NIKE, Inc. Revenue & Financials

FY2025 revenue of $46.3 billion represented a 10% decline from FY2024's $51.4 billion — the steepest revenue drop in Nike's public company history outside of pandemic-related disruptions. Net income fell to $3.2 billion from $5.7 billion the prior year. The market capitalization of $66 billion at fiscal year-end implies a multiple of roughly 1.4x revenue, a level that reflects investor expectations of an extended recovery period rather than a rapid bounce. The revenue decline was not uniform across channels. Direct-to-consumer revenues, which had been the focus of the preceding strategic push, held relatively better. Wholesale revenues — the channel that had been systematically reduced to force consumer traffic to Nike-owned digital and retail properties — declined more sharply as retail partners reduced their Nike inventory commitments in response to years of allocation reductions. Rebuilding those wholesale relationships requires Nike to offer better terms, deeper inventory, and more exclusive product than it was willing to provide during the direct push. That transition compresses near-term margins. Jordan Brand's $7 billion+ in annual revenue remains structurally separate from the main Nike business in terms of demand drivers. The Jordan market operates on scarcity, collaboration, and cultural relevance that is largely independent of Nike's operational struggles. Hype-driven releases continue to sell through at full price regardless of what is happening to Nike's running or training categories. China represented approximately 14% of FY2024 revenue and remains a structural variable that is difficult to model. The geopolitical environment affecting US brands in China, combined with the rise of domestic Chinese athletic brands competing for share in the mainland market, creates risk that is partly cyclical — Chinese consumer confidence — and partly structural — Chinese brand preference — in ways that standard market cycle analysis cannot cleanly separate.