Nike statistics at a glance
Nike’s fiscal 2025 numbers show a business that is still very large, still highly global, and still generating substantial cash, but also facing clear pressure on revenue and margin.
The headline figures are easy to summarize and harder to ignore: revenue was $46.3 billion, gross margin was 42.7%, and the company returned about $5.3 billion to shareholders in fiscal 2025 (NIKE FY2025 Form 10-K; NIKE FY2025 full-year results).
Table of contents
- Nike statistics at a glance
- Revenue and segment mix
- Profitability and margin
- Cash, capital return, and balance sheet
- Regional revenue snapshot
- Retail footprint and operating scale
- Share count and market-value details
- What the fiscal 2025 data says about Nike
Revenue and segment mix
Nike reported $46.3 billion in total revenue for fiscal 2025, down 10% reported and 9% currency-neutral from FY24 (NIKE FY2025 Form 10-K).
That is the first number to anchor the rest of the discussion. The business still produces enormous scale, but the year-over-year comparison shows a meaningful decline rather than a flat or modestly growing base.
A second layer comes from the revenue mix. Nike Brand revenue was $44.7 billion in fiscal 2025, down 9% reported and currency-neutral (NIKE FY2025 Form 10-K). Wholesale revenue was $25.9 billion, down 7% reported and 6% currency-neutral, while NIKE Direct revenue was $18.8 billion, down 13% reported and 12% currency-neutral (NIKE FY2025 Form 10-K).
Converse was smaller but still material. Converse revenue was $1.7 billion in fiscal 2025, down 19% reported and 18% currency-neutral (NIKE FY2025 Form 10-K). In the fuller segment disclosure, Converse revenue was $1.692 billion, with wholesale sales of $875 million and direct-to-consumer sales of $694 million (NIKE FY2025 Form 10-K).
Revenue mix table
| Metric | Fiscal 2025 | Source label |
|---|---|---|
| Total revenue | $46.3 billion | NIKE FY2025 Form 10-K |
| NIKE Brand revenue | $44.7 billion | NIKE FY2025 Form 10-K |
| Wholesale revenue | $25.9 billion | NIKE FY2025 Form 10-K |
| NIKE Direct revenue | $18.8 billion | NIKE FY2025 Form 10-K |
| Converse revenue | $1.7 billion | NIKE FY2025 Form 10-K |
The split matters because it shows how the company’s largest channels are behaving differently. Wholesale remained larger than direct-to-consumer in fiscal 2025, and the direct channel fell faster than wholesale (NIKE FY2025 Form 10-K).
Profitability and margin
Revenue tells only part of the story. Profitability gives a sharper view of how efficient the business was during the year.
Nike’s gross margin in fiscal 2025 was 42.7%, down 190 basis points from the prior year (NIKE FY2025 Form 10-K). Based on reported revenue and gross margin, fiscal 2025 gross profit was $19.9 billion, and fiscal 2025 cost of sales was $26.4 billion (NIKE FY2025 Form 10-K).
Net income available to common stockholders was $3.219 billion in fiscal 2025 (NIKE FY2025 Form 10-K). Basic earnings per share were $2.17, and diluted earnings per share were $2.16 (NIKE FY2025 Form 10-K).
The business still produced substantial earnings, but the combination of lower revenue and a lower gross margin points to a year where the top line and the margin structure both moved in the wrong direction.
Fast facts on earnings quality
- Net income available to common stockholders: $3.219 billion (NIKE FY2025 Form 10-K)
- Basic EPS: $2.17 (NIKE FY2025 Form 10-K)
- Diluted EPS: $2.16 (NIKE FY2025 Form 10-K)
- Weighted average common shares outstanding: 1.4849 billion (NIKE FY2025 Form 10-K)
- Diluted weighted average common shares outstanding: 1.4876 billion (NIKE FY2025 Form 10-K)
- Anti-dilutive restricted stock, RSUs, and options excluded from diluted EPS: 75.5 million shares (NIKE FY2025 Form 10-K)
Operating expense context
NIKE’s fiscal 2025 total selling and administrative expense was $17.3 billion, computed from reported demand creation expense and operating overhead in the FY25 results release (NIKE FY2025 full-year results).
That figure helps explain why the margin picture matters so much. A company with this much scale can still deliver large absolute profit numbers while seeing operating leverage compress if revenue softens and spending remains elevated.
Cash, capital return, and balance sheet
Nike ended fiscal 2025 with $7.464 billion in cash and equivalents (NIKE FY2025 Form 10-K). That was down $2.396 billion from the beginning of fiscal 2025, when cash and equivalents were $9.860 billion (NIKE FY2025 Form 10-K).
Cash flow from operations was $3.698 billion in fiscal 2025 (NIKE FY2025 Form 10-K). Cash used by investing activities was $275 million, and cash used by financing activities was $5.820 billion (NIKE FY2025 Form 10-K).
The financing line is especially important because it shows how much capital left the company during the year. Nike returned about $5.3 billion to shareholders in fiscal 2025 (NIKE FY2025 full-year results). Within that total, it paid $2.3 billion in dividends, up 6% from the prior year, and repurchased $3.0 billion of stock (NIKE FY2025 full-year results).
Nike has increased dividend payouts for 23 consecutive years (NIKE FY2025 full-year results). That makes the fiscal 2025 dividend still part of a long-running capital-return pattern rather than an isolated event.
Capital return snapshot
| Metric | Fiscal 2025 | Source label |
|---|---|---|
| Returned to shareholders | about $5.3 billion | NIKE FY2025 full-year results |
| Dividends paid | $2.3 billion | NIKE FY2025 full-year results |
| Stock repurchases | $3.0 billion | NIKE FY2025 full-year results |
| Shares retired through repurchases | 37.6 million | NIKE FY2025 full-year results |
| Consecutive years of dividend increases | 23 | NIKE FY2025 full-year results |
The balance sheet also gives a sense of scale. Long-term debt was $7.961 billion at May 31, 2025 (NIKE FY2025 Form 10-K). Total current liabilities were $10.566 billion, total shareholders’ equity was $13.213 billion, and total liabilities and shareholders’ equity were $36.579 billion at May 31, 2025 (NIKE FY2025 Form 10-K).
Selected working-capital and liability line items include accounts payable of $3.479 billion, accrued liabilities of $5.911 billion, income taxes payable of $669 million, and operating lease liabilities of $2.550 billion current and $2.550 billion long-term at May 31, 2025 (NIKE FY2025 Form 10-K).
NIKE’s retained earnings were a $727 million deficit, and accumulated other comprehensive loss was $258 million at May 31, 2025 (NIKE FY2025 Form 10-K).
Liquidity and balance sheet details
- Cash and equivalents at fiscal year-end: $7.464 billion (NIKE FY2025 Form 10-K)
- Cash and equivalents at the beginning of fiscal 2025: $9.860 billion (NIKE FY2025 Form 10-K)
- Cash provided by operations: $3.698 billion (NIKE FY2025 Form 10-K)
- Cash used by investing activities: $275 million (NIKE FY2025 Form 10-K)
- Cash used by financing activities: $5.820 billion (NIKE FY2025 Form 10-K)
- Additions to property, plant and equipment: $430 million (NIKE FY2025 Form 10-K)
- Interest paid, net of capitalized interest: $389 million (NIKE FY2025 Form 10-K)
- Income taxes paid: $1.226 billion (NIKE FY2025 Form 10-K)
Regional revenue snapshot
Nike’s business is still geographically broad, and the regional numbers show different levels of scale and profitability across markets.
North America revenue was $19.572 billion in fiscal 2025, with footwear revenue of $12.684 billion, apparel revenue of $5.837 billion, equipment revenue of $1.051 billion, wholesale revenue of $10.484 billion, NIKE Direct revenue of $9.088 billion, and earnings before interest and taxes of $4.735 billion (NIKE FY2025 Form 10-K).
Europe, Middle East & Africa revenue was $13.607 billion, with footwear revenue of $8.473 billion, apparel revenue of $4.380 billion, equipment revenue of $754 million, and earnings before interest and taxes of $3.388 billion (NIKE FY2025 Form 10-K).
Greater China revenue was $6.586 billion, with wholesale revenue of $3.699 billion, NIKE Direct revenue of $2.887 billion, gross margin of 46.0%, and earnings before interest and taxes of $1.602 billion (NIKE FY2025 Form 10-K).
APLA revenue was $6.251 billion, with wholesale revenue of $3.678 billion, NIKE Direct revenue of $2.573 billion, gross margin of 44.0%, and earnings before interest and taxes of $1.527 billion (NIKE FY2025 Form 10-K).
Regional comparison table
| Region | Revenue | Gross margin | EBIT | Source label |
|---|---|---|---|---|
| North America | $19.572 billion | not stated in source set | $4.735 billion | NIKE FY2025 Form 10-K |
| Europe, Middle East & Africa | $13.607 billion | not stated in source set | $3.388 billion | NIKE FY2025 Form 10-K |
| Greater China | $6.586 billion | 46.0% | $1.602 billion | NIKE FY2025 Form 10-K |
| APLA | $6.251 billion | 44.0% | $1.527 billion | NIKE FY2025 Form 10-K |
The country and region mix shows that North America remained the largest revenue contributor in fiscal 2025, while Greater China and APLA both produced strong gross-margin rates relative to their own regional revenue bases (NIKE FY2025 Form 10-K).
Retail footprint and operating scale
Nike’s store network remains a major operational layer behind the financial figures.
In the United States, the retail fleet included 213 Nike Brand factory stores, 85 Nike Brand in-line stores including employee-only stores, and 78 Converse stores including factory stores. Nike operated 376 retail stores in the United States in fiscal 2025 (NIKE FY2025 Form 10-K).
Outside the United States, Nike operated 543 Nike Brand factory stores, 61 Nike Brand in-line stores, and 54 Converse stores, for 658 retail stores outside the United States in fiscal 2025 (NIKE FY2025 Form 10-K).
Across the full footprint, Nike leased approximately 1,029 retail stores worldwide in fiscal 2025, primarily factory stores (NIKE FY2025 Form 10-K).
Distribution matters too. Nike had eight significant distribution centers in the United States and shipped products from 72 distribution centers outside the United States in fiscal 2025 (NIKE FY2025 Form 10-K).
Operating scale notes
- U.S. customers accounted for approximately 43% of total revenues in fiscal 2025 (NIKE FY2025 Form 10-K)
- Non-U.S. sales accounted for approximately 57% of total revenues in fiscal 2025 (NIKE FY2025 Form 10-K)
- The three largest U.S. customers accounted for about 25% of U.S. sales in fiscal 2025 (NIKE FY2025 Form 10-K)
- The three largest customers outside the United States accounted for about 16% of non-U.S. sales in fiscal 2025 (NIKE FY2025 Form 10-K)
These figures show that Nike is not simply a consumer brand with a few flagship stores. It is a global retail, wholesale, and distribution system with enough scale that even modest shifts in channel mix or customer concentration can matter.
Share count and market-value details
Nike’s capital structure also includes multiple share classes and a very large public float.
Total common shares outstanding were 1,476,903,492 as of July 9, 2025 (NIKE FY2025 Form 10-K). Of that total, Class A shares outstanding were 288,887,752 and Class B shares outstanding were 1,188,015,740 as of July 9, 2025 (NIKE FY2025 Form 10-K).
The aggregate market value of non-affiliate stock was $98.259 billion as of November 30, 2024 (NIKE FY2025 Form 10-K). Within that total, Class A non-affiliate market value was $5.604 billion and Class B non-affiliate market value was $92.656 billion as of November 30, 2024 (NIKE FY2025 Form 10-K).
These are not operating metrics, but they help explain why repurchases and dividend policy matter so much in the company’s overall story.
What the fiscal 2025 data says about Nike
Nike’s fiscal 2025 statistics point to a company that is still enormous, still global, and still cash-generative, but one that faced a real reset in revenue and margin during the year.
The clearest facts are the broad ones: $46.3 billion in revenue, 42.7% gross margin, $3.219 billion in net income available to common stockholders, and about $5.3 billion returned to shareholders (NIKE FY2025 Form 10-K; NIKE FY2025 full-year results).
The more detailed facts reinforce that same picture. Wholesale remained larger than NIKE Direct, North America stayed the largest region, non-U.S. sales were still the majority at approximately 57% of revenue, and the company continued to maintain a very large global retail and distribution footprint (NIKE FY2025 Form 10-K).
That combination makes Nike’s fiscal 2025 statistics useful for more than a headline scan. They show the business model, the channel mix, the regional split, the cash profile, and the degree to which scale can coexist with pressure on growth and profitability.