Analysis of Geographic Areas
Nike Inc. operates in 1 regions: and United States.
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Area Asset Turnover
Nike Inc., asset turnover by geographic area
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | |
|---|---|---|---|---|---|---|
| United States |
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).
The asset turnover ratio for the United States market exhibits a strong overall growth trend between May 2021 and May 2026, indicating a marked improvement in asset utilization efficiency. The ratio progressed from 3.52 to 4.96 over the analyzed period, reflecting an increased capacity to generate revenue relative to the asset base.
- Growth Phase (2021–2024)
- A period of sustained expansion is observed, with the ratio rising from 3.52 in 2021 to 4.46 in 2024. This steady climb suggests a consistent optimization of regional assets and revenue growth that outpaced asset accumulation.
- Stabilization Period (2024–2025)
- A marginal deceleration occurred between May 2024 and May 2025, where the ratio shifted from 4.46 to 4.42. This slight decrease indicates a brief period of plateauing efficiency or a modest increase in the asset base relative to sales growth.
- Accelerated Improvement (2025–2026)
- The most significant single-year increase occurred between May 2025 and May 2026, with the ratio reaching its peak at 4.96. This surge represents a substantial leap in operational efficiency, suggesting a highly optimized use of resources to drive top-line results.
Area Asset Turnover: United States
Nike Inc.; United States; area asset turnover calculation
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | ||||||
| Long-lived assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2026 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
The United States geographic area demonstrates a consistent improvement in asset utilization efficiency over the analyzed period. Despite fluctuations in revenue following a peak in 2023, the area asset turnover ratio exhibits a strong upward trajectory, indicating a more efficient generation of sales relative to the investment in long-lived assets.
- Revenue Performance
- Revenues experienced significant growth from 17,363 million in 2021 to a peak of 22,007 million in 2023. A downward trend followed, with revenues declining to 19,725 million by May 31, 2025, before a projected recovery to 20,358 million by May 31, 2026.
- Long-lived Asset Trends
- The asset base remained stable between 2021 and 2022, reaching a maximum of 5,129 million in 2023. Since that peak, a steady contraction of long-lived assets has been observed, with values decreasing annually to a projected 4,101 million by May 31, 2026. This represents a strategic reduction in the asset footprint over the final three years of the period.
- Area Asset Turnover Analysis
- The turnover ratio improved from 3.52 in 2021 to 4.46 in 2024. While a marginal dip to 4.42 occurred in 2025, the ratio is projected to reach its highest point of 4.96 by May 31, 2026. The data indicates that the expansion of the turnover ratio is increasingly driven by the reduction of the asset base rather than revenue growth, particularly from 2024 onwards, reflecting enhanced operational leaness.
Revenues
Nike Inc., revenues by geographic area
US$ in millions
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | |
|---|---|---|---|---|---|---|
| United States |
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).
Revenue within the United States market exhibited a period of significant growth followed by a contraction and a subsequent modest recovery over the six-year period ending May 31, 2026. The trajectory is characterized by a distinct peak in 2023, after which a downward trend emerged before stabilizing in the final reported year.
- Growth and Peak Performance (2021-2023)
- A strong upward trend is observed from May 31, 2021, to May 31, 2023. Revenue increased from $17,363 million to a peak of $22,007 million, representing the highest revenue level in the analyzed period. This growth phase indicates a period of expansion in the domestic market.
- Revenue Contraction (2023-2025)
- Following the 2023 peak, a consecutive decline in revenue is noted. Figures decreased to $21,551 million in 2024 and further dropped to $19,725 million by May 31, 2025. This contraction suggests a period of reduced demand or shifting market dynamics within the United States.
- Recent Stabilization and Recovery (2025-2026)
- The downward trend was reversed between May 31, 2025, and May 31, 2026, with revenue rising to $20,358 million. Although this figure remains below the 2023 peak, the movement indicates a recovery phase and a potential return to growth in the region.
Long-lived assets
Nike Inc., long-lived assets by geographic area
US$ in millions
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | |
|---|---|---|---|---|---|---|
| United States |
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).
The long-lived assets associated with the United States geographic area demonstrate a trajectory characterized by an initial period of relative stability followed by a sustained contraction over the analyzed six-year period.
- Asset Valuation and Peak
- Between May 31, 2021, and May 31, 2022, long-lived assets remained nearly constant, moving from US$ 4,927 million to US$ 4,916 million. A peak valuation was reached on May 31, 2023, when assets increased to US$ 5,129 million.
- Sustained Downward Trend
- Following the 2023 peak, a consistent decline is observed. Asset values decreased to US$ 4,837 million by May 31, 2024, and further declined to US$ 4,467 million by May 31, 2025.
- Terminal Period Analysis
- The downward trajectory concluded on May 31, 2026, with long-lived assets reaching a period low of US$ 4,101 million. This represents a total reduction of approximately 19.9% from the 2023 peak value.