FIRST ~~SIX~~NINE MONTHS OF FISCAL 2025

•APLA revenues decreased 2% on a currency-neutral basis primarily due to lower revenues in ~~SEA~~Southeast Asia &I India, ~~Korea~~Japan and ~~Japan~~Korea, partially offset by higher revenues in ~~CASA~~Central & South America and Pacific. Wholesale revenues increased 12%. NIKE Direct revenues decreased 6% due to declines in digital sales of 910% and declines in store sales of 2%. Comparable store sales decreased 5%.

•Footwear revenues decreased 3% on a currency-neutral basis. Unit sales of footwear decreased 2%, while lower ASP per pair reduced footwear revenues by approximately 1 percentage point. Lower ASP per pair was primarily due to higher discounts and channel mix.

•Apparel revenues increased 65% on a currency-neutral basis. Unit sales of apparel increased 87%, while lower ASP per unit reduced apparel revenues by approximately 2 percentage points. Lower ASP per unit was primarily due to higher discounts and channel mix, partially offset by product mix and strategic pricing.

Reported EBIT decreased 1411% reflecting lower reported revenues and the following:

•Gross margin contraction of approximately 220 basis points, primarily due to ~~lower ASP,~~ unfavorable changes in standard foreign currency exchange rates and ~~higher~~lower ~~product costs~~ASP.

•Demand creation expense increased 104%, primarily due to higher sports marketing expense, ~~and~~partially ~~higher~~offset by lower brand marketing expense.

•Operating overhead expense increased 43%, primarily due to higher wage-related expense and unfavorable changes in foreign currency exchange rates.

GLOBAL BRAND DIVISIONS

	THREE MONTHS ENDED NOVEMBER 30,						SIX MONTHS ENDED NOVEMBER 30,
	THREE MONTHS ENDED FEBRUARY 28,						NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)	~~2025~~2026		~~2024~~2025		% CHANGE		~~2025~~2026		~~2024~~2025		% CHANGE
Revenues	$	97	$	1312	-3142	%	$	1825	$	2739	-3336	%
Cost of Sales	152		147		3	%	320		300		7	%
Cost of sales	160		148		8	%	480		448		7	%
Gross profit	(143)		(134)		-7	%	(302)		(273)		-11	%
Gross profit (loss)	(153)		(136)		-13	%	(455)		(409)		-11	%
Demand creation expense	~~185~~170		~~147~~158		268	%	~~388~~558		~~389~~547		02	%
Operating overhead expense	~~744~~886		~~851~~802		~~-13~~10	%	12,~~575~~461		12,~~697~~499		-72	%
Total selling and administrative expense	~~929~~1,056		~~998~~960		-710	%	13,~~963~~019		23,~~086~~046		-61	%
Other segment items	—		1(3)		—		(1)		1(2)		—
EARNINGS (LOSS) BEFORE INTEREST AND TAXES	$	(1,~~072~~209)	$	(1,~~133~~093)	5-11	%	$	(23,~~264~~473)	$	(23,~~360~~453)	4-1	%

3438

Table of Contents

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

~~SECOND~~THIRD QUARTER OF FISCAL 2026 COMPARED TO ~~SECOND~~THIRD QUARTER OF FISCAL 2025

Global Brand Divisions' loss before interest and taxes ~~decreased~~increased 511%, primarily due to ~~lower~~higher Operating overhead expense~~, partially offset by higher Demand creation expense~~. ~~Demand~~Operating ~~creation~~overhead expense increased 2610%, primarily due to higher ~~brand~~wage-related ~~marketing~~ expense, ~~and~~driven ~~higher~~by ~~sports~~employee ~~marketing~~severance ~~expense. Operating overhead expense decreased 13%~~costs, ~~primarily~~partially ~~due~~offset toby lower ~~wage-related expense and lower~~ other administrative costs.

FIRST ~~SIX~~NINE MONTHS OF FISCAL 2026 COMPARED TO FIRST ~~SIX~~NINE MONTHS OF FISCAL 2025

Global Brand Divisions' loss before interest and taxes ~~decreased~~increased 41%, primarily due to ~~lower~~higher ~~Operating~~Cost ~~overhead~~of ~~expense.~~sales, ~~Demand~~partially ~~creation~~offset ~~expense~~by ~~was flat as~~ lower ~~brand~~Operating ~~marketing~~overhead expense,. ~~reflecting~~Cost ~~higher~~of ~~investment~~sales inincreased ~~key~~7% ~~sports~~primarily ~~events~~due into ~~the prior year, was offset by~~ higher ~~sports~~wage-related ~~marketing~~ expense. Operating overhead expense decreased 72%, primarily due to lower other administrative costs, ~~and~~partially ~~lower~~offset by higher wage-related expense, driven by employee severance costs.

CONVERSE

	THREE MONTHS ENDED NOVEMBER 30,										SIX MONTHS ENDED NOVEMBER 30,
	THREE MONTHS ENDED FEBRUARY 28,										NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)	~~2025~~2026			~~2024~~2025			% CHANGE		% CHANGE EXCLUDING CURRENCY CHANGES		~~2025~~2026			~~2024~~2025			% CHANGE		% CHANGE EXCLUDING CURRENCY CHANGES
Revenues by:
Footwear	$	~~255~~231		$	~~364~~349		-3034	%	-3137	%	$	~~574~~805		$	~~800~~1,149		-2830	%	-2932	%
Apparel	1512			$22	26		-4245	%	-4145	%	2739			$65	43		-3740	%	-3840	%
Equipment	54			$7	6		-1743	%	-1941	%	1317			$25	18		-2832	%	-2932	%
Other(1)	2517			$27	33		-2437	%	-2438	%	5269			$96	69		-2528	%	-2628	%
TOTAL REVENUES	$	~~300~~264		$	~~429~~405		-3035	%	-3137	%	$	~~666~~930		$	~~930~~1,335		-2830	%	-2932	%
Revenues by:
Sales to Wholesale Customers	$	~~143~~142		$	~~212~~208		-3332	%	-3435	%	$	~~337~~480		$	~~488~~695		-31	%	-3233	%
Sales through Direct to Consumer	~~132~~105			$170	~~184~~		-2838	%	-2941	%	~~277~~381			$544	~~373~~		-2630	%	-2731	%
Other(1)	2517			$27	33		-2437	%	-2538	%	5269			$96	69		-2528	%	-2527	%
TOTAL REVENUES	$	~~300~~264		$	~~429~~405		-3035	%	-3137	%	$	~~666~~930		$	~~930~~1,335		-2830	%	-2932	%
Cost of Sales	176			222			-21	%			369			455			-19	%
Cost of sales	167			217			-23	%			536			672			-20	%
Gross profit	~~124~~97			~~207~~188			-4048	%			~~297~~394			~~475~~663			-3741	%
Gross margin	4136.37		%	4846.34		%	-~~700~~970 bps				4442.64		%	5149.17		%	-~~650~~730 bps
Demand creation expense	2417			4340			-4458	%			5774			78118			-2737	%
Operating overhead expense	~~104~~120			~~111~~108			-611	%			~~206~~326			~~224~~332			-82	%
Total selling and administrative expense	~~128~~137			~~154~~148			-177	%			~~263~~400			~~302~~450			-1311	%
Other segment items	—			—1			—				(1)			~~(1)~~—			—
EARNINGS (LOSS) BEFORE INTEREST AND TAXES	$	(440)		$	5339		-~~108~~203	%			$	35(5)		$	~~174~~213		-80102	%

(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.

~~SECOND~~THIRD QUARTER OF FISCAL 2026 COMPARED TO ~~SECOND~~THIRD QUARTER OF FISCAL 2025

•Converse revenues decreased 3137% on a currency-neutral basis driven by declines in all territories. Unit sales decreased 2637%, while ~~lower~~ ASP ~~reduced revenues by approximately 5 percentage points. Lower ASP per unit~~ was ~~primarily due to higher discounts and product mix~~flat.

•Wholesale revenues decreased 3435% on a currency-neutral basis, driven by declines in all territories.

•Direct to consumer revenues decreased 2941% on a currency-neutral basis, reflecting reduced traffic in ~~North~~all ~~America and Western Europe~~territories.

3539

Reported EBIT decreased ~~108~~203% reflecting lower reported revenues and the following:

•Gross margin contraction of approximately ~~700~~970 basis points, primarily due to ~~lower~~the ~~ASP~~brand and marketplace reset costs, ~~reflecting~~including ~~higher~~employee ~~discounts~~severance costs and higher ~~product~~inventory ~~costs~~obsolescence reserves.

•Demand creation expense decreased 4458%, primarily due to lower brand marketing expense.

•Operating overhead expense ~~decreased~~increased 611%, primarily due to higher wage-related expense, driven by employee severance costs, partially offset by lower other administrative costs.

FIRST ~~SIX~~NINE MONTHS OF FISCAL 2026 COMPARED TO FIRST ~~SIX~~NINE MONTHS OF FISCAL 2025

•Converse revenues decreased 2932% on a currency-neutral basis driven by declines in all territories. Unit sales decreased 2428%, while lower ASP reduced revenues by approximately 64 percentage points. Lower ASP per unit was primarily due to higher discounts and product mix.

•Wholesale revenues decreased 3233% on a currency-neutral basis, driven by declines in all territories.

•Direct to consumer revenues decreased 2731% on a currency-neutral basis, reflecting reduced traffic in ~~North~~all ~~America and Western Europe~~territories.

Reported EBIT decreased 80102% reflecting lower reported revenues and the following:

•Gross margin contraction of approximately ~~650~~730 basis points, primarily due to lower ASP, ~~reflecting~~as ~~higher~~well ~~discounts~~as the brand and ~~higher~~marketplace ~~product~~reset costs, including employee severance costs and higher inventory obsolescence reserves.

•Demand creation expense decreased 2737%, primarily due to lower brand marketing expense.

•Operating overhead expense decreased 82%, primarily due to lower other administrative costs, partially offset by higher wage-related expense, driven by employee severance costs.

CORPORATE

	THREE MONTHS ENDED NOVEMBER 30,						SIX MONTHS ENDED NOVEMBER 30,
	THREE MONTHS ENDED FEBRUARY 28,						NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)	~~2025~~2026		~~2024~~2025		% CHANGE		~~2025~~2026		~~2024~~2025		% CHANGE
Revenues	$	3	$	(2526)	—		$	(52)	$	(4874)	—
Cost of Sales	(6)		(22)		—		(23)		(35)		—
Cost of sales	(28)		(15)		—		(51)		(50)		—
Gross profit	9		(3)		—		18		(13)		—
Gross profit (loss)	31		(11)		—		49		(24)		—
Demand creation expense	3		42		~~-25~~50	%	47		79		-4322	%
Operating overhead expense	~~496~~493		~~557~~505		-112	%	1,~~016~~509		1,~~097~~602		-76	%
Total selling and administrative expense	~~499~~496		~~561~~507		-112	%	1,~~020~~516		1,~~104~~611		-86	%
Other segment items	18(54)		1(48)		—		45(9)		(1058)		—
EARNINGS (LOSS) BEFORE INTEREST AND TAXES	$	(~~508~~411)	$	(~~565~~470)	1013	%	$	(1,~~047~~458)	$	(1,~~107~~577)	58	%

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.

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.

3640

Table of Contents

~~SECOND~~THIRD QUARTER OF FISCAL 2026 COMPARED TO ~~SECOND~~THIRD QUARTER OF FISCAL 2025

Corporate's loss before interest and taxes decreased $5759 million, primarily due to the following:

•a favorable change in net foreign currency gains and losses of $61 57 million inrelated ~~Operating~~to ~~overhead~~the ~~expense~~difference ~~primarily~~between ~~related~~actual foreign currency exchange rates and standard foreign currency exchange rates assigned to ~~lower~~the ~~wage-related~~NIKE ~~expense~~Brand geographic operating segments and ~~lower~~Converse, ~~other~~net ~~administrative~~of ~~costs~~hedge gains and losses; these results are reported as a component of consolidated Gross profit;

•a favorable change ~~in net foreign currency gains and losses~~ of $20 12 million ~~related~~in toOperating ~~the~~overhead ~~difference~~expense, ~~between~~primarily ~~actual~~related ~~foreign currency exchange rates and standard foreign currency exchange rates assigned~~ to ~~the~~lower ~~NIKE~~other ~~Brand~~administrative ~~geographic operating segments and Converse~~costs, ~~net~~partially ofoffset ~~hedge~~by ~~gains~~higher ~~and~~wage-related ~~losses~~expense; ~~these results are reported as a component of consolidated Gross profit;~~ and

•ana ~~unfavorable~~favorable change of $285 million primarily related to ~~the~~settlements of legal matters, mostly offset by 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.

FIRST ~~SIX~~NINE MONTHS OF FISCAL 2026 COMPARED TO FIRST ~~SIX~~NINE MONTHS OF FISCAL 2025

Corporate's loss before interest and taxes decreased $60119 million, primarily due to the following:

•a favorable change in net foreign currency gains and losses of $8194 million inrelated ~~Operating~~to ~~overhead~~the ~~expense~~difference ~~primarily~~between ~~related~~actual foreign currency exchange rates and standard foreign currency exchange rates assigned to ~~lower~~the ~~other~~NIKE ~~administrative~~Brand ~~costs~~geographic operating segments and ~~lower~~Converse, ~~wage-related~~net ~~expense~~of hedge gains and losses; these results are reported as a component of consolidated Gross profit;

•a favorable change ~~in net foreign currency gains and losses~~ of $3793 million ~~related~~in toOperating ~~the~~overhead ~~difference~~expense, ~~between~~primarily ~~actual~~related ~~foreign currency exchange rates and standard foreign currency exchange rates assigned~~ to ~~the~~lower ~~NIKE~~other ~~Brand~~administrative ~~geographic operating segments and Converse, net of hedge gains and losses~~costs; ~~these results are reported as a component of consolidated Gross profit;~~ and

•an unfavorable change of $6550 million primarily related to ~~the~~ remeasurement of monetary assets and liabilities denominated in non-functional currencies and the impact of certain foreign currency derivative instruments, partially offset by settlements of legal matters, reported as a component of consolidated Other (income) expense, net.

3741

Table of Contents

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 ~~six~~nine months ended ~~November~~February 3028, ~~2025~~2026, there have been no material changes to our hedging program or strategy from what was disclosed within our Annual Report.

Refer to Note 3 — Fair Value Measurements and Note 78 — 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.

3842

Table of Contents

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 benefit of approximately $~~123~~399 million and $~~336~~735 million for the three and ~~six~~nine months ended ~~November~~February 3028, ~~2025~~2026, respectively. The impact of foreign exchange rate fluctuations on the translation of our Income before income taxes was a benefit of approximately $2762 million and $81143 million for the three and ~~six~~nine months ended ~~November~~February 3028, ~~2025~~2026, 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 and to mitigate exposure to forecasted future cash flows of certain intercompany transactions. The combination of these foreign currency exposures and the related hedging instruments has the effect of partially offsetting the year-over-year foreign currency translation impact on net earnings. These hedges 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 noan ~~impact~~unfavorable ~~on our Income before income taxes for the three months ended November 30, 2025, and a favorable~~ impact of approximately $1729 million and $12 million on our Income before income taxes for the ~~six~~three and nine months ended ~~November~~February 3028, ~~2025~~2026, respectively.

Table of Contents

LIQUIDITY AND CAPITAL RESOURCES

CASH FLOW ACTIVITY

	SIX MONTHS ENDED NOVEMBER 30,
	NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)	~~2025~~2026		~~2024~~2025		~~$ CHANGE~~
Cash provided (used by):
Operations	$	~~801~~1,231	$	13,~~443~~235	$	~~(642)~~
Investing activities	(~~108~~276)		(~~240~~289)		~~132~~
Financing activities	(1,~~177~~778)		(34,~~070~~176)		~~1,893~~
Effect of exchange rate changes on cash and equivalents	~~(6)~~19		(1429)		8
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS	$	(~~490~~804)	$	(1,~~881~~259)	$	~~1,391~~

Cash provided by operations decreased $642 million. This was driven by a decrease of $580 million in Net income, adjusted for non-cash items, and a decrease of $62 million related to changes in certain working capital components and other assets. The change in working capital was primarily driven by unfavorable changes in Accounts payable and Accounts receivable. The change in Accounts payable was primarily due to lower inventory purchases and the timing of payments, and the change in Accounts receivable was primarily due to increased wholesale revenues. This was partially offset by a change in Inventories due to lower purchases partially offset by increases in product costs, inclusive of higher tariffs in North America.OPERATIONS:

~~Cash~~For ~~used~~the bynine ~~investing~~months ~~activities~~ended ~~decreased~~February 28, 2026, cash provided by operations was $~~132~~1,231 million,. ~~primarily~~This was driven by ~~the~~Net income of $2,039 million, adjusted for non-cash items of $1,018 million, and a net change in ~~short-term~~certain ~~investments~~working ~~(including~~capital ~~sales,~~components ~~maturities~~and other assets and ~~purchases)~~liabilities that decreased cash provided by operations by $1,826 ~~partially~~million. ~~offset~~The net change in certain working capital components and other assets and liabilities was primarily driven by ~~increased~~an ~~additions~~increase toin ~~Property~~Accounts receivable, ~~plant~~a decrease in Accounts payable and ~~equipment~~a decrease in Income taxes payable. The increase in Accounts receivable was primarily due to higher wholesale revenues and the timing of wholesale shipments. The decrease in Accounts payable was primarily due to lower other administrative costs and the timing of payments. The decrease in Income taxes payable was primarily due to U.S. federal income tax payments.

~~Cash~~For ~~used~~the nine months ended February 28, 2025, cash provided by ~~financing~~operations ~~activities~~was ~~decreased~~$3,235 million. This was driven by Net income of $13,~~893~~008 million, adjusted for non-cash items of $875 million, and a net change in certain working capital components and other assets and liabilities that decreased cash provided by operations by $648 million. The net change in certain working capital components and other assets and liabilities was primarily driven by ~~lower~~an ~~share~~increase ~~repurchases~~in Accounts receivable and an increase in Prepaid expenses and other current assets. The increase in Accounts receivable was primarily due to the timing of wholesale shipments and the increase in Prepaid expenses and other current assets was primarily due to payments related to endorsement contracts.

39INVESTING ACTIVITIES:

For the nine months ended February 28, 2026, cash used by investing activities was $276 million, primarily driven by a net change in short-term investments (including purchases, sales and maturities) and increased additions to Property, plant and equipment. For the nine months ended February 28, 2025, cash used by investing activities was $289 million, primarily driven by a net change in short-term investments (including purchases, sales and maturities).

FINANCING ACTIVITIES:

For the nine months ended February 28, 2026, cash used by financing activities was $1,778 million, primarily driven by dividend payments. For the nine months ended February 28, 2025, cash used by financing activities was $4,176 million, primarily driven by share repurchases and dividend payments.

During the first nine months of fiscal 2026, we purchased a total of 1.8 million shares of NIKE's Class B Common Stock for $122.4 million (an average price of $67.63 per share) under the four-year, $18 billion share repurchase program approved by the Board of Directors in June 2022. As of February 28, 2026, we had 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. No shares were repurchased during the quarter ended February 28, 2026. We paused repurchases under this program during the first quarter of fiscal 2026. 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 any future share repurchases to come from operating cash flows and excess cash.

Table of Contents

During the first six months of fiscal 2026, we purchased a total of 1.8 million shares of NIKE's Class B Common Stock for $122.4 million (an average price of $67.63 per share) under the four-year, $18 billion share repurchase program approved by the Board of Directors in June 2022. As of November 30, 2025, we had 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. No shares were repurchased during the quarter ended November 30, 2025. We paused repurchases under this program during the first quarter of fiscal 2026, 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 any future share repurchases to come from operating cash flows and excess cash.

CAPITAL RESOURCES

On July 17, 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 securities from time to time. The Shelf expires on July 17, 2028.

As of ~~November 30~~February 28, ~~2025~~2026, our committed credit facilities were unchanged from the information previously reported within our Annual Report. We currently have long-term debt ratings of A+ and A2 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. In November 2025, Moody's Investor Services downgraded our debt rating from A1 to A2. Despite the downgrade, our facility fees and interest rates remain unchanged. As of ~~November~~February 3028, ~~2025~~2026, 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 ~~November~~February 3028, ~~2025~~2026 and May 31, 2025, no amounts were outstanding under our committed credit facilities.

~~Liquidity~~On isMarch ~~also~~6, ~~provided~~2026, bysubsequent ~~our~~to the end of the third quarter of fiscal 2026, we entered into a 364-day committed credit facility agreement with a syndicate of banks, which provides for up to $3 1 billion ~~commercial~~of ~~paper~~borrowings, ~~program~~with an option to increase borrowings up to $1.5 Asbillion ofin ~~and~~total ~~for~~with ~~the~~lender ~~three~~approval. ~~months~~The ~~ended~~facility ~~November 30~~matures on March 5, ~~2025~~2027, wewith ~~did~~an ~~not~~option ~~have~~to ~~any~~extend ~~borrowings~~the ~~outstanding~~maturity ~~under~~date ~~our~~an additional 364 days. This facility replaces the prior $31 billion ~~program.~~364-day Wecredit ~~may~~facility ~~issue~~agreement ~~commercial~~entered ~~paper~~into oron ~~other~~March ~~debt~~7, ~~securities~~2025, ~~depending~~which matured on ~~general~~March ~~corporate~~6, ~~needs~~2026. Refer to Note 4 — Short-Term Borrowings and Credit Lines within the accompanying Notes to the Unaudited Condensed Consolidated Financial Statements for more information.

Liquidity is also provided by our $3 billion commercial paper program. As of and for the three months ended February 28, 2026, we did not have any borrowings outstanding under our $3 billion program. We may issue commercial paper or other debt securities depending on general corporate needs.

To date, in fiscal 2026, we have not experienced difficulty accessing the capital or credit markets; however, future volatility may increase costs associated with issuing commercial paper or other debt instruments or affect our ability to access those markets.

As of ~~November~~February 3028, ~~2025~~2026, we had Cash and equivalents and Short-term investments totaling $8.31 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 ~~November~~February 3028, ~~2025~~2026, the weighted average days to maturity of our cash equivalents and short-term investments portfolio was ~~115~~119 days.

We believe that existing Cash and equivalents, Short-term investments and cash ~~generated~~provided by operations, together with access to external sources of funds as described above, will be sufficient to meet our domestic and foreign capital needs for the next twelve months and beyond.

There have been no significant changes to the material cash requirements previously reported.

CONTRACTUAL OBLIGATIONS & OFF-BALANCE SHEET ARRANGEMENTS

As of February 28, 2026, 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. Refer to Note 1112 — Commitments and Contingencies in the accompanying Notes to the Unaudited Condensed Consolidated Financial Statements for additional information related to our bank guarantees and letters of credit.

~~OFF-BALANCE SHEET ARRANGEMENTS~~45

As of November 30, 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.

Table of Contents

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

The preparation of our Unaudited Condensed Consolidated Financial Statements in accordance with U.S. GAAP 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 the Annual Report have the greatest potential impact on our Unaudited Condensed Consolidated Financial Statements, so we consider these to be our critical accounting estimates. Because of the uncertainty inherent in these matters, actual results could differ from these estimates. Within 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.

4146

Table of Contents

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, 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 ~~November~~February 3028, ~~2025~~2026.

~~There~~During ~~have~~the ~~not~~third ~~been~~quarter ~~any~~of fiscal 2026, we implemented a new Enterprise Resource Planning Platform primarily in our Europe, Middle East & Africa geography. As a result, there were changes to certain processes which resulted in changes to our internal control over financial reporting. ~~during~~For ~~our~~a ~~most~~discussion ~~recent~~of ~~fiscal~~risks ~~quarter~~related ~~that~~to ~~have~~the ~~materially~~implementation ~~affected~~of new systems, orsee ~~are~~Part ~~reasonably~~1, ~~likely~~Item to1A, ~~materially~~Risk ~~affect~~Factors, ~~our~~in ~~internal~~the ~~control~~Company’s ~~over~~most ~~financial~~recent ~~reporting~~Annual Report on Form 10-K.

42There have not been any other 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.

Table of Contents

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 business strategy and growth initiatives, including, but not limited to, risks related to an increased focus on sport and rebalancing of our 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 and geographies; 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 operating a global business, including, without limitation, exchange rate fluctuations, inflation, import duties, 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 and uncertainty regarding inflation and interest rates; 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 and other factors referenced herein; 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.

4348

Table of Contents

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Refer to Note 1112 — 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, 2025.

44 49

Table of Contents

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 ~~November~~February 3028, ~~2025~~2026, the Company had repurchased 124.4 million shares at an average price of $97.57 per share for a total approximate cost of $12.1 billion under the program. No shares were repurchased during the quarter ended ~~November~~February 3028, ~~2025~~2026. We paused repurchases under this program during the first quarter of fiscal 2026~~, due to lower operating cash flows in the current year~~.

All share repurchases were made under NIKE's publicly announced program, and there are no other programs under which the Company repurchases shares.

4550

Table of Contents

ITEM 5. OTHER INFORMATION

Rule 10b5-1 Trading Plans

During the fiscal quarter ended ~~November~~February 3028, ~~2025~~2026, 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 ~~October~~December 812, 2025, ~~Matthew~~Venkatesh ~~Friend~~Alagirisamy, Executive Vice President, ~~and~~ Chief ~~Financial~~Operating Officer, adopted a Rule 10b5-1 trading arrangement for the sale of up to ~~153~~53,~~128~~331 shares of our Class B Common Stock, subject to certain conditions. The arrangement's expiration date is ~~July~~April 2030, 2027.

On ~~October~~December 24, 2025, ~~Phil~~Mark ~~McCartney~~Parker, Executive ~~Vice President~~Chairman, ~~Chief Innovation, Design & Product Officer,~~ adopted a Rule 10b5-1 trading arrangement for the sale of up to 36165,~~921~~000 shares of our Class B Common Stock and also provides for gifts of up to 44,731 shares of our Class B Common Stock, subject to certain conditions. The arrangement's expiration date is ~~September~~November 3013, 2026.

On November 5, 2025, Rob Leinwand, Executive Vice President, Chief Legal Officer, adopted a Rule 10b5-1 trading arrangement for the sale of up to 12,013 shares of our Class B Common Stock, subject to certain conditions. The arrangement's expiration date is September 30, 2026.51

Table of Contents

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 6, 2026, among NIKE, Inc., ~~Stock~~Bank ~~Incentive~~of ~~Plan~~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 ~~September~~on 11March 9, ~~2025~~2026).*
10.2			Letter Agreement, dated December 1, 2025, between NIKE, Inc. and Craig Williams.*
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

* Management contract or compensatory plan or arrangement.

† Furnished herewith

4752

Table of Contents

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 FriendMatthew FriendChief Financial Officer and Authorized Officer
Date:						~~December~~April 301, ~~2025~~2026

48 53

Filing Compare · NIKE, Inc.