NIKE, Inc. Reports Fiscal 2025 Third Quarter Results

3/20/25 4:15:00 PM ET

$NKE

Shoe Manufacturing

Consumer Discretionary

Get the next $NKE alert in real time by email

NIKE, Inc. (NYSE:NKE) today reported fiscal 2025 financial results for its third quarter ended February 28, 2025.

Third quarter revenues were $11.3 billion, down 9 percent on a reported basis compared to the prior year and down 7 percent on a currency-neutral basis*
NIKE Direct revenues were $4.7 billion, down 12 percent on a reported basis and down 10 percent on a currency-neutral basis
Wholesale revenues were $6.2 billion, down 7 percent on a reported basis and down 4 percent on a currency-neutral basis
Gross margin decreased 330 basis points to 41.5 percent
Diluted earnings per share was $0.54

"The progress we made against the 'Win Now' strategic priorities we committed to 90 days ago reinforces my confidence that we are on the right path," said Elliott Hill, President and CEO, NIKE, Inc. "What's encouraging is NIKE made an impact this quarter leading with sport – through athlete storytelling, performance products and big sport moments."

"Our outlook for the second half of fiscal 2025 driven by our 'Win Now' actions remains consistent with what we communicated last quarter," said Matthew Friend, Executive Vice President and Chief Financial Officer, NIKE, Inc. "The operating environment is dynamic, but what matters most for NIKE is serving athletes with new product innovation and re-igniting brand momentum through sport."

Third Quarter Income Statement Review

Revenues for NIKE, Inc. were $11.3 billion, down 9 percent on a reported basis compared to the prior year and down 7 percent on a currency-neutral basis.
- NIKE Brand revenues were $10.9 billion, down 9 percent on a reported basis and down 6 percent on a currency-neutral basis, driven by declines across all geographies.
- NIKE Direct revenues were $4.7 billion, down 12 percent on a reported basis and down 10 percent on a currency-neutral basis, primarily due to a 15 percent decrease in NIKE Brand Digital and a 2 percent decrease in NIKE-owned stores.
- Wholesale revenues were $6.2 billion, down 7 percent on a reported basis and down 4 percent on a currency-neutral basis.
- Revenues for Converse were $405 million, down 18 percent on a reported basis and down 16 percent on a currency-neutral basis, due to declines across all territories.
Gross margin decreased 330 basis points to 41.5 percent, primarily due to higher discounts, higher inventory obsolescence reserves, higher product costs and changes in channel mix, partially offset by restructuring charges in the prior year.
Selling and administrative expense decreased 8 percent to $3.9 billion.
- Demand creation expense was $1.1 billion, up 8 percent, primarily due to an increase in brand marketing expense.
- Operating overhead expense decreased 13 percent to $2.8 billion, primarily due to the restructuring charges of $340 million in the prior year and lower wage-related expenses.
The effective tax rate was 5.9 percent compared to 16.5 percent for the same period last year, primarily due to a one-time, non-cash deferred tax benefit provided by recently finalized US tax regulations related to foreign currency gains and losses.
Net income was $0.8 billion, down 32 percent, and Diluted earnings per share was $0.54, a decrease of 30 percent.

February 28, 2025 Balance Sheet Review

Inventories for NIKE, Inc. were $7.5 billion, down 2 percent compared to the prior year, reflecting product mix shifts, partially offset by an increase in units.
Cash and equivalents and short-term investments were $10.4 billion, down approximately $0.2 billion from last year, as cash generated by operations was more than offset by share repurchases, cash dividends and capital expenditures.

Shareholder Returns

NIKE continues to have a strong track record of consistently increasing returns to shareholders, including 23 consecutive years of increasing dividend payouts.

In the third quarter, the Company returned approximately $1.1 billion to shareholders, including:

Dividends of $594 million, up 6 percent from the prior year.
Share repurchases of $499 million, reflecting 6.5 million shares retired as part of the Company's four-year, $18 billion program approved by the Board of Directors in June 2022.

As of February 28, 2025, a total of 119.3 million shares have been repurchased under the program for a total of approximately $11.8 billion.

Conference Call

NIKE, Inc. management will host a conference call beginning at approximately 2:00 p.m. PT on March 20, 2025, to review fiscal third quarter results. The conference call will be broadcast live via the Internet and can be accessed at https://investors.nike.com. For those unable to listen to the live broadcast, an archived version will be available at the same location through approximately 9:00 p.m. PT, April 10, 2025.

About NIKE, Inc.

NIKE, Inc., based near Beaverton, Oregon, is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Converse, a wholly-owned NIKE, Inc. subsidiary brand, designs, markets and distributes athletic lifestyle footwear, apparel and accessories. For more information, NIKE, Inc.'s earnings releases and other financial information are available on the Internet at https://investors.nike.com. Individuals can also visit https://news.nike.com and follow @NIKE.

Forward-Looking Statements

This press release contains forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed from time to time in reports filed by NIKE with the U.S. Securities and Exchange Commission (SEC), including Forms 8-K, 10-Q and 10-K.

*	Non-GAAP financial measures. See additional information in the accompanying Divisional Revenues table and Diluted earnings per share table.

NIKE, Inc.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)


	THREE MONTHS ENDED						%		NINE MONTHS ENDED						%
(In millions, except per share data)	2/28/2025			2/29/2024			Change		2/28/2025			2/29/2024			Change
Revenues	$	11,269		$	12,429		-9	%	$	35,212		$	38,756		-9	%
Cost of sales		6,594			6,867		-4	%		19,891			21,503		-7	%
Gross profit		4,675			5,562		-16	%		15,321			17,253		-11	%
Gross margin		41.5	%		44.8	%				43.5	%		44.5	%

Demand creation expense		1,088			1,011		8	%		3,436			3,194		8	%
Operating overhead expense		2,799			3,215		-13	%		8,504			9,294		-9	%
Total selling and administrative expense		3,887			4,226		-8	%		11,940			12,488		-4	%
% of revenues		34.5	%		34.0	%				33.9	%		32.2	%

Interest expense (income), net		(18	)		(52	)	—			(85	)		(108	)	—
Other (income) expense, net		(38	)		(16	)	—			(101	)		(101	)	—
Income before income taxes		844			1,404		-40	%		3,567			4,974		-28	%
Income tax expense		50			232		-78	%		559			774		-28	%
Effective tax rate		5.9	%		16.5	%				15.7	%		15.6	%

NET INCOME	$	794		$	1,172		-32	%	$	3,008		$	4,200		-28	%

Earnings per common share:
Basic	$	0.54		$	0.77		-30	%	$	2.02		$	2.76		-27	%
Diluted	$	0.54		$	0.77		-30	%	$	2.02		$	2.74		-26	%

Weighted average common shares outstanding:
Basic		1,478.1			1,513.2					1,487.6			1,520.8
Diluted		1,480.6			1,526.5					1,491.0			1,534.0

Dividends declared per common share	$	0.400		$	0.370				$	1.170		$	1.080

NIKE, Inc.
CONSOLIDATED BALANCE SHEETS
(Unaudited)


	February 28,		February 29,		% Change
(Dollars in millions)	2025		2024		% Change
ASSETS
Current assets:
Cash and equivalents	$	8,601	$	8,960	-4	%
Short-term investments		1,792		1,613	11	%
Accounts receivable, net		4,491		4,526	-1	%
Inventories		7,539		7,726	-2	%
Prepaid expenses and other current assets		2,186		1,928	13	%
Total current assets		24,609		24,753	-1	%
Property, plant and equipment, net		4,717		5,082	-7	%
Operating lease right-of-use assets, net		2,614		2,856	-8	%
Identifiable intangible assets, net		259		259	0	%
Goodwill		239		240	0	%
Deferred income taxes and other assets		5,355		4,166	29	%
TOTAL ASSETS	$	37,793	$	37,356	1	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt	$	1,000	$	—	100	%
Notes payable		4		6	-33	%
Accounts payable		3,106		2,340	33	%
Current portion of operating lease liabilities		474		474	0	%
Accrued liabilities		5,905		5,818	1	%
Income taxes payable		734		391	88	%
Total current liabilities		11,223		9,029	24	%
Long-term debt		7,956		8,930	-11	%
Operating lease liabilities		2,477		2,691	-8	%
Deferred income taxes and other liabilities		2,130		2,480	-14	%
Redeemable preferred stock		—		—	—
Shareholders' equity		14,007		14,226	-2	%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	37,793	$	37,356	1	%

NIKE, Inc.
DIVISIONAL REVENUES
(Unaudited)


									% Change Excluding Currency Changes¹										% Change Excluding Currency Changes¹
	THREE MONTHS ENDED						%				NINE MONTHS ENDED						%
(Dollars in millions)	2/28/2025			2/29/2024			Change				2/28/2025			2/29/2024			Change
North America
Footwear	$	3,132		$	3,460		-9	%	-9	%	$	9,580		$	10,950		-13	%	-12	%
Apparel		1,510			1,408		7	%	8	%		4,534			4,555		0	%	0	%
Equipment		222			202		10	%	10	%		755			613		23	%	23	%
Total		4,864			5,070		-4	%	-4	%		14,869			16,118		-8	%	-8	%
Europe, Middle East & Africa
Footwear		1,742			1,960		-11	%	-7	%		5,676			6,406		-11	%	-11	%
Apparel		913			994		-8	%	-4	%		3,042			3,331		-9	%	-8	%
Equipment		156			184		-15	%	-12	%		539			578		-7	%	-6	%
Total		2,811			3,138		-10	%	-6	%		9,257			10,315		-10	%	-10	%
Greater China
Footwear		1,282			1,547		-17	%	-15	%		3,731			4,195		-11	%	-11	%
Apparel		412			498		-17	%	-15	%		1,244			1,368		-9	%	-9	%
Equipment		39			39		0	%	-1	%		135			119		13	%	13	%
Total		1,733			2,084		-17	%	-15	%		5,110			5,682		-10	%	-10	%
Asia Pacific & Latin America
Footwear		1,052			1,195		-12	%	-5	%		3,338			3,639		-8	%	-4	%
Apparel		358			390		-8	%	-1	%		1,143			1,198		-5	%	-1	%
Equipment		60			62		-3	%	5	%		195			187		4	%	8	%
Total		1,470			1,647		-11	%	-4	%		4,676			5,024		-7	%	-3	%
Global Brand Divisions²		12			9		33	%	21	%		39			34		15	%	13	%
TOTAL NIKE BRAND		10,890			11,948		-9	%	-6	%		33,951			37,173		-9	%	-8	%
Converse		405			495		-18	%	-16	%		1,335			1,602		-17	%	-16	%
Corporate³		(26	)		(14	)	—		—			(74	)		(19	)	—		—
TOTAL NIKE, INC. REVENUES	$	11,269		$	12,429		-9	%	-7	%	$	35,212		$	38,756		-9	%	-8	%

TOTAL NIKE BRAND
Footwear	$	7,208		$	8,162		-12	%	-9	%	$	22,325		$	25,190		-11	%	-10	%
Apparel		3,193			3,290		-3	%	-1	%		9,963			10,452		-5	%	-4	%
Equipment		477			487		-2	%	0	%		1,624			1,497		8	%	9	%
Global Brand Divisions²		12			9		33	%	21	%		39			34		15	%	13	%
TOTAL NIKE BRAND REVENUES	$	10,890		$	11,948		-9	%	-6	%	$	33,951		$	37,173		-9	%	-8	%
¹The percent change has been calculated using actual exchange rates in use during the comparative prior year period and is provided to enhance the visibility of the underlying business trends by excluding the impact of translation arising from foreign currency exchange rate fluctuations, which is considered a non-GAAP financial measure. Management uses this non-GAAP financial measure when evaluating the Company's performance, including when making financial and operating decisions. Additionally, management believes this non-GAAP financial measure provides investors with additional financial information that should be considered when assessing the Company's underlying business performance and trends. References to this measure 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 non-GAAP measures used by other companies.
²Global 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 the Company's central foreign exchange risk management program.

NIKE, Inc.
EARNINGS BEFORE INTEREST AND TAXES¹
(Unaudited)


	THREE MONTHS ENDED						%		NINE MONTHS ENDED						%
(Dollars in millions)	2/28/2025			2/29/2024			Change		2/28/2025			2/29/2024			Change
North America	$	1,103		$	1,400		-21	%	$	3,690		$	4,360		-15	%
Europe, Middle East & Africa		480			734		-35	%		2,103			2,591		-19	%
Greater China		421			722		-42	%		1,298			1,761		-26	%
Asia Pacific & Latin America		346			471		-27	%		1,208			1,406		-14	%
Global Brand Divisions²		(1,093	)		(1,199	)	9	%		(3,453	)		(3,572	)	3	%
TOTAL NIKE BRAND¹		1,257			2,128		-41	%		4,846			6,546		-26	%
Converse		39			98		-60	%		213			380		-44	%
Corporate³		(470	)		(874	)	46	%		(1,577	)		(2,060	)	23	%
TOTAL NIKE, INC. EARNINGS BEFORE INTEREST AND TAXES¹		826			1,352		-39	%		3,482			4,866		-28	%
EBIT margin¹		7.3	%		10.9	%				9.9	%		12.6	%
Interest expense (income), net		(18	)		(52	)	—			(85	)		(108	)	—
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES	$	844		$	1,404		-40	%	$	3,567		$	4,974		-28	%
¹The Company evaluates the performance of individual operating segments based on earnings before interest and taxes (commonly referred to as "EBIT"), which represents Net income before Interest expense (income), net and Income tax expense. Total NIKE Brand EBIT, Total NIKE, Inc. EBIT and EBIT margin are considered non-GAAP financial measures. Management uses these non-GAAP financial 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 the Company's underlying business performance and trends. EBIT margin is calculated as total NIKE, Inc. EBIT divided by total NIKE, Inc. Revenues. References to EBIT and EBIT margin 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 non-GAAP measures used by other companies.
²Global Brand Divisions primarily represent demand creation and operating overhead expense, 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.
³Corporate consists primarily of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company's corporate headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses. For the three and nine months ended February 29, 2024, Corporate includes the restructuring charges, recognized as a result of the Company's steps to streamline the organization. These charges primarily reflect employee severance costs.

NIKE, Inc.
DILUTED EARNINGS PER SHARE
(Unaudited)


	THREE MONTHS ENDED			NINE MONTHS ENDED
	2/29/2024			2/29/2024
DILUTED EARNINGS PER SHARE (GAAP):	$	0.77		$	2.74
Add: Restructuring charges		0.26			0.26
Tax effect of the restructuring charges¹		(0.05	)		(0.05	)
DILUTED EARNINGS PER SHARE EXCLUDING RESTRUCTURING CHARGES (NON-GAAP)²:	$	0.98		$	2.95
¹Tax effect was determined by applying the tax rate applicable to the specific item.
²Diluted earnings per share excluding the restructuring charges is a non-GAAP financial measure. The most comparable GAAP measure is Diluted earnings per share. The Company uses Diluted earnings per share excluding the restructuring charges to facilitate the evaluation of the Company's performance. The Company believes that providing Diluted earnings per share excluding the impacts of the restructuring charges is useful to investors for comparability between periods and allows investors to evaluate the impacts of the restructuring charges separately. For the three and nine months ended February 28, 2025, there were no material restructuring charges.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250320583665/en/

Investor Contact:

Paul Trussell

[email protected]

Media Contact:

Virginia Rustique-Petteni

[email protected]

Get the next $NKE alert in real time by email

Recent Analyst Ratings for

$NKE

Date	Price Target	Rating	Analyst
7/10/2025	$76.00	Buy → Hold	DZ Bank
7/1/2025	$85.00	Hold → Buy	Argus
6/27/2025	$66.00 → $78.00	Buy	Needham
6/27/2025	$80.00	Hold → Buy	HSBC Securities
6/18/2025	$75.00 → $66.00	Buy	Needham
5/6/2025	$80.00 → $70.00	Market Perform	Telsey Advisory Group
4/30/2025	$55.00	Overweight → Equal Weight	Wells Fargo
4/15/2025	$58.00	Hold	Berenberg

More analyst ratings

NIKE, Inc. Reports Fiscal 2025 Third Quarter Results

3/20/25 4:15:00 PM ET

$NKE

Shoe Manufacturing

Consumer Discretionary

Get the next $NKE alert in real time by email

NIKE, Inc. (NYSE:NKE) today reported fiscal 2025 financial results for its third quarter ended February 28, 2025.

Third quarter revenues were $11.3 billion, down 9 percent on a reported basis compared to the prior year and down 7 percent on a currency-neutral basis*
NIKE Direct revenues were $4.7 billion, down 12 percent on a reported basis and down 10 percent on a currency-neutral basis
Wholesale revenues were $6.2 billion, down 7 percent on a reported basis and down 4 percent on a currency-neutral basis
Gross margin decreased 330 basis points to 41.5 percent
Diluted earnings per share was $0.54

Third Quarter Income Statement Review

Revenues for NIKE, Inc. were $11.3 billion, down 9 percent on a reported basis compared to the prior year and down 7 percent on a currency-neutral basis.
- NIKE Brand revenues were $10.9 billion, down 9 percent on a reported basis and down 6 percent on a currency-neutral basis, driven by declines across all geographies.
- NIKE Direct revenues were $4.7 billion, down 12 percent on a reported basis and down 10 percent on a currency-neutral basis, primarily due to a 15 percent decrease in NIKE Brand Digital and a 2 percent decrease in NIKE-owned stores.
- Wholesale revenues were $6.2 billion, down 7 percent on a reported basis and down 4 percent on a currency-neutral basis.
- Revenues for Converse were $405 million, down 18 percent on a reported basis and down 16 percent on a currency-neutral basis, due to declines across all territories.
Gross margin decreased 330 basis points to 41.5 percent, primarily due to higher discounts, higher inventory obsolescence reserves, higher product costs and changes in channel mix, partially offset by restructuring charges in the prior year.
Selling and administrative expense decreased 8 percent to $3.9 billion.
- Demand creation expense was $1.1 billion, up 8 percent, primarily due to an increase in brand marketing expense.
- Operating overhead expense decreased 13 percent to $2.8 billion, primarily due to the restructuring charges of $340 million in the prior year and lower wage-related expenses.
The effective tax rate was 5.9 percent compared to 16.5 percent for the same period last year, primarily due to a one-time, non-cash deferred tax benefit provided by recently finalized US tax regulations related to foreign currency gains and losses.
Net income was $0.8 billion, down 32 percent, and Diluted earnings per share was $0.54, a decrease of 30 percent.

February 28, 2025 Balance Sheet Review

Inventories for NIKE, Inc. were $7.5 billion, down 2 percent compared to the prior year, reflecting product mix shifts, partially offset by an increase in units.
Cash and equivalents and short-term investments were $10.4 billion, down approximately $0.2 billion from last year, as cash generated by operations was more than offset by share repurchases, cash dividends and capital expenditures.

Shareholder Returns

NIKE continues to have a strong track record of consistently increasing returns to shareholders, including 23 consecutive years of increasing dividend payouts.

In the third quarter, the Company returned approximately $1.1 billion to shareholders, including:

Dividends of $594 million, up 6 percent from the prior year.
Share repurchases of $499 million, reflecting 6.5 million shares retired as part of the Company's four-year, $18 billion program approved by the Board of Directors in June 2022.

As of February 28, 2025, a total of 119.3 million shares have been repurchased under the program for a total of approximately $11.8 billion.

Conference Call

About NIKE, Inc.

Forward-Looking Statements

*	Non-GAAP financial measures. See additional information in the accompanying Divisional Revenues table and Diluted earnings per share table.

NIKE, Inc.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)


	THREE MONTHS ENDED						%		NINE MONTHS ENDED						%
(In millions, except per share data)	2/28/2025			2/29/2024			Change		2/28/2025			2/29/2024			Change
Revenues	$	11,269		$	12,429		-9	%	$	35,212		$	38,756		-9	%
Cost of sales		6,594			6,867		-4	%		19,891			21,503		-7	%
Gross profit		4,675			5,562		-16	%		15,321			17,253		-11	%
Gross margin		41.5	%		44.8	%				43.5	%		44.5	%

Demand creation expense		1,088			1,011		8	%		3,436			3,194		8	%
Operating overhead expense		2,799			3,215		-13	%		8,504			9,294		-9	%
Total selling and administrative expense		3,887			4,226		-8	%		11,940			12,488		-4	%
% of revenues		34.5	%		34.0	%				33.9	%		32.2	%

Interest expense (income), net		(18	)		(52	)	—			(85	)		(108	)	—
Other (income) expense, net		(38	)		(16	)	—			(101	)		(101	)	—
Income before income taxes		844			1,404		-40	%		3,567			4,974		-28	%
Income tax expense		50			232		-78	%		559			774		-28	%
Effective tax rate		5.9	%		16.5	%				15.7	%		15.6	%

NET INCOME	$	794		$	1,172		-32	%	$	3,008		$	4,200		-28	%

Earnings per common share:
Basic	$	0.54		$	0.77		-30	%	$	2.02		$	2.76		-27	%
Diluted	$	0.54		$	0.77		-30	%	$	2.02		$	2.74		-26	%

Weighted average common shares outstanding:
Basic		1,478.1			1,513.2					1,487.6			1,520.8
Diluted		1,480.6			1,526.5					1,491.0			1,534.0

Dividends declared per common share	$	0.400		$	0.370				$	1.170		$	1.080

NIKE, Inc.
CONSOLIDATED BALANCE SHEETS
(Unaudited)


	February 28,		February 29,		% Change
(Dollars in millions)	2025		2024		% Change
ASSETS
Current assets:
Cash and equivalents	$	8,601	$	8,960	-4	%
Short-term investments		1,792		1,613	11	%
Accounts receivable, net		4,491		4,526	-1	%
Inventories		7,539		7,726	-2	%
Prepaid expenses and other current assets		2,186		1,928	13	%
Total current assets		24,609		24,753	-1	%
Property, plant and equipment, net		4,717		5,082	-7	%
Operating lease right-of-use assets, net		2,614		2,856	-8	%
Identifiable intangible assets, net		259		259	0	%
Goodwill		239		240	0	%
Deferred income taxes and other assets		5,355		4,166	29	%
TOTAL ASSETS	$	37,793	$	37,356	1	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt	$	1,000	$	—	100	%
Notes payable		4		6	-33	%
Accounts payable		3,106		2,340	33	%
Current portion of operating lease liabilities		474		474	0	%
Accrued liabilities		5,905		5,818	1	%
Income taxes payable		734		391	88	%
Total current liabilities		11,223		9,029	24	%
Long-term debt		7,956		8,930	-11	%
Operating lease liabilities		2,477		2,691	-8	%
Deferred income taxes and other liabilities		2,130		2,480	-14	%
Redeemable preferred stock		—		—	—
Shareholders' equity		14,007		14,226	-2	%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	37,793	$	37,356	1	%

NIKE, Inc.
DIVISIONAL REVENUES
(Unaudited)


									% Change Excluding Currency Changes¹										% Change Excluding Currency Changes¹
	THREE MONTHS ENDED						%				NINE MONTHS ENDED						%
(Dollars in millions)	2/28/2025			2/29/2024			Change				2/28/2025			2/29/2024			Change
North America
Footwear	$	3,132		$	3,460		-9	%	-9	%	$	9,580		$	10,950		-13	%	-12	%
Apparel		1,510			1,408		7	%	8	%		4,534			4,555		0	%	0	%
Equipment		222			202		10	%	10	%		755			613		23	%	23	%
Total		4,864			5,070		-4	%	-4	%		14,869			16,118		-8	%	-8	%
Europe, Middle East & Africa
Footwear		1,742			1,960		-11	%	-7	%		5,676			6,406		-11	%	-11	%
Apparel		913			994		-8	%	-4	%		3,042			3,331		-9	%	-8	%
Equipment		156			184		-15	%	-12	%		539			578		-7	%	-6	%
Total		2,811			3,138		-10	%	-6	%		9,257			10,315		-10	%	-10	%
Greater China
Footwear		1,282			1,547		-17	%	-15	%		3,731			4,195		-11	%	-11	%
Apparel		412			498		-17	%	-15	%		1,244			1,368		-9	%	-9	%
Equipment		39			39		0	%	-1	%		135			119		13	%	13	%
Total		1,733			2,084		-17	%	-15	%		5,110			5,682		-10	%	-10	%
Asia Pacific & Latin America
Footwear		1,052			1,195		-12	%	-5	%		3,338			3,639		-8	%	-4	%
Apparel		358			390		-8	%	-1	%		1,143			1,198		-5	%	-1	%
Equipment		60			62		-3	%	5	%		195			187		4	%	8	%
Total		1,470			1,647		-11	%	-4	%		4,676			5,024		-7	%	-3	%
Global Brand Divisions²		12			9		33	%	21	%		39			34		15	%	13	%
TOTAL NIKE BRAND		10,890			11,948		-9	%	-6	%		33,951			37,173		-9	%	-8	%
Converse		405			495		-18	%	-16	%		1,335			1,602		-17	%	-16	%
Corporate³		(26	)		(14	)	—		—			(74	)		(19	)	—		—
TOTAL NIKE, INC. REVENUES	$	11,269		$	12,429		-9	%	-7	%	$	35,212		$	38,756		-9	%	-8	%

TOTAL NIKE BRAND
Footwear	$	7,208		$	8,162		-12	%	-9	%	$	22,325		$	25,190		-11	%	-10	%
Apparel		3,193			3,290		-3	%	-1	%		9,963			10,452		-5	%	-4	%
Equipment		477			487		-2	%	0	%		1,624			1,497		8	%	9	%
Global Brand Divisions²		12			9		33	%	21	%		39			34		15	%	13	%
TOTAL NIKE BRAND REVENUES	$	10,890		$	11,948		-9	%	-6	%	$	33,951		$	37,173		-9	%	-8	%
¹The percent change has been calculated using actual exchange rates in use during the comparative prior year period and is provided to enhance the visibility of the underlying business trends by excluding the impact of translation arising from foreign currency exchange rate fluctuations, which is considered a non-GAAP financial measure. Management uses this non-GAAP financial measure when evaluating the Company's performance, including when making financial and operating decisions. Additionally, management believes this non-GAAP financial measure provides investors with additional financial information that should be considered when assessing the Company's underlying business performance and trends. References to this measure 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 non-GAAP measures used by other companies.
²Global 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 the Company's central foreign exchange risk management program.

NIKE, Inc.
EARNINGS BEFORE INTEREST AND TAXES¹
(Unaudited)


	THREE MONTHS ENDED						%		NINE MONTHS ENDED						%
(Dollars in millions)	2/28/2025			2/29/2024			Change		2/28/2025			2/29/2024			Change
North America	$	1,103		$	1,400		-21	%	$	3,690		$	4,360		-15	%
Europe, Middle East & Africa		480			734		-35	%		2,103			2,591		-19	%
Greater China		421			722		-42	%		1,298			1,761		-26	%
Asia Pacific & Latin America		346			471		-27	%		1,208			1,406		-14	%
Global Brand Divisions²		(1,093	)		(1,199	)	9	%		(3,453	)		(3,572	)	3	%
TOTAL NIKE BRAND¹		1,257			2,128		-41	%		4,846			6,546		-26	%
Converse		39			98		-60	%		213			380		-44	%
Corporate³		(470	)		(874	)	46	%		(1,577	)		(2,060	)	23	%
TOTAL NIKE, INC. EARNINGS BEFORE INTEREST AND TAXES¹		826			1,352		-39	%		3,482			4,866		-28	%
EBIT margin¹		7.3	%		10.9	%				9.9	%		12.6	%
Interest expense (income), net		(18	)		(52	)	—			(85	)		(108	)	—
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES	$	844		$	1,404		-40	%	$	3,567		$	4,974		-28	%
¹The Company evaluates the performance of individual operating segments based on earnings before interest and taxes (commonly referred to as "EBIT"), which represents Net income before Interest expense (income), net and Income tax expense. Total NIKE Brand EBIT, Total NIKE, Inc. EBIT and EBIT margin are considered non-GAAP financial measures. Management uses these non-GAAP financial 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 the Company's underlying business performance and trends. EBIT margin is calculated as total NIKE, Inc. EBIT divided by total NIKE, Inc. Revenues. References to EBIT and EBIT margin 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 non-GAAP measures used by other companies.
²Global Brand Divisions primarily represent demand creation and operating overhead expense, 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.
³Corporate consists primarily of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company's corporate headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses. For the three and nine months ended February 29, 2024, Corporate includes the restructuring charges, recognized as a result of the Company's steps to streamline the organization. These charges primarily reflect employee severance costs.

NIKE, Inc.
DILUTED EARNINGS PER SHARE
(Unaudited)


	THREE MONTHS ENDED			NINE MONTHS ENDED
	2/29/2024			2/29/2024
DILUTED EARNINGS PER SHARE (GAAP):	$	0.77		$	2.74
Add: Restructuring charges		0.26			0.26
Tax effect of the restructuring charges¹		(0.05	)		(0.05	)
DILUTED EARNINGS PER SHARE EXCLUDING RESTRUCTURING CHARGES (NON-GAAP)²:	$	0.98		$	2.95
¹Tax effect was determined by applying the tax rate applicable to the specific item.
²Diluted earnings per share excluding the restructuring charges is a non-GAAP financial measure. The most comparable GAAP measure is Diluted earnings per share. The Company uses Diluted earnings per share excluding the restructuring charges to facilitate the evaluation of the Company's performance. The Company believes that providing Diluted earnings per share excluding the impacts of the restructuring charges is useful to investors for comparability between periods and allows investors to evaluate the impacts of the restructuring charges separately. For the three and nine months ended February 28, 2025, there were no material restructuring charges.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250320583665/en/

Investor Contact:

Paul Trussell

[email protected]

Media Contact:

Virginia Rustique-Petteni

[email protected]

Get the next $NKE alert in real time by email

Recent Analyst Ratings for

$NKE

Date	Price Target	Rating	Analyst
7/10/2025	$76.00	Buy → Hold	DZ Bank
7/1/2025	$85.00	Hold → Buy	Argus
6/27/2025	$66.00 → $78.00	Buy	Needham
6/27/2025	$80.00	Hold → Buy	HSBC Securities
6/18/2025	$75.00 → $66.00	Buy	Needham
5/6/2025	$80.00 → $70.00	Market Perform	Telsey Advisory Group
4/30/2025	$55.00	Overweight → Equal Weight	Wells Fargo
4/15/2025	$58.00	Hold	Berenberg

More analyst ratings

NIKE, Inc. Reports Fiscal 2025 Third Quarter Results

Crush Q3 2025 with the Best AI Executive Assistant

Recent Analyst Ratings for $NKE

NIKE, Inc. Reports Fiscal 2025 Third Quarter Results

Crush Q3 2025 with the Best AI Executive Assistant

Recent Analyst Ratings for $NKE

$NKE SEC Filings

Nike Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

Nike Inc. filed SEC Form 8-K: Regulation FD Disclosure, Financial Statements and Exhibits

Nike Inc. filed SEC Form 8-K: Leadership Update

$NKE Press Releases

Fastest customizable press release news feed in the world

BetterInvesting™ Magazine Update on Booz Allen Hamilton (NYSE: BAH) and Nike (NYSE: NKE)

NIKE, Inc. Reports Fiscal 2025 Fourth Quarter and Full Year Results

Jørgen Vig Knudstorp Nominated to Join NIKE, Inc. Board of Directors

$NKE Analyst Ratings

Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

NIKE downgraded by DZ Bank with a new price target

NIKE upgraded by Argus with a new price target

Needham reiterated coverage on NIKE with a new price target

$NKE Insider Trading

Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

EVP: CHIEF COMMERCIAL OFFICER Williams Craig A. covered exercise/tax liability with 4,689 units of Class B Common Stock, decreasing direct ownership by 5% to 92,552 units (SEC Form 4)

New insider Mccartney Philip claimed ownership of 41,226 units of Class B Common Stock (SEC Form 3)

New insider Montagne Amy claimed ownership of 20,533 units of Class B Common Stock (SEC Form 3)

$NKE Insider Purchases

Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

Director Swan Robert Holmes bought $502,756 worth of Class B Common Stock (8,600 units at $58.46), increasing direct ownership by 37% to 31,983 units (SEC Form 4)

Director Rogers John W Jr bought $191,624 worth of Class B Common Stock (2,500 units at $76.65), increasing direct ownership by 8% to 34,403 units (SEC Form 4)

Director Swan Robert Holmes bought $226,516 worth of Class B Common Stock (2,941 units at $77.02), increasing direct ownership by 16% to 20,946 units (SEC Form 4)

$NKE Leadership Updates

Live Leadership Updates

Jørgen Vig Knudstorp Nominated to Join NIKE, Inc. Board of Directors

NIKE, Inc. Appoints Michael Gonda as Executive Vice President and Chief Communications Officer

NIKE, Inc. Appoints Treasure Heinle as Executive Vice President and Chief Human Resources Officer

$NKE Large Ownership Changes

This live feed shows all institutional transactions in real time.

SEC Form SC 13G/A filed by Nike Inc. (Amendment)

SEC Form SC 13G/A filed

$NKE Financials

Live finance-specific insights

NIKE, Inc. Reports Fiscal 2025 Fourth Quarter and Full Year Results

NIKE, Inc. Announces Fourth Quarter Fiscal 2025 Earnings and Conference Call

NIKE, Inc. Declares $0.40 Quarterly Dividend

Recent Analyst Ratings for
$NKE

Recent Analyst Ratings for
$NKE

$NKE
SEC Filings

$NKE
Press Releases

$NKE
Analyst Ratings

$NKE
Insider Trading

$NKE
Insider Purchases

$NKE
Leadership Updates

$NKE
Large Ownership Changes

$NKE
Financials