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SEGMENT INFORMATION
 6 Months Ended
Nov. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 10 — SEGMENT INFORMATION
The Company's reportable operating segments reflect the structure of the Company's internal organization and the financial information the Chief Operating Decision Maker ("CODM"), the Company's Chief Executive Officer, regularly reviews to assess Company performance and allocate resources. The CODM evaluates the performance of the Company's segments and allocates resources based on earnings before interest and taxes ("EBIT"), which represents Net income before Interest (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.
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.
THREE MONTHS ENDED NOVEMBER 30, 2025
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues
$5,633 $3,392 $1,423 $1,667 $9 $12,124 $300 $3 $12,427 
Cost of Sales
3,335 1,925 836 964 152 7,212 176 (6)7,382 
Gross profit
2,298 1,467 587 703 (143)4,912 124 9 5,045 
Demand creation expense
473 334 145 109 185 1,246 24 3 1,273 
Operating overhead expense
565 399 252 206 744 2,166 104 496 2,766 
Total selling and administrative expense
1,038 733 397 315 929 3,412 128 499 4,039 
Other segment items(1)
(1)1 (1)(1)— (2)— 18 16 
EARNINGS (LOSS) BEFORE INTEREST AND TAXES
$1,261 $733 $191 $389 $(1,072)$1,502 $(4)$(508)
Interest (income) expense, net
(9)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES
$999 
Supplemental information:
Depreciation and amortization(2)
$33 37 10 13 55 148 2 29 $179 
(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
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues
$5,179 $3,303 $1,711 $1,744 $13 $11,950 $429 $(25)$12,354 
Cost of Sales
2,896 1,788 957 977 147 6,765 222 (22)6,965 
Gross profit
2,283 1,515 754 767 (134)5,185 207 (3)5,389 
Demand creation expense
382 313 135 98 147 1,075 43 4 1,122 
Operating overhead expense
531 372 252 209 851 2,215 111 557 2,883 
Total selling and administrative expense
913 685 387 307 998 3,290 154 561 4,005 
Other segment items(1)
(1)(1)(8)— 1 (9)— 1 (8)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES
$1,371 $831 $375 $460 $(1,133)$1,904 $53 $(565)
Interest (income) expense, net
(24)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES
$1,416 
Supplemental information:
Depreciation and amortization(2)
$34 36 13 13 59 155 4 31 $190 
(1)At NIKE Brand segments and Converse, other segment items consist of unusual or non-operating transactions that occur outside the normal course of business. At Corporate, this also includes foreign currency conversion gains and losses from the remeasurement of monetary assets and liabilities denominated in non-functional currencies and the impact of certain foreign currency derivative instruments.
(2)The amounts of depreciation and amortization disclosed by segment are included within Cost of sales and Operating overhead expense, as applicable.
SIX MONTHS ENDED NOVEMBER 30, 2025
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues
$10,653 $6,723 $2,935 $3,157 $18 $23,486 $666 $(5)$24,147 
Cost of Sales
6,232 3,825 1,634 1,802 320 13,813 369 (23)14,159 
Gross profit
4,421 2,898 1,301 1,355 (302)9,673 297 18 9,988 
Demand creation expense
915 647 244 206 388 2,400 57 4 2,461 
Operating overhead expense
1,112 781 490 414 1,575 4,372 206 1,016 5,594 
Total selling and administrative expense
2,027 1,428 734 620 1,963 6,772 263 1,020 8,055 
Other segment items(1)
(1)2 (1)(4)(1)(5)(1)45 39 
EARNINGS (LOSS) BEFORE INTEREST AND TAXES
$2,395 $1,468 $568 $739 $(2,264)$2,906 $35 $(1,047)
Interest (income) expense, net
(27)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES
$1,921 
Supplemental information:
Depreciation and amortization(2)
$71 76 22 29 109 307 4 58 $369 
(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.

SIX MONTHS ENDED NOVEMBER 30, 2024
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues
$10,005 $6,446 $3,377 $3,206 $27 $23,061 $930 $(48)$23,943 
Cost of Sales
5,523 3,483 1,812 1,759 300 12,877 455 (35)13,297 
Gross profit
4,482 2,963 1,565 1,447 (273)10,184 475 (13)10,646 
Demand creation expense
834 603 249 188 389 2,263 78 7 2,348 
Operating overhead expense
1,060 738 492 397 1,697 4,384 224 1,097 5,705 
Total selling and administrative expense
1,894 1,341 741 585 2,086 6,647 302 1,104 8,053 
Other segment items(1)
1 (1)(53)— 1 (52)(1)(10)(63)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES
$2,587 $1,623 $877 $862 $(2,360)$3,589 $174 $(1,107)
Interest (income) expense, net
(67)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES
$2,723 
Supplemental information:
Depreciation and amortization(2)
$70 71 26 24 116 307 8 63 $378 
(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.
NOVEMBER 30,MAY 31,
(Dollars in millions)
20252025
INVENTORIES(1)
North America$3,261 $3,198 
Europe, Middle East & Africa2,172 2,042 
Greater China1,074 951 
Asia Pacific & Latin America1,001 905 
Global Brand Divisions
152 148 
TOTAL NIKE BRAND
7,660 7,244 
Converse229 272 
Corporate
(163)(27)
TOTAL NIKE, INC. INVENTORIES
$7,726 $7,489 
(1)Inventories as of November 30, 2025 and May 31, 2025 were substantially all finished goods.