Analysis of Revenues
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Revenues as Reported
Nike Inc., income statement, revenues
US$ in millions
| 12 months ended: | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Footwear | |||||||||||||
| Apparel | |||||||||||||
| Equipment | |||||||||||||
| Other | |||||||||||||
| Revenues |
Based on: 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), 10-K (reporting date: 2020-05-31).
- Footwear Revenue Trends
- Footwear revenue demonstrated a general upward trend from 2020 to 2023, increasing from 24,947 million USD to a peak of 35,290 million USD. However, there was a decline starting in 2024 through 2025, with figures dropping from 35,227 million USD to 30,967 million USD. This indicates a recent contraction in the footwear segment after several years of growth.
- Apparel Revenue Trends
- The apparel segment exhibited steady growth from 2020 (11,042 million USD) to 2023 (13,933 million USD). After that, revenues slightly decreased in 2024 and 2025 to 13,868 million USD and 13,045 million USD respectively, suggesting a minor decline in the apparel category in the latest years observed.
- Equipment Revenue Trends
- Revenue from equipment showed consistent growth throughout the entire period, starting at 1,305 million USD in 2020 and increasing steadily to 2,223 million USD by 2025. This segment appears to be expanding continuously without any evident downturns.
- Other Revenue Trends
- The 'Other' category, representing a smaller portion of overall revenues, fluctuated significantly with no clear trend. Starting at 109 million USD in 2020, it rose to a peak of 239 million USD in 2023, but then decreased sharply to 74 million USD by 2025. This volatility suggests variability or inconsistency in this segment’s contributions.
- Total Revenues
- Total revenues followed a growth trajectory from 37,403 million USD in 2020 to a peak of 51,362 million USD in 2024, before declining to 46,309 million USD in 2025. The decline in total revenues in the last year corresponded with decreases in both the footwear and apparel segments, despite continued growth in equipment revenue. This overall pattern indicates recent challenges impacting the company's top-line performance.