Analysis of Reportable Segments
Nike Inc. operates in 5 segments: North America; Europe, Middle East & Africa (EMEA); Greater China; Asia Pacific & Latin America (APLA); and Converse.
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Segment Profit Margin
Nike Inc., profit margin by reportable segment
| May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | |
|---|---|---|---|---|---|---|
| North America | ||||||
| Europe, Middle East & Africa (EMEA) | ||||||
| Greater China | ||||||
| Asia Pacific & Latin America (APLA) | ||||||
| Converse |
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).
The reportable segment profit margin data over the six-year period reveals varying trends across different geographic and brand segments. Overall, there is a general pattern of fluctuation with some segments experiencing noticeable declines in the most recent years.
- North America
- The profit margin increased significantly from 20.02% in 2020 to a peak of 29.62% in 2021. However, it subsequently trended downward, declining to 24.19% by 2025. Despite the reduction after 2021, the margin remained above the initial 2020 level through the period.
- Europe, Middle East & Africa (EMEA)
- This segment showed a steady upward trend from 16.49% in 2020 to a high of 26.39% in 2022. Following this peak, margins slightly contracted but remained relatively stable around the mid-20% range until 2024. By 2025, there was a marked decrease to 21.01%, indicating some recent pressure on profitability.
- Greater China
- Greater China consistently held the highest profit margins among the segments until 2024, starting at 37.28% in 2020 and peaking at 39.12% in 2021. After this peak, the margin declined steadily each year, dropping sharply to 24.32% in 2025. This decline suggests considerable challenges or changing conditions affecting profitability in this region.
- Asia Pacific & Latin America (APLA)
- The APLA segment exhibited a positive momentum from 23.55% in 2020 to a peak of 31.84% in 2022. After 2022, the margin decreased gradually to 24.43% by 2025. While the segment experienced gains initially, the subsequent decline indicates diminishing profitability over recent periods.
- Converse
- Converse showed a strong upward trajectory initially, increasing from 16.09% in 2020 to a peak of 28.52% in 2022. However, unlike other segments, Converse experienced a more pronounced and continuous decrease to 14.18% by 2025. This sharp reduction points to significant challenges in maintaining profitability within this brand segment.
In summary, the segment profit margins across regions demonstrated improvement primarily until around 2021-2022, after which most segments faced declining margins. Greater China and Converse experienced the most pronounced reductions, while North America and EMEA, despite some recovery phases, also saw declines towards the end of the period. The data suggests that external or internal factors have increasingly pressured profitability across most segments from the mid-period onwards, warranting further investigation into specific drivers behind these trends.
Segment Profit Margin: North America
Nike Inc.; North America; segment profit margin calculation
| May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Earnings (loss) before interest and taxes | ||||||
| Revenues | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
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).
1 2025 Calculation
Segment profit margin = 100 × Earnings (loss) before interest and taxes ÷ Revenues
= 100 × ÷ =
- Earnings Before Interest and Taxes (EBIT)
- The EBIT showed a significant increase from 2,899 million USD in 2020 to a peak of 5,822 million USD in 2024, indicating strong operational growth over this period. However, there was a decline in 2025 to 4,735 million USD, suggesting a potential challenge or increased costs impacting profitability in the most recent year.
- Revenues
- Revenue demonstrated a consistent upward trend from 14,484 million USD in 2020 to a peak of 21,608 million USD in 2023, reflecting robust sales growth. This was followed by a slight decline in 2024 and 2025 to 21,396 million USD and 19,572 million USD, respectively, indicating possible market saturation or reduced demand.
- Segment Profit Margin
- The profit margin improved sharply from 20.02% in 2020 to a high of 29.62% in 2021, showing increased efficiency or better cost management. Subsequently, the margin fluctuated downward, settling at 24.19% in 2025. This suggests that while the segment remained profitable, it faced pressure on margins in the later years, possibly due to rising costs or competitive factors.
- Overall Trends and Insights
- The segment experienced significant growth in revenue and EBIT from 2020 through 2023, coupled with a notable improvement in profit margin early in the period. The peak performance in 2023–2024 was followed by a decline in both earnings and revenues in 2025, alongside a decreased profit margin. This pattern may indicate challenges in maintaining earlier growth rates or increased operational expenses. The data suggests the need for further analysis of cost structures and market dynamics impacting the segment's financial performance in recent years.
Segment Profit Margin: Europe, Middle East & Africa (EMEA)
Nike Inc.; Europe, Middle East & Africa (EMEA); segment profit margin calculation
| May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Earnings (loss) before interest and taxes | ||||||
| Revenues | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
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).
1 2025 Calculation
Segment profit margin = 100 × Earnings (loss) before interest and taxes ÷ Revenues
= 100 × ÷ =
- Earnings (loss) before interest and taxes
- Over the six-year period, earnings before interest and taxes showed a general upward trend from 1,541 million US dollars in 2020 to a peak of 3,531 million US dollars in 2023, followed by a decline in the subsequent years to 2,575 million US dollars in 2025. The increase from 2020 to 2023 indicates strong operational performance improvement, while the decrease from 2023 to 2025 suggests a challenge or shift in business conditions affecting profitability.
- Revenues
- Revenues steadily increased from 9,347 million US dollars in 2020 to reach 13,607 million US dollars in 2024, representing a consistent growth phase. However, in 2025, revenues declined to 12,257 million US dollars, indicating a reversal in sales growth after several years of expansion.
- Segment profit margin
- The segment profit margin improved significantly from 16.49% in 2020 to a peak of 26.39% in 2022, then remained relatively stable around 26% until 2023. Thereafter, it experienced a gradual decline to 21.01% in 2025. This suggests that while operational efficiency and profitability improved markedly in the early years, these advantages diminished somewhat in the last two years.
Segment Profit Margin: Greater China
Nike Inc.; Greater China; segment profit margin calculation
| May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Earnings (loss) before interest and taxes | ||||||
| Revenues | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
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).
1 2025 Calculation
Segment profit margin = 100 × Earnings (loss) before interest and taxes ÷ Revenues
= 100 × ÷ =
- Revenues
- The revenues in the Greater China segment exhibit fluctuations over the observed period. Starting at 6,679 million US dollars in 2020, revenues increased significantly to 8,290 million in 2021. However, a decline followed in 2022 and 2023, with revenues dropping to 7,547 million and 7,248 million respectively. A partial recovery was noted in 2024, with revenues rising again to 7,545 million, followed by a notable decrease in 2025, falling to 6,586 million.
- Earnings (loss) before interest and taxes
- Earnings before interest and taxes demonstrated a less consistent pattern compared to revenues. After a strong increase from 2,490 million US dollars in 2020 to 3,243 million in 2021, earnings decreased markedly in the subsequent years. From 2,365 million in 2022, earnings declined slightly to 2,283 million in 2023, remained almost flat at 2,309 million in 2024, and then dropped substantially to 1,602 million in 2025.
- Segment profit margin
- The profit margin percentage indicates a declining trend overall. The margin peaked at 39.12% in 2021, up from 37.28% in 2020. After this peak, the margin reduced significantly to 31.34% in 2022 and remained relatively stable through 2023 and 2024 at around 31.5% and 30.6% respectively. A more pronounced decline occurred in 2025, where the margin fell to 24.32%.
- Overall analysis
- The period from 2020 to 2021 experienced robust growth in both revenue and earnings, accompanied by the highest profit margin. However, from 2022 onwards, the segment faced decreasing profitability and fluctuating revenues. Despite a temporary rebound in revenues in 2024, the profit margin continued to decline, suggesting rising costs or pricing pressures affecting profitability. The sharp drop in earnings and margin in 2025 signals increased challenges within the segment, with both top-line and operating profit substantially lower compared to earlier years.
Segment Profit Margin: Asia Pacific & Latin America (APLA)
Nike Inc.; Asia Pacific & Latin America (APLA); segment profit margin calculation
| May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Earnings (loss) before interest and taxes | ||||||
| Revenues | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
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).
1 2025 Calculation
Segment profit margin = 100 × Earnings (loss) before interest and taxes ÷ Revenues
= 100 × ÷ =
- Earnings (loss) before interest and taxes
- The earnings before interest and taxes exhibited an upward trend from May 31, 2020, reaching a peak in May 31, 2023 at 1,932 million US$. Following this peak, a decline is observed over the subsequent two years, dropping to 1,527 million US$ by May 31, 2025.
- Revenues
- Revenues showed steady growth between May 31, 2020, and May 31, 2024, increasing from 5,028 million US$ to 6,729 million US$. However, in the last period, there was a notable decline to 6,251 million US$ as of May 31, 2025.
- Segment profit margin
- The segment profit margin improved significantly from 23.55% in May 31, 2020, to a high of 31.84% in May 31, 2022. Thereafter, a gradual decrease is seen over the next three years, culminating in a margin of 24.43% by May 31, 2025, nearing the initial level recorded in 2020.
- Summary of trends
- The financial performance in the Asia Pacific & Latin America segment experienced growth in earnings, revenues, and margin until approximately mid-2023 or 2024. Subsequently, the figures indicated a downturn, with both revenues and earnings declining along with profitability margin. The contraction in segment profit margin alongside the decrease in earnings suggests potential challenges in maintaining operational efficiency or increased costs in the most recent years. The overall trend reveals a period of expansion followed by a phase of contraction or adjustment.
Segment Profit Margin: Converse
Nike Inc.; Converse; segment profit margin calculation
| May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Earnings (loss) before interest and taxes | ||||||
| Revenues | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
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).
1 2025 Calculation
Segment profit margin = 100 × Earnings (loss) before interest and taxes ÷ Revenues
= 100 × ÷ =
- Earnings (loss) before interest and taxes
- The earnings before interest and taxes showed a significant upward trend from 297 million US dollars in 2020 to a peak of 676 million in 2023. After this peak, a marked decline is observed in the subsequent years, dropping to 474 million in 2024 and further down to 240 million in 2025.
- Revenues
- Revenues experienced growth from 1,846 million US dollars in 2020, reaching the highest point of 2,427 million in 2023. Following this peak, revenues declined noticeably to 2,082 million in 2024 and then further decreased to 1,692 million by 2025.
- Segment profit margin
- The segment profit margin increased substantially from 16.09% in 2020 to a high of 28.52% in 2022, maintaining a strong level close to this peak at 27.85% in 2023. Subsequently, the margin contracted to 22.77% in 2024 and declined further to 14.18% in 2025, reaching a level slightly below that at the start of the period.
- Overall observations
- The data indicates a phase of growth in earnings, revenues, and profit margins until 2023, suggesting successful operational performance during this period. However, the years following 2023 demonstrate a downturn across all key metrics, highlighting challenges in maintaining previous growth levels. The decline in profit margin towards the end of the period implies increased cost pressures or reductions in operational efficiency despite the earlier growth trajectory.
Revenues
Nike Inc., revenues by reportable segment
US$ in millions
| May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | |
|---|---|---|---|---|---|---|
| North America | ||||||
| Europe, Middle East & Africa (EMEA) | ||||||
| Greater China | ||||||
| Asia Pacific & Latin America (APLA) | ||||||
| Global Brand Divisions | ||||||
| NIKE Brand | ||||||
| Converse | ||||||
| Corporate | ||||||
| Total |
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).
- North America
- The revenue in North America demonstrated an overall upward trajectory from 2020 to 2023, increasing from $14,484 million to a peak of $21,608 million. However, this segment experienced a decline in 2024 and a further decrease in 2025, dropping to $19,572 million. The peak in 2023 suggests strong performance prior to the decline period.
- Europe, Middle East & Africa (EMEA)
- EMEA revenues increased steadily from $9,347 million in 2020 to $13,607 million in 2024. In 2025, there was a noticeable decline to $12,257 million. The segment’s growth was consistent for most periods, but the latest year indicates some weakening.
- Greater China
- Greater China showed growth from 2020 to 2021, rising from $6,679 million to $8,290 million, followed by a moderate decline through 2023 to $7,248 million. It slightly recovered in 2024 to $7,545 million, then fell again to $6,586 million in 2025. The pattern reflects volatility with no sustained upward trend in recent years.
- Asia Pacific & Latin America (APLA)
- APLA presented consistent growth from $5,028 million in 2020 to $6,729 million in 2024, before a decline to $6,251 million in 2025. This trend indicates ongoing expansion in this region, albeit with some recent softening.
- Global Brand Divisions
- Revenues for Global Brand Divisions varied with no clear trend, fluctuating between $25 million and $102 million over the years and ending at $48 million in 2025. The irregular pattern suggests limited scale and inconsistent performance.
- NIKE Brand
- The NIKE Brand revenue consistently increased from $35,568 million in 2020 to a peak of $49,322 million in 2024. In 2025, there was a decline to $44,714 million. The brand remains the dominant contributor, with recent declines potentially reflecting broader market or economic factors.
- Converse
- Converse showed steady growth from $1,846 million in 2020 to $2,427 million in 2023, followed by a notable decline to $1,692 million in 2025. The decline after 2023 suggests challenges affecting this brand segment specifically.
- Corporate
- Corporate figures fluctuated around small negative and positive values, indicating minimal contribution with some volatility. Losses were reported in 2022, 2024, and 2025, signaling increased corporate expenses or charges in those years.
- Total
- Total revenues reflected the aggregate of segment trends, growing steadily from $37,403 million in 2020 to a peak of $51,362 million in 2024, before declining to $46,309 million in 2025. The overall pattern is one of growth followed by contraction in the most recent year, consistent across most individual segments.
Earnings (loss) before interest and taxes
Nike Inc., earnings (loss) before interest and taxes by reportable segment
US$ in millions
| May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | |
|---|---|---|---|---|---|---|
| North America | ||||||
| Europe, Middle East & Africa (EMEA) | ||||||
| Greater China | ||||||
| Asia Pacific & Latin America (APLA) | ||||||
| Global Brand Divisions | ||||||
| NIKE Brand | ||||||
| Converse | ||||||
| Corporate | ||||||
| Total |
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).
- North America
- The earnings before interest and taxes demonstrated a significant increase from 2,899 million USD in 2020 to a peak of 5,822 million USD in 2024. However, in 2025, there was a notable decline to 4,735 million USD, indicating some challenges or market changes in the most recent period.
- Europe, Middle East & Africa (EMEA)
- There was a consistent upward trend from 1,541 million USD in 2020 to 3,531 million USD in 2023. This was followed by a decline to 2,575 million USD in 2025, suggesting a reduction in profitability in the last two years.
- Greater China
- The earnings showed growth from 2,490 million USD in 2020 to 3,243 million USD in 2021 but then declined steadily over the following years, reaching 1,602 million USD in 2025. This downward trend indicates challenges in maintaining profitability in this region after 2021.
- Asia Pacific & Latin America (APLA)
- There was a general increasing trend in earnings from 1,184 million USD in 2020 to 1,932 million USD in 2023, after which the earnings decreased to 1,527 million USD in 2025. The peak in 2023 suggests strong performance before some weakening in subsequent years.
- Global Brand Divisions
- This segment consistently recorded losses throughout the period, increasing from -3,468 million USD in 2020 to a maximum loss of -4,841 million USD in 2023. Although the losses slightly reduced to -4,699 million USD in 2025, it remains a significant negative contributor to overall earnings.
- NIKE Brand
- The earnings grew markedly from 4,646 million USD in 2020 to a high of 8,684 million USD in 2024, followed by a sharp decline to 5,740 million USD in 2025. This pattern indicates strong brand performance with recent challenges impacting profitability.
- Converse
- Earnings increased steadily from 297 million USD in 2020 to 676 million USD in 2023 before declining to 240 million USD in 2025. This decline suggests diminished profitability or market difficulties in the most recent years.
- Corporate
- The corporate segment recorded losses throughout, ranging between -1,967 million USD in 2020 and a peak loss of -2,840 million USD in 2023. By 2025, losses decreased to -2,202 million USD, implying some improvement in corporate expenses or other costs.
- Total
- Overall, total earnings before interest and taxes increased from 2,976 million USD in 2020 to a peak of 6,923 million USD in 2021, then declined steadily to 3,778 million USD in 2025. This demonstrates an overall strengthening followed by a reduction in earnings, indicating emerging challenges across segments in recent years.