Nike said NIKE, Inc. revenues for fiscal 2025 were $46.3 billion compared to $51.4 billion for fiscal 2024, a decrease of 10% on a reported basis and 9% on a currency-neutral basis.

10-KAnnual reportFiled Jul 17, 2025Period of report May 31, 2025Summary published (UTC) Oct 10, 2026

Key points

AI summary

Nike said NIKE, Inc. revenues for fiscal 2025 were $46.3 billion compared to $51.4 billion for fiscal 2024, a decrease of 10% on a reported basis and 9% on a currency-neutral basis.
The company said gross margin for fiscal 2025 decreased 190 basis points to 42.7%, compared to 44.6% for fiscal 2024, and cited higher discounts, changes in channel mix and higher inventory obsolescence reserves as factors, partially offset by lower product costs.
Nike said NIKE Direct revenues were $21.5 billion in fiscal 2024 compared to $18.8 billion in fiscal 2025, and on a currency-neutral basis NIKE Direct revenues decreased 12% with NIKE Brand Digital sales declining 20% from $12.1 billion to $9.6 billion.
The company said it returned $5.3 billion to shareholders in fiscal 2025 through share repurchases and dividends, and Return on Invested Capital was 20.2% as of May 31, 2025, compared to 34.9% as of May 31, 2024.

Key figures

Fiscal year ended May 31, 2025

Revenue: $46.3B
Net income: $3.2B
EPS: $2.16
Gross profit: $19.8B
Operating cash flow: $3.7B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Annual revenues $46.3 billion, prior-year $51.4 billion

Nike said NIKE, Inc. revenues for fiscal 2025 were $46.3 billion compared to $51.4 billion for fiscal 2024, a decrease of 10% on a reported basis and 9% on a currency-neutral basis.

Source · Based on the MD&A text of the filing

Gross margin 42.7%, down 190 basis points

The company said gross margin for fiscal 2025 decreased 190 basis points to 42.7%, compared to 44.6% for fiscal 2024, and cited higher discounts, changes in channel mix and higher inventory obsolescence reserves as factors, partially offset by lower product costs.

Source · Based on the MD&A text of the filing

NIKE Direct revenues $18.8 billion, digital down 20%

Nike said NIKE Direct revenues were $21.5 billion in fiscal 2024 compared to $18.8 billion in fiscal 2025, and on a currency-neutral basis NIKE Direct revenues decreased 12% with NIKE Brand Digital sales declining 20% from $12.1 billion to $9.6 billion.

Source · Based on the MD&A text of the filing

Shareholder returns $5.3 billion, ROIC 20.2%

The company said it returned $5.3 billion to shareholders in fiscal 2025 through share repurchases and dividends, and Return on Invested Capital was 20.2% as of May 31, 2025, compared to 34.9% as of May 31, 2024.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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