NIKE, Inc.NKE

NIKE, Inc. Revenue Disclosure

10-KFiled Jul 15, 20263 min read
NOTE 14 — REVENUES
DISAGGREGATION OF REVENUES
The following tables present the Company's Revenues disaggregated by reportable operating segment, major product line and distribution channel:
YEAR ENDED MAY 31, 2026
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$13,317 $7,643 $4,188 $4,377 $— $29,525 $1,013 $— $30,538 
Apparel6,075 4,210 1,535 1,629 — 13,449 48 — 13,497 
Equipment1,119 719 124 237 — 2,199 21 — 2,220 
Other— — — — 49 49 92 2 143 
TOTAL REVENUES$20,511 $12,572 $5,847 $6,243 $49 $45,222 $1,174 $2 $46,398 
Revenues by:
Sales to Wholesale Customers$11,958 $8,461 $3,255 $3,779 $— $27,453 $605 $— $28,058 
Sales through Direct to Consumer8,553 4,111 2,592 2,464 — 17,720 477 — 18,197 
Other— — — — 49 49 92 2 143 
TOTAL REVENUES$20,511 $12,572 $5,847 $6,243 $49 $45,222 $1,174 $2 $46,398 

YEAR ENDED MAY 31, 2025
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$12,684 $7,569 $4,805 $4,452 $— $29,510 $1,457 $— $30,967 
Apparel5,837 3,971 1,616 1,541 — 12,965 80 — 13,045 
Equipment1,051 717 165 258 — 2,191 32 — 2,223 
Other— — — — 48 48 123 (97)74 
TOTAL REVENUES$19,572 $12,257 $6,586 $6,251 $48 $44,714 $1,692 $(97)$46,309 
Revenues by:
Sales to Wholesale Customers$10,484 $8,022 $3,699 $3,678 $— $25,883 $875 $— $26,758 
Sales through Direct to Consumer9,088 4,235 2,887 2,573 — 18,783 694 — 19,477 
Other— — — — 48 48 123 (97)74 
TOTAL REVENUES$19,572 $12,257 $6,586 $6,251 $48 $44,714 $1,692 $(97)$46,309 
YEAR ENDED MAY 31, 2024
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$14,537 $8,473 $5,552 $4,865 $— $33,427 $1,800 $— $35,227 
Apparel5,953 4,380 1,828 1,614 — 13,775 93 — 13,868 
Equipment906 754 165 250 — 2,075 37 — 2,112 
Other— — — — 45 45 152 (42)155 
TOTAL REVENUES$21,396 $13,607 $7,545 $6,729 $45 $49,322 $2,082 $(42)$51,362 
Revenues by:
Sales to Wholesale Customers$11,004 $8,562 $4,262 $3,930 $— $27,758 $1,098 $— $28,856 
Sales through Direct to Consumer10,392 5,045 3,283 2,799 — 21,519 832 — 22,351 
Other— — — — 45 45 152 (42)155 
TOTAL REVENUES$21,396 $13,607 $7,545 $6,729 $45 $49,322 $2,082 $(42)$51,362 
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 gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse but managed through the Company's central foreign exchange risk management program.
As of May 31, 2026 and 2025, the Company did not have any contract assets and had an immaterial amount of contract liabilities recorded in Accrued liabilities on the Consolidated Balance Sheets.
SALES-RELATED RESERVES
As of May 31, 2026 and 2025, the Company's sales-related reserve balance, which includes returns, post-invoice sales discounts and claims, was $1,589 million and $1,834 million, respectively, recorded in Accrued liabilities on the Consolidated Balance Sheets. As of May 31, 2026 and 2025, the Company's sales returns reserve balance, included within sales-related reserves, was $1,099 million and $1,277 million, respectively. The related estimated cost of inventory for expected product returns was $511 million and $528 million as of May 31, 2026 and 2025, respectively, and was recorded in Prepaid expenses and other current assets on the Consolidated Balance Sheets.
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Historical Timeline

Fiscal YearFiled
2026Jul 15, 2026Showing above
2025Jul 17, 2025
2024Jul 25, 2024
2023Jul 20, 2023
2022Jul 21, 2022
2021Jul 20, 2021
2020Jul 24, 2020
2019Jul 23, 2019

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

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