Analysis of Revenues
Revenues as Reported
Nike Inc., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31).
Total revenues exhibited a growth trajectory from 2021 through 2024, peaking at US$ 51,362 million before experiencing a notable contraction in 2025. The period ending May 31, 2026, indicates a phase of stabilization, with total revenues remaining nearly flat at US$ 46,398 million.
- Footwear Revenue Analysis
- Footwear serves as the primary driver of total revenue and reflects the most significant volatility. A growth trend was observed from 2021 to 2023, where revenues peaked at US$ 35,290 million. This was followed by a sharp decline starting in 2025, with revenues retreating to US$ 30,538 million by 2026, effectively returning to levels similar to those seen in 2021.
- Apparel Revenue Performance
- The apparel segment demonstrated relative stability compared to footwear. Revenues grew modestly from US$ 12,969 million in 2021 to a peak of US$ 13,933 million in 2023. A slight dip occurred in 2025, followed by a marginal recovery to US$ 13,497 million by 2026.
- Equipment Segment Expansion
- The equipment category is the only segment to show consistent and sustained growth throughout the analyzed period. Revenues increased every year from US$ 1,411 million in 2021 to US$ 2,220 million in 2026, suggesting a steady expansion in this specific product line.
- Other Revenue Trends
- Revenues categorized as other remained immaterial to the total financial composition. This segment showed inconsistent fluctuations, peaking at US$ 239 million in 2023 before dropping to US$ 74 million in 2025 and recovering slightly to US$ 143 million in 2026.