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REVENUES | 12 Months Ended
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May 31, 2025
Revenue from Contract with Customer [Abstract] |
REVENUES |
NOTE 14 — REVENUES
DISAGGREGATION OF REVENUES The following tables present the Company's Revenues disaggregated by reportable operating segment, major product line and distribution channel:
| YEAR ENDED MAY 31, 2025
(Dollars in millions) | NORTH 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 | $ | 12,684 |  | $ | 7,569 |  | $ | 4,805 |  | $ | 4,452 |  | $ | — |  | $ | 29,510 |  | $ | 1,457 |  | $ | — |  | $ | 30,967 |
Apparel | 5,837 |  | 3,971 |  | 1,616 |  | 1,541 |  | — |  | 12,965 |  | 80 |  | — |  | 13,045 |
Equipment | 1,051 |  | 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 Consumer | 9,088 |  | 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 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 | $ | 14,537 |  | $ | 8,473 |  | $ | 5,552 |  | $ | 4,865 |  | $ | — |  | $ | 33,427 |  | $ | 1,800 |  | $ | — |  | $ | 35,227 |
Apparel | 5,953 |  | 4,380 |  | 1,828 |  | 1,614 |  | — |  | 13,775 |  | 93 |  | — |  | 13,868 |
Equipment | 906 |  | 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 Consumer | 10,392 |  | 5,045 |  | 3,283 |  | 2,799 |  | — |  | 21,519 |  | 832 |  | — |  | 22,351 |
Other | — |  | — |  | — |  | — |  | 45 |  | 45 |  | 152 |  | (42) |  | 155 |
TOTAL REVENUES | $ | 21,396 |  | $ | 13,607 |  | $ | 7,545 |  | $ | 6,729 |  | $ | 45 |  | $ | 49,322 |  | $ | 2,082 |  | $ | (42) |  | $ | 51,362 |
| YEAR ENDED MAY 31, 2023
(Dollars in millions) | NORTH 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 | $ | 14,897 |  | $ | 8,260 |  | $ | 5,435 |  | $ | 4,543 |  | $ | — |  | $ | 33,135 |  | $ | 2,155 |  | $ | — |  | $ | 35,290 |
Apparel | 5,947 |  | 4,566 |  | 1,666 |  | 1,664 |  | — |  | 13,843 |  | 90 |  | — |  | 13,933 |
Equipment | 764 |  | 592 |  | 147 |  | 224 |  | — |  | 1,727 |  | 28 |  | — |  | 1,755 |
Other | — |  | — |  | — |  | — |  | 58 |  | 58 |  | 154 |  | 27 |  | 239 |
TOTAL REVENUES | $ | 21,608 |  | $ | 13,418 |  | $ | 7,248 |  | $ | 6,431 |  | $ | 58 |  | $ | 48,763 |  | $ | 2,427 |  | $ | 27 |  | $ | 51,217 |
Revenues by: |  |  |  |  |  |  |  |  |
Sales to Wholesale Customers | $ | 11,273 |  | $ | 8,522 |  | $ | 3,866 |  | $ | 3,736 |  | $ | — |  | $ | 27,397 |  | $ | 1,299 |  | $ | — |  | $ | 28,696 |
Sales through Direct to Consumer | 10,335 |  | 4,896 |  | 3,382 |  | 2,695 |  | — |  | 21,308 |  | 974 |  | — |  | 22,282 |
Other | — |  | — |  | — |  | — |  | 58 |  | 58 |  | 154 |  | 27 |  | 239 |
TOTAL REVENUES | $ | 21,608 |  | $ | 13,418 |  | $ | 7,248 |  | $ | 6,431 |  | $ | 58 |  | $ | 48,763 |  | $ | 2,427 |  | $ | 27 |  | $ | 51,217 |
Global Brand Divisions revenues included NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. Converse Other revenues were primarily attributable to licensing businesses. Corporate revenues primarily consisted of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse but managed through the Company's central foreign exchange risk management program. As of May 31, 2025 and 2024, the Company did not have any contract assets and had an immaterial amount of contract liabilities recorded in Accrued liabilities on the Consolidated Balance Sheets. SALES-RELATED RESERVES As of May 31, 2025 and 2024, the Company's sales-related reserve balance, which includes returns, post-invoice sales discounts and claims, was $1,834 million and $1,282 million, respectively, recorded in Accrued liabilities on the Consolidated Balance Sheets. As of May 31, 2025 and 2024, the Company's sales returns reserve balance, included within sales-related reserves, was $1,277 million and $799 million, respectively. The related estimated cost of inventory for expected product returns was $528 million and $331 million as of May 31, 2025 and 2024, respectively, and was recorded in Prepaid expenses and other current assets on the Consolidated Balance Sheets.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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