RAG_Techniques/data/nike_2023_annual_report.txt

FORM 10-K FORM 10-KUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Washington, D.C. 20549
FORM 10-K 
(Mark One)
☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED MAY 31, 2023 
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM TO .
Commission File No. 1-10635 
NIKE, Inc. 
(Exact name of Registrant as specified in its charter)
Oregon 93-0584541
(State or other jurisdiction of incorporation) (IRS Employer Identification No.)
One Bowerman Drive, Beaverton, Oregon 97005-6453 
(Address of principal executive offices and zip code)
(503) 671-6453 
(Registrant's telephone number, including area code)
SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
Class B Common Stock NKE New York Stock Exchange
(Title of each class) (Trading symbol) (Name of each exchange on which registered)
SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:
NONE
Indicate by check mark: YES NO
•if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. þ ¨
•if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ¨ þ
•whether the registrant (1) has filed all reports required to be filed by S ection 13 or 15(d) of the Securities 
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required 
to file such reports), and (2) has been subject to such filing requirements for the past 90 days.þ ¨
•whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to 
Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period 
that the registrant was required to submit such files).þ ¨
•whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth 
company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of 
the Exchange Act.
Large accelerated filer þ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐
•if an emerging growth company, if the registrant has elected not to use the extended transition period for 
complying with any new or revised financial accounting standards provided pursuant to S ection 13(a) of the 
Exchange Act.¨
•whether the registrant has filed a report on and attestation to its management's assessment of the ef fectiveness of 
its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by 
the registered public accounting firm that prepared or issued its audit report.þ
•if securities are registered pursuant to Section 12(b) of the Act, whether the financial statements of the registrant 
included in the filing reflect the correction of an error to previously issued financial statements. ¨
•whether any of those error corrections are restatements that required a recovery analysis of incentive-based 
compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to 
§ 240.10D-1(b). ¨
•whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ þ
As of November 30, 2022, the aggregate market values of the Registrant's Common Stock held by non-affiliates were:
Class A $ 7,831,564,572 
Class B 136,467,702,472 
$ 144,299,267,044 As of July 12, 2023, the number of shares of the Registrant's Common Stock outstanding were:
Class A  304,897,252 
Class B  1,225,074,356 
 1,529,971,608 
DOCUMENTS INCORPORATED BY REFERENCE:
Parts of Registrant's Proxy Statement for the Annual Meeting of Shareholders to be held on September 12, 2023, are incorporated by reference into Part III 
of this report.NIKE, INC.
ANNUAL REPORT ON FORM 10-K
TABLE OF CONTENTS
PAGE
PART I 1
ITEM 1. Business 1
General 1
Products 1
Sales and Marketing 2
Our Markets 2
Significant Customer 3
Product Research, Design and Development 3
Manufacturing 3
International Operations and Trade 4
Competition 5
Trademarks and Patents 5
Human Capital Resources 6
Available Information and Websites 7
Information about our Executive Officers 8
ITEM 1A. Risk Factors 9
ITEM 1B. Unresolved Staff Comments 24
ITEM 2. Properties 24
ITEM 3. Legal Proceedings 24
ITEM 4. Mine Safety Disclosures 24
PART II 25
ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25
ITEM 6. Reserved 27
ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 28
ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk 49
ITEM 8. Financial Statements and Supplementary Data 51
ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 91
ITEM 9A. Controls and Procedures 91
ITEM 9B. Other Information 91
ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 91
PART III 92
(Except for the information set forth under “Information about our Executive Officers” in Item 1 above, Part III is 
incorporated by reference from the Proxy Statement for the NIKE, Inc. 2023 Annual Meeting of Shareholders.)
ITEM 10. Directors, Executive Officers and Corporate Governance 92
ITEM 11. Executive Compensation 92
ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 92
ITEM 13. Certain Relationships and Related Transactions and Director Independence 92
ITEM 14. Principal Accountant Fees and Services 92
PART IV 93
ITEM 15. Exhibits and Financial Statement Schedules 93
ITEM 16. Form 10-K Summary 97
Signatures 99
  PART I
ITEM 1. BUSINESS
GENERAL
NIKE, Inc. was incorporated in 1967 under the laws of the State of Oregon. As used in this Annual Report on Form 10-K (this 
"Annual Report"), the terms "we," "us," "our," "NIKE" and the "Company" refer to NIKE, Inc. and its predecessors, subsidiaries 
and affiliates, collectively, unless the context indicates otherwise.
Our principal business activity is the design, development and worldwide marketing and selling of athletic footwear , apparel, 
equipment, accessories and services. NIKE is the largest seller of athletic footwear and apparel in the world. We sell our products 
through NIKE Direct operations, which are comprised of both NIKE-owned retail stores and sales through our digital platforms 
(also referred to as "NIKE Brand Digital"), to retail accounts and to a mix of independent distributors, licensees and sales 
representatives in nearly all countries around the world. We also offer interactive consumer services and experiences through our 
digital platforms. Nearly all of our products are manufactured by independent contractors. Nearly all footwear and apparel 
products are manufactured outside the United States, while equipment products are manufactured both in the United States and 
abroad.
All references to fiscal 2023, 2022, 2021 and 2020 are to NIKE, Inc.'s fiscal years ended May 31, 2023, 2022, 2021 and 2020, 
respectively. Any references to other fiscal years refer to a fiscal year ending on May 31 of that year.
PRODUCTS
Our NIKE Brand product offerings are aligned around our consumer construct focused on Men's, Women's and Kids'. We also 
design products specifically for the Jordan Brand and Converse. We believe this approach allows us to create products that 
better meet individual consumer needs while accelerating our largest growth opportunities.
NIKE's athletic footwear products are designed primarily for specific athletic use, although a large percentage of the products are 
worn for casual or leisure purposes. We place considerable emphasis on innovation and high-quality construction in the 
development and manufacturing of our products. Our Men's, Women's and Jordan Brand footwear products currently lead in 
footwear sales and we expect them to continue to do so.
We also sell sports apparel, which features the same trademarks and are sold predominantly through the same marketing and 
distribution channels as athletic footwear. Our sports apparel, similar to our athletic footwear products, is designed primarily for 
athletic use, although many of the products are worn for casual or leisure purposes, and demonstrates our commitment to 
innovation and high-quality construction. Our Men's and Women's apparel products currently lead in apparel sales and we expect 
them to continue to do so. We often market footwear, apparel and accessories in "collections" of similar use or by category. We 
also market apparel with licensed college and professional team and league logos.
We sell a line of performance equipment and accessories under the NIKE Brand name, including bags, socks, sport balls, 
eyewear, timepieces, digital devices, bats, gloves, protective equipment and other equipment designed for sports activities. We 
also sell small amounts of various plastic products to other manufacturers through our wholly-owned subsidiary , NIKE IHM, Inc., 
doing business as Air Manufacturing Innovation.
Our Jordan Brand designs, distributes and licenses athletic and casual footwear, apparel and accessories predominantly focused 
on basketball performance and culture using the Jumpman trademark. S ales and operating results for Jordan Brand products are 
reported within the respective NIKE Brand geographic operating segments.
Our wholly-owned subsidiary brand, Converse, headquartered in Boston, Massachusetts, designs, distributes and licenses 
casual sneakers, apparel and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron and Jack Purcell 
trademarks. Operating results of the Converse brand are reported on a stand-alone basis.
In addition to the products we sell to our wholesale customers and directly to consumers through our NIK E Direct operations, we 
have also entered into license agreements that permit unaffiliated parties to manufacture and sell, using NIKE-owned trademarks, 
certain apparel, digital devices and applications and other equipment designed for sports activities.
2023 FORM 10-K   1    We also offer interactive consumer services and experiences as well as digital products through our digital platforms, including 
fitness and activity apps; sport, fitness and wellness content; and digital services and features in retail stores that enhance the 
consumer experience.
SALES AND MARKETING
We experience moderate fluctuations in aggregate sales volume during the year. Historically, revenues in the first and fourth 
fiscal quarters have slightly exceeded those in the second and third fiscal quarters.  However, the mix of product sales may vary 
considerably as a result of changes in seasonal and geographic demand for particular types of footwear , apparel and equipment, 
as well as other macroeconomic, strategic, operating and logistics-related factors.
Because NIKE is a consumer products company, the relative popularity and availability of various sports and fitness activities, as 
well as changing design trends, affect the demand for our products. We must, therefore, respond to trends and shifts in consumer 
preferences by adjusting the mix of existing product offerings, developing new products, styles and categories and influencing 
sports and fitness preferences through extensive marketing. Failure to respond in a timely and adequate manner could have a 
material adverse effect on our sales and profitability. This is a continuing risk. Refer to Item 1A. Risk Factors.
OUR MARKETS
We report our NIKE Brand operations based on our internal geographic organization. Each NIKE Brand geographic segment 
operates predominantly in one industry: the design, development, marketing and selling of athletic footwear , apparel and 
equipment. The Company's reportable operating segments for the NIKE Brand are: North America; Europe, Middle East & Africa 
("EMEA"); Greater China; and Asia Pacific & Latin America ("APLA"), and include results for the NIKE and Jordan brands. Sales 
through our NIKE Direct operations are managed within each geographic operating segment.
Converse is also a reportable operating segment and operates predominately in one industry: the design, marketing, licensing 
and selling of casual sneakers, apparel and accessories. Converse direct to consumer operations, including digital commerce, 
are reported within the Converse operating segment results.
UNITED STATES MARKET
For fiscal 2023, NIKE Brand and Converse sales in the United States accounted for approximately 43% of total revenues, 
compared to 40% and 39% for fiscal 2022 and fiscal 2021, respectively. We sell our products to thousands of retail accounts in 
the United States, including a mix of footwear stores, sporting goods stores, athletic specialty stores, department stores, skate, 
tennis and golf shops and other retail accounts. In the United S tates, we utilize NIKE sales offices to solicit such sales. During 
fiscal 2023, our three largest United States customers accounted for approximately 22% of sales in the United States.
Our NIKE Direct and Converse direct to consumer operations sell our products to consumers through various digital platforms. In 
addition, our NIKE Direct and Converse direct to consumer operations sell products through the following number of retail stores 
in the United States:
U.S. RETAIL STORES NUMBER
NIKE Brand factory stores  213 
NIKE Brand in-line stores (including employee-only stores)  74 
Converse stores (including factory stores)  82 
TOTAL  369 
In the United States, NIKE has eight significant distribution centers. Refer to Item 2. Properties for further information.
NIKE, INC.       2INTERNATIONAL MARKETS
For fiscal 2023, non-U.S. NIKE Brand and Converse sales accounted for approximately 57% of total revenues, compared to 60% 
and 61% for fiscal 2022 and fiscal 2021, respectively. We sell our products to retail accounts through our own NIKE Direct 
operations and through a mix of independent distributors, licensees and sales representatives around the world. W e sell to 
thousands of retail accounts and ship products from 67 distribution centers outside of the United States. Refer to Item 2. 
Properties for further information on distribution facilities outside of the United States. During fiscal 2023, NIKE's three largest 
customers outside of the United States accounted for approximately 14% of total non-U.S. sales.
In addition to NIKE-owned and Converse-owned digital commerce platforms in over 40 countries, our NIKE Direct and Converse 
direct to consumer businesses operate the following number of retail stores outside the United States:
NON-U.S. RETAIL STORES NUMBER
NIKE Brand factory stores  560 
NIKE Brand in-line stores (including employee-only stores)  49 
Converse stores (including factory stores)  54 
TOTAL  663 
SIGNIFICANT CUSTOMER
No customer accounted for 10% or more of our consolidated net Revenues during fiscal 2023.
PRODUCT RESEARCH, DESIGN AND DEVELOPMENT
We believe our research, design and development efforts are key factors in our success. Technical innovation in the design and 
manufacturing process of footwear, apparel and athletic equipment receives continued emphasis as we strive to produce 
products that help to enhance athletic performance, reduce injury and maximize comfort, while decreasing our environmental 
impact.
In addition to our own staff of specialists in the areas of biomechanics, chemistry, exercise physiology, engineering, digital 
technologies, industrial design, sustainability and related fields, we also utilize research committees and advisory boards made 
up of athletes, coaches, trainers, equipment managers, orthopedists, podiatrists, physicians and other experts who consult with 
us and review certain designs, materials and concepts for product and manufacturing, design and other process improvements 
and compliance with product safety regulations around the world. E mployee athletes, athletes engaged under sports marketing 
contracts and other athletes wear-test and evaluate products during the design and development process.
As we continue to develop new technologies, we are simultaneously focused on the design of innovative products and 
experiences incorporating such technologies throughout our product categories and consumer applications. Using market 
intelligence and research, our various design teams identify opportunities to leverage new technologies in existing categories to 
respond to consumer preferences. The proliferation of Nike Air, Zoom, Free, Dri-FIT, Flyknit, FlyEase, ZoomX, Air Max, React and 
Forward technologies, among others, typifies our dedication to designing innovative products.
MANUFACTURING
Nearly all of our footwear and apparel products are manufactured outside the United S tates by independent manufacturers 
("contract manufacturers"), many of which operate multiple factories. We are also supplied, primarily indirectly, by a number of 
materials, or "Tier 2" suppliers, who provide the principal materials used in footwear and apparel finished goods products. As of 
May 31, 2023, we had 146 strategic Tier 2 suppliers.
As of May 31, 2023, our contract manufacturers operated 123 finished goods footwear factories located in 11 countries. For fiscal 
2023, NIKE Brand footwear finished goods were manufactured by 15 contract manufacturers, many of which operate multiple 
factories. The largest single finished goods footwear factory accounted for approximately 9% of total fiscal 2023 NIKE Brand 
footwear production. For fiscal 2023, factories in Vietnam, Indonesia and China manufactured approximately 50%, 27% and 18% 
of total NIKE Brand footwear, respectively. For fiscal 2023, four footwear contract manufacturers each accounted for greater than 
10% of footwear production and in the aggregate accounted for approximately 58% of NIKE Brand footwear production.
As of May 31, 2023, our contract manufacturers operated 291 finished goods apparel factories located in 31 countries. For fiscal 
2023, NIKE Brand apparel finished goods were manufactured by 55 contract manufacturers, many of which operate multiple 
factories. The largest single finished goods apparel factory accounted for approximately 8% of total fiscal 2023 NIKE Brand 
apparel production. For fiscal 2023, factories in Vietnam, China and Cambodia manufactured approximately 29%, 18% and 16% 
2023 FORM 10-K   3    of total NIKE Brand apparel, respectively. For fiscal 2023, one apparel contract manufacturer accounted for more than 10% of 
apparel production, and the top five contract manufacturers in the aggregate accounted for approximately 52% of NIKE Brand 
apparel production.
NIKE's contract manufacturers buy raw materials for the manufacturing of our footwear, apparel and equipment products. Most 
raw materials are available and purchased by those contract manufacturers in the countries where manufacturing takes place. 
The principal materials used in our footwear products are natural and synthetic rubber , plastic compounds, foam cushioning 
materials, natural and synthetic leather, nylon, polyester and natural fiber textiles, as well as polyurethane films used to make 
NIKE Air-Sole cushioning components. During fiscal 2023, Air Manufacturing Innovation, a wholly-owned subsidiary, with facilities 
near Beaverton, Oregon, in Dong Nai Province, Vietnam, and St. Charles, Missouri, as well as contract manufacturers in China 
and Vietnam, were our suppliers of NIKE Air-Sole cushioning components used in footwear.
The principal materials used in our apparel products are natural and synthetic fabrics, yarns and threads (both virgin and 
recycled); specialized performance fabrics designed to efficiently wick moisture away from the body, retain heat and repel rain 
and/or snow; and plastic and metal hardware. 
In fiscal 2023, we experienced ongoing supply chain volatility during the first part of the year, which improved gradually during the 
course of the year. We also experienced higher supply chain network costs primarily due to inflationary pressures during the year. 
Despite competition for certain materials during fiscal 2023, contract manufacturers were able to source sufficient quantities of 
raw materials for use in our footwear and apparel products. Refer to Item 1A . Risk Factors, for additional discussion of the impact 
of sourcing risks on our business.
Since 1972, Sojitz Corporation of America ("Sojitz America"), a large Japanese trading company and the sole owner of our 
redeemable preferred stock, has performed import-export financing services for us.
INTERNATIONAL OPERATIONS AND TRADE
Our international operations and sources of supply are subject to the usual risks of doing business abroad, such as the 
implementation of, or potential changes in, foreign and domestic trade policies, increases in import duties, anti-dumping 
measures, quotas, safeguard measures, trade restrictions, restrictions on the transfer of funds and, in certain parts of the world, 
political tensions, instability, conflicts, nationalism and terrorism, and resulting sanctions and other measures imposed in 
response to such issues. We have not, to date, been materially affected by any such risk but cannot predict the likelihood of such 
material effects occurring in the future.
In recent years, uncertain global and regional economic and political conditions have af fected international trade and increased 
protectionist actions around the world. These trends are affecting many global manufacturing and service sectors, and the 
footwear and apparel industries, as a whole, are not immune. Companies in our industry are facing trade protectionism in many 
different regions, and, in nearly all cases, we are working together with industry groups to address trade issues and reduce the 
impact to the industry, while observing applicable competition laws. Notwithstanding our efforts, protectionist measures have 
resulted in increases in the cost of our products, and additional measures, if implemented, could adversely af fect sales and/or 
profitability for NIKE, as well as the imported footwear and apparel industry as a whole.
We monitor protectionist trends and developments throughout the world that may materially impact our industry, and we engage 
in administrative and judicial processes to mitigate trade restrictions. W e are actively monitoring actions that may result in 
additional anti-dumping measures and could affect our industry. We are also monitoring for and advocating against other 
impediments that may limit or delay customs clearance for imports of footwear , apparel and equipment. NIKE also advocates for 
trade liberalization for footwear and apparel in a number of bilateral and multilateral free trade agreements. Changes in, and 
responses to, U.S. trade policies, including the imposition of tariffs or penalties on imported goods or retaliatory measures by 
other countries, have negatively affected, and could in the future negatively affect, U.S. corporations, including NIKE, with 
business operations and/or consumer markets in those countries, which could also make it necessary for us to change the way 
we conduct business, either of which may have an adverse effect on our business, financial condition or our results of operations. 
In addition, with respect to proposed trade restrictions, we work with a broad coalition of global businesses and trade 
associations representing a wide variety of sectors to help ensure that any legislation enacted and implemented (i) addresses 
legitimate and core concerns, (ii) is consistent with international trade rules and (iii) reflects and considers domestic economies 
and the important role they may play in the global economic community .
Where trade protection measures are implemented, we believe we have the ability to develop, over a period of time, adequate 
alternative sources of supply for the products obtained from our present suppliers. If events prevented us from acquiring products 
from our suppliers in a particular country, our operations could be temporarily disrupted and we could experience an adverse 
financial impact. However, we believe we could abate any such disruption, and that much of the adverse impact on supply would, 
therefore, be of a short-term nature, although alternate sources of supply might not be as cost-ef fective and could have an 
ongoing adverse impact on profitability.
NIKE, INC.       4Our international operations are also subject to compliance with the U.S . Foreign Corrupt Practices Act (the "FCPA"), and other 
anti-bribery laws applicable to our operations. We source a significant portion of our products from, and have important consumer 
markets, outside of the United States. We have an ethics and compliance program to address compliance with the FCPA and 
similar laws by us, our employees, agents, suppliers and other partners.  Refer to Item 1A. Risk Factors for additional information 
on risks relating to our international operations.
COMPETITION
The athletic footwear, apparel and equipment industry is highly competitive on a worldwide basis. We compete internationally with 
a significant number of athletic and leisure footwear companies, athletic and leisure apparel companies, sports equipment 
companies and large companies having diversified lines of athletic and leisure footwear , apparel and equipment, including 
adidas, Anta, ASICS, Li Ning, lululemon athletica, New Balance, Puma, Under Armour and V.F. Corporation, among others. The 
intense competition and the rapid changes in technology and consumer preferences in the markets for athletic and leisure 
footwear and apparel and athletic equipment constitute significant risk factors in our operations. Refer to Item 1A . Risk Factors 
for additional information.
NIKE is the largest seller of athletic footwear and apparel in the world. Important aspects of competition in this industry are:
•Product attributes such as quality; performance and reliability; new product style, design, innovation and development; as 
well as consumer price/value.
•Consumer connection, engagement and affinity for brands and products, developed through marketing, promotion and 
digital experiences; social media interaction; customer support and service; identification with prominent and influential 
athletes, influencers, public figures, coaches, teams, colleges and sports leagues who endorse our brands and use our 
products and active engagement through sponsored sporting events and clinics. 
•Effective sourcing and distribution of products, with attractive merchandising and presentation at retail, both in-store and on 
digital platforms.
We believe that we are competitive in all of these areas.
TRADEMARKS AND PATENTS
We believe that our intellectual property rights are important to our brand, our success and our competitive position. We 
strategically pursue available protections of these rights and vigorously protect them against third-party theft and infringement.
We use trademarks on nearly all of our products and packaging, and in our marketing materials, and believe having distinctive 
marks that are readily identifiable is an important factor in creating a market for our goods, in identifying our brands and the 
Company, and in distinguishing our goods from the goods of others. We consider our NIKE and Swoosh Design trademarks to be 
among our most valuable assets and we have registered these trademarks in over  190 jurisdictions worldwide. In addition, we 
own many other trademarks that we use in marketing our products. W e own common law rights in the trade dress of several 
distinctive shoe designs and elements. For certain trade dress, we have sought and obtained trademark registrations.
We have copyright protection in our designs, graphics, software applications, digital goods and other original works. When 
appropriate, we also obtain registered copyrights.
We file for, own and maintain many U.S. and foreign utility and design patents protecting components, technologies, materials, 
manufacturing techniques, features, functionality, and industrial designs used in and for the manufacture of various athletic, 
performance, and leisure footwear and apparel, including physical and digital versions thereof, athletic equipment, and digital 
devices, and related software applications. These patents expire at various times.
We believe our success depends upon our capabilities in areas such as design, research and development, production and 
marketing and is supported and protected by our intellectual property rights, such as trademarks, utility and design patents, 
copyrights, and trade secrets, among others. 
We have followed a policy of applying for and registering intellectual property rights in the United States and select foreign 
countries on trademarks, inventions, innovations and designs that we deem valuable. W e also continue to vigorously protect our 
intellectual property, including trademarks, patents and trade secrets against third-party infringement and misappropriation.
2023 FORM 10-K   5    HUMAN CAPITAL RESOURCES
At NIKE, we consider the strength and effective management of our workforce to be essential to the ongoing success of our 
business. We believe that it is important to attract, develop and retain a diverse and engaged workforce at all levels of our 
business and that such a workforce fosters creativity and accelerates innovation. W e are focused on building an increasingly 
diverse talent pipeline that reflects our consumers, athletes and the communities we serve.
CULTURE 
Each employee shapes NIKE's culture through behaviors and practices. This starts with our Maxims, which represent our core 
values and, along with our Code of Conduct, feature the fundamental behaviors that help anchor , inform and guide us and apply 
to all employees. Our mission is to bring inspiration and innovation to every athlete in the world, which includes the belief that if 
you have a body, you are an athlete. We aim to do this by creating groundbreaking sport innovations, making our products more 
sustainably, building a creative and diverse global team, supporting the well-being of our employees and making a positive impact 
in communities where we live and work. Our mission is aligned with our deep commitment to maintaining an environment where 
all NIKE employees have the opportunity to reach their full potential, to connect to our brands and to shape our workplace 
culture. We believe providing for growth and retention of our employees is essential in fostering such a culture and are dedicated 
to giving access to training programs and career development opportunities, including trainings on NIK E's values, history and 
business, trainings on developing leadership skills at all levels, tools and resources for managers and qualified tuition 
reimbursement opportunities. 
As part of our commitment to empowering our employees to help shape our culture, we source employee feedback through our 
Engagement Survey program, including several corporate pulse surveys. The program provides every employee throughout the 
globe an opportunity to provide confidential feedback on key areas known to drive employee engagement, including their 
satisfaction with their managers, their work and the Company generally . The program also measures our employees’ emotional 
commitment to NIKE as well as NIKE's culture of diversity, equity and inclusion. NIKE also provides multiple points of contact for 
employees to speak up if they experience something that does not align with our values or otherwise violates our workplace 
policies, even if they are uncertain what they observed or heard is a violation of company policy .
As part of our commitment to make a positive impact on our communities, we maintain a goal of investing 2% of our prior fiscal 
year's pre-tax income into global communities. The focus of this investment continues to be inspiring kids to be active through 
play and sport as well as uniting and inspiring communities to create a better and more equitable future for all. Our community 
investments are an important part of our culture in that we also support employees in giving back to community organizations 
through donations and volunteering, which are matched by the NIK E Foundation where eligible.
EMPLOYEE BASE
As of May 31, 2023, we had approximately 83,700 employees worldwide, including retail and part-time employees. We also 
utilize independent contractors and temporary personnel to supplement our workforce.
None of our employees are represented by a union, except certain employees in the E MEA and APLA geographies are members 
of and/or represented by trade unions, as allowed or required by local law and/or collective bargaining agreements. Also, in some 
countries outside of the United States, local laws require employee representation by works councils (which may be entitled to 
information and consultation on certain subsidiary decisions) or by organizations similar to a union. In certain E uropean countries, 
we are required by local law to enter into, and/or comply with, industry-wide or national collective bargaining agreements. NIK E 
has never experienced a material interruption of operations due to labor disagreements.
DIVERSITY, EQUITY AND INCLUSION
Diversity, equity and inclusion ("DE&I") is a strategic priority for NIKE and we are committed to having an increasingly diverse 
team and culture. We aim to foster an inclusive and accessible workplace through recruitment, development and retention of 
diverse talent with the goal of expanding representation across all dimensions of diversity over the long term. W e remain 
committed to the targets announced in fiscal 2021 for the Company to work toward by fiscal 2025, including increasing 
representation of women in our global corporate workforce and leadership positions, as well as increasing representation of U.S . 
racial and ethnic minorities in our U.S. corporate workforce and at the Director level and above. 
We continue to enhance our efforts to recruit diverse talent through our traditional channels and through initiatives, such as 
partnerships with athletes and sports-related organizations to create apprenticeship programs and new partnerships with 
organizations, colleges and universities that serve diverse populations. Additionally, we are prioritizing DE&I education so that all 
NIKE employees and leaders have the cultural awareness and understanding to lead inclusively and build diverse and inclusive 
teams. We also have Employee Networks, collectively known as NikeUNITED, representing various employee groups.
NIKE, INC.       6Our DE&I focus extends beyond our workforce and includes our communities, which we support in a number of ways. We have 
committed to investments that aim to address racial inequality and improve diversity and representation in our communities. W e 
also are leveraging our global scale to accelerate business diversity , including investing in business training programs for women 
and increasing the proportion of services supplied by minority-owned businesses.
COMPENSATION AND BENEFITS 
NIKE's total rewards are intended to be competitive and equitable, meet the diverse needs of our global teammates and reinforce 
our values. We are committed to providing comprehensive, competitive and equitable pay and benefits to our employees, and we 
have invested, and aim to continue to invest, in our employees through growth and development and holistic well-being 
initiatives. Our initiatives in this area include: 
•We are committed to competitive pay and to reviewing our pay and promotion practices annually. 
•We have an annual company bonus plan and a retail-focused bonus plan applicable to all eligible employees. Both programs 
are focused on rewarding employees for company performance, which we believe reinforces our culture and rewards 
behaviors that support collaboration and teamwork.
•We provide comprehensive family care benefits in the U.S. and globally where practicable, including family planning 
coverage, backup care and child/elder care assistance as well as an income-based childcare subsidy for eligible employees. 
•Our Military Leave benefit provides up to 12 weeks of paid time of f every 12 months.
•We offer free access to our Sport Centers at our world headquarters for our full-time employees and North America store 
employees.
•We provide employees free access to mindfulness and meditation resources, as well as live classes through our Sport 
Centers.
•We provide all employees and their families globally with free and confidential visits with a mental health counselor through a 
third-party provider and our global Employee Assistance Program (EAP).
•We provide support to our employees in a variety of ways during times of crisis, including pay continuity under certain 
circumstances, our natural disaster assistance program, and ongoing support for challenges related to the COVID-19 
pandemic.
•We provide a hybrid work approach for the majority of employees, as well as a Four Week Flex, which provides employees 
an opportunity to work from a location of their choice for up to four weeks per year.
•We offer a Well-Being Week where we close our corporate offices for a full-week in the summer and Well-Being Days for our 
teammates in our retail stores and distribution centers, and encourage our teammates to focus on their well-being.
•We provide inclusive family planning benefits and transgender healthcare coverage for eligible employees covered on the 
U.S. Health Plan, including access to both restorative services and personal care.
•We provide all U.S. employees with unlimited free financial coaching through a third-party provider.
Additional information related to our human capital strategy can be found in our FY22 NIKE, Inc. Impact Report, which is 
available on the Impact section of about.nike.com. Information contained on or accessible through our websites is not 
incorporated into, and does not form a part of, this Annual Report or any other report or document we file with the SEC, and any 
references to our websites are intended to be inactive textual references only .
AVAILABLE INFORMATION AND WEBSITES
Our NIKE digital commerce website is located at www.nike.com. On our NIKE corporate website, located at investors.nike.com, 
we post the following filings as soon as reasonably practicable after they are electronically filed with, or furnished to, the United 
States Securities and Exchange Commission (the "SEC"): our annual report on Form 10-K, our quarterly reports on Form 10-Q, 
our current reports on Form 8-K and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the 
Securities and Exchange Act of 1934, as amended. Our proxy statements are also posted on our corporate website. All such 
filings on our corporate website are available free of charge. Copies of these filings are also available on the S EC's website at 
www.sec.gov. Also available on our corporate website are the charters of the committees of our Board of Directors, as well as our 
corporate governance guidelines and code of ethics. Copies of any of these documents will be provided in print to any 
shareholder who submits a request in writing to NIKE Investor Relations, One Bowerman Drive, Beaverton, Oregon 97005-6453. 
Information contained on or accessible through our website is not incorporated into, and does not form a part of, this Annual 
Report or any other report or document we file with the SEC, and any references to our website are intended to be inactive 
textual references only.
2023 FORM 10-K   7    INFORMATION ABOUT OUR EXECUTIVE OFFICERS
The executive officers of NIKE, Inc. as of July 20, 2023, are as follows:
Mark G. Parker , Executive Chairman — Mr. Parker, 67, is Executive Chairman of the Board of Directors 
and served as President and Chief Executive Officer from 2006 - January 2020. He has been employed 
by NIKE since 1979 with primary responsibilities in product research, design and development, 
marketing and brand management. Mr. Parker was appointed divisional Vice President in charge of 
product development in 1987, corporate Vice President in 1989, General Manager in 1993, Vice 
President of Global Footwear in 1998 and President of the NIKE Brand in 2001.
John J. Donahoe II , President and Chief Executive Officer — Mr. Donahoe, 63, was appointed 
President and Chief Executive Officer in January 2020 and has been a director since 2014. He brings 
expertise in digital commerce, technology and global strategy. He previously served as President and 
Chief Executive Officer at ServiceNow, Inc. Prior to joining ServiceNow, Inc., he served as President and 
Chief Executive Officer of eBay, Inc. He also held leadership roles at Bain & Company for two decades.
Matthew Friend , Executive Vice President and Chief Financial Officer — Mr. Friend, 45, joined NIKE in 
2009 and leads the Company's finance, demand & supply management, procurement and global places 
& services organizations. He joined NIKE as Senior Director of Corporate Strategy and Development, 
and was appointed Chief Financial Officer of Emerging Markets in 2011. In 2014, Mr. Friend was 
appointed Chief Financial Officer of Global Categories, Product and Functions, and was subsequently 
appointed Chief Financial Officer of the NIKE Brand in 2016. He was also appointed Vice President of 
Investor Relations in 2019. Mr. Friend was appointed as Executive Vice President and Chief Financial 
Officer of NIKE, Inc. in April 2020. Prior to joining NIKE, he worked in the financial industry including 
roles as VP of investment banking and mergers and acquisitions at Goldman Sachs and Morgan 
Stanley.
Monique S. Matheson , Executive Vice President, Chief Human Resources Officer — Ms. Matheson, 
56, joined NIKE in 1998, with primary responsibilities in the human resources function. She was 
appointed as Vice President and Senior Business Partner in 2011 and Vice President, Chief Talent and 
Diversity Officer in 2012. Ms. Matheson was appointed Executive Vice President, Global Human 
Resources in 2017.
Ann M. Miller , Executive Vice President, Chief Legal Officer — Ms. Miller, 49, joined NIKE in 2007 and 
serves as EVP, Chief Legal Officer for NIKE, Inc. In her capacity as Chief Legal Officer, she oversees all 
legal, compliance, government & public affairs, social community impact, security, resilience and 
investigation matters of the Company. For the past six years, she served as Vice President, Corporate 
Secretary and Chief Ethics & Compliance Officer. She previously served as Converse's General 
Counsel, and brings more than 20 years of legal and business expertise to her role. P rior to joining 
NIKE, Ms. Miller worked at the law firm Sullivan & Cromwell.
Heidi O'Neill , President, Consumer, Brand & Product — Ms. O'Neill, 58, joined NIKE in 1998 and leads 
the integration of global Men's, Women's & Kids' consumer teams, the entire global product engine and 
global brand marketing and sports marketing to build deep storytelling, relationships and engagement 
with the brand. Since joining NIKE, she has held a variety of key roles, including leading NIKE's 
marketplace and four geographic operating regions, leading NIKE Direct and accelerating NIKE's retail 
and digital-commerce business and creating and leading NIKE's Women’s business. Prior to NIKE, Ms. 
O'Neill held roles at Levi Strauss & Company and Foote, Cone & Belding.
Craig Williams , President, Geographies & Marketplace — Mr. Williams, 54, joined NIKE in 2019 and 
leads NIKE's four geographies and marketplace across the NIKE Direct and wholesale business. In 
addition, he leads the Supply Chain and Logistics organization. Mr. Williams joined NIKE as President of 
Jordan Brand overseeing a team of designers, product developers, marketers and business leaders. 
Prior to NIKE, he was Senior Vice President, The Coca-Cola Co., and President of The McDonald's 
Division (TMD) Worldwide. Mr. Williams has also held roles at CIBA Vision and Kraft Foods Inc., and 
served five years in the U.S. Navy as a Naval Nuclear Power Officer.
NIKE, INC.       8ITEM 1A. RISK FACTORS
Special Note Regarding Forward-Looking Statements and Analyst Reports
Certain written and oral statements, other than purely historic information, including estimates, projections, statements relating to 
NIKE's business plans, objectives and expected operating or financial results and the assumptions upon which those statements 
are based, made or incorporated by reference from time to time by NIK E or its representatives in this Annual Report, other 
reports, filings with the SEC, press releases, conferences or otherwise, are "forward-looking statements" within the meaning of 
the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. 
Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, 
performance or achievements, and may contain the words "believe," "anticipate," "expect," "estimate," "project," "will be," "will 
continue," "will likely result" or words or phrases of similar meaning. Forward-looking statements involve risks and uncertainties 
which may cause actual results to differ materially from the forward-looking statements. The risks and uncertainties are detailed 
from time to time in reports filed by NIKE with the SEC, including reports filed on Forms 8-K, 10-Q and 10-K, and include, among 
others, the following: international, national and local political, civil, economic and market conditions, including high, and 
increases in, inflation and interest rates; the size and growth of the overall athletic or leisure footwear, apparel and equipment 
markets; intense competition among designers, marketers, distributors and sellers of athletic or leisure footwear , apparel and 
equipment for consumers and endorsers; demographic changes; changes in consumer preferences; popularity of particular 
designs, categories of products and sports; seasonal and geographic demand for NIK E products; difficulties in anticipating or 
forecasting changes in consumer preferences, consumer demand for NIK E products and the various market factors described 
above; our ability to execute on our sustainability strategy and achieve our sustainability-related goals and targets, including 
sustainable product offerings; difficulties in implementing, operating and maintaining NIKE's increasingly complex information 
technology systems and controls, including, without limitation, the systems related to demand and supply planning and inventory 
control; interruptions in data and information technology systems; consumer data security; fluctuations and dif ficulty in forecasting 
operating results, including, without limitation, the fact that advance orders may not be indicative of future revenues due to 
changes in shipment timing, the changing mix of orders with shorter lead times, and discounts, order cancellations and returns; 
the ability of NIKE to sustain, manage or forecast its growth and inventories; the size, timing and mix of purchases of NIKE's 
products; increases in the cost of materials, labor and energy used to manufacture products; new product development and 
introduction; the ability to secure and protect trademarks, patents and other intellectual property; product performance and 
quality; customer service; adverse publicity and an inability to maintain NIK E's reputation and brand image, including without 
limitation, through social media or in connection with brand damaging events; the loss of significant customers or suppliers; 
dependence on distributors and licensees; business disruptions; increased costs of freight and transportation to meet delivery 
deadlines; increases in borrowing costs due to any decline in NIK E's debt ratings; changes in business strategy or development 
plans; general risks associated with doing business outside of the United S tates, including, without limitation, exchange rate 
fluctuations, import duties, tariffs, quotas, sanctions, political and economic instability, conflicts and terrorism; the potential impact 
of new and existing laws, regulations or policy, including, without limitation, tariffs, import/export, trade, wage and hour or labor 
and immigration regulations or policies; changes in government regulations; the impact of, including business and legal 
developments relating to, climate change, extreme weather conditions and natural disasters; litigation, regulatory proceedings, 
sanctions or any other claims asserted against NIKE; the ability to attract and retain qualified employees, and any negative public 
perception with respect to key personnel or our corporate culture, values or purpose; the ef fects of NIKE's decision to invest in or 
divest of businesses or capabilities; health epidemics, pandemics and similar outbreaks, including the COV ID-19 pandemic; and 
other factors referenced or incorporated by reference in this Annual Report and other reports.
Investors should also be aware that while NIKE does, from time to time, communicate with securities analysts, it is against NIKE's 
policy to disclose to them any material non-public information or other confidential commercial information. Accordingly, 
shareholders should not assume that NIKE agrees with any statement or report issued by any analyst irrespective of the content 
of the statement or report. Furthermore, NIKE has a policy against confirming financial forecasts or projections issued by others. 
Thus, to the extent that reports issued by securities analysts contain any projections, forecasts or opinions, such reports are not 
the responsibility of NIKE.
Risk Factors
The risks included here are not exhaustive. Other sections of this Annual Report may include additional factors which could 
adversely affect NIKE's business and financial performance. Moreover, NIKE operates in a very competitive and rapidly changing 
environment. New risks emerge from time to time and it is not possible for management to predict all such risks, nor can it assess 
the impact of all such risks on NIKE's business or the extent to which any risk, or combination of risks, may cause actual results 
to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should 
not place undue reliance on forward-looking statements as a prediction of actual results.
2023 FORM 10-K   9    Economic and Industry Risks
Global economic conditions could have a material adverse effect on our business, operating results and financial 
condition.
The uncertain state of the global economy, including high and rising levels of inflation and interest rates and the risk of a 
recession, continues to impact businesses around the world. If global economic and financial market conditions deteriorate, the 
following factors, among others, could have a material adverse ef fect on our business, operating results and financial condition:
•Our sales are impacted by discretionary spending by consumers. Declines in consumer spending have in the past resulted 
in and may in the future result in reduced demand for our products, increased inventories, reduced orders from retailers for 
our products, order cancellations, lower revenues, higher discounts and lower gross margins.
•In the future, we may be unable to access financing in the credit and capital markets at reasonable rates in the event we find 
it desirable to do so.
•We conduct transactions in various currencies, which creates exposure to fluctuations in foreign currency exchange rates 
relative to the U.S. Dollar. Continued volatility in the markets and exchange rates for foreign currencies and contracts in 
foreign currencies has had and could continue to have a significant impact on our reported operating results and financial 
condition.
•Continued volatility in the availability and prices for commodities and raw materials we use in our products and in our supply 
chain (such as cotton or petroleum derivatives) has had and could in the future have a material adverse effect on our costs, 
gross margins and profitability. In addition, supply chain issues caused by factors including the COVID-19 pandemic and 
geopolitical conflicts have impacted and may continue to impact the availability , pricing and timing for obtaining commodities 
and raw materials. 
•If retailers of our products experience declining revenues or experience dif ficulty obtaining financing in the capital and credit 
markets to purchase our products, this could result in reduced orders for our products, order cancellations, late retailer 
payments, extended payment terms, higher accounts receivable, reduced cash flows, greater expense associated with 
collection efforts and increased bad debt expense.
•In the past, certain retailers of our products have experienced severe financial difficulty, become insolvent and ceased 
business operations, and this could occur in the future, which could negatively impact the sale of our products to consumers. 
•If contract manufacturers of our products or other participants in our supply chain experience difficulty obtaining financing in 
the capital and credit markets to purchase raw materials or to finance capital equipment and other general working capital 
needs, it may result in delays or non-delivery of shipments of our products.
Our products, services and experiences face intense competition.
NIKE is a consumer products company and the relative popularity of various sports and fitness activities and changing design 
trends affect the demand for our products, services and experiences. The athletic footwear, apparel and equipment industry is 
highly competitive both in the United States and worldwide. We compete internationally with a significant number of athletic and 
leisure footwear companies, athletic and leisure apparel companies, sports equipment companies, private labels and large 
companies that have diversified lines of athletic and leisure footwear , apparel and equipment. We also compete with other 
companies for the production capacity of contract manufacturers that produce our products. In addition, we and our contract 
manufacturers compete with other companies and industries for raw materials used in our products. Our NIK E Direct operations, 
both through our digital commerce operations and retail stores, also compete with multi-brand retailers, which sell our products 
through their digital platforms and physical stores, and with digital commerce platforms. In addition, we compete with respect to 
the digital services and experiences we are able to offer our consumers, including fitness and activity apps; sport, fitness and 
wellness content and services; and digital services and features in retail stores that enhance the consumer experience.
Product offerings, technologies, marketing expenditures (including expenditures for advertising and endorsements), pricing, costs 
of production, customer service, digital commerce platforms, digital services and experiences and social media presence are 
areas of intense competition. These, in addition to ongoing rapid changes in technology, a reduction in barriers to the creation of 
new footwear and apparel companies and consumer preferences in the markets for athletic and leisure footwear , apparel, and 
equipment, services and experiences, constitute significant risk factors in our operations. In addition, the competitive nature of 
retail, including shifts in the ways in which consumers shop, and the continued proliferation of digital commerce, constitutes a risk 
factor implicating our NIKE Direct and wholesale operations. If we do not adequately and timely anticipate and respond to our 
competitors, our costs may increase, demand for our products may decline, possibly significantly , or we may need to reduce 
wholesale or suggested retail prices for our products.
NIKE, INC.      10Economic factors beyond our control, and changes in the global economic environment, including fluctuations in 
inflation and currency exchange rates, could result in lower revenues, higher costs and decreased margins and 
earnings.
A majority of our products are manufactured and sold outside of the United States, and we conduct purchase and sale 
transactions in various currencies, which creates exposure to the volatility of global economic conditions, including fluctuations in 
inflation and foreign currency exchange rates. Central banks may deploy various strategies to combat inflation, including 
increasing interest rates, which may impact our borrowing costs. Additionally, there has been, and may continue to be, volatility in 
currency exchange rates that impact the U.S. Dollar value relative to other international currencies. Our international revenues 
and expenses generally are derived from sales and operations in foreign currencies, and these revenues and expenses are 
affected by currency fluctuations, specifically amounts recorded in foreign currencies and translated into U.S. Dollars for 
consolidated financial reporting, as weakening of foreign currencies relative to the U.S . Dollar adversely affects the U.S. Dollar 
value of the Company's foreign currency-denominated sales and earnings. Currency exchange rate fluctuations could also 
disrupt the business of the independent manufacturers that produce our products by making their purchases of raw materials 
more expensive and more difficult to finance. Foreign currency fluctuations have adversely affected and could continue to have 
an adverse effect on our results of operations and financial condition.
We hedge certain foreign currency exposures to lessen and delay, but not to completely eliminate, the effects of foreign currency 
fluctuations on our financial results. Since the hedging activities are designed to lessen volatility, they not only reduce the 
negative impact of a stronger U.S. Dollar or other trading currency, but they also reduce the positive impact of a weaker U.S. 
Dollar or other trading currency. Our future financial results have in the past been and could in the future be significantly affected 
by the value of the U.S. Dollar in relation to the foreign currencies in which we conduct business. The degree to which our 
financial results are affected for any given time period will depend in part upon our hedging activities.
We may be adversely affected by the financial health of our wholesale customers.
We extend credit to our customers based on an assessment of a customer's financial condition, generally without requiring 
collateral. To assist in the scheduling of production and the shipping of our products, we offer certain customers the opportunity to 
place orders five to six months ahead of delivery under our futures ordering program. These advance orders may be canceled 
under certain conditions, and the risk of cancellation increases when dealing with financially unstable retailers or retailers 
struggling with economic uncertainty. In the past, some customers have experienced financial difficulties up to and including 
bankruptcies, which have had an adverse effect on our sales, our ability to collect on receivables and our financial condition. 
When the retail economy weakens or as consumer behavior shifts, retailers  tend to be more cautious with orders. A slowing or 
changing economy in our key markets, including a recession, could adversely af fect the financial health of our customers, which 
in turn could have an adverse effect on our results of operations and financial condition. In addition, product sales are dependent 
in part on high quality merchandising and an appealing retail environment to attract consumers, which requires continuing 
investments by retailers. Retailers that experience financial dif ficulties may fail to make such investments or delay them, resulting 
in lower sales and orders for our products.
Climate change and other sustainability-related matters, or legal, regulatory or market responses thereto, may have an 
adverse impact on our business and results of operations.  
There are concerns that increased levels of carbon dioxide and other greenhouse gases in the atmosphere have caused, and 
may continue to cause, potentially at a growing rate, increases in global temperatures, changes in weather patterns and 
increasingly frequent and/or prolonged extreme weather and climate events. Climate change may also exacerbate challenges 
relating to the availability and quality of water and raw materials, including those used in the production of our products, and may 
result in changes in regulations or consumer preferences, which could in turn af fect our business, operating results and financial 
condition. For example, there has been increased focus by governmental and non-governmental organizations, consumers, 
customers, employees and other stakeholders on products that are sustainably made and other sustainability matters, including 
responsible sourcing and deforestation, the use of plastic, energy and water , the recyclability or recoverability of packaging and 
materials transparency, any of which may require us to incur increased costs for additional transparency, due diligence and 
reporting. In addition, federal, state or local governmental authorities in various countries have proposed, and are likely to 
continue to propose, legislative and regulatory initiatives to reduce or mitigate the impacts of climate change on the environment. 
Various countries and regions are following different approaches to the regulation of climate change, which could increase the 
complexity of, and potential cost related to complying with, such regulations. Any of the foregoing may require us to make 
additional investments in facilities and equipment, may impact the availability and cost of key raw materials used in the 
production of our products or the demand for our products, and, in turn, may adversely impact our business, operating results 
and financial condition.
Although we have announced sustainability-related goals and targets, there can be no assurance that our stakeholders will agree 
with our strategies, and any perception, whether or not valid, that we have failed to achieve, or to act responsibly with respect to, 
such matters or to effectively respond to new or additional legal or regulatory requirements regarding climate change, could result 
in adverse publicity and adversely affect our business and reputation. Execution of these strategies and achievement of our goals 
is subject to risks and uncertainties, many of which are outside of our control. These risks and uncertainties include, but are not 
2023 FORM 10-K   11    limited to, our ability to execute our strategies and achieve our goals within the currently projected costs and the expected 
timeframes; the availability and cost of raw materials and renewable energy; unforeseen production, design, operational and 
technological difficulties; the outcome of research efforts and future technology developments, including the ability to scale 
projects and technologies on a commercially competitive basis such as carbon sequestration and/or other related processes; 
compliance with, and changes or additions to, global and regional regulations, taxes, charges, mandates or requirements relating 
to greenhouse gas emissions, carbon costs or climate-related goals; adapting products to customer preferences and customer 
acceptance of sustainable supply chain solutions; and the actions of competitors and competitive pressures. As a result, there is 
no assurance that we will be able to successfully execute our strategies and achieve our sustainability-related goals, which could 
damage our reputation and customer and other stakeholder relationships and have an adverse ef fect on our business, results of 
operations and financial condition.
Extreme weather conditions and natural disasters could negatively impact our operating results and financial condition.
Given the broad and global scope of our operations, we are particularly vulnerable to the physical risks of climate change, such 
as shifts in weather patterns. Extreme weather conditions in the areas in which our retail stores, suppliers, manufacturers, 
customers, distribution centers, offices, headquarters and vendors are located could adversely affect our operating results and 
financial condition. Moreover, natural disasters such as earthquakes, hurricanes, wildfires, tsunamis, floods or droughts, whether 
occurring in the United States or abroad, and their related consequences and effects, including energy shortages and public 
health issues, have in the past temporarily disrupted, and could in the future disrupt, our operations, the operations of our 
vendors, manufacturers and other suppliers or have in the past resulted in, and in the future could result in, economic instability 
that may negatively impact our operating results and financial condition. In particular , if a natural disaster or severe weather event 
were to occur in an area in which we or our suppliers, manufacturers, employees, customers, distribution centers or vendors are 
located, our continued success would depend, in part, on the safety and availability of the relevant personnel and facilities and 
proper functioning of our or third parties' computer, network, telecommunication and other systems and operations. In addition, a 
natural disaster or severe weather event could negatively impact retail traf fic to our stores or stores that carry our products and 
could have an adverse impact on consumer spending, any of which could in turn result in negative point-of-sale trends for our 
merchandise. Further, climate change may increase both the frequency and severity of extreme weather conditions and natural 
disasters, which may affect our business operations, either in a particular region or globally, as well as the activities of our third-
party vendors and other suppliers, manufacturers and customers. W e believe the diversity of locations in which we operate, our 
operational size, disaster recovery and business continuity planning and our information technology systems and networks, 
including the Internet and third-party services ("Information Technology Systems"), position us well, but may not be sufficient for 
all or for concurrent eventualities. If we were to experience a local or regional disaster or other business continuity event or 
concurrent events, we could experience operational challenges, in particular depending upon how a local or regional event may 
affect our human capital across our operations or with regard to particular aspects of our operations, such as key executive 
officers or personnel. For example, our world headquarters is located in an active seismic zone, which is at a higher risk for 
earthquakes and the related consequences or effects. Further, if we are unable to find alternative suppliers, replace capacity at 
key manufacturing or distribution locations or quickly repair damage to our Information Technology Systems or supply systems, 
we could be late in delivering, or be unable to deliver, products to our customers. These events could result in reputational 
damage, lost sales, cancellation charges or markdowns, all of which could have an adverse ef fect on our business, results of 
operations and financial condition.
Our financial condition and results of operations have been, and could in the future be, adversely affected by a 
pandemic, epidemic or other public health emergency.
Pandemics, including the COVID-19 pandemic, and other public health emergencies, and preventative measures taken to 
contain or mitigate such crises have caused, and may in the future cause, business slowdown or shutdown in af fected areas and 
significant disruption in the financial markets, both globally and in the United S tates. These events have led to and could again 
lead to adverse impacts to our global supply chain, factory cancellation costs, store closures, and a decline in retail traf fic and 
discretionary spending by consumers and, in turn, materially impact our business, sales, financial condition and results of 
operations as well as cause a volatile effective tax rate driven by changes in the mix of earnings across our jurisdictions. We 
cannot predict whether, and to what degree, our sales, operations and financial results could in the future be affected by the 
pandemic and preventative measures. Risks presented by pandemics and other public health emergencies include, but are not 
limited to:
•Deterioration in economic conditions in the United States and globally, including the effect of prolonged periods of inflation 
on our consumers and vendors;
•Disruption to our distribution centers, contract manufacturers, finished goods factories and other vendors, through the ef fects 
of facility closures, increased operating costs, reductions in operating hours, labor shortages, and real time changes in 
operating procedures, such as additional cleaning and disinfection procedures, which have had, and could in the future 
again have, a significant impact on our planned inventory production and distribution, including higher inventory levels or 
inventory shortages in various markets;
NIKE, INC.      12•Impacts to our distribution and logistics providers' ability to operate, including labor and container shortages, and increases 
in their operating costs. These supply chain effects have had, and could in the future have, an adverse effect on our ability to 
meet consumer demand, including digital demand, and have in the past resulted in and could in the future result in extended 
inventory transit times and an increase in our costs of production and distribution, including increased freight and logistics 
costs and other expenses;
•Decreased retail traffic as a result of store closures, reduced operating hours, social distancing restrictions and/or changes in 
consumer behavior;
•Reduced consumer demand for our products, including as a result of a rise in unemployment rates, higher costs of 
borrowing, inflation and diminished consumer confidence;
•Cancellation or postponement of sports seasons and sporting events in multiple countries, and bans on large public 
gatherings, which have reduced and in the future could reduce consumer spending on our products and could impact the 
effectiveness of our arrangements with key endorsers;
•The risk that any safety protocols in NIKE-owned or affiliated facilities, including our offices, will not be effective or not be 
perceived as effective, or that any virus-related illnesses will be linked or alleged to be linked to such facilities, whether 
accurate or not;
•Incremental costs resulting from the adoption of preventative measures and compliance with regulatory requirements, 
including providing facial coverings and hand sanitizer, rearranging operations to follow social distancing protocols, 
conducting temperature checks, testing and undertaking regular and thorough disinfecting of surfaces;
•Bankruptcies or other financial difficulties facing our wholesale customers, which could cause them to be unable to make or 
delay making payments to us, or result in revised payment terms, cancellation or reduction of their orders; and
•Significant disruption of and volatility in global financial markets, which could have a negative impact on our ability to access 
capital in the future.
We cannot reasonably predict the ultimate impact of any pandemic or public health emergency, including the extent of any 
adverse impact on our business, results of operations and financial condition, which will depend on, among other things, the 
duration and spread of the pandemic or public health emergency, the impact of governmental regulations that have been, and 
may continue to be, imposed in response, the effectiveness of actions taken to contain or mitigate the outbreak, the availability, 
safety and efficacy of vaccines, including against emerging variants of the infectious disease, and global economic conditions. 
Additionally, disruptions have in the past made it more challenging to compare our performance, including our revenue growth 
and overall profitability, across quarters and fiscal years, and could have this effect in the future. Any pandemic or public health 
emergency may also affect our business, results of operations or financial condition in a manner that is not presently known to us 
or that we currently do not consider to present significant risks and may also exacerbate, or occur concurrently with, other risks 
discussed in this Item 1A. Risk Factors, any of which could have a material effect on us.
Business and Operational Risks
Failure to maintain our reputation, brand image and culture could negatively impact our business.
Our iconic brands have worldwide recognition, and our success depends on our ability to maintain and enhance our brand image 
and reputation. Maintaining, promoting and growing our brands will depend on our design and marketing ef forts, including 
advertising and consumer campaigns, product innovation and product quality . Our commitment to product innovation, quality and 
sustainability, and our continuing investment in design (including materials), marketing and sustainability measures may not have 
the desired impact on our brand image and reputation. In addition, our success in maintaining, extending and expanding our 
brand image depends on our ability to adapt to a rapidly changing media and digital environment, including our reliance on social 
media and other digital advertising networks, and digital dissemination of advertising campaigns on our digital platforms and 
through our digital experiences and products. We could be adversely impacted if we fail to achieve any of these objectives.
Our brand value also depends on our ability to maintain a positive consumer perception of our corporate integrity , purpose and 
brand culture. Negative claims or publicity involving us, our culture and values, our products, services and experiences, 
consumer data, or any of our key employees, endorsers, sponsors, suppliers or partners could seriously damage our reputation 
and brand image, regardless of whether such claims are accurate. For example, while we require our suppliers of our products to 
operate their business in compliance with applicable laws and regulations, we do not control their practices. Negative publicity 
relating to a violation or an alleged violation of policies or laws by such suppliers could damage our brand image and diminish 
consumer trust in our brand. Further, our reputation and brand image could be damaged as a result of our support of, association 
with or lack of support or disapproval of certain social causes, as well as any decisions we make to continue to conduct, or 
change, certain of our activities in response to such considerations. S ocial media, which accelerates and potentially amplifies the 
scope of negative publicity, can increase the challenges of responding to negative claims. Adverse publicity about regulatory or 
legal action against us, or by us, could also damage our reputation and brand image, undermine consumer confidence in us and 
reduce long-term demand for our products, even if the regulatory or legal action is unfounded or not material to our operations. If 
2023 FORM 10-K   13    the reputation, culture or image of any of our brands is tarnished or if we receive negative publicity , then our sales, financial 
condition and results of operations could be materially and adversely af fected.
Our business is affected by seasonality, which could result in fluctuations in our operating results.
We experience moderate fluctuations in aggregate sales volume during the year. Historically, revenues in the first and fourth 
fiscal quarters have slightly exceeded those in the second and third fiscal quarters. However , the mix of product sales may vary 
considerably from time to time or in the future as a result of strategic shifts in our business and seasonal or geographic demand 
for particular types of footwear, apparel and equipment and in connection with the timing of significant sporting events, such as 
the NBA Finals, Olympics or the World Cup, among others. In addition, our customers may cancel orders, change delivery 
schedules or change the mix of products ordered with minimal notice. As a result, we may not be able to accurately predict our 
quarterly sales. Accordingly, our results of operations are likely to fluctuate significantly from period to period. This seasonality, 
along with other factors that are beyond our control, including economic conditions, changes in consumer preferences, weather 
conditions, outbreaks of disease, social or political unrest, availability of import quotas, transportation disruptions and currency 
exchange rate fluctuations, has in the past adversely affected and could in the future adversely affect our business and cause our 
results of operations to fluctuate. Our operating margins are also sensitive to a number of additional factors that are beyond our 
control, including manufacturing and transportation costs, shifts in product sales mix and geographic sales trends, all of which we 
expect to continue. Results of operations in any period should not be considered indicative of the results to be expected for any 
future period.
If we are unable to anticipate consumer preferences and develop new products, we may not be able to maintain or 
increase our revenues and profits.
Our success depends on our ability to identify, originate and define product trends as well as to anticipate, gauge and react to 
changing consumer demands in a timely manner. However, lead times for many of our products may make it more difficult for us 
to respond rapidly to new or changing product trends or consumer preferences. All of our products are subject to changing 
consumer preferences that cannot be predicted with certainty. Our new products may not receive consumer acceptance as 
consumer preferences could shift rapidly to different types of performance products or away from these types of products 
altogether, and our future success depends in part on our ability to anticipate and respond to these changes. If we fail to 
anticipate accurately and respond to trends and shifts in consumer preferences by adjusting the mix of existing product of ferings, 
developing new products, designs, styles and categories, and influencing sports and fitness preferences through extensive 
marketing, we could experience lower sales, excess inventories or lower profit margins, any of which could have an adverse 
effect on our results of operations and financial condition. In addition, we market our products globally through a diverse spectrum 
of advertising and promotional programs and campaigns, including social media and other digital advertising networks. If we do 
not successfully market our products or if advertising and promotional costs increase, these factors could have an adverse ef fect 
on our business, financial condition and results of operations.
We rely on technical innovation and high-quality products to compete in the market for our products.
Technical innovation and quality control in the design and manufacturing processes of footwear, apparel, equipment and other 
products and services are essential to the commercial success of our products and development of new products. Research and 
development play a key role in technical innovation. We rely upon specialists in the fields of biomechanics, chemistry, exercise 
physiology, engineering, digital technologies, industrial design, sustainability and related fields, as well as research committees 
and advisory boards made up of athletes, coaches, trainers, equipment managers, orthopedists, podiatrists and other experts to 
develop and test cutting-edge performance products. While we strive to produce products that help to enhance athletic 
performance and reduce injury and maximize comfort, if we fail to introduce technical innovation in our products, consumer 
demand for our products could decline, and if we experience problems with the quality of our products, we may incur substantial 
expense to remedy the problems and loss of consumer confidence.
Failure to continue to obtain or maintain high-quality endorsers of our products could harm our business.
We establish relationships with professional athletes, sports teams and leagues, as well as other public figures, including artists, 
designers and influencers, to develop, evaluate and promote our products, as well as establish product authenticity with 
consumers. However, as competition in our industry has increased, the costs associated with establishing and retaining such 
sponsorships and other relationships have increased, and competition to attract and retain high-quality endorsers has increased. 
If we are unable to maintain our current associations with professional athletes, sports teams and leagues, or other public figures, 
or to do so at a reasonable cost, we could lose the high visibility or on-field authenticity associated with our products, and we may 
be required to modify and substantially increase our marketing investments. As a result, our brands, net revenues, expenses and 
profitability could be harmed.
Furthermore, if certain endorsers were to stop using our products contrary to their endorsement agreements, our business could 
be adversely affected. In addition, actions taken or statements made by athletes, teams or leagues, or other endorsers, 
associated with our products or brand that harm the reputations of those athletes, teams or leagues, or endorsers, or our 
decisions to cease collaborating with certain endorsers in light of actions taken or statements made by them, have in the past 
harmed and could in the future seriously harm our brand image with consumers and, as a result, could have an adverse ef fect on 
NIKE, INC.      14our sales and financial condition. Poor or non-performance by our endorsers, a failure to continue to correctly identify promising 
athletes, public figures or sports organizations, to use and endorse our products and brand or a failure to enter into cost-ef fective 
endorsement arrangements with prominent athletes, public figures and sports organizations could adversely af fect our brand, 
sales and profitability.
Failure to accurately forecast consumer demand could lead to excess inventories or inventory shortages, which could 
result in decreased operating margins, reduced cash flows and harm to our business.
To meet anticipated demand for our products, we purchase products from manufacturers outside of our futures ordering program 
and in advance of customer orders, which we hold in inventory and resell to customers. There is a risk we may be unable to sell 
excess products ordered from manufacturers. Inventory levels in excess of customer demand may result in inventory write-
downs, and the sale of excess inventory at discounted prices could significantly impair our brand image and have an adverse 
effect on our operating results, financial condition and cash flows. Conversely, if we underestimate consumer demand for our 
products or if our manufacturers fail to supply products we require at the time we need them, we may experience inventory 
shortages. Inventory shortages could delay shipments to customers, negatively impact retailer , distributor and consumer 
relationships and diminish brand loyalty. The difficulty in forecasting demand also makes it difficult to estimate our future results of 
operations, financial condition and cash flows from period to period. A failure to accurately predict the level of demand for our 
products could adversely affect our net revenues and net income, and we are unlikely to forecast such effects with any certainty 
in advance.
Our NIKE Direct operations have required and will continue to require a substantial investment and commitment of 
resources and are subject to numerous risks and uncertainties.
Our NIKE Direct operations, including our retail stores and digital platforms, have required and will continue to require significant 
investment. Our NIKE Direct stores have required and will continue to require substantial fixed investment in equipment and 
leasehold improvements and personnel. We have entered into substantial operating lease commitments for retail space. Certain 
stores have been designed and built to serve as high-profile venues to promote brand awareness and marketing activities and to 
integrate with our digital platforms. Because of their unique design and technological elements, locations and size, these stores 
require substantially more investment than other stores. Due to the high fixed-cost structure associated with our NIK E Direct retail 
stores, a decline in sales, a shift in consumer behavior away from brick-and-mortar retail, or the closure, temporary or otherwise, 
or poor performance of individual or multiple stores could result in significant lease termination costs, write-of fs of equipment and 
leasehold improvements and employee-related costs.
Many factors unique to retail operations, some of which are beyond our control, pose risks and uncertainties. Risks include, but 
are not limited to: credit card fraud; mismanagement of existing retail channel partners; inability to manage costs associated with 
store construction and operation; and theft. 
In addition, we have made significant investments in digital technologies and information systems for the digital aspect of our 
NIKE Direct operations, and our digital offerings will require continued investment in the development and upgrading of our 
technology platforms. In order to deliver high-quality digital experiences, our digital platforms must be designed effectively and 
work well with a range of other technologies, systems, networks, and standards that we do not control. W e may not be successful 
in developing platforms that operate effectively with these technologies, systems, networks or standards. A growing portion of 
consumers access our NIKE Direct digital platforms, but in the event that it is more difficult for consumers to access and use our 
digital platforms, consumers find that our digital platforms do not ef fectively meet their needs or expectations or consumers 
choose not to access or use our digital platforms or use devices that do not of fer access to our platforms, the success of our 
NIKE Direct operations could be adversely impacted. Our competitors may develop, or have already developed, digital 
experiences, features, content, services or technologies that are similar to ours or that achieve greater acceptance. 
We may not realize a satisfactory return on our investment in our NIKE Direct operations and management's attention from our 
other business opportunities could be diverted, which could have an adverse ef fect on our business, financial condition or results 
of operations.
If the technology-based systems that give our consumers the ability to shop or interact with us online do not function 
effectively, our operating results, as well as our ability to grow our digital commerce business globally or to retain our 
customer base, could be materially adversely affected.
Many of our consumers shop with us through our digital platforms. Increasingly , consumers are using mobile-based devices and 
applications to shop online with us and with our competitors, and to do comparison shopping, as well as to engage with us and 
our competitors through digital services and experiences that are of fered on mobile platforms. We use social media and 
proprietary mobile applications to interact with our consumers and as a means to enhance their shopping experience. Any failure 
on our part to provide attractive, effective, reliable, secure and user-friendly digital commerce platforms that offer a wide 
assortment of merchandise with rapid delivery options and that continually meet the changing expectations of online shoppers or 
any failure to provide attractive digital experiences to our customers could place us at a competitive disadvantage, result in the 
loss of digital commerce and other sales, harm our reputation with consumers, have a material adverse impact on the growth of 
our digital commerce business globally and have a material adverse impact on our business and results of operations. In 
2023 FORM 10-K   15    addition, as use of our digital platforms continues to grow, we will need an increasing amount of technical infrastructure to 
continue to satisfy our consumers' needs. If we fail to continue to ef fectively scale and adapt our digital platforms to 
accommodate increased consumer demand, our business may be subject to interruptions, delays or failures and consumer 
demand for our products and digital experiences could decline.
Risks specific to our digital commerce business also include diversion of sales from our and our retailers' brick and mortar stores, 
difficulty in recreating the in-store experience through direct channels and liability for online content. Our failure to successfully 
respond to these risks might adversely affect sales in our digital commerce business, as well as damage our reputation and 
brands.
We rely significantly on information technology to operate our business, including our supply chain and retail 
operations, and any failure, inadequacy or interruption of that technology could harm our ability to effectively operate 
our business.
We are heavily dependent on Information Technology Systems, across our supply chain, including product design, production, 
forecasting, ordering, manufacturing, transportation, sales and distribution, as well as for processing financial information for 
external and internal reporting purposes, retail operations and other business activities. Information Technology Systems are 
critical to many of our operating activities and our business processes and may be negatively impacted by any service 
interruption or shutdown. For example, our ability to effectively manage and maintain our inventory and to ship products to 
customers on a timely basis depends significantly on the reliability of these Information Technology Systems. Over a number of 
years, we have implemented Information Technology Systems in all of the geographical regions in which we operate. Our work to 
integrate, secure and enhance these systems and related processes in our global operations is ongoing and NIK E will continue to 
invest in these efforts. We cannot provide assurance, however, that the measures we take to secure and enhance these systems 
will be sufficient to protect our Information Technology Systems and prevent cyber-attacks, system failures or data or information 
loss. The failure of these systems to operate effectively, including as a result of security breaches, viruses, hackers, malware, 
natural disasters, vendor business interruptions or other causes, failure to properly maintain, protect, repair or upgrade systems, 
or problems with transitioning to upgraded or replacement systems could cause delays in product fulfillment and reduced 
efficiency of our operations, could require significant capital investments to remediate the problem which may not be sufficient to 
cover all eventualities, and may have an adverse effect on our reputation, results of operations and financial condition. In 
addition, the use of employee-owned devices for communications as well as hybrid work arrangements, present additional 
operational risks to our Information Technology Systems, including, but not limited to, increased risks of cyber-attacks. Further, 
like other companies in the retail industry, we have in the past experienced, and we expect to continue to experience, cyber-
attacks, including phishing, and other attempts to breach, or gain unauthorized access to, our systems. To date, these attacks 
have not had a material impact on our operations, but we cannot provide assurance that they will not have an impact in the 
future.
We also use Information Technology Systems to process financial information and results of operations for internal reporting 
purposes and to comply with regulatory financial reporting, legal and tax requirements. From time to time, we have expended, 
and expect to continue to expend, significant resources to modify , update and enhance our Information Technology Systems and 
to investigate and remediate vulnerabilities or other exposures. These modifications, updates and enhancements may cost more 
than initially expected and may not be effective in preventing issues and disruptions. Moreover, due to the complexity of our 
Information Technology Systems, the process of implementing modifications or enhancements can itself create a risk of systems 
disruptions and security issues. If Information Technology Systems suffer severe damage, disruption or shutdown and our 
business continuity plans, or those of our vendors, do not effectively resolve the issues in a timely manner, we could experience 
delays in reporting our financial results, which could result in lost revenues and profits, as well as reputational damage. 
Furthermore, we depend on Information Technology Systems and personal data collection for digital marketing, digital commerce, 
consumer engagement and the marketing and use of our digital products and services. W e also rely on our ability to engage in 
electronic communications throughout the world between and among our employees as well as with other third parties, including 
customers, suppliers, vendors and consumers. Any interruption in Information Technology Systems may impede our ability to 
engage in the digital space and result in lost revenues, damage to our reputation, and loss of users.
We are subject to the risk our licensees may not generate expected sales or maintain the value of our brands. 
We currently license, and expect to continue licensing, certain of our proprietary rights, such as trademarks or copyrighted 
material, to third parties. If our licensees fail to successfully market and sell licensed products, or fail to obtain suf ficient capital or 
effectively manage their business operations, customer relationships, labor relationships, supplier relationships or credit risks, it 
could adversely affect our revenues, both directly from reduced royalties received and indirectly from reduced sales of our other 
products. 
We also rely on our licensees to help preserve the value of our brands. Although we attempt to protect our brands through 
approval rights over the design, production processes, quality, packaging, merchandising, distribution, advertising and promotion 
of our licensed products, we cannot completely control the use of our licensed brands by our licensees. The misuse of a brand by 
or negative publicity involving a licensee could have a material adverse ef fect on that brand and on us.
NIKE, INC.      16Consolidation of retailers or concentration of retail market share among a few retailers may increase and concentrate 
our credit risk and impair our ability to sell products.
The athletic footwear, apparel and equipment retail markets in some countries are dominated by a few large athletic footwear, 
apparel and equipment retailers with many stores and accelerating digital commerce capabilities. The market shares of these 
retailers may increase through acquisitions and construction of additional stores and investments in digital capacity , and as a 
result of attrition as struggling retailers exit the market. Consolidation of our retailers will concentrate our credit risk with a smaller 
set of retailers, any of whom may experience declining sales or a shortage of liquidity . In addition, increasing market share 
concentration among a few retailers in a particular country or region increases the risk that if any one of them substantially 
reduces their purchases of our products, we may be unable to find suf ficient retail outlets for our products to sustain the same 
level of sales and revenues.
If one or more of our counterparty financial institutions default on their obligations to us or fail, we may incur significant 
losses.
As part of our hedging activities, we enter into transactions involving derivative financial instruments, which may include forward 
contracts, commodity futures contracts, option contracts, collars and swaps with various financial institutions. In addition, we have 
significant amounts of cash, cash equivalents and other investments on deposit or in accounts with banks or other financial 
institutions in the United States and abroad. As a result, we are exposed to the risk of default by or failure of counterparty 
financial institutions. The risk of counterparty default or failure may be heightened during economic downturns and periods of 
uncertainty in the financial markets. If one of our counterparties were to become insolvent or file for bankruptcy , our ability to 
recover losses incurred as a result of default, or our assets deposited or held in accounts with such counterparty , may be limited 
by the counterparty's liquidity or the applicable laws governing the insolvency or bankruptcy proceedings. In the event of default 
or failure of one or more of our counterparties, we could incur significant losses, which could negatively impact our results of 
operations and financial condition.
We rely on a concentrated source base of contract manufacturers to supply a significant portion of our footwear 
products.
As of May 31, 2023, our contract manufacturers operated 123 finished goods footwear factories located in 11 countries. We rely 
upon contract manufacturers, which we do not own or operate, to manufacture all of the footwear products we sell. For fiscal 
2023, four footwear contract manufacturers each accounted for greater than 10% of footwear production and in the aggregate 
accounted for approximately 58% of NIKE Brand footwear production. Our ability to meet our customers' needs depends on our 
ability to maintain a steady supply of products from our contract manufacturers. If one or more of our significant suppliers were to 
sever their relationship with us or significantly alter the terms of our relationship, including due to changes in applicable trade 
policies, or be unable to perform, we may not be able to obtain replacement products in a timely manner , which could have a 
material adverse effect on our business operations, sales, financial condition or results of operations. Additionally, if any of our 
primary footwear contract manufacturers fail to make timely shipments, do not meet our quality standards or otherwise fail to 
deliver us product in accordance with our plans, there could be a material adverse ef fect on our results of operations.
Certain of our footwear contract manufacturers are highly specialized and only produce a specific type of product . Such contract 
manufacturers may go out of business if consumer preferences or market conditions change such that there is no longer 
sufficient demand for the types of products they produce. If, in the future, the relevant products are again in demand and the 
specialized contract manufacturers no longer exist, we may not be able to locate replacement facilities to manufacture certain 
footwear products in a timely manner or at all, which could have a material adverse ef fect on our sales, financial condition or 
results of operations.
The market for prime real estate is competitive.
Our ability to effectively obtain real estate to open new retail stores and otherwise conduct our operations, both domestically and 
internationally, depends on the availability of real estate that meets our criteria for traffic, square footage, co-tenancies, lease 
economics, demographics and other factors. We also must be able to effectively renew our existing real estate leases. In 
addition, from time to time, we seek to downsize, consolidate, reposition or close some of our real estate locations, which may 
require modification of an existing lease. Failure to secure adequate new locations or successfully modify leases for existing 
locations, or failure to effectively manage the profitability of our existing fleet of retail stores, could have an adverse effect on our 
operating results and financial condition.
Additionally, the economic environment may make it difficult to determine the fair market rent of real estate properties 
domestically and internationally. This could impact the quality of our decisions to exercise lease options at previously negotiated 
rents and to renew expiring leases at negotiated rents. Any adverse effect on the quality of these decisions could impact our 
ability to retain real estate locations adequate to meet our targets or ef ficiently manage the profitability of our existing fleet of 
stores, which could have an adverse effect on our operating results and financial condition.
2023 FORM 10-K   17    The success of our business depends, in part, on high-quality employees, including key personnel as well as our ability 
to maintain our workplace culture and values.
Our success depends in part on the continued service of high-quality employees, including key executive of ficers and personnel. 
The loss of the services of key individuals, or any negative perception with respect to these individuals, or our workplace culture 
or values, could harm our business. Our success also depends on our ability to recruit, retain and engage our personnel 
sufficiently, both to maintain our current business and to execute our strategic initiatives. Competition for employees in our 
industry is intense and we may not be successful in attracting and retaining such personnel. Changes to our current and future 
work models may not meet the needs or expectations of our employees or may not be perceived as favorable compared to other 
companies' policies, which could negatively impact our ability to attract, hire and retain our employees. In addition, shifts in U.S . 
immigration policy could negatively impact our ability to attract, hire and retain highly skilled employees who are from outside the 
United States. We also believe that our corporate culture has been a key driver of our success, and we have invested substantial 
time and resources in building, maintaining and evolving our culture. Any failure to preserve and evolve our culture could 
negatively affect our future success, including our ability to retain and recruit employees.
Our business operations and financial performance could be adversely affected by changes in our relationship with our 
workforce or changes to United States or foreign employment regulations.
We have significant exposure to changes in domestic and foreign laws governing our relationships with our workforce, including 
wage and hour laws and regulations, fair labor standards, minimum wage requirements, overtime pay , unemployment tax rates, 
workers' compensation rates, citizenship requirements and payroll taxes, which could have a direct impact on our operating 
costs. A significant increase in minimum wage or overtime rates in countries where we have workforce could have a significant 
impact on our operating costs and may require that we relocate those operations or take other steps to mitigate such increases, 
all of which may cause us to incur additional costs. There is also a risk of potential claims that we have violated laws related to 
discrimination and harassment, health and safety, wage and hour laws, criminal activity, personal injury and other claims. In 
addition, if there were a significant increase in the number of members of our workforce who are members of labor organizations 
or become parties to collective bargaining agreements, we could be vulnerable to a strike, work stoppage or other labor action, 
which could have an adverse effect on our business.
Risks Related to Operating a Global Business
Our international operations involve inherent risks which could result in harm to our business.
Nearly all of our athletic footwear and apparel is manufactured outside of the United States, and the majority of our products are 
sold outside of the United States. Accordingly, we are subject to the risks generally associated with global trade and doing 
business abroad, which include foreign laws and regulations, varying consumer preferences across geographic regions, political 
tensions, unrest, disruptions or delays in cross-border shipments and changes in economic conditions in countries in which our 
products are manufactured or where we sell products. Changes in U.S . or international social, political, regulatory and economic 
conditions could impact our business, reputation, financial condition and results of operations. In particular , political and economic 
instability, geopolitical conflicts, political unrest, civil strife, terrorist activity, acts of war, public corruption, expropriation, 
nationalism and other economic or political uncertainties in the United S tates or internationally could interrupt and negatively 
affect the sale of our products or other business operations. Any negative sentiment toward the United States as a result of any 
such changes could also adversely affect our business.
In addition, disease outbreaks, terrorist acts and military conflict have increased the risks of doing business abroad. These 
factors, among others, could affect our ability to manufacture products or procure materials, or our costs for manufacturing and 
procuring materials, our ability to import products, our ability to sell products in international markets and our cost of doing 
business. If any of these or other factors make the conduct of business in a particular country undesirable or impractical, our 
business could be adversely affected.
Our products are subject to risks associated with overseas sourcing, manufacturing and financing.
The principal materials used in our footwear products — natural and synthetic rubber , plastic compounds, foam cushioning 
materials, natural and synthetic leather, nylon, polyester and natural fiber textiles and polyurethane films — are locally available 
to manufacturers. The principal materials used in our apparel products — natural and synthetic fabrics, yarns and threads (both 
virgin and recycled), specialized performance fabrics designed to ef ficiently wick moisture away from the body, retain heat and 
repel rain and/or snow as well as plastic and metal hardware — are also available in countries where our manufacturing takes 
place. Both our apparel and footwear products are dependent upon the ability of our contract manufacturers to locate, train, 
employ and retain adequate personnel. NIKE contract manufacturers and materials suppliers buy raw materials and are subject 
to wage rates and other labor standards that are oftentimes regulated by the governments of the countries in which our products 
are manufactured.
There could be a significant disruption in the supply of fabrics or raw materials from current sources or , in the event of a 
disruption or heightened competition for such materials, our contract manufacturers might not be able to locate alternative 
suppliers of materials of comparable quality at an acceptable price or at all. Further , our contract manufacturers have 
experienced and may continue to experience in the future, unexpected closures, unexpected increases in work wages or other 
NIKE, INC.      18changes in labor standards, whether government mandated or otherwise, and increases in compliance costs due to 
governmental regulation concerning certain metals, fabrics or raw materials used in the manufacturing of our products. In 
addition, we cannot be certain that manufacturers that we do not contract and that we refer to as "unaffiliated manufacturers" will 
be able to fill our orders in a timely manner. If we experience significant increases in demand, or reductions in the availability of 
materials, or need to replace an existing contract manufacturer or materials supplier , there can be no assurance additional 
supplies of fabrics or raw materials or additional manufacturing capacity will be available when required on terms acceptable to 
us, or at all, or that any contract manufacturer, unaffiliated manufacturer, or any materials supplier would allocate sufficient 
capacity to us in order to meet our requirements. In addition, even if we are able to expand existing or find new manufacturing 
capacity or sources of materials, we may encounter delays in production and added costs as a result of the time it takes to train 
suppliers and manufacturers in our methods, products, quality control standards and labor , health and safety standards. Any 
delays, interruption or increased costs in labor or wages, in the supply of materials or in the manufacturing of our products could 
have an adverse effect on our ability to meet retail customer and consumer demand for our products and result in lower revenues 
and net income both in the short- and long-term.
Because contract manufacturers make a majority of our products outside of our principal sales markets, our products must be 
transported by third parties over large geographic distances. Delays in the shipment or delivery of our products due to the 
availability of transportation, container shortages, labor shortages, including work stoppages or port strikes, infrastructure and 
port congestion or other factors, and costs and delays associated with consolidating or transitioning between manufacturers, 
have adversely impacted, and could in the future adversely impact the availability of our products and, in turn, our financial 
performance. In addition, delays in the shipment or delivery of our products, manufacturing delays or unexpected demand for our 
products have required us, and may in the future require us to use faster , but more expensive, transportation methods such as air 
freight, which could adversely affect our profit margins. The cost of oil is a significant component in manufacturing and 
transportation costs, so increases in the price of petroleum products can adversely af fect our profit margins. Changes in U.S. 
trade policies, including modifications to import tariffs and existing trade policies and agreements, have also had, and could 
continue to have a significant impact on our activities in foreign jurisdictions, and could adversely af fect our reputation or results 
of operations.
Our success depends on our global distribution facilities.
We distribute our products to customers directly from the factory and through distribution centers located throughout the world. 
Our ability to meet customer expectations, manage inventory, complete sales and achieve objectives for operating efficiencies 
and growth, particularly in emerging markets, depends on the proper operation of our distribution facilities, the development or 
expansion of additional distribution capabilities and the timely performance of services by third parties (including those involved in 
shipping product to and from our distribution facilities). Our distribution facilities have in the past and could in the future be 
interrupted by information technology problems, disasters such as earthquakes or fires or outbreaks of disease or government 
actions taken to mitigate their spread. Any significant failure in our distribution facilities could result in an adverse effect on our 
business. We maintain business interruption insurance, but it may not adequately protect us from adverse effects caused by 
significant disruptions in our distribution facilities.
Legal, Regulatory, and Compliance Risks
We are subject to a complex array of laws and regulations and litigation and other legal and regulatory proceedings, 
which could have an adverse effect on our business, financial condition and results of operations.
As a multinational corporation with operations and distribution channels throughout the world, we are subject to and must comply 
with extensive laws and regulations in the United States and other jurisdictions in which we have operations and distribution 
channels. If we or our employees, agents, suppliers, and other partners fail to comply with any of these laws or regulations, such 
failure could subject us to fines, sanctions or other penalties that could negatively af fect our reputation, business, financial 
condition and results of operations. Furthermore, laws, regulations and policies and the interpretation of such, can conflict among 
jurisdictions and compliance in one jurisdiction may result in legal or reputational risks in another jurisdiction. W e are involved in 
various types of claims, lawsuits, regulatory proceedings and government investigations relating to our business, our products 
and the actions of our employees and representatives, including contractual and employment relationships, product liability , 
antitrust, trademark rights and a variety of other matters. It is not possible to predict with certainty the outcome of any such legal 
or regulatory proceedings or investigations, and we could in the future incur judgments, fines or penalties, or enter into 
settlements of lawsuits and claims that could have a material adverse ef fect on our business, financial condition and results of 
operations and negatively impact our reputation. The global nature of our business means legal and compliance risks, such as 
anti-bribery, anti-corruption, fraud, trade, environmental, competition, privacy and other regulatory matters, will continue to exist 
and additional legal proceedings and other contingencies have and will continue to arise from time to time, which could adversely 
affect us. In addition, the adoption of new laws or regulations, or changes in the interpretation of existing laws or regulations, may 
result in significant unanticipated legal and reputational risks. Moreover , the regulation of certain transactions we engage in, 
including those involving virtual goods and cryptocurrencies, remains in an early stage and subject to significant uncertainty . As a 
result, we are required to exercise our judgment as to whether or how certain laws or regulations apply , or may in the future 
2023 FORM 10-K   19    apply, and it is possible that legislators, regulators and courts may disagree with our conclusions. Any current or future legal or 
regulatory proceedings could divert management's attention from our operations and result in substantial legal fees.
Changes to U.S. or other countries' trade policies and tariff and import/export regulations or our failure to comply with 
such regulations may have a material adverse effect on our reputation, business, financial condition and results of 
operations.
Changes in the U.S. government's import and export policies, including trade restrictions, sanctions and countersanctions, 
increased tariffs or quotas, embargoes, safeguards or customs restrictions, could require us to change the way we conduct 
business and adversely affect our results of operations.
In addition, changes in laws and policies governing foreign trade, manufacturing, development and investment in the territories or 
countries where we currently sell our products or conduct our business could adversely af fect our business. U.S. presidential 
administrations have instituted or proposed changes in trade policies that include the negotiation or termination of trade 
agreements, the imposition of higher tariffs on imports into the U.S., economic sanctions on individuals, corporations or countries, 
and other government regulations affecting trade between the U.S. and other countries where we conduct our business. It may 
be time-consuming and expensive for us to alter our business operations in order to adapt to or comply with any such changes.
Changes or proposed changes in U.S. or other countries' trade policies may result in restrictions and economic disincentives on 
international trade. Tariffs and other changes in U.S. trade policy have in the past and could in the future trigger retaliatory actions 
by affected countries, and certain foreign governments have instituted or are considering imposing retaliatory measures on 
certain U.S. goods. Further, any emerging protectionist or nationalist trends either in the United States or in other countries could 
affect the trade environment. The Company, similar to many other multinational corporations, does a significant amount of 
business that would be impacted by changes to the trade policies of the United S tates and foreign countries (including 
governmental action related to tariffs, international trade agreements, or economic sanctions). Such changes have the potential 
to adversely impact the U.S. economy or certain sectors thereof or the economy of another country in which we conduct 
operations, our industry and the global demand for our products, and as a result, could have a material adverse ef fect on our 
business, financial condition and results of operations.
In addition, many of our imported products are subject to duties, tarif fs or quotas that affect the cost and quantity of various types 
of goods imported into the United States and other countries. Any country in which our products are produced or sold may 
eliminate, adjust or impose new quotas, duties, tariffs, safeguard measures, anti-dumping duties, cargo restrictions to prevent 
terrorism, restrictions on the transfer of currency, climate change legislation, product safety regulations or other charges or 
restrictions, any of which could have an adverse effect on our results of operations and financial condition.
Furthermore, we are subject to the FCPA as well as the anti-corruption laws of other countries in which we operate. Although we 
implement policies and procedures designed to promote compliance with these laws, our employees, independent contractors, 
contract manufacturers, suppliers and agents, as well as those companies to which we outsource certain of our business 
operations, may take actions in violation of our policies. Any such violation could result in sanctions or other penalties and have 
an adverse effect on our business, reputation and operating results.
Failure to adequately protect or enforce our intellectual property rights could adversely affect our business.
We periodically discover counterfeit reproductions of our products or products that otherwise infringe our intellectual property 
rights. If we are unsuccessful in enforcing our intellectual property rights, continued sales of these products could adversely af fect 
our sales and our brand and could result in a shift of consumer preference away from our products.
The actions we take to establish and protect our intellectual property rights may not be adequate to prevent imitation of our 
products by others. We also may be unable to prevent others from seeking to block sales of our products as violations of 
proprietary rights. 
We may be subject to liability if third parties successfully claim we infringe their intellectual property rights. Defending 
infringement claims could be expensive and time-consuming and might result in our entering into costly license agreements. W e 
also may be subject to significant damages or injunctions against development, manufacturing, use, importation and/or sale of 
certain products.
We take various actions to prevent the unauthorized use and/or disclosure of our confidential information and intellectual property 
rights. These actions include contractual measures such as entering into non-disclosure and non-compete agreements and 
agreements relating to our collaborations with third parties and providing confidential information awareness training. Our controls 
and efforts to prevent unauthorized use and/or disclosure of confidential information and intellectual property rights might not 
always be effective. For example, confidential information related to business strategy, innovations, new technologies, mergers 
and acquisitions, unpublished financial results or personal data could be prematurely , inadvertently, or improperly used and/or 
disclosed, resulting in a loss of reputation, loss of intellectual property rights, a decline in our stock price and/or a negative impact 
on our market position, and could lead to damages, fines, penalties or injunctions. In addition, new products we of fer, such as 
virtual goods, may raise various novel intellectual property law considerations, including adequacy and scope of assignment, 
licensing, transfer, copyright and other right-of-use issues.
NIKE, INC.      20In addition, the laws of certain countries may not protect or allow enforcement of intellectual property rights to the same extent as 
the laws of the United States. We may face significant expenses and liability in connection with the protection of our intellectual 
property rights, including outside the United States, and if we are unable to successfully protect our rights or resolve intellectual 
property conflicts with others, our business or financial condition may be adversely af fected.
We are subject to data security and privacy risks that could negatively affect our results, operations or reputation.
In addition to our own sensitive and proprietary business information, we handle transactional and personal information about our 
wholesale customers and consumers and users of our digital experiences, which include online distribution channels and product 
engagement, adaptive products and personal fitness applications. Hackers and data thieves are increasingly sophisticated and 
operate social engineering, such as phishing, and large-scale, complex automated attacks that can evade detection for long 
periods of time. Any breach of our or our service providers' networks, or other vendor systems, may result in the loss of 
confidential business and financial data, misappropriation of our consumers', users' or employees' personal information or a 
disruption of our business. Any of these outcomes could have a material adverse effect on our business, including unwanted 
media attention, impairment of our consumer and customer relationships, damage to our reputation; resulting in lost sales and 
consumers, fines, lawsuits, or significant legal and remediation expenses. W e also may need to expend significant resources to 
protect against, respond to and/or redress problems caused by any breach.
In addition, we must comply with increasingly complex and rigorous, and sometimes conflicting, regulatory standards enacted to 
protect business and personal data in the United States, Europe and elsewhere. For example, the European Union adopted the 
General Data Protection Regulation (the "GDPR"); the United Kingdom enacted the UK General Data Protection Regulation 
(which implements the GDPR into UK law); several states in the United States have passed data privacy laws; China enacted the 
Data Security Law and Personal Information Protection Law; and additional jurisdictions have adopted or are considering 
proposing or adopting similar regulations. These laws impose additional obligations on companies regarding the handling of 
personal data and provide certain individual privacy rights to persons whose data is stored. Compliance with existing, proposed 
and recently enacted laws and regulations can be costly and time consuming, and any failure to comply with these regulatory 
standards could subject us to legal, operational and reputational risks. Misuse of or failure to secure personal information could 
also result in violation of data privacy laws and regulations, proceedings against the Company by governmental entities or others, 
imposition of fines by governmental authorities and damage to our reputation and credibility and could have a negative impact on 
revenues and profits.
We could be subject to changes in tax rates, adoption of new tax laws, additional tax liabilities or increased volatility in 
our effective tax rate.
We earn a substantial portion of our income in foreign countries and, as such, we are subject to the tax laws in the United States 
and numerous foreign jurisdictions. Current economic and political conditions make tax laws and regulations, or their 
interpretation and application, in any jurisdiction subject to significant change. 
Proposals to reform U.S. and foreign tax laws could significantly impact how U.S. multinational corporations are taxed on global 
earnings and could increase the U.S. corporate tax rate. For example, the Organization for Economic Co-operation and 
Development (OECD) and the G20 Inclusive Framework on Base Erosion and Profit Shifting (the "Inclusive Framework") has put 
forth two proposals—Pillar One and Pillar Two—that revise the existing profit allocation and nexus rules and ensure a minimal 
level of taxation, respectively. On December 12, 2022, the European Union member states agreed to implement the Inclusive 
Framework's global corporate minimum tax rate of 15%. Other countries are also actively considering changes to their tax laws to 
adopt certain parts of the Inclusive Framework's proposals. Although we cannot predict whether or in what form these proposals 
will be enacted into law, these changes, if enacted into law, could have an adverse impact on our effective tax rate, income tax 
expense and cash flows.
Portions of our operations are subject to a reduced tax rate or are under a tax holiday. We also utilize tax rulings and other 
agreements to obtain certainty in treatment of certain tax matters. Tax holidays and rulings can expire from time to time and may 
be extended when certain conditions are met, or terminated if certain conditions are not met. The impact of any changes in 
conditions would be the loss of certainty in treatment thus potentially impacting our ef fective income tax rate. For example, in 
January 2019, the European Commission opened a formal investigation to examine whether the Netherlands has breached State 
Aid rules when granting certain tax rulings to the Company. If this matter is adversely resolved, the Netherlands may be required 
to assess additional amounts with respect to prior periods, and the Company's income taxes related to prior periods in the 
Netherlands could increase.
We are also subject to the examination of our tax returns by the United States Internal Revenue Service ("IRS") and other tax 
authorities. We regularly assess the likelihood of an adverse outcome resulting from these examinations to determine the 
adequacy of our provision for income taxes. Although we believe our tax provisions are adequate, the final determination of tax 
audits and any related disputes could be materially different from our historical income tax provisions and accruals. The results of 
audits or related disputes could have an adverse effect on our financial statements for the period or periods for which the 
applicable final determinations are made. For example, we and our subsidiaries are also engaged in a number of intercompany 
transactions across multiple tax jurisdictions. Although we believe we have clearly reflected the economics of these transactions 
2023 FORM 10-K   21    and the proper local transfer pricing documentation is in place, tax authorities may propose and sustain adjustments that could 
result in changes that may impact our mix of earnings in countries with dif fering statutory tax rates.
Failure of our contractors or our licensees' contractors to comply with our code of conduct, local laws and other 
standards could harm our business.
We have license agreements that permit independent parties to manufacture or contract for the manufacture of products using 
our intellectual property. We require the contractors that directly manufacture our products and our licensees that make products 
using our intellectual property (including, indirectly, their contract manufacturers) to comply with a code of conduct and other 
environmental, human rights, health and safety standards for the benefit of workers. W e also require our contract manufacturers 
and the contractors of our licensees to comply with applicable standards for product safety . Notwithstanding their contractual 
obligations, from time to time contractors may not comply with such standards or applicable local law or our licensees may fail to 
enforce such standards or applicable local law on their contractors. If one or more of our direct or indirect contractors violates or 
fails to comply with, or is accused of violating or failing to comply with, such standards and laws, this could harm our reputation or 
result in a product recall and, as a result, could have an adverse ef fect on our sales and financial condition. Negative publicity 
regarding production methods, alleged unethical or illegal practices or workplace or related conditions of any of our suppliers, 
manufacturers or licensees could adversely affect our brand image and sales, force us to locate alternative suppliers, 
manufacturers or licenses or result in the imposition of additional regulations, including new or additional quotas, tarif fs, 
sanctions, product safety regulations or other regulatory measures, by governmental authorities.
Risks Related to Our Securities, Investments and Liquidity
Our financial results may be adversely affected if substantial investments in businesses and operations fail to produce 
expected returns.
From time to time, we may invest in technology, business infrastructure, new businesses or capabilities, product offering and 
manufacturing innovation and expansion of existing businesses, such as our NIK E Direct operations, which require substantial 
cash investments and management attention. We believe cost-effective investments are essential to business growth and 
profitability; however, significant investments are subject to typical risks and uncertainties inherent in developing a new business 
or expanding an existing business. The failure of any significant investment to provide expected returns or profitability could have 
a material adverse effect on our financial results and divert management attention from more profitable business operations. See 
also " Our NIKE Direct operations have required and will continue to require a substantial investment and commitment of 
resources and are subject to numerous risks and uncertainties ."
The sale of a large number of shares of common stock by our principal shareholder could depress the market price of 
our common stock.
As of June 30, 2023, Swoosh, LLC beneficially owned approximately 77% of our Class A Common Stock. If, on June 30, 2023, all 
of these shares were converted into Class B Common Stock, Swoosh, LLC's commensurate ownership percentage of our Class 
B Common Stock would be approximately 16%. The shares are available for resale, subject to the requirements of the U.S. 
securities laws and the terms of the limited liability company agreement governing S woosh, LLC. The sale or prospect of a sale of 
a substantial number of these shares could have an adverse effect on the market price of our common stock. Swoosh, LLC was 
formed by Philip H. Knight, our Chairman Emeritus, to hold the majority of his shares of Class A Common Stock. Mr. Knight does 
not have voting rights with respect to Swoosh, LLC, although Travis Knight, his son and a NIKE director, has a significant role in 
the management of the Class A Common Stock owned by Swoosh, LLC.
Changes in our credit ratings or macroeconomic conditions may affect our liquidity, increasing borrowing costs and 
limiting our financing options.
Our long-term debt is currently rated Investment Grade by Standard & Poor's and Moody's Investors Service. If our credit ratings 
are lowered, borrowing costs for our existing facilities or for future long-term debt or short-term credit facilities may increase and 
our financing options, including our access to credit or capital markets, could be adversely af fected. We may also be subject to 
restrictive covenants that would reduce our flexibility to, among other things, incur additional indebtedness, make restricted 
payments, pledge assets as security, make investments, loans, advances, guarantees and acquisitions, undergo fundamental 
changes and enter into transactions with affiliates. Failure to comply with such covenants could result in a default, and as a result, 
the commitments of our lenders under our credit agreements may be terminated and the maturity of amounts owed may be 
accelerated. In addition, macroeconomic conditions, such as increased volatility or disruption in the credit or capital markets, 
could adversely affect our ability to refinance existing debt.
If our internal controls are ineffective, our operating results could be adversely affected.
Our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including 
the possibility of human error, the circumvention or overriding of controls or fraud. Even effective internal controls can provide 
only reasonable assurance with respect to the preparation and fair presentation of financial statements. If we fail to maintain the 
adequacy of our internal controls, including any failure to implement required new or improved controls, or if we experience 
NIKE, INC.      22difficulties in their implementation, our business and operating results could be harmed and we could fail to meet our financial 
reporting obligations. 
If our estimates or judgments relating to our critical accounting estimates prove to be incorrect, our operating results 
could be adversely affected.
The preparation of financial statements in conformity with accounting principles generally accepted in the United S tates requires 
management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and 
accompanying notes. We base our estimates on historical experience and on various other assumptions we believe to be 
reasonable under the circumstances, as provided in "Management's Discussion and Analysis of Financial Condition and Results 
of Operations". The results of these estimates form the basis for making judgments about the carrying values of assets, liabilities 
and equity, and the amount of revenues and expenses that are not readily apparent from other sources. Significant assumptions 
and estimates used in preparing our consolidated financial statements include those related to revenue recognition, inventory 
reserves, hedge accounting for derivatives, income taxes and other contingencies. Our operating results may be adversely 
affected if our assumptions change or if actual circumstances differ from those in our assumptions, which could cause our 
operating results to fall below the expectations of securities analysts and investors, resulting in a decline in the price of our Class 
B Common Stock.
Anti-takeover provisions may impair an acquisition of the Company or reduce the price of our common stock.
There are provisions within our articles of incorporation and Oregon law intended to protect shareholder interests by providing the 
Board of Directors a means to attempt to deny coercive takeover attempts or to negotiate with a potential acquirer in order to 
obtain more favorable terms. Such provisions include a control share acquisition statute, a freeze-out statute, two classes of 
stock that vote separately on certain issues, and the fact that holders of Class A Common Stock elect three-quarters of the Board 
of Directors rounded down to the next whole number. However, such provisions could discourage, delay or prevent an unsolicited 
merger, acquisition or other change in control of the Company that some shareholders might believe to be in their best interests 
or in which shareholders might receive a premium for their common stock over the prevailing market price. These provisions 
could also discourage proxy contests for control of the Company.
We may fail to meet market expectations, which could cause the price of our stock to decline.
Our Class B Common Stock is traded publicly, and at any given time various securities analysts follow our financial results and 
issue reports on us. These reports include information about our historical financial results as well as analysts' opinions of our 
future performance, which may, in part, be based upon any guidance we have provided. Analysts' estimates are often different 
from our estimates or expectations. If our operating results are below the estimates or expectations of public market analysts and 
investors, our stock price could decline. In the past, securities class action litigation has been brought against NIK E and other 
companies following a decline in the market price of their securities. If our stock price is volatile for any reason, we may become 
involved in this type of litigation in the future. Any litigation could result in reputational damage, substantial costs and a diversion 
of management's attention and resources needed to successfully run our business.
2023 FORM 10-K   23    ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
ITEM 2. PROPERTIES
The following is a summary of principal properties owned or leased by NIK E:
The NIKE World Campus, owned by NIKE and located near Beaverton, Oregon, USA, is an approximately 400-acre site 
consisting of over 40 buildings which, together with adjacent leased properties, functions as our world headquarters and is 
occupied by approximately 11,400 employees engaged in management, research, design, development, marketing, finance and 
other administrative functions serving nearly all of our segments. W e lease a similar, but smaller, administrative facility in 
Hilversum, the Netherlands, which serves as the headquarters for our E urope, Middle East & Africa geography and management 
of certain brand functions for our non-U.S. operations. We also lease an office complex in Shanghai, China, our headquarters for 
our Greater China geography, occupied by employees focused on implementing our wholesale, NIKE Direct and merchandising 
strategies in the region, among other functions.
In the United States, NIKE has eight significant distribution centers. Five are located in or near Memphis, Tennessee, two of 
which are owned and three of which are leased. Two other distribution centers, one located in Indianapolis, Indiana and one 
located in Dayton, Tennessee, are leased and operated by third-party logistics providers. One distribution center for Converse is 
located in Ontario, California, which is leased. NIKE has a number of distribution facilities outside the United States, some of 
which are leased and operated by third-party logistics providers. The most significant distribution facilities outside the United 
States are located in Laakdal, Belgium; Taicang, China; Tomisato, Japan and Icheon, Korea, all of which we own.
Air Manufacturing Innovation manufactures cushioning components used in footwear at NIKE-owned and leased facilities located 
near Beaverton, Oregon, and in Dong Nai Province, Vietnam, as well as at NIKE-owned facilities in St. Charles, Missouri. 
Aside from the principal properties described above, we lease many offices worldwide for sales and administrative purposes. We 
lease approximately 1,027 retail stores worldwide, which primarily consist of factory stores. See "United States Market" and 
"International Markets" for additional information regarding our retail stores. Our leases expire at various dates through the fiscal 
year 2052.
ITEM 3. LEGAL PROCEEDINGS
We do not believe there are any material pending legal proceedings, other than ordinary routine litigation incidental to our 
business, to which we are a party or of which any of our property is the subject. Refer to Note 16 — Commitments and 
Contingencies in the accompanying Notes to the Consolidated Financial Statements for further information.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
NIKE, INC.      24PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, 
RELATED STOCKHOLDER MATTERS AND ISSUER 
PURCHASES OF EQUITY SECURITIES
NIKE's Class B Common Stock is listed on the New York Stock Exchange and trades under the symbol NKE. At July 12, 2023, 
there were 21,813 holders of record of NIKE's Class B Common Stock and 15 holders of record of NIKE's Class A Common 
Stock. These figures do not include beneficial owners who hold shares in nominee name. The Class A Common Stock is not 
publicly traded, but each share is convertible upon request of the holder into one share of Class B  Common Stock. Refer to our 
Consolidated Statements of Shareholders' Equity for dividends declared on the Class A and Class B Common Stock.
In August 2022, the Company terminated the previous four-year, $15 billion share repurchase program approved by the Board of 
Directors in June 2018. Prior to the program's termination, the Company purchased 6.5 million shares at an average price of 
$109.85 per share for a total approximate cost of $710.0 million during the first quarter of fiscal 2023 and 83.8 million shares at 
an average price of $111.82 per share for a total approximate cost of $9.4 billion during the term of this program.
Upon termination of the $15 billion program, the Company began purchasing shares under a new four-year , $18 billion share 
repurchase program authorized by the Board of Directors in June 2022. As of May 31, 2023, the Company had repurchased 43.5 
million shares at an average price of $110.38 per share for a total approximate cost of $4.8 billion under the new program.
Repurchases under the Company's new program will be made in open market or privately negotiated transactions in compliance 
with the Securities and Exchange Commission Rule 10b-18, subject to market conditions, applicable legal requirements and 
other relevant factors. The new share repurchase program does not obligate the Company to acquire any particular amount of 
common stock, and it may be suspended at any time at the Company's discretion.
All share repurchases were made under NIKE's publicly announced program, and there are no other programs under which the 
Company repurchases shares. The following table presents a summary of share repurchases made during the quarter ended 
May 31, 2023: 
PERIODTOTAL NUMBER OF 
SHARES PURCHASEDAVERAGE PRICE  
PAID PER SHAREAPPROXIMATE DOLLAR 
VALUE OF SHARES THAT 
MAY YET BE PURCHASED 
UNDER THE PLANS 
OR PROGRAMS 
(IN MILLIONS)
March 1 — March 31, 2023  4,118,427 $ 120.04 $ 14,099 
April 1 — April 30, 2023  3,282,288 $ 125.01 $ 13,689 
May 1 — May 31, 2023  4,134,824 $ 118.30 $ 13,200 
 11,535,539 $ 120.83 
2023 FORM 10-K   25    PERFORMANCE GRAPH
The following graph demonstrates a five-year comparison of cumulative total returns for NIK E's Class B Common Stock; the 
Standard & Poor's 500 Stock Index; the Dow Jones U.S. Footwear Index; and the Standard & Poor's Apparel, Accessories & 
Luxury Goods Index. The graph assumes an investment of $100 on May 31, 2018, in each of the indices and our Class B 
Common Stock. Each of the indices assumes that all dividends were reinvested on the day of issuance.
COMPARISON OF 5-YEAR CUMULATIVE TOTAL RETURN AMONG NIKE, INC.; S&P 500 INDEX; THE DOW JONES U.S. FOOTWEAR 
INDEX; AND S&P APPAREL, ACCESSORIES & LUXURY GOODS INDEX
The Dow Jones U.S. Footwear Index consists of NIKE, Crocs Inc., Deckers Outdoor Corporation and Skechers U.S.A., Inc. 
Because NIKE is part of the Dow Jones U.S. Footwear Index, the price and returns of NIKE stock have a substantial effect on this 
index. The Standard & Poor's Apparel, Accessories & Luxury Goods Index consists of Ralph Lauren Corporation, Tapestry, Inc. 
and V.F. Corporation. The Dow Jones U.S. Footwear Index and the Standard & Poor's Apparel, Accessories & Luxury Goods 
Index include companies in two major lines of business in which the Company competes. The indices do not encompass all of the 
Company's competitors, nor all product categories and lines of business in which the Company is engaged.
The stock performance shown on the performance graph above is not necessarily indicative of future performance. The Company 
will not make or endorse any predictions as to future stock performance.
The performance graph above is being furnished solely to accompany this Annual Report pursuant to Item 201(e) of Regulation 
S-K, is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be 
incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general 
incorporation language in such filing.
NIKE, INC.      26$0$20$40$60$80$100$120$140$160$180$200$220
2018 2019 2020 2021 2022 2023
NIKE, Inc. S&P 500 INDEX - TOTAL RETURN
DOW JONES US FOOTWEAR INDEX S&P 500 APPAREL, ACCESSORIES & LUXURY GOODS INDEXITEM 6. [RESERVED] 
2023 FORM 10-K   27    ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF 
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
OVERVIEW
NIKE designs, develops, markets and sells athletic footwear, apparel, equipment, accessories and services worldwide. We are 
the largest seller of athletic footwear and apparel in the world. W e sell our products through NIKE Direct operations, which is 
comprised of both NIKE-owned retail stores and sales through our digital platforms (also referred to as "NIKE Brand Digital"), to 
wholesale accounts and to a mix of independent distributors, licensees and sales representatives in nearly all countries around 
the world. Our goal is to deliver value to our shareholders by building a profitable global portfolio of branded footwear , apparel, 
equipment and accessories businesses. Our strategy is to achieve long-term revenue growth by creating innovative, "must-have" 
products, building deep personal consumer connections with our brands and delivering compelling consumer experiences 
through digital platforms and at retail.
Through the Consumer Direct Acceleration strategy, we are focused on creating the marketplace of the future with more 
premium, consistent and seamless consumer experiences, leading with digital and our owned stores, as well as select wholesale 
partners. In addition, our product creation and marketing organizations are aligned to a consumer construct focused on sports 
dimensions through Men's, Women's and Kids', which allows us to better serve consumer needs. We continue to invest in a new 
Enterprise Resource Planning Platform, data and analytics, demand sensing, insight gathering, and other areas to create an end-
to-end technology foundation, which we believe will further accelerate our digital transformation. W e believe this unified approach 
will accelerate growth and unlock more efficiency for our business, while driving speed and responsiveness as we serve 
consumers globally.
FINANCIAL HIGHLIGHTS 
•In fiscal 2023, NIKE, Inc. achieved record Revenues of $51.2 billion, which increased 10% and 16% on a reported and 
currency-neutral basis, respectively 
•NIKE Direct revenues grew 14% from $18.7 billion in fiscal 2022 to $21.3 billion in fiscal 2023, and represented 
approximately 44% of total NIKE Brand revenues for fiscal 2023
•Gross margin for the fiscal year decreased 250 basis points to 43.5% primarily driven by higher product costs, higher 
markdowns and unfavorable changes in foreign currency exchange rates, partially of fset by strategic pricing actions
•Inventories as of May 31, 2023 were $8.5 billion, flat compared to the prior year, driven by the actions we took throughout 
fiscal 2023 to manage inventory levels
•We returned $7.5 billion to our shareholders in fiscal 2023 through share repurchases and dividends
•Return on Invested Capital ("ROIC") as of May 31, 2023 was 31.5% compared to 46.5% as of May 31, 2022. ROIC is 
considered a non-GAAP financial measure, see "Use of Non-GAAP Financial Measures" for further information.
For discussion related to the results of operations and changes in financial condition for fiscal 2022 compared to fiscal 2021 refer 
to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our fiscal 2022 
Form 10-K, which was filed with the United States Securities and Exchange Commission on July 21, 2022.
CURRENT ECONOMIC CONDITIONS AND MARKET DYNAMICS 
• Consumer Spending:  Our fiscal 2023 growth in Revenues reflects strong demand for our products despite ongoing 
uncertainty in the global economy . We will continue to closely monitor macroeconomic conditions, including potential impacts 
of inflation and rising interest rates on consumer behavior. 
• Inflationary Pressures:  Inflationary pressures, including higher product input, freight and logistics costs  negatively 
impacted gross margin for fiscal 2023. The strategic pricing actions we have taken partially offset the impacts of these higher 
costs.
• Supply Chain Volatility:  Supply chain challenges, macroeconomic conditions and the impact of the COVID-19 pandemic 
on the manufacturing of our product disrupted the flow of seasonal product in fiscal 2022 and the first quarter of fiscal 2023, 
resulting in elevated inventory levels at the end of the first quarter of fiscal 2023. Throughout fiscal 2023, we took action to 
reduce excess inventory by decreasing future inventory purchases and increasing promotional activity . These actions, along 
with the stabilization of inventory transit times in the second and third quarters of fiscal 2023, resulted in the normalization of 
the seasonal flow of product in the fourth quarter of fiscal 2023.
NIKE, INC.      28• COVID-19 Impacts in Greater China:  During the first and second quarters of fiscal 2023, we managed through continued 
temporary store closures and reduced retail traffic in Greater China, primarily due to COVID-19 related local government 
restrictions. At the beginning of the third quarter of fiscal 2023, the government mandated restrictions were lifted and we 
experienced improvement in physical retail traffic. 
• Foreign Currency Impacts: As a global company with significant operations outside the United States, we are exposed to 
risk arising from foreign currency exchange rates. For fiscal 2023, fluctuations in foreign currency exchange rates negatively 
impacted our reported Revenues by approximately $2,859 million, reducing our revenue growth rate to 10% on a reported 
basis from 16% on a currency-neutral basis. Foreign currency impacts, net of hedges, also reduced our reported Income 
before income taxes by approximately $1,023 million. For further information, refer to "Foreign Currency Exposures and 
Hedging Practices".
The operating environment could remain volatile in fiscal 2024 as the risk exists that worsening macroeconomic conditions could 
have a material adverse impact on our future revenue growth as well as overall profitability . For more information refer to Item 1A 
Risk Factors, within Part I, Item 1. Business.
RECENT DEVELOPMENTS
During the first and second quarters of fiscal 2023, we completed the sale of our entity in Chile and our entities in Argentina and 
Uruguay to third-party distributors, respectively. Now that we have completed the shift from a wholesale and direct to consumer 
operating model to a distributor model within our Central and South America ("CASA") territory, we expect consolidated NIKE, 
Inc. and Asia Pacific & Latin America ("APLA") revenue growth will be reduced due to different commercial terms. However, over 
time we expect the future operating model to have a favorable impact on our overall profitability as we reduce selling and 
administrative expenses, as well as reduce exposure to foreign exchange rate volatility .
USE OF NON-GAAP FINANCIAL MEASURES
Throughout this Annual Report on Form 10-K, we discuss non-GAAP financial measures, which should be considered in addition 
to, and not in lieu of, the financial measures calculated and presented in accordance with U.S . GAAP. References to these 
measures should not be considered in isolation or as a substitute for other financial measures calculated and presented in 
accordance with U.S. GAAP and may not be comparable to similarly titled measures used by other companies. Management 
uses these non-GAAP measures when evaluating the Company's performance, including when making financial and operating 
decisions. Additionally, management believes these non-GAAP financial measures provide investors with additional financial 
information that should be considered when assessing our underlying business performance and trends. 
Earnings Before Interest and Taxes ("EBIT") : Calculated as Net income before Interest expense (income), net and Income tax 
expense in the Consolidated Statements of Income. Total NIKE, Inc. EBIT for fiscal 2023 and fiscal 2022 is as follows:
YEAR ENDED MAY 31,
(Dollars in millions) 2023 2022
Net income $ 5,070 $ 6,046 
Add: Interest expense (income), net  (6)  205 
Add: Income tax expense  1,131  605 
Earnings before interest and taxes $ 6,195 $ 6,856 
EBIT Margin : Calculated as total NIKE, Inc. EBIT divided by total NIKE, Inc. Revenues. Our EBIT Margin calculation for fiscal 
2023 and fiscal 2022 is as follows:
YEAR ENDED MAY 31,
(Dollars in millions) 2023 2022
Numerator
Earnings before interest and taxes $ 6,195 $ 6,856 
Denominator
Total NIKE, Inc. Revenues $ 51,217 $ 46,710 
EBIT Margin  12.1 %  14.7 %
2023 FORM 10-K   29    Return on Invested Capital ("ROIC") : Represents a performance measure that management believes is useful information in 
understanding the Company's ability to effectively manage invested capital. Our ROIC calculation as of May 31, 2023 and 2022 is 
as follows:
FOR THE TRAILING FOUR 
QUARTERS ENDED
(Dollars in millions) MAY 31, 2023 MAY 31, 2022
Numerator
Net income $ 5,070 $ 6,046 
Add: Interest expense (income), net  (6)  205 
Add: Income tax expense  1,131  605 
Earnings before interest and taxes  6,195  6,856 
Income tax adjustment(1) (1,130)  (624) 
Earnings before interest and after taxes $ 5,065 $ 6,232 
AVERAGE FOR THE TRAILING FIVE 
QUARTERS ENDED
MAY 31, 2023 MAY 31, 2022
Denominator
Total debt(2)$ 12,491 $ 12,722 
Add: Shareholders' equity  14,982  14,425 
Less: Cash and equivalents and Short-term investments  11,394  13,748 
Total invested capital $ 16,079 $ 13,399 
RETURN ON INVESTED CAPITAL  31.5 %  46.5 %
(1) Equals Earnings before interest and taxes multiplied by the effective tax rate as of the respective quarter end.
(2) Total debt includes the following: 1) Current portion of long-term debt, 2) Notes Payable, 3) Current portion of operating lease liabilities, 4) Long-term 
debt and 5) Operating lease liabilities.
Currency-neutral revenues : Currency-neutral revenues enhance visibility to underlying business trends, excluding the impact of 
translation arising from foreign currency exchange rate fluctuations. Currency-neutral revenues are calculated using actual 
exchange rates in use during the comparative prior year period in place of the exchange rates in use during the current period.
Wholesale equivalent revenues : References to wholesale equivalent revenues are intended to provide context as to the total 
size of our NIKE Brand market footprint if we had no NIKE Direct operations. NIKE Brand wholesale equivalent revenues consist 
of (1) sales to external wholesale customers and (2) internal sales from our wholesale operations to our NIK E Direct operations, 
which are charged at prices comparable to those charged to external wholesale customers. 
COMPARABLE STORE SALES
Comparable store sales : This key metric, which excludes NIKE Brand Digital sales, comprises revenues from NIKE-owned in-
line and factory stores for which all three of the following requirements have been met : (1) the store has been open at least one 
year, (2) square footage has not changed by more than 15% within the past year and (3) the store has not been permanently 
repositioned within the past year. Comparable store sales includes revenues from stores that were temporarily closed during the 
period as a result of COVID-19. Comparable store sales represents a performance metric that we believe is useful information for 
management and investors in understanding the performance of our established NIK E-owned in-line and factory stores. 
Management considers this metric when making financial and operating decisions. The method of calculating comparable store 
sales varies across the retail industry. As a result, our calculation of this metric may not be comparable to similarly titled metrics 
used by other companies.
NIKE, INC.      30RESULTS OF OPERATIONS
(Dollars in millions, except per share data) FISCAL 2023 FISCAL 2022 % CHANGE FISCAL 2021 % CHANGE
Revenues $ 51,217 $ 46,710  10 % $ 44,538  5 %
Cost of sales  28,925  25,231  15 %  24,576  3 %
Gross profit  22,292  21,479  4 %  19,962  8 %
Gross margin  43.5 %  46.0 %  44.8 %
Demand creation expense  4,060  3,850  5 %  3,114  24 %
Operating overhead expense  12,317  10,954  12 %  9,911  11 %
Total selling and administrative expense  16,377  14,804  11 %  13,025  14 %
% of revenues  32.0 %  31.7 %  29.2 %
Interest expense (income), net  (6)  205  —  262  — 
Other (income) expense, net  (280)  (181)  —  14  — 
Income before income taxes  6,201  6,651  -7 %  6,661  0 %
Income tax expense  1,131  605  87 %  934  -35 %
Effective tax rate  18.2 %  9.1 %  14.0 %
NET INCOME $ 5,070 $ 6,046  -16 % $ 5,727  6 %
Diluted earnings per common share $ 3.23 $ 3.75  -14 % $ 3.56  5 %
 
2023 FORM 10-K   31    CONSOLIDATED OPERATING RESULTS
REVENUES
(Dollars in millions)FISCAL 
2023FISCAL 
2022% 
CHANGE% CHANGE 
EXCLUDING 
CURRENCY 
CHANGES(1)FISCAL 
2021% 
CHANGE% CHANGE 
EXCLUDING 
CURRENCY 
CHANGES(1)
NIKE, Inc. Revenues:
NIKE Brand Revenues by:
Footwear $ 33,135 $ 29,143  14 %  20 % $ 28,021  4 %  4 %
Apparel  13,843  13,567  2 %  8 %  12,865  5 %  6 %
Equipment  1,727  1,624  6 %  13 %  1,382  18 %  18 %
Global Brand Divisions(2) 58  102  -43 %  -43 %  25  308 %  302 %
Total NIKE Brand Revenues $ 48,763 $ 44,436  10 %  16 % $ 42,293  5 %  6 %
Converse  2,427  2,346  3 %  8 %  2,205  6 %  7 %
Corporate(3) 27  (72)  —  —  40  —  — 
TOTAL NIKE, INC. REVENUES $ 51,217 $ 46,710  10 %  16 % $ 44,538  5 %  6 %
Supplemental NIKE Brand Revenues Details:
NIKE Brand Revenues by:
Sales to Wholesale Customers $ 27,397 $ 25,608  7 %  14 % $ 25,898  -1 %  -1 %
Sales through NIKE Direct  21,308  18,726  14 %  20 %  16,370  14 %  15 %
Global Brand Divisions(2) 58  102  -43 %  -43 %  25  308 %  302 %
TOTAL NIKE BRAND REVENUES $ 48,763 $ 44,436  10 %  16 % $ 42,293  5 %  6 %
NIKE Brand Revenues on a Wholesale Equivalent 
Basis(1):
Sales to Wholesale Customers $ 27,397 $ 25,608  7 %  14 % $ 25,898  -1 %  -1 %
Sales from our Wholesale Operations to NIKE Direct 
Operations  12,730  10,543  21 %  27 %  9,872  7 %  7 %
TOTAL NIKE BRAND WHOLESALE EQUIVALENT 
REVENUES $ 40,127 $ 36,151  11 %  18 % $ 35,770  1 %  1 %
NIKE Brand Wholesale Equivalent Revenues by:(1),(4)
Men's $ 20,733 $ 18,797  10 %  17 % $ 18,391  2 %  3 %
Women's  8,606  8,273  4 %  11 %  8,225  1 %  1 %
NIKE Kids'  5,038  4,874  3 %  10 %  4,882  0 %  0 %
Jordan Brand  6,589  5,122  29 %  35 %  4,780  7 %  7 %
Others(5) (839)  (915)  8 %  -3 %  (508)  -80 %  -79 %
TOTAL NIKE BRAND WHOLESALE EQUIVALENT 
REVENUES $ 40,127 $ 36,151  11 %  18 % $ 35,770  1 %  1 %
(1) The percent change excluding currency changes and the presentation of wholesale equivalent revenues represent non-GAAP financial measures. For 
further information, see "Use of Non-GAAP Financial Measures".
(2) Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.
(3) Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand 
geographic operating segments and Converse, but managed through our central foreign exchange risk management program.
(4) As a result of the Consumer Direct Acceleration strategy, announced in fiscal 2021, the Company is now organized around a consumer construct of 
Men's, Women's and Kids'. Beginning in the first quarter of fiscal 2022, unisex products are classified within Men's, and Jordan Brand revenues are 
separately reported. Certain prior year amounts were reclassified to conform to fiscal 2022 presentation. These changes had no impact on previously 
reported consolidated results of operations or shareholders' equity. 
(5) Others include products not allocated to Men's, Women's, NIKE Kids' and Jordan Brand, as well as certain adjustments that are not allocated to 
products designated by consumer.
NIKE, INC.      32FISCAL 2023 NIKE BRAND REVENUE HIGHLIGHTS
The following tables present NIKE Brand revenues disaggregated by reportable operating segment, distribution channel and 
major product line:
FISCAL 2023 COMPARED TO FISCAL 2022
•NIKE, Inc. Revenues were $51.2 billion in fiscal 2023, which increased 10% and 16% compared to fiscal 2022 on a reported 
and currency-neutral basis, respectively. The increase was due to higher revenues in North America, Europe, Middle East & 
Africa ("EMEA"), APLA and Greater China, which contributed approximately 7, 6, 2 and 1 percentage points to NIKE, Inc. 
Revenues, respectively. 
•NIKE Brand revenues, which represented over 90% of NIKE, Inc. Revenues,  increased  10% and 16% on a reported and 
currency-neutral basis, respectively. This increase was primarily due to higher revenues in Men's, the Jordan Brand, 
Women's and Kids' which grew 17%, 35%,11% and 10%, respectively, on a wholesale equivalent basis. 
•NIKE Brand footwear revenues increased 20% on a currency-neutral basis, due to higher revenues in Men's, the 
Jordan Brand, Women's and Kids'. Unit sales of footwear increased 13%, while higher average selling price ("ASP") 
per pair contributed approximately 7 percentage points of footwear revenue growth. Higher ASP was primarily due to 
higher full-price ASP, net of discounts, on a wholesale equivalent basis, and growth in the size of our NIKE Direct 
business, partially offset by lower NIKE Direct ASP. 
•NIKE Brand apparel revenues increased 8% on a currency-neutral basis, primarily due to higher revenues in Men's. 
Unit sales of apparel increased 4%, while higher ASP per unit contributed approximately 4 percentage points of 
apparel revenue growth. Higher ASP was primarily due to higher full-price ASP and growth in the size of our NIKE 
Direct business, partially offset by lower NIKE Direct ASP, reflecting higher promotional activity.
•NIKE Direct revenues increased 14% from $18.7 billion in fiscal 2022 to $21.3 billion in fiscal 2023. On a currency-neutral 
basis, NIKE Direct revenues increased 20% primarily driven by NIKE Brand Digital sales growth of 24%, comparable store 
sales growth of 14% and the addition of new stores. For further information regarding comparable store sales, including the 
definition, see "Comparable Store Sales". NIKE Brand Digital sales were $12.6 billion for fiscal 2023 compared to 
$10.7 billion for fiscal 2022.
2023 FORM 10-K   33    28%
EMEA13%
APLA44%
North
America
15%
Greater
China56%
Wholesale
44%
NIKE
Direct28%
Apparel4%
Equipment68%
FootwearGROSS MARGIN
FISCAL 2023 COMPARED TO FISCAL 2022
For fiscal 2023, our consolidated gross profit increased 4% to $22,292 million compared to $21,479 million for fiscal 2022. Gross 
margin decreased 250 basis points to 43.5% for fiscal 2023 compared to 46.0% for fiscal 2022 due to the following:
*Wholesale equivalent
The decrease in gross margin for fiscal 2023 was primarily due to:
•Higher NIKE Brand product costs, on a wholesale equivalent basis, primarily due to higher input costs and elevated inbound 
freight and logistics costs as well as product mix;
•Lower margin in our NIKE Direct business, driven by higher promotional activity to liquidate inventory in the current period 
compared to lower promotional activity in the prior period resulting from lower available inventory supply;
•Unfavorable changes in net foreign currency exchange rates, including hedges; and
•Lower off-price margin, on a wholesale equivalent basis.
This was partially offset by:
•Higher NIKE Brand full-price ASP, net of discounts, on a wholesale equivalent basis, due primarily to strategic pricing actions 
and product mix; and
•Lower other costs, primarily due to higher inventory obsolescence reserves recognized in Greater China in the fourth quarter 
of fiscal 2022.
TOTAL SELLING AND ADMINISTRATIVE EXPENSE
(Dollars in millions) FISCAL 2023 FISCAL 2022 % CHANGE FISCAL 2021 % CHANGE
Demand creation expense(1)$ 4,060 $ 3,850  5% $ 3,114  24% 
Operating overhead expense  12,317  10,954  12%  9,911  11% 
Total selling and administrative expense $ 16,377 $ 14,804  11% $ 13,025  14% 
% of revenues  32.0 %  31.7 %  30  bps  29.2 %  250  bps
(1) Demand creation expense consists of advertising and promotion costs, including costs of endorsement contracts, complimentary product, television, 
digital and print advertising and media costs, brand events and retail brand presentation.
FISCAL 2023 COMPARED TO FISCAL 2022
Demand creation expense increased 5% for fiscal 2023, primarily due to higher advertising and marketing expense and higher 
sports marketing expense. Changes in foreign currency exchange rates decreased Demand creation expense by approximately 4 
percentage points. 
Operating overhead expense increased 12%, primarily due to higher wage-related expenses, NIKE Direct variable costs, 
strategic technology enterprise investments and other administrative costs. Changes in foreign currency exchange rates 
decreased Operating overhead expense by approximately 3 percentage points.
NIKE, INC.      34%43.5
(1.0)3.1(3.3)
0.1
(0.4)(1.0)46.0
FY 23 FULL PRICE NIKE 
BRAND AVERAGE 
SELLING PRICE 
(NET OF
DISCOUNTS)*FOREIGN CURRENCY
EXCHANGE RATES
(INCL. HEDGES)OTHER COSTS OFF-PRICE* NIKE DIRECT FY 22 NIKE BRAND
PRODUCT COSTS*40.042.044.046.048.0OTHER (INCOME) EXPENSE, NET
(Dollars in millions) FISCAL 2023 FISCAL 2022 FISCAL 2021
Other (income) expense, net $ (280) $ (181) $ 14 
Other (income) expense, net comprises foreign currency conversion gains and losses from the remeasurement of monetary 
assets and liabilities denominated in non-functional currencies and the impact of certain foreign currency derivative instruments, 
as well as unusual or non-operating transactions that are outside the normal course of business.
FISCAL 2023 COMPARED TO FISCAL 2022  
Other (income) expense, net increased from $181 million of other income, net in fiscal 2022 to $280 million in the current fiscal 
year, primarily due to a net favorable change in foreign currency conversion gains and losses, including hedges, and the one-time 
charge related to the deconsolidation of our Russian operations recognized in the prior year . This increase was partially offset by 
net unfavorable activity related to our strategic distributor partnership transition within APLA, including the loss recognized upon 
the completion of the sale of our entities in Argentina and Uruguay to a third-party distributor in the second quarter of fiscal 2023.
For more information related to our distributor partnership transition within APLA, see Note 18 — Acquisitions and Divestitures 
within the accompanying Notes to the Consolidated Financial Statements. 
We estimate the combination of the translation of foreign currency-denominated profits from our international businesses, and the 
year-over-year change in foreign currency-related gains and losses included in Other (income) expense, net had an unfavorable 
impact on our Income before income taxes of $1,023 million for fiscal 2023. 
INCOME TAXES
FISCAL 2023 FISCAL 2022 % CHANGE FISCAL 2021 % CHANGE
Effective tax rate  18.2 %  9.1 % 910 bps  14.0 % (490) bps
FISCAL 2023 COMPARED TO FISCAL 2022  
Our effective tax rate was 18.2% for fiscal 2023, compared to 9.1% for fiscal 2022, primarily due to decreased benefits from 
stock-based compensation and a non-cash, one-time benefit in the prior year related to the onshoring of certain non-U.S . 
intangible property ownership rights.
On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 that includes, among other provisions, 
changes to the U.S. corporate income tax system, including a fifteen percent minimum tax based on "adjusted financial statement 
income," which is effective for NIKE beginning June 1, 2023. Based on our current analysis of the provisions, we do not expect 
these tax law changes to have a material impact on our financial statements; however, we will continue to evaluate their impact 
as further information becomes available. 
2023 FORM 10-K   35    OPERATING SEGMENTS
As discussed in Note 15 — Operating Segments and Related Information in the accompanying Notes to the Consolidated 
Financial Statements, our operating segments are evidence of the structure of the Company's internal organization. The NIKE 
Brand segments are defined by geographic regions for operations participating in NIKE Brand sales activity. 
The breakdown of Revenues is as follows:
(Dollars in millions) FISCAL 2023 FISCAL 2022 % CHANGE% CHANGE 
EXCLUDING 
CURRENCY 
CHANGES(1)FISCAL 2021 % CHANGE% CHANGE 
EXCLUDING 
CURRENCY 
CHANGES(1)
North America $ 21,608 $ 18,353  18 %  18 % $ 17,179  7 %  7 %
Europe, Middle East & Africa  13,418  12,479  8 %  21 %  11,456  9 %  12 %
Greater China  7,248  7,547  -4 %  4 %  8,290  -9 %  -13 %
Asia Pacific & Latin America(2) 6,431  5,955  8 %  17 %  5,343  11 %  16 %
Global Brand Divisions(3) 58  102  -43 %  -43 %  25  308 %  302 %
TOTAL NIKE BRAND $ 48,763 $ 44,436  10 %  16 % $ 42,293  5 %  6 %
Converse  2,427  2,346  3 %  8 %  2,205  6 %  7 %
Corporate(4) 27  (72)  —  —  40  —  — 
TOTAL NIKE, INC. REVENUES $ 51,217 $ 46,710  10 %  16 % $ 44,538  5 %  6 %
(1) The percent change excluding currency changes represents a non-GAAP financial measure. For further information, see "Use of Non-GAAP Financial 
Measures".
(2) For additional information on the transition of our NIKE Brand businesses within our CASA territory to a third-party distributor, see Note 18 — 
Acquisitions and Divestitures of the Notes to Consolidated Financial Statements contained in Item 8 of this Annual Report.
(3) Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.
(4) Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand 
geographic operating segments and Converse, but managed through our central foreign exchange risk management program.
The primary financial measure used by the Company to evaluate performance is Earnings Before Interest and Taxes ("EBIT"). As 
discussed in Note 15 — Operating Segments and Related Information in the accompanying Notes to the Consolidated Financial 
Statements, certain corporate costs are not included in EBIT.
The breakdown of EBIT is as follows: 
(Dollars in millions) FISCAL 2023 FISCAL 2022 % CHANGE FISCAL 2021 % CHANGE
North America $ 5,454 $ 5,114  7 % $ 5,089  0 %
Europe, Middle East & Africa  3,531  3,293  7 %  2,435  35 %
Greater China  2,283  2,365  -3 %  3,243  -27 %
Asia Pacific & Latin America  1,932  1,896  2 %  1,530  24 %
Global Brand Divisions  (4,841)  (4,262)  -14 %  (3,656)  -17 %
TOTAL NIKE BRAND(1)$ 8,359 $ 8,406  -1 % $ 8,641  -3 %
Converse  676  669  1 %  543  23 %
Corporate  (2,840)  (2,219)  -28 %  (2,261)  2 %
TOTAL NIKE, INC. EARNINGS BEFORE 
INTEREST AND TAXES(1)$ 6,195 $ 6,856  -10 % $ 6,923  -1 %
EBIT margin(1) 12.1 %  14.7 %  15.5 %
Interest expense (income), net  (6)  205  —  262  — 
TOTAL NIKE, INC. INCOME BEFORE INCOME 
TAXES $ 6,201 $ 6,651  -7 % $ 6,661  0 %
(1) Total NIKE Brand EBIT, Total NIKE, Inc. EBIT and EBIT Margin represent non-GAAP financial measures. See "Use of Non-GAAP Financial Measures" 
for further information. 
NIKE, INC.      36NORTH AMERICA
(Dollars in millions) FISCAL 2023 FISCAL 2022 % CHANGE% CHANGE 
EXCLUDING 
CURRENCY 
CHANGES FISCAL 2021 % CHANGE% CHANGE 
EXCLUDING 
CURRENCY 
CHANGES
Revenues by:
Footwear $ 14,897 $ 12,228  22 %  22 % $ 11,644  5 %  5 %
Apparel  5,947  5,492  8 %  9 %  5,028  9 %  9 %
Equipment  764  633  21 %  21 %  507  25 %  25 %
TOTAL REVENUES $ 21,608 $ 18,353  18 %  18 % $ 17,179  7 %  7 %
Revenues by:    
Sales to Wholesale Customers $ 11,273 $ 9,621  17 %  18 % $ 10,186  -6 %  -6 %
Sales through NIKE Direct  10,335  8,732  18 %  18 %  6,993  25 %  25 %
TOTAL REVENUES $ 21,608 $ 18,353  18 %  18 % $ 17,179  7 %  7 %
EARNINGS BEFORE INTEREST 
AND TAXES $ 5,454 $ 5,114  7 % $ 5,089  0 %
FISCAL 2023 COMPARED TO FISCAL 2022
•North America revenues increased 18% on a currency-neutral basis, primarily due to higher revenues in Men's and the 
Jordan Brand. NIKE Direct revenues increased 18%, driven by strong digital sales growth of 23%, comparable store sales 
growth of 9% and the addition of new stores.
•Footwear revenues increased 22% on a currency-neutral basis, primarily due to higher revenues in Men's and the Jordan 
Brand. Unit sales of footwear increased 17%, while higher ASP per pair contributed approximately 5 percentage points of 
footwear revenue growth. Higher ASP per pair was primarily due to higher full-price ASP and growth in NIKE Direct, partially 
offset by lower NIKE Direct ASP, reflecting higher promotional activity as well as lower available inventory supply in the prior 
period and a lower mix of full-price sales. 
•Apparel revenues increased 9% on a currency-neutral basis, primarily due to higher revenues in Men's. Unit sales of apparel 
increased 7%, while higher ASP per unit contributed approximately 2 percentage points of apparel revenue growth. Higher 
ASP per unit was primarily due to higher full-price ASP and growth in NIKE Direct, partially offset by lower NIKE Direct ASP, 
reflecting higher promotional activity.
Reported EBIT increased 7% due to higher revenues and the following:
•Gross margin contraction of 310 basis points primarily due to higher product costs, reflecting higher input costs and inbound 
freight and logistics costs and product mix, lower margins in NIK E Direct due to higher promotional activity and a lower mix 
of full-price sales. This was partially offset by higher full-price ASP, net of discounts, largely due to strategic pricing actions 
and product mix.
•Selling and administrative expense increased 15% due to higher operating overhead and demand creation expense. The 
increase in operating overhead expense was primarily due to higher wage-related costs and higher  NIKE Direct variable 
costs, in part due to new store additions. Demand creation expense increased primarily due to higher sports marketing 
expense and an increase in digital marketing.
2023 FORM 10-K   37    EUROPE, MIDDLE EAST & AFRICA
(Dollars in millions) FISCAL 2023 FISCAL 2022 % CHANGE% CHANGE 
EXCLUDING 
CURRENCY 
CHANGES FISCAL 2021 % CHANGE% CHANGE 
EXCLUDING 
CURRENCY 
CHANGES
Revenues by:
Footwear $ 8,260 $ 7,388  12 %  25 % $ 6,970  6 %  9 %
Apparel  4,566  4,527  1 %  14 %  3,996  13 %  16 %
Equipment  592  564  5 %  18 %  490  15 %  17 %
TOTAL REVENUES $ 13,418 $ 12,479  8 %  21 % $ 11,456  9 %  12 %
Revenues by:    
Sales to Wholesale Customers $ 8,522 $ 8,377  2 %  15 % $ 7,812  7 %  10 %
Sales through NIKE Direct  4,896  4,102  19 %  33 %  3,644  13 %  15 %
TOTAL REVENUES $ 13,418 $ 12,479  8 %  21 % $ 11,456  9 %  12 %
EARNINGS BEFORE INTEREST 
AND TAXES $ 3,531 $ 3,293  7 % $ 2,435  35 %  
FISCAL 2023 COMPARED TO FISCAL 2022  
•EMEA revenues increased 21% on a currency-neutral basis, due to higher revenues in Men's, the Jordan Brand, Women's 
and Kids'. NIKE Direct revenues increased 33%, driven primarily by strong digital sales growth of 43% and comparable store 
sales growth of 22%.
•Footwear revenues increased 25% on a currency-neutral basis, due to higher revenues in Men's, the Jordan Brand, 
Women's and Kids'. Unit sales of footwear increased 9%, while higher ASP per pair contributed approximately 16 
percentage points of footwear revenue growth. Higher ASP per pair was primarily due to higher full-price ASP and growth in 
NIKE Direct.
•Apparel revenues increased 14% on a currency-neutral basis, primarily due to higher revenues in Men's. Unit sales of 
apparel increased 2%, while higher ASP per unit contributed approximately 12 percentage points of apparel revenue growth. 
Higher ASP per unit was primarily due to higher full-price ASP and growth in NIKE Direct, partially offset by lower NIKE 
Direct ASP, reflecting higher promotional activity.
Reported EBIT increased 7% due to higher revenues and the following:
•Gross margin contraction of 60 basis points primarily due to higher product costs reflecting higher input costs, inbound 
freight and logistics costs and product mix, higher other costs and unfavorable changes in standard foreign currency 
exchange rates. This was partially offset by higher full-price ASP, net of discounts, primarily due to strategic pricing actions 
and product mix.
•Selling and administrative expense increased 4% due to higher operating overhead and demand creation expense. 
Operating overhead expense increased primarily due to higher wage-related expenses and other administrative costs, 
partially offset by favorable changes in foreign currency exchange rates. Demand creation expense increased primarily due 
to higher advertising and marketing expense, partially offset by favorable changes in foreign currency exchange rates. 
NIKE, INC.      38 GREATER CHINA
(Dollars in millions) FISCAL 2023 FISCAL 2022 % CHANGE% CHANGE 
EXCLUDING 
CURRENCY 
CHANGES FISCAL 2021 % CHANGE% CHANGE 
EXCLUDING 
CURRENCY 
CHANGES
Revenues by:
Footwear $ 5,435 $ 5,416  0 %  8 % $ 5,748  -6 %  -10 %
Apparel  1,666  1,938  -14 %  -7 %  2,347  -17 %  -21 %
Equipment  147  193  -24 %  -18 %  195  -1 %  -6 %
TOTAL REVENUES $ 7,248 $ 7,547  -4 %  4 % $ 8,290  -9 %  -13 %
Revenues by:    
Sales to Wholesale Customers $ 3,866 $ 4,081  -5 %  2 % $ 4,513  -10 %  -14 %
Sales through NIKE Direct  3,382  3,466  -2 %  5 %  3,777  -8 %  -12 %
TOTAL REVENUES $ 7,248 $ 7,547  -4 %  4 % $ 8,290  -9 %  -13 %
EARNINGS BEFORE INTEREST 
AND TAXES $ 2,283 $ 2,365  -3 %  $ 3,243  -27 %  
FISCAL 2023 COMPARED TO FISCAL 2022  
•Greater China revenues increased 4% on a currency-neutral basis, primarily due to higher revenues in the Jordan Brand, 
partially offset by lower revenues in Men's and Women's. NIKE Direct revenues increased 5%, due to comparable store 
sales growth of 9% and the addition of new stores, partially offset by digital sales declines of 4%.
•Footwear revenues increased 8% on a currency-neutral basis, primarily due to higher revenues in the Jordan Brand and 
Men's. Unit sales of footwear increased 7%, while higher ASP per pair contributed approximately 1 percentage point of 
footwear revenue growth. Higher ASP per pair was primarily due to higher NIKE Direct ASP and a higher mix of full-price 
sales, largely offset by a lower mix of NIKE Direct sales.
•Apparel revenues decreased 7% on a currency-neutral basis, primarily due to lower revenues in Men's and Women's. Unit 
sales of apparel decreased 8%, while higher ASP per unit contributed approximately 1 percentage point of apparel revenue 
growth. Higher ASP per unit was primarily due to a higher mix of full price sales, partially offset by lower off-price ASP.
Reported EBIT decreased 3% due to lower revenues and the following:
•Gross margin expansion of approximately 140 basis points, primarily due to higher inventory obsolescence reserves 
recognized in the fourth quarter of fiscal 2022, favorable changes in standard foreign currency exchange rates and higher 
full-price ASP, net of discounts, in part due to product mix. This was partially offset by higher product costs reflecting higher 
input costs and product mix.
•Selling and administrative expense was flat due to increased operating overhead expense offset by lower demand creation 
expense. The increase in operating overhead expense was primarily due to higher wage-related expenses and other 
administrative costs, partially offset by favorable changes in foreign currency exchange rates. Demand creation expense 
decreased primarily due to lower retail brand presentation costs, lower digital marketing and favorable changes in foreign 
currency exchange rates, partially offset by higher advertising and marketing expense.
2023 FORM 10-K   39    ASIA PACIFIC & LATIN AMERICA
(Dollars in millions) FISCAL 2023 FISCAL 2022 % CHANGE% CHANGE 
EXCLUDING 
CURRENCY 
CHANGES FISCAL 2021 % CHANGE% CHANGE 
EXCLUDING 
CURRENCY 
CHANGES
Revenues by:
Footwear $ 4,543 $ 4,111  11 %  19 % $ 3,659  12 %  17 %
Apparel  1,664  1,610  3 %  13 %  1,494  8 %  12 %
Equipment  224  234  -4 %  4 %  190  23 %  28 %
TOTAL REVENUES $ 6,431 $ 5,955  8 %  17 % $ 5,343  11 %  16 %
Revenues by:
Sales to Wholesale Customers $ 3,736 $ 3,529  6 %  14 % $ 3,387  4 %  8 %
Sales through NIKE Direct  2,695  2,426  11 %  22 %  1,956  24 %  30 %
TOTAL REVENUES $ 6,431 $ 5,955  8 %  17 % $ 5,343  11 %  16 %
EARNINGS BEFORE INTEREST 
AND TAXES $ 1,932 $ 1,896  2 % $ 1,530  24 %
As discussed previously, our NIKE Brand business in Brazil transitioned to a distributor operating model during fiscal 2021. We 
completed the sale of our entity in Chile and our entities in Argentina and Uruguay to third-party distributors in the first and 
second quarters of fiscal 2023, respectively. The impacts of closing these transactions are included within Corporate and are not 
reflected in the APLA operating segment results. This completed the transition of our NIKE Brand businesses within our CASA 
marketplace, which now reflects a full distributor operating model. For more information see Note 18 — Acquisitions and 
Divestitures within the accompanying Notes to the Consolidated Financial Statements.
FISCAL 2023 COMPARED TO FISCAL 2022
•APLA revenues increased 17% on a currency-neutral basis due to higher revenues across nearly all territories, led by 
Southeast Asia and India, Korea and Japan. The increase was partially offset by a decline in our CASA territory. Within our 
CASA territory, the transition of our Chile, Argentina and Uruguay entities to a third-party distributor operating model reduced 
APLA revenue growth by approximately 5 percentage points. Revenues increased primarily due to growth in Men's, 
Women's and the Jordan Brand. NIKE Direct revenues increased 22%, driven by digital sales growth of 23% and 
comparable store sales growth of 28%.
•Footwear revenues increased 19% on a currency-neutral basis, primarily due to higher revenues in Men's, Women's and the 
Jordan Brand. Unit sales of footwear increased 16%, while higher ASP per pair contributed approximately 3 percentage 
points of footwear revenue growth. Higher ASP per pair was primarily due to higher full-price ASP and growth in NIKE Direct, 
partially offset by lower NIKE Direct ASP.
•Apparel revenues increased 13% on a currency-neutral basis, primarily due to higher revenues in Men's. Unit sales of 
apparel increased 9%, while higher ASP per unit contributed approximately 4 percentage points of apparel revenue growth. 
Higher ASP per unit was primarily due to higher full-price and off-price ASPs, partially offset by lower NIKE Direct ASP.
Reported EBIT increased 2% due to higher revenues and the following:
•Gross margin contraction of approximately 190 basis points primarily due to higher product costs, reflecting product mix and 
higher input costs, as well as unfavorable changes in standard foreign currency exchange rates. This was partially offset by 
higher full-price ASP, net of discounts, due to product mix and strategic pricing actions.
•Selling and administrative expense increased 8% due to higher operating overhead and demand creation expense. 
Operating overhead expense increased primarily due to higher wage-related expenses and an increase in NIK E Direct 
variable costs, partially offset by favorable changes in foreign currency exchange rates. Demand creation expense increased 
primarily due to higher sports marketing expense and higher advertising and marketing expense, partially offset by favorable 
changes in foreign currency exchange rates. 
NIKE, INC.      40GLOBAL BRAND DIVISIONS
(Dollars in millions) FISCAL 2023 FISCAL 2022 % CHANGE% CHANGE 
EXCLUDING 
CURRENCY 
CHANGES FISCAL 2021 % CHANGE% CHANGE 
EXCLUDING 
CURRENCY 
CHANGES
Revenues $ 58 $ 102  -43 %  -43 % $ 25  308 %  302 %
Earnings (Loss) Before Interest and Taxes $ (4,841) $ (4,262)  -14 % $ (3,656)  -17 %  
Global Brand Divisions primarily represent demand creation and operating overhead expense, including product creation and 
design expenses that are centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital 
operations and enterprise technology. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous 
revenues that are not part of a geographic operating segment.
FISCAL 2023 COMPARED TO FISCAL 2022 
Global Brand Divisions' loss before interest and taxes increased 14% for fiscal 2023 primarily due to a 12% increase in selling 
and administrative expense from higher operating overhead expense largely driven by higher wage-related costs and strategic 
technology enterprise investments.
CONVERSE
(Dollars in millions) FISCAL 2023 FISCAL 2022 % CHANGE% CHANGE 
EXCLUDING 
CURRENCY 
CHANGES FISCAL 2021 % CHANGE% CHANGE 
EXCLUDING 
CURRENCY 
CHANGES
Revenues by:
Footwear $ 2,155 $ 2,094  3 %  8 % $ 1,986  5 %  6 %
Apparel  90  103  -13 %  -7 %  104  -1 %  -3 %
Equipment  28  26  8 %  16 %  29  -10 %  -16 %
Other(1) 154  123  25 %  25 %  86  43 %  42 %
TOTAL REVENUES $ 2,427 $ 2,346  3 %  8 % $ 2,205  6 %  7 %
Revenues by:
Sales to Wholesale Customers $ 1,299 $ 1,292  1 %  7 % $ 1,353  -5 %  -4 %
Sales through Direct to Consumer  974  931  5 %  8 %  766  22 %  22 %
Other(1) 154  123  25 %  25 %  86  43 %  42 %
TOTAL REVENUES $ 2,427 $ 2,346  3 %  8 % $ 2,205  6 %  7 %
EARNINGS BEFORE INTEREST 
AND TAXES $ 676 $ 669  1 % $ 543  23 %
(1) Other revenues consist of territories serviced by third-party licensees who pay royalties to Converse for the use of its registered trademarks and other 
intellectual property rights. We do not own the Converse trademarks in Japan and accordingly do not earn revenues in Japan.
FISCAL 2023 COMPARED TO FISCAL 2022
•Converse revenues increased 8% on a currency-neutral basis for fiscal 2023 due to revenue growth in North America, 
Western Europe and licensee markets, partially offset by declines in Asia. Combined unit sales within the wholesale and 
direct to consumer channels increased 1% while ASP increased 6%, driven by strategic pricing actions in Western Europe 
and North America.
•Direct to consumer revenues increased 8% on a currency-neutral basis, led by strong digital sales growth in North America. 
•Wholesale revenues increased 7% on a currency-neutral basis, as growth in North America and Western Europe was 
partially offset by declines in Asia due to marketplace dynamics in China.
Reported EBIT increased 1% due to higher revenues and the following:
•Gross margin expansion of approximately 50 basis points as higher full-price ASP, net of discounts, lower other costs, and 
growth in licensee revenues were partially offset by higher product costs, lower margins in direct to consumer in part 
reflecting increased promotional activity, and unfavorable changes in standard foreign currency exchange rates.
•Selling and administrative expense increased 7% due to higher operating overhead and demand creation expense. 
Operating overhead expense increased primarily as a result of higher wage-related expenses. Demand creation expense 
increased as a result of higher advertising and marketing costs, partially of fset by lower retail brand presentation costs.
2023 FORM 10-K   41    CORPORATE
(Dollars in millions) FISCAL 2023 FISCAL 2022 % CHANGE FISCAL 2021 % CHANGE
Revenues $ 27 $ (72)  — $ 40  — 
Earnings (Loss) Before Interest and Taxes $ (2,840) $ (2,219)  -28 % $ (2,261)  2 %
Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within 
the NIKE Brand geographic operating segments and Converse, but managed through our central foreign exchange risk 
management program. 
The Corporate loss before interest and taxes primarily consists of unallocated general and administrative expenses, including 
expenses associated with centrally managed departments; depreciation and amortization related to our corporate headquarters; 
unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency 
gains and losses.
In addition to the foreign currency gains and losses recognized in Corporate revenues, foreign currency results in Corporate 
include gains and losses resulting from the difference between actual foreign currency exchange rates and standard rates used 
to record non-functional currency denominated product purchases within the NIK E Brand geographic operating segments and 
Converse; related foreign currency hedge results; conversion gains and losses arising from remeasurement of monetary assets 
and liabilities in non-functional currencies; and certain other foreign currency derivative instruments. 
FISCAL 2023 COMPARED TO FISCAL 2022 
Corporate's loss before interest and taxes increased $621 million  during fiscal 2023 , primarily due to the following:
•an unfavorable change of $371 million primarily related to higher wage and other professional services expenses, reported 
as a component of consolidated Operating overhead expense;
•an unfavorable  change of $352 million  related to the difference between actual foreign currency exchange rates and 
standard foreign currency exchange rates assigned to the NIKE Brand geographic operating segments and Converse, net of 
hedge gains and losses; these results are reported as a component of consolidated gross margin;
•an unfavorable change of $45 million largely due to net unfavorable activity related to our strategic distributor partnership 
transition within APLA, including the loss recognized upon completion of the sale our entities in Argentina and Uruguay to a 
third-party distributor in the second quarter of fiscal 2023. This was partially offset by the one-time charge related to the 
deconsolidation of our Russian operations recognized in the prior year , with the net amount of these activities reported as a 
component of consolidated Other (income) expense, net; and
•a favorable  change in net foreign currency gains and losses of $174 million  related to the remeasurement of monetary 
assets and liabilities denominated in non-functional currencies and the impact of certain foreign currency derivative 
instruments, reported as a component of consolidated Other (income) expense, net . 
FOREIGN CURRENCY EXPOSURES AND HEDGING PRACTICES
OVERVIEW
As a global company with significant operations outside the United States, in the normal course of business we are exposed to 
risk arising from changes in currency exchange rates. Our primary foreign currency exposures arise from the recording of 
transactions denominated in non-functional currencies and the translation of foreign currency denominated results of operations, 
financial position and cash flows into U.S. Dollars.
Our foreign exchange risk management program is intended to lessen both the positive and negative ef fects of currency 
fluctuations on our consolidated results of operations, financial position and cash flows. W e manage global foreign exchange risk 
centrally on a portfolio basis to address those risks material to NIK E, Inc. We manage these exposures by taking advantage of 
natural offsets and currency correlations existing within the portfolio and, where practical and material, by hedging a portion of the 
remaining exposures using derivative instruments such as forward contracts and options. As described below, the implementation 
of the NIKE Trading Company ("NTC") and our foreign currency adjustment program enhanced our ability to manage our foreign 
exchange risk by increasing the natural offsets and currency correlation benefits existing within our portfolio of foreign exchange 
exposures. Our hedging policy is designed to partially or entirely of fset the impact of exchange rate changes on the underlying 
net exposures being hedged. Where exposures are hedged, our program has the ef fect of delaying the impact of exchange rate 
movements on our Consolidated Financial Statements; the length of the delay is dependent upon hedge horizons. We do not 
hold or issue derivative instruments for trading or speculative purposes.
NIKE, INC.      42Refer to Note 4 — Fair Value Measurements and Note 12 — Risk Management and Derivatives in the accompanying Notes to 
the Consolidated Financial Statements for additional description of outstanding derivatives at each reported period end.
TRANSACTIONAL EXPOSURES
We conduct business in various currencies and have transactions which subject us to foreign currency risk. Our most significant 
transactional foreign currency exposures are:
•Product Costs — NIKE's product costs are exposed to fluctuations in foreign currencies in the following ways:
1. Product purchases denominated in currencies other than the functional currency of the transacting entity:
a. Certain NIKE entities purchase product from the NTC, a wholly-owned sourcing hub that buys NIKE branded 
products from third-party factories, predominantly in U.S. Dollars. The NTC, whose functional currency is the 
U.S. Dollar, then sells the products to NIKE entities in their respective functional currencies. NTC sales to a NIKE 
entity with a different functional currency results in a foreign currency exposure for the NTC.
b. Other NIKE entities purchase product directly from third-party factories in U.S. Dollars. These purchases generate 
a foreign currency exposure for those NIKE entities with a functional currency other than the U.S. Dollar.
In both purchasing scenarios, a weaker U.S. Dollar reduces inventory costs incurred by NIKE whereas a stronger 
U.S. Dollar increases its cost.
2. Factory input costs: NIKE operates a foreign currency adjustment program with certain factories. The program is 
designed to more effectively manage foreign currency risk by assuming certain of the factories' foreign currency 
exposures, some of which are natural offsets to our existing foreign currency exposures. Under this program, our 
payments to these factories are adjusted for rate fluctuations in the basket of currencies ("factory currency exposure 
index") in which the labor, materials and overhead costs incurred by the factories in the production of NIKE branded 
products ("factory input costs") are denominated.
As an offset to the impacts of the fluctuating U.S. Dollar on our non-functional currency denominated product purchases 
described above, a strengthening U.S. Dollar against the foreign currencies within the factory currency exposure indices 
reduces NIKE's U.S. Dollar inventory cost. Conversely, a weakening U.S. Dollar against the indexed foreign currencies 
increases our inventory cost.
•Non-Functional Currency Denominated External Sales — A portion of our NIKE Brand and Converse revenues associated 
with European operations are earned in currencies other than the Euro (e.g., the British Pound) but are recognized at a 
subsidiary that uses the Euro as its functional currency. These sales generate a foreign currency exposure.
•Other Costs — Non-functional currency denominated costs, such as endorsement contracts, also generate foreign currency 
risk, though to a lesser extent. 
•Non-Functional Currency Denominated Monetary Assets and Liabilities — Our global subsidiaries have various assets and 
liabilities, primarily receivables and payables, including intercompany receivables and payables, denominated in currencies 
other than their functional currencies. These balance sheet items are subject to remeasurement which may create 
fluctuations in Other (income) expense, net within our Consolidated Statements of Income.
MANAGING TRANSACTIONAL EXPOSURES
Transactional exposures are managed on a portfolio basis within our foreign currency risk management program. We manage 
these exposures by taking advantage of natural offsets and currency correlations that exist within the portfolio and may also elect 
to use currency forward and option contracts to hedge the remaining ef fect of exchange rate fluctuations on probable forecasted 
future cash flows, including certain product cost exposures, non-functional currency denominated external sales and other costs 
described above. Generally, these are accounted for as cash flow hedges.
2023 FORM 10-K   43    Certain currency forward contracts used to manage the foreign exchange exposure of non-functional currency denominated 
monetary assets and liabilities subject to remeasurement are not formally designated as hedging instruments. Accordingly, 
changes in fair value of these instruments are recognized in Other (income) expense, net and are intended to offset the foreign 
currency impact of the remeasurement of the related non-functional currency denominated asset or liability being hedged. 
TRANSLATIONAL EXPOSURES
Many of our foreign subsidiaries operate in functional currencies other than the U.S . Dollar. Fluctuations in currency exchange 
rates create volatility in our reported results as we are required to translate the balance sheets, operational results and cash flows 
of these subsidiaries into U.S. Dollars for consolidated reporting. The translation of foreign subsidiaries' non-U.S. Dollar 
denominated balance sheets into U.S. Dollars for consolidated reporting results in a cumulative translation adjustment to 
Accumulated other comprehensive income (loss) within Shareholders' equity. In the translation of our Consolidated Statements of 
Income, a weaker U.S. Dollar in relation to foreign functional currencies benefits our consolidated earnings whereas a stronger 
U.S. Dollar reduces our consolidated earnings. The impact of foreign exchange rate fluctuations on the translation of our 
consolidated Revenues was a detriment of approximately $2,859 million, $295 million and a benefit of approximately $893 million 
for the years ended May 31, 2023, 2022 and 2021, respectively. The impact of foreign exchange rate fluctuations on the 
translation of our Income before income taxes was a detriment of approximately $824 million, $87 million and a benefit of 
approximately $260 million for the years ended May 31, 2023, 2022 and 2021, respectively.
MANAGING TRANSLATIONAL EXPOSURES
To minimize the impact of translating foreign currency denominated revenues and expenses into U.S. Dollars for consolidated 
reporting, certain foreign subsidiaries use excess cash to purchase U.S . Dollar denominated available-for-sale investments. The 
variable future cash flows associated with the purchase and subsequent sale of these U.S . Dollar denominated investments at 
non-U.S. Dollar functional currency subsidiaries creates a foreign currency exposure that qualifies for hedge accounting under 
generally accepted accounting principles in the United States of America ("U.S. GAAP"). We utilize forward contracts and/or 
options to mitigate the variability of the forecasted future purchases and sales of these U.S . Dollar investments. The combination 
of the purchase and sale of the U.S. Dollar investment and the hedging instrument has the effect of partially offsetting the year-
over-year foreign currency translation impact on net earnings in the period the investments are sold. Hedges of the purchase of 
U.S. Dollar denominated available-for-sale investments are accounted for as cash flow hedges. 
We estimate the combination of translation of foreign currency-denominated profits from our international businesses and the 
year-over-year change in foreign currency related gains and losses included in Other (income) expense, net had an unfavorable 
impact of approximately $1,023 million and a favorable impact of approximately $132 million and $19 million on our Income 
before income taxes for the years ended May 31, 2023, 2022 and 2021, respectively.
NET INVESTMENTS IN FOREIGN SUBSIDIARIES
We are also exposed to the impact of foreign exchange fluctuations on our investments in wholly-owned foreign subsidiaries 
denominated in a currency other than the U.S. Dollar, which could adversely impact the U.S. Dollar value of these investments 
and therefore the value of future repatriated earnings. We have, in the past, hedged and may, in the future, hedge net investment 
positions in certain foreign subsidiaries to mitigate the effects of foreign exchange fluctuations on these net investments. These 
hedges are accounted for as net investment hedges in accordance with U.S . GAAP. There were no outstanding net investment 
hedges as of May 31, 2023 and 2022. There were no cash flows from net investment hedge settlements for the years ended 
May 31, 2023, 2022 and 2021.
LIQUIDITY AND CAPITAL RESOURCES
CASH FLOW ACTIVITY
Cash provided (used) by operations was an inflow of $5,841 million for fiscal 2023, compared to $5,188 million for fiscal 2022. 
Net income, adjusted for non-cash items, generated $6,354 million of operating cash inflow for fiscal 2023, compared to $6,848 
million for fiscal 2022. The net change in working capital and other assets and liabilities resulted in a decrease to Cash provided 
(used) by operations of $513 million for fiscal 2023 compared to a decrease of $1,660 million for fiscal 2022. For fiscal 2023, the 
net change in working capital compared to the prior year was impacted by unfavorable changes in Accounts payable, offset by 
favorable impacts from Inventories and Accounts receivable. These changes were, in part, due to reduced inventory purchases in 
the current period and timing of wholesale shipments. Further impacting these changes was a lower available supply of inventory 
in the prior year due to supply chain constraints. 
Cash provided (used) by investing activities was an inflow of $564 million for fiscal 2023, compared to an outflow of $1,524 
million for fiscal 2022, primarily driven by the net change in short-term investments. For fiscal 2023, the net change in short-term 
NIKE, INC.      44investments (including sales, maturities and purchases) resulted in a cash inflow of $1,481 million compared to a cash outflow of 
$747 million for fiscal 2022. Additionally, we continue to invest in our infrastructure to support future growth, specifically focused 
around digital capabilities, our end-to-end technology foundation, our corporate facilities and improvements across our supply 
chain. 
Cash provided (used) by financing activities was an outflow of $7,447 million for fiscal 2023 compared to an outflow of $4,836 
million for fiscal 2022. The increased outflow in fiscal 2023 was driven by higher share repurchases of $5,480 million for fiscal 
2023 compared to $4,014 million for fiscal 2022, the repayment of $500 million of senior notes that matured in fiscal 2023, as well 
as lower proceeds from stock option exercises, which resulted in a cash inflow of $651 million in fiscal 2023 compared to $1,151 
million in fiscal 2022.
In fiscal 2023, we purchased a total of 50.0 million shares of NIKE's Class B Common Stock for $5.5 billion (an average price of 
$110.32 per share). In August 2022, we terminated the previous four-year, $15 billion share repurchase program approved by the 
Board of Directors in June 2018. Under this program, we repurchased 6.5 million shares for a total approximate cost of 
$710.0 million (an average price of $109.85 per share) during the first quarter of fiscal 2023 and 83.8 million shares for a total 
approximate cost of $9.4 billion (an average price of $111.82 per share) during the term of the program. Upon termination of the 
four-year, $15 billion program, we began purchasing shares under the new four-year, $18 billion share repurchase plan 
authorized by the Board of Directors in June 2022. As of May 31, 2023, we had repurchased 43.5 million shares at a cost of 
approximately $4.8 billion (an average price of $110.38 per share) under this new program. We continue to expect funding of 
share repurchases will come from operating cash flows. The timing and the amount of share repurchases will be dictated by our 
capital needs and stock market conditions.
CAPITAL RESOURCES
On July 21, 2022, we filed a shelf registration statement (the "Shelf") with the U.S. Securities and Exchange Commission (the 
"SEC") which permits us to issue an unlimited amount of debt securities from time to time. The Shelf expires on July 21, 2025.
On March 11, 2022, we entered into a five-year committed credit facility agreement with a syndicate of banks which provides for 
up to $2 billion of borrowings, with the option to increase borrowings up to $3 billion in total with lender approval. The facility 
matures on March 11, 2027, with options to extend the maturity date up to an additional two years. This facility replaces the prior 
$2 billion five-year credit facility agreement entered into on August 16, 2019, which would have matured on August 16, 2024. 
Refer to Note 5 — Short-Term Borrowings and Credit Lines for additional information. 
On March 10, 2023, we entered into a 364-day committed credit facility agreement with a syndicate of banks which provides for 
up to $1 billion of borrowings, with the option to increase borrowings up to $1.5 billion in total with lender approval. The facility 
matures on March 8, 2024, with an option to extend the maturity date by 364 days. This facility replaces the prior $1 billion 364-
day credit facility agreement entered into on March 11, 2022, which matured on March 10, 2023. Refer to Note 5 — Short-Term 
Borrowings and Credit Lines for additional information.
We currently have long-term debt ratings of AA- and A1 from Standard and Poor's Corporation and Moody's Investor Services, 
respectively. As it relates to our committed credit facilities entered into on March 11, 2022 and March 10, 2023, if our long-term 
debt ratings were to decline, the facility fees and interest rates would increase. Conversely , if our long-term debt ratings were to 
improve, the facility fees and interest rates would decrease. Changes in our long-term debt ratings would not trigger acceleration 
of maturity of any then-outstanding borrowings or any future borrowings under the committed credit facilities. Under these 
facilities, we have agreed to various covenants. These covenants include limits on the disposal of assets and the amount of debt 
secured by liens we may incur. In the event we were to have any borrowings outstanding under these facilities, failed to meet any 
covenant and were unable to obtain a waiver from a majority of the banks in the applicable syndicate,  any borrowings would 
become immediately due and payable. As of May 31, 2023, we were in full compliance with each of these covenants, and we 
believe it is unlikely we will fail to meet any of these covenants in the foreseeable future.
Liquidity is also provided by our $3 billion commercial paper program. As of and for the fiscal years ended May 31, 2023 and 
2022, we did not have any borrowings outstanding under our $3 billion program. 
We may continue to issue commercial paper or other debt securities depending on general corporate needs. 
To date, we have not experienced difficulty accessing the capital or credit markets; however, future volatility may increase costs 
associated with issuing commercial paper or other debt instruments or af fect our ability to access those markets.
As of May 31, 2023, we had Cash and equivalents and Short-term investments totaling $10.7 billion, primarily consisting of 
commercial paper, corporate notes, deposits held at major banks, money market funds, U.S. Treasury obligations and other 
investment grade fixed-income securities. Our fixed-income investments are exposed to both credit and interest rate risk. All of 
our investments are investment grade to minimize our credit risk. While individual securities have varying durations, as of 
May 31, 2023, the weighted-average days to maturity of our cash equivalents and short-term investments portfolio was 98 days.
2023 FORM 10-K   45    We believe that existing Cash and equivalents, Short-term investments and cash generated by operations, together with access 
to external sources of funds as described above, will be sufficient to meet our domestic and foreign capital needs in the 
foreseeable future.
Our material cash requirements as of May 31, 2023, were as follows:
• Debt Obligations — Refer to Note 5 — Short-Term Borrowings and Credit Lines and Note 6 — Long-Term Debt in the 
accompanying Notes to the Consolidated Financial Statements for further information.
• Operating Leases — Refer to Note 17 — Leases in the accompanying Notes to the Consolidated Financial Statements 
for further information.
• Endorsement Contracts — As of May 31, 2023, we had endorsement contract obligations of $7.6 billion, with $1.3 billion 
payable within 12 months, representing approximate amounts of base compensation and minimum guaranteed royalty 
fees we are obligated to pay athlete, public figure, sport team and league endorsers of our products. Actual payments 
under some contracts may be higher than these amounts as these contracts provide for bonuses to be paid to the 
endorsers based upon athletic achievements and/or royalties on product sales in future periods. Actual payments under 
some contracts may also be lower as these contracts include provisions for reduced payments if athletic performance 
declines in future periods. In addition to the cash payments, we are obligated to furnish our endorsers with NIK E 
product for their use. It is not possible to determine how much we will spend on this product on an annual basis as the 
amount of product provided to the endorsers will depend on many factors and the contracts generally do not stipulate a 
minimum amount of cash to be spent on the product.
• Product Purchase Obligations — As of May 31, 2023, we had product purchase obligations of $6.4 billion, all of which 
are payable within the next 12 months. Product purchase obligations represent agreements (including open purchase 
orders) to purchase products in the ordinary course of business that are enforceable and legally binding and specify all 
significant terms. We generally order product at least four to five months in advance of sale based primarily on 
advanced orders received from external wholesale customers and internal orders from our direct to consumer 
operations. In some cases, prices are subject to change throughout the production process.
• Other Purchase Obligations — As of May 31, 2023, we had $3.3 billion of other purchase obligations, with $1.7 billion 
payable within the next 12 months. Other purchase obligations primarily include technology investments, construction, 
service and marketing commitments, including marketing commitments associated with endorsement contracts, made 
in the ordinary course of business. The amounts represent the minimum payments required by legally binding contracts 
and agreements that specify all significant terms, and may include open purchase orders for non-product purchases. 
In addition to the above, we have long-term obligations for uncertain tax positions and various post-retirement benefits for which 
we are not able to reasonably estimate when cash payments will occur . Refer to Note 7 — Income Taxes and Note 11 — Benefit 
Plans in the accompanying Notes to the Consolidated Financial Statements for further information related to uncertain tax 
positions and post-retirement benefits, respectively. 
As a part of the transition tax related to the Tax Cuts and Jobs Act, as of May 31, 2023, we had $644 million in estimated future 
cash payments, with $161 million payable within the next 12 months. These amounts represent the transition tax on deemed 
repatriation of undistributed earnings of foreign subsidiaries, which are reflected net of foreign tax cre dits we utilized.
Refer to Note 16 — Commitments and Contingencies in the accompanying Notes to the Consolidated Financial Statements for 
further information related to our off-balance sheet arrangements, bank guarantees and letters of credit. 
OFF-BALANCE SHEET ARRANGEMENTS
As of May 31, 2023, we did not have any off-balance sheet arrangements that have, or are reasonably likely to have, a material 
effect on our current and future financial condition, results of operations, liquidity, capital expenditures or capital resources. In 
connection with various contracts and agreements, we routinely provide indemnification relating to the enforceability of 
intellectual property rights, coverage for legal issues that arise and other items where we are acting as the guarantor . Currently, 
we have several such agreements in place. Based on our historical experience and the estimated probability of future loss, we 
have determined that the fair value of such indemnification is not material to our financial position or results of operations.
NEW ACCOUNTING PRONOUNCEMENTS
Refer to Note 1 — Summary of Significant Accounting Policies within the accompanying Notes to the Consolidated Financial 
Statements for recently adopted and issued accounting standards.
NIKE, INC.      46CRITICAL ACCOUNTING ESTIMATES
Our previous discussion and analysis of our financial condition and results of operations are based upon our Consolidated 
Financial Statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements 
requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and 
related disclosure of contingent assets and liabilities. Note 1 — Summary of Significant Accounting Policies in the accompanying 
Notes to the Consolidated Financial Statements describes the significant accounting policies and methods used in the 
preparation of our Consolidated Financial Statements.
We believe the assumptions and judgments involved in the accounting estimates described below have the greatest potential 
impact on our Consolidated Financial Statements, so we consider these to be our critical accounting estimates. Management has 
reviewed and discussed these critical accounting estimates with the Audit & Finance Committee of the Board of Directors.
Because of the uncertainty inherent in these matters, actual results could differ from the estimates we use in the preparation of 
our Consolidated Financial Statements. Within the context of these critical accounting estimates, we are not currently aware of 
any reasonably likely events or circumstances that would result in materially dif ferent amounts being reported.
SALES-RELATED RESERVES
Provisions for anticipated sales returns consist of both contractual return rights and discretionary authorized returns. Provisions 
for post-invoice sales discounts consist of both contractual programs and discretionary discounts that are expected to be granted 
at a later date.
Estimates of discretionary authorized returns, discounts and claims are based on (1) historical rates, (2) specific identification of 
outstanding returns not yet received from customers and outstanding discounts and claims and (3) estimated returns, discounts 
and claims expected but not yet finalized with customers. Actual returns, discounts and claims in any future period are inherently 
uncertain and may differ from estimates recorded. If actual or expected future returns, discounts or claims were significantly 
different than reserves established, a reduction or increase to net revenues would be recorded in the period in which such 
determination was made.
Refer to Note 14 — Revenues in the accompanying Notes to the Consolidated Financial Statements for additional information. 
INVENTORY RESERVES
We make ongoing estimates relating to the net realizable value of inventories based upon our assumptions about future demand 
and market conditions. If we estimate the net realizable value of our inventory is less than the cost of the inventory recorded on 
our books, we record a reserve equal to the difference between the cost of the inventory and the estimated net realizable value. 
This reserve is recorded as a charge to Cost of sales. If changes in market conditions result in reductions to the estimated net 
realizable value of our inventory below our previous estimate, we would increase our reserve in the period in which we made 
such a determination. 
HEDGE ACCOUNTING FOR DERIVATIVES
We use derivative contracts to hedge certain anticipated foreign currency and interest rate transactions as well as certain non-
functional currency monetary assets and liabilities. When the specific criteria to qualify for hedge accounting has been met, 
changes in the fair value of contracts hedging probable forecasted future cash flows are recorded in Accumulated other 
comprehensive income (loss), rather than Net income, until the underlying hedged transaction af fects Net income. In most cases, 
this results in gains and losses on hedge derivatives being released from Accumulated other comprehensive income (loss) into 
Net income sometime after the maturity of the derivative. One of the criteria for this accounting treatment is that the notional 
value of these derivative contracts should not be in excess of the designated amount of anticipated transactions. B y their very 
nature, our estimates of anticipated transactions may fluctuate over time and may ultimately vary from actual transactions. When 
the designated amount of anticipated or actual transactions decline below hedged levels, or if it is no longer probable a 
forecasted transaction will occur by the end of the originally specified time period or within an additional two-month period of time 
thereafter, we reclassify the cumulative change in fair value of the over-hedged portion of the related hedge contract from 
Accumulated other comprehensive income (loss) to Other (income) expense, net during the quarter in which the decrease 
occurs. In rare circumstances, the additional period of time may exceed two months due to extenuating circumstances related to 
the nature of the forecasted transaction that are outside our control or influence.
Refer to Note 12 — Risk Management and Derivatives in the accompanying Notes to the Consolidated Financial Statements for 
additional information.
2023 FORM 10-K   47    INCOME TAXES
We are subject to taxation in the United States, as well as various state and foreign jurisdictions. The determination of our 
provision for income taxes requires significant judgment, the use of estimates and the interpretation and application of complex 
tax laws. On an interim basis, we estimate our effective tax rate for the full fiscal year. This estimated annual effective tax rate is 
then applied to the year-to-date Income before income taxes excluding infrequently occurring or unusual items, to determine the 
year-to-date Income tax expense. The income tax effects of infrequent or unusual items are recognized in the interim period in 
which they occur. As the fiscal year progresses, we continually refine our estimate based upon actual events and earnings by 
jurisdiction during the year. This continual estimation process periodically results in a change to our expected effective tax rate for 
the fiscal year. When this occurs, we adjust the income tax provision during the quarter in which the change in estimate occurs.
On a quarterly basis, we evaluate the probability a tax position will be ef fectively sustained and the appropriateness of the 
amount recognized for uncertain tax positions based on factors including changes in facts or circumstances, changes in tax law , 
settled audit issues and new audit activity. Changes in our assessment may result in the recognition of a tax benefit or an 
additional charge to the tax provision in the period our assessment changes. W e recognize interest and penalties related to 
income tax matters in Income tax expense. 
Refer to Note 7 — Income Taxes in the accompanying Notes to the Consolidated Financial Statements for additional information.
OTHER CONTINGENCIES
In the ordinary course of business, we are subject to various legal proceedings, claims and government investigations related to 
our business, products and actions of our employees and representatives, including contractual and employment relationships, 
product liability, antitrust, customs, tax, intellectual property and other matters. We record contingent liabilities resulting from 
claims against us when a loss is assessed to be probable and the amount of the loss is reasonably estimable. Assessing 
probability of loss and estimating probable losses requires analysis of multiple factors, including in some cases judgments about 
the potential actions of third-party claimants and courts. Recorded contingent liabilities are based on the best information 
available and actual losses in any future period are inherently uncertain. If future adjustments to estimated probable future losses 
or actual losses exceed our recorded liability for such claims, we would record additional charges during the period in which the 
actual loss or change in estimate occurred. In addition to contingent liabilities recorded for probable losses, we disclose 
contingent liabilities when there is a reasonable possibility the ultimate loss will materially exceed the recorded liability . 
Refer to Note 16 — Commitments and Contingencies in the accompanying Notes to the Consolidated Financial Statements for 
additional information. 
NIKE, INC.      48ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES 
ABOUT MARKET RISK
In the normal course of business and consistent with established policies and procedures, we employ a variety of financial 
instruments to manage exposure to fluctuations in the value of foreign currencies and interest rates. It is our policy to utilize these 
financial instruments only where necessary to finance our business and manage such exposures; we do not enter into these 
transactions for trading or speculative purposes.
We are exposed to foreign currency fluctuations, primarily as a result of our international sales, product sourcing and funding 
activities. Our foreign exchange risk management program is intended to lessen both the positive and negative ef fects of 
currency fluctuations on our consolidated results of operations, financial position and cash flows. W e use forward and option 
contracts to hedge certain anticipated, but not yet firmly committed, transactions as well as certain firm commitments and the 
related receivables and payables, including third-party and intercompany transactions. Where exposures are hedged, our 
program has the effect of delaying the impact of exchange rate movements on our Consolidated Financial Statements.
The timing for hedging exposures, as well as the type and duration of the hedge instruments employed, are guided by our 
hedging policies and determined based upon the nature of the exposure and prevailing market conditions. Typically, the 
Company may enter into hedge contracts starting 12 to 24 months in advance of the forecasted transaction and may place 
incremental hedges up to 100% of the exposure by the time the forecasted transaction occurs. The majority of derivatives 
outstanding as of May 31, 2023, are designated as foreign currency cash flow hedges, primarily for Euro/U.S. Dollar, British 
Pound/Euro, Chinese Yuan/U.S. Dollar, and Japanese Yen/U.S. Dollar currency pairs. Refer to Note 12 — Risk Management and 
Derivatives in the accompanying Notes to the Consolidated Financial Statements for additional information.
Our earnings are also exposed to movements in short- and long-term market interest rates. Our objective in managing this 
interest rate exposure is to limit the impact of interest rate changes on earnings and cash flows and to reduce overall borrowing 
costs. To achieve these objectives, we maintain a mix of commercial paper, bank loans, and fixed-rate debt of varying maturities.
MARKET RISK MEASUREMENT
We monitor foreign exchange risk, interest rate risk and related derivatives using a variety of techniques including a review of 
market value, sensitivity analysis and Value-at-Risk ("VaR"). Our market-sensitive derivative and other financial instruments are 
foreign currency forward contracts, foreign currency option contracts, intercompany loans denominated in non-functional 
currencies and fixed interest rate U.S. Dollar denominated debt.
We use VaR to monitor the foreign exchange risk of our foreign currency forward and foreign currency option derivative 
instruments only. The VaR determines the maximum potential one-day loss in the fair value of these foreign exchange rate-
sensitive financial instruments. The VaR model estimates assume normal market conditions and a 95% confidence level. There 
are various modeling techniques that can be used in the VaR computation. Our computations are based on interrelationships 
between currencies and interest rates (a "variance/co-variance" technique). These interrelationships are a function of foreign 
exchange currency market changes and interest rate changes over the preceding one-year period. The value of foreign currency 
options does not change on a one-to-one basis with changes in the underlying currency rate. W e adjust the potential loss in 
option value for the estimated sensitivity (the "delta" and "gamma") to changes in the underlying currency rate. This calculation 
reflects the impact of foreign currency rate fluctuations on the derivative instruments only and does not include the impact of such 
rate fluctuations on non-functional currency transactions (such as anticipated transactions, firm commitments, cash balances and 
accounts and loans receivable and payable), including those which are hedged by these instruments.
The VaR model is a risk analysis tool and does not purport to represent actual losses in fair value we will incur nor does it 
consider the potential effect of favorable changes in market rates. It also does not represent the full extent of the possible loss 
that may occur. Actual future gains and losses will differ from those estimated because of changes or differences in market rates 
and interrelationships, hedging instruments and hedge percentages, timing and other factors.
The estimated maximum one-day loss in fair value on our foreign currency sensitive derivative financial instruments, derived 
using the VaR model, was $111 million and $99 million as of May 31, 2023 and 2022, respectively. The VaR increased year-over-
year as a result of an increase in foreign currency volatilities as of May 31, 2023. Such a hypothetical loss in the fair value of our 
derivatives would be offset by increases in the value of the underlying transactions being hedged. The average monthly change 
in the fair values of foreign currency forward and foreign currency option derivative instruments was $289 million and $170 million 
during fiscal 2023 and fiscal 2022, respectively.
The instruments not included in the VaR are intercompany loans denominated in non-functional currencies and fixed interest rate 
U.S. Dollar denominated debt. Intercompany loans and related interest amounts are eliminated in consolidation. Furthermore, our 
non-functional currency intercompany loans are substantially hedged against foreign exchange risk through the use of forward 
2023 FORM 10-K   49    contracts, which are included in the VaR calculation above. Therefore, we consider the interest rate and foreign currency market 
risks associated with our non-functional currency intercompany loans to be immaterial to our consolidated financial position, 
results of operations and cash flows.
Details of third-party debt are provided in the table below. The table presents principal cash flows and related weighted average 
interest rates by expected maturity dates. 
EXPECTED MATURITY DATE YEAR ENDING MAY 31,
(Dollars in millions) 2024 2025 2026 2027 2028 THEREAFTER TOTAL FAIR VALUE
Interest Rate Risk
Long-term U.S. Dollar debt — Fixed rate
Principal payments $ — $ 1,000 $ — $ 2,000 $ — $ 6,000 $ 9,000 $ 7,889 
Average interest rate  0.0 %  2.4 %  0.0 %  2.6 %  0.0 %  3.3 %  3.1 %
NIKE, INC.      50ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY 
DATA
Management of NIKE, Inc. is responsible for the information and representations contained in this Annual Report. The financial 
statements have been prepared in conformity with accounting principles generally accepted in the United S tates of America 
("U.S. GAAP") and include certain amounts based on our best estimates and judgments. Other financial information in this 
Annual Report is consistent with these financial statements.
Our accounting systems include controls designed to reasonably assure assets are safeguarded from unauthorized use or 
disposition and provide for the preparation of financial statements in conformity with U.S . GAAP. These systems are 
supplemented by the selection and training of qualified financial personnel and an organizational structure providing for 
appropriate segregation of duties.
An internal corporate audit department reviews the results of its work with the Audit & Finance Committee of the Board of 
Directors, presently comprised of four outside, independent directors. The Audit & Finance Committee is responsible for the 
appointment of the independent registered public accounting firm and reviews, with the independent registered public accounting 
firm, management and the internal corporate audit staff, the scope and the results of the annual audit, the effectiveness of the 
accounting control system and other matters relating to the financial af fairs of NIKE as the Audit & Finance Committee deems 
appropriate. The independent registered public accounting firm and the internal corporate auditors have full access to the Audit & 
Finance Committee, with and without the presence of management, to discuss any appropriate matters.
2023 FORM 10-K   51    MANAGEMENT'S ANNUAL REPORT ON INTERNAL CONTROL OVER 
FINANCIAL REPORTING
Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is 
defined in Rule 13(a) - 15(f) and Rule 15(d) - 15(f) of the Securities Exchange Act of 1934, as amended. Internal control over 
financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the 
preparation of the financial statements for external purposes in accordance with generally accepted accounting principles in the 
United States of America. Internal control over financial reporting includes those policies and procedures that: (i) pertain to the 
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets of the 
Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial 
statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are 
being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance 
regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets of the Company that could have 
a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate 
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, our management 
conducted an evaluation of the effectiveness of our internal control over financial reporting based upon the framework in Internal 
Control — Integrated Framework (2013)  issued by the Committee of Sponsoring Organizations of the Treadway Commission 
(COSO). Based on the results of our evaluation, our management concluded that our internal control over financial reporting was 
effective as of May 31, 2023.
PricewaterhouseCoopers LLP, an independent registered public accounting firm, has audited (1) the Consolidated Financial 
Statements and (2) the effectiveness of our internal control over financial reporting as of May 31, 2023, as stated in their report 
herein.
John J. Donahoe II Matthew Friend
President and Chief Executive Officer Executive Vice President and Chief Financial Officer
NIKE, INC.      52Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of NIKE, Inc.
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of NIKE, Inc. and its subsidiaries (the “Company”) as of May 
31, 2023 and 2022, and the related consolidated statements of income, of comprehensive income, of shareholders' equity and of 
cash flows for each of the three years in the period ended May 31, 2023, including the related notes and financial statement 
schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). W e 
also have audited the Company's internal control over financial reporting as of May 31, 2023, based on criteria established in 
Internal Control - Integrated Framework  (2013) issued by the Committee of Sponsoring Organizations of the Treadway 
Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly , in all material respects, the financial position 
of the Company as of May 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in 
the period ended May 31, 2023 in conformity with accounting principles generally accepted in the United S tates of America. Also 
in our opinion, the Company maintained, in all material respects, ef fective internal control over financial reporting as of May 31, 
2023, based on criteria established in Internal Control - Integrated Framework  (2013) issued by the COSO.
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining ef fective internal control 
over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the 
accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express 
opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting 
based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United 
States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities 
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the 
audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, 
whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material 
respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement 
of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. 
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated 
financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by 
management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control 
over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a 
material weakness exists, and testing and evaluating the design and operating ef fectiveness of internal control based on the 
assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. W e 
believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that 
(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions 
of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit 
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and 
expenditures of the company are being made only in accordance with authorizations of management and directors of the 
company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or 
disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate 
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
2023 FORM 10-K   53    Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial 
statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or 
disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or 
complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated 
financial statements, taken as a whole, and we are not, by communicating the critical audit matter below , providing a separate 
opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Accounting for Income Taxes
As described in Notes 1 and 7 to the consolidated financial statements, the Company recorded income tax expense of $1,131 
million for the year ended May 31, 2023, and has net deferred tax assets of $1,799 million, including a valuation allowance of $22 
million, and total gross unrecognized tax benefits, excluding related interest and penalties, of $936 million as of May 31, 2023, 
$651 million of which would affect the Company's effective tax rate if recognized in future periods. The realization of deferred tax 
assets is dependent on future taxable earnings. Management assesses the scheduled reversal of deferred tax liabilities, 
projected future taxable income and available tax planning strategies and considers foreign tax credit utilization in making this 
assessment of realization. A valuation allowance is established against the net deferred tax asset to the extent that recovery is 
not likely. The Company is subject to taxation in the United States, as well as various state and foreign jurisdictions. As disclosed 
by management, the use of significant judgment and estimates, as well as the interpretation and application of complex tax laws 
is required by management to determine the Company's provision for income taxes.
The principal considerations for our determination that performing procedures relating to the accounting for income taxes is a 
critical audit matter are a high degree of auditor judgment, subjectivity and ef fort in performing procedures and evaluating audit 
evidence relating to management's assessment of complex tax laws and regulations as it relates to determining the provision for 
income taxes. In addition, the audit effort involved the use of professionals with specialized skill and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall 
opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to 
income taxes, evaluating changes in and compliance with tax laws, and testing the calculation of the provision of income taxes. 
Professionals with specialized skill and knowledge were used to assist in evaluating changes in and compliance with the tax laws 
and regulations and the provision for income taxes.
/s/ PricewaterhouseCoopers LLP
Portland, Oregon
July 20, 2023 
We have served as the Company's auditor since 1974. 
NIKE, INC.      54NIKE, INC.
CONSOLIDATED STATEMENTS OF INCOME
YEAR ENDED MAY 31,
(In millions, except per share data) 2023 2022 2021
Revenues $ 51,217 $ 46,710 $ 44,538 
Cost of sales  28,925  25,231  24,576 
Gross profit  22,292  21,479  19,962 
Demand creation expense  4,060  3,850  3,114 
Operating overhead expense  12,317  10,954  9,911 
Total selling and administrative expense  16,377  14,804  13,025 
Interest expense (income), net  (6)  205  262 
Other (income) expense, net  (280)  (181)  14 
Income before income taxes  6,201  6,651  6,661 
Income tax expense  1,131  605  934 
NET INCOME $ 5,070 $ 6,046 $ 5,727 
Earnings per common share:
Basic $ 3.27 $ 3.83 $ 3.64 
Diluted $ 3.23 $ 3.75 $ 3.56 
Weighted average common shares outstanding:
Basic  1,551.6  1,578.8  1,573.0 
Diluted  1,569.8  1,610.8  1,609.4 
The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.
2023 FORM 10-K   55    NIKE, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE 
INCOME
YEAR ENDED MAY 31,
(Dollars in millions) 2023 2022 2021
Net income $ 5,070 $ 6,046 $ 5,727 
Other comprehensive income (loss), net of tax:
Change in net foreign currency translation adjustment  267  (522)  496 
Change in net gains (losses) on cash flow hedges  (348)  1,214  (825) 
Change in net gains (losses) on other  (6)  6  5 
Total other comprehensive income (loss), net of tax  (87)  698  (324) 
TOTAL COMPREHENSIVE INCOME $ 4,983 $ 6,744 $ 5,403 
The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.
NIKE, INC.      56NIKE, INC.
CONSOLIDATED BALANCE SHEETS
MAY 31,
(In millions) 2023 2022
ASSETS
Current assets:
Cash and equivalents $ 7,441 $ 8,574 
Short-term investments  3,234  4,423 
Accounts receivable, net  4,131  4,667 
Inventories  8,454  8,420 
Prepaid expenses and other current assets  1,942  2,129 
Total current assets  25,202  28,213 
Property, plant and equipment, net  5,081  4,791 
Operating lease right-of-use assets, net  2,923  2,926 
Identifiable intangible assets, net  274  286 
Goodwill  281  284 
Deferred income taxes and other assets  3,770  3,821 
TOTAL ASSETS $ 37,531 $ 40,321 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $ — $ 500 
Notes payable  6  10 
Accounts payable  2,862  3,358 
Current portion of operating lease liabilities  425  420 
Accrued liabilities  5,723  6,220 
Income taxes payable  240  222 
Total current liabilities  9,256  10,730 
Long-term debt  8,927  8,920 
Operating lease liabilities  2,786  2,777 
Deferred income taxes and other liabilities  2,558  2,613 
Commitments and contingencies (Note 16)
Redeemable preferred stock  —  — 
Shareholders' equity:
Common stock at stated value:
Class A convertible — 305 and 305 shares outstanding  —  — 
Class B — 1,227 and 1,266 shares outstanding  3  3 
Capital in excess of stated value  12,412  11,484 
Accumulated other comprehensive income (loss)  231  318 
Retained earnings (deficit)  1,358  3,476 
Total shareholders' equity  14,004  15,281 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 37,531 $ 40,321 
The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.
2023 FORM 10-K   57    NIKE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEAR ENDED MAY 31,
(Dollars in millions) 2023 2022 2021
Cash provided (used) by operations:
Net income $ 5,070 $ 6,046 $ 5,727 
Adjustments to reconcile net income to net cash provided (used) by operations:
Depreciation  703  717  744 
Deferred income taxes  (117)  (650)  (385) 
Stock-based compensation  755  638  611 
Amortization, impairment and other  156  123  53 
Net foreign currency adjustments  (213)  (26)  (138) 
Changes in certain working capital components and other assets and liabilities:
(Increase) decrease in accounts receivable  489  (504)  (1,606) 
(Increase) decrease in inventories  (133)  (1,676)  507 
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and 
other current and non-current assets  (644)  (845)  (182) 
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities 
and other current and non-current liabilities  (225)  1,365  1,326 
Cash provided (used) by operations  5,841  5,188  6,657 
Cash provided (used) by investing activities:
Purchases of short-term investments  (6,059)  (12,913)  (9,961) 
Maturities of short-term investments  3,356  8,199  4,236 
Sales of short-term investments  4,184  3,967  2,449 
Additions to property, plant and equipment  (969)  (758)  (695) 
Other investing activities  52  (19)  171 
Cash provided (used) by investing activities  564  (1,524)  (3,800) 
Cash provided (used) by financing activities:
Increase (decrease) in notes payable, net  (4)  15  (52) 
Repayment of borrowings  (500)  —  (197) 
Proceeds from exercise of stock options and other stock issuances  651  1,151  1,172 
Repurchase of common stock  (5,480)  (4,014)  (608) 
Dividends — common and preferred  (2,012)  (1,837)  (1,638) 
Other financing activities  (102)  (151)  (136) 
Cash provided (used) by financing activities  (7,447)  (4,836)  (1,459) 
Effect of exchange rate changes on cash and equivalents  (91)  (143)  143 
Net increase (decrease) in cash and equivalents  (1,133)  (1,315)  1,541 
Cash and equivalents, beginning of year  8,574  9,889  8,348 
CASH AND EQUIVALENTS, END OF YEAR $ 7,441 $ 8,574 $ 9,889 
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of capitalized interest $ 347 $ 290 $ 293 
Income taxes  1,517  1,231  1,177 
Non-cash additions to property, plant and equipment  211  160  179 
Dividends declared and not paid  524  480  438 
The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.
NIKE, INC.      58NIKE, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Balance at May 31, 2020  315 $ —  1,243 $ 3 $ 8,299 $ (56) $ (191) $ 8,055 
Stock options exercised  21  954  954 
Conversion to Class B Common Stock  (10)  10  — 
Repurchase of Class B Common Stock  (5)  (28)  (622)  (650) 
Dividends on common stock ($1.070 
per share) and preferred stock ($0.10 
per share)  (1,692)  (1,692) 
Issuance of shares to employees, net of 
shares withheld for employee taxes  4  129  (43)  86 
Stock-based compensation  611  611 
Net income  5,727  5,727 
Other comprehensive income (loss)  (324)  (324) 
Balance at May 31, 2021  305 $ —  1,273 $ 3 $ 9,965 $ (380) $ 3,179 $ 12,767 
Stock options exercised  17  924  924 
Repurchase of Class B Common Stock  (27)  (186)  (3,808)  (3,994) 
Dividends on common stock ($1.190 
per share) and preferred stock ($0.10 
per share)  (1,886)  (1,886) 
Issuance of shares to employees, net of 
shares withheld for employee taxes  3  143  (55)  88 
Stock-based compensation  638  638 
Net income  6,046  6,046 
Other comprehensive income (loss)  698  698 
Balance at May 31, 2022  305 $ —  1,266 $ 3 $ 11,484 $ 318 $ 3,476 $ 15,281 
Stock options exercised  8  421  421 
Repurchase of Class B Common Stock  (51)  (378)  (5,131)  (5,509) 
Dividends on common stock ($1.325 
per share) and preferred stock ($0.10 
per share)  (2,059)  (2,059) 
Issuance of shares to employees, net of 
shares withheld for employee taxes  4  130  2  132 
Stock-based compensation  755  755 
Net income  5,070  5,070 
Other comprehensive income (loss)  (87)  (87) 
Balance at May 31, 2023  305 $ —  1,227 $ 3 $ 12,412 $ 231 $ 1,358 $ 14,004 COMMON STOCK CAPITAL IN 
EXCESS 
OF STATED 
VALUEACCUMULATED 
OTHER 
COMPREHENSIVE 
INCOME (LOSS)RETAINED 
EARNINGS 
(DEFICIT) TOTALCLASS A CLASS B
(In millions, except per share data) SHARES AMOUNT SHARES AMOUNT
The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.
2023 FORM 10-K   59    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1 Summary of Significant Accounting Policies 61
Note 2 Property, Plant and Equipment 67
Note 3 Accrued Liabilities 67
Note 4 Fair Value Measurements 68
Note 5 Short-Term Borrowings and Credit Lines 70
Note 6 Long-Term Debt 71
Note 7 Income Taxes 72
Note 8 Redeemable Preferred Stock 74
Note 9 Common Stock and Stock-Based Compensation 74
Note 10 Earnings Per Share 77
Note 11 Benefit Plans 77
Note 12 Risk Management and Derivatives 77
Note 13 Accumulated Other Comprehensive Income (Loss) 81
Note 14 Revenues 83
Note 15 Operating Segments and Related Information 84
Note 16 Commitments and Contingencies 88
Note 17 Leases 88
Note 18 Acquisitions and Divestitures 89
Note 19 Restructuring 90
NIKE, INC.     60NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
DESCRIPTION OF BUSINESS
NIKE, Inc. is a worldwide leader in the design, development and worldwide marketing and selling of athletic footwear, apparel, 
equipment, accessories and services. NIKE, Inc. portfolio brands include the NIKE Brand, Jordan Brand and Converse. The NIKE 
Brand is focused on performance athletic footwear, apparel, equipment, accessories and services across Men's, Women's and 
Kids', amplified with sport-inspired lifestyle products carrying the Swoosh trademark, as well as other NIKE Brand trademarks. 
The Jordan Brand is focused on athletic and casual footwear, apparel and accessories using the Jumpman trademark. Sales and 
operating results of Jordan Brand products are reported within the respective NIKE Brand geographic operating segments. 
Converse designs, distributes, licenses and sells casual sneakers, apparel and accessories under the Converse, Chuck Taylor, 
All Star, One Star, Star Chevron and Jack Purcell trademarks. In some markets outside the U.S., these trademarks are licensed 
to third parties who design, distribute, market and sell similar products. Operating results of the Converse brand are reported on a 
stand-alone basis.
BASIS OF CONSOLIDATION
The Consolidated Financial Statements include the accounts of NIKE, Inc. and its subsidiaries (the "Company" or "NIKE"). All 
significant intercompany transactions and balances have been eliminated . 
REVENUE RECOGNITION
Revenue transactions associated with the sale of NIKE Brand footwear, apparel and equipment, as well as Converse products, 
comprise a single performance obligation, which consists of the sale of products to customers either through wholesale or direct 
to consumer channels. The Company satisfies the performance obligation and records revenues when transfer of control to the 
customer has occurred, based on the terms of sale. A customer is considered to have control once they are able to direct the use 
and receive substantially all of the benefits of the product. 
Control is transferred to wholesale customers upon shipment or upon receipt depending on the country of the sale and the 
agreement with the customer. Control transfers to retail store customers at the time of sale and to substantially all digital 
commerce customers upon shipment. The transaction price is determined based upon the invoiced sales price, less anticipated 
sales returns, discounts and miscellaneous claims from customers. P ayment terms for wholesale transactions depend on the 
country of sale or agreement with the customer and payment is generally required within 90 days or less of shipment to or receipt 
by the wholesale customer. Payment is due at the time of sale for retail store and digital commerce transactions.
Consideration for trademark licensing contracts is earned through sales-based or usage-based royalty arrangements, and the 
associated revenues are recognized over the license period. 
Taxes assessed by governmental authorities that are both imposed on and concurrent with a specific revenue-producing 
transaction, and are collected by the Company from a customer, are excluded from Revenues and Cost of sales in the 
Consolidated Statements of Income. Shipping and handling costs associated with outbound freight after control over a product 
has transferred to a customer are accounted for as fulfillment costs and are included in Cost of sales when the related revenues 
are recognized.
SALES-RELATED RESERVES
Consideration promised in the Company's contracts with customers is variable due to anticipated reductions, such as sales 
returns, discounts and miscellaneous claims from customers. The Company estimates the most likely amount it will be entitled to 
receive and records an anticipated reduction against Revenues, with an of fsetting increase to Accrued liabilities at the time 
revenues are recognized. The estimated cost of inventory for product returns is recorded in Prepaid expenses and other current 
assets on the Consolidated Balance Sheets.
The provision for anticipated sales returns consists of both contractual return rights and discretionary authorized returns. 
Provisions for post-invoice sales discounts consist of both contractual programs and discretionary discounts that are expected to 
be granted at a later date.
Estimates of discretionary authorized returns, discounts and claims are based on (1) historical rates, (2) specific identification of 
outstanding returns not yet received from customers and outstanding discounts and claims and (3) estimated returns, discounts 
and claims expected but not yet finalized with customers. Actual returns, discounts and claims in any future period are inherently 
uncertain and thus may differ from estimates recorded. If actual or expected future returns, discounts or claims are significantly 
greater or lower than the reserves established, a reduction or increase to net Revenues is recorded in the period in which such 
determination is made.
2023 FORM 10-K   61    COST OF SALES
Cost of sales consists primarily of inventory costs, as well as warehousing costs (including the cost of warehouse labor), third-
party royalties, certain foreign currency hedge gains and losses and product design costs.  Shipping and handling costs are 
expensed as incurred and included in Cost of sales.
DEMAND CREATION EXPENSE
Demand creation expense  consists of advertising and promotion costs, including costs of endorsement contracts, complimentary 
products, television, digital and print advertising as well as media costs, brand events and retail brand presentation. Advertising 
production costs are expensed the first time an advertisement is run. Advertising media costs are expensed when the 
advertisement appears. Costs related to brand events are expensed when the event occurs. Costs related to retail brand 
presentation are expensed when the presentation is complete and delivered.
A significant amount of the Company's promotional expenses result from payments under endorsement contracts. In general, 
endorsement payments are expensed on a straight-line basis over the term of the contract. However , certain contracts contain 
elements that may be accounted for differently based upon the facts and circumstances of each individual contract. Prepayments 
made under contracts are included in Prepaid expenses and other current assets or Deferred income taxes and other assets 
depending on the period to which the prepayment applies.
Certain contracts provide for contingent payments to endorsers based upon specific achievements in their sport (e.g., winning a 
championship). The Company records Demand creation expense for these amounts when the endorser achieves the specific 
goal.
Certain contracts provide for variable payments based upon endorsers maintaining a level of performance in their sport over an 
extended period of time (e.g., maintaining a specified ranking in a sport for a year). When the Company determines payments are 
probable, the amounts are reported in  Demand creation expense ratably over the contract period based on the Company's best 
estimate of the endorser's performance. In these instances, to the extent actual payments to the endorser dif fer from the 
Company's estimate due to changes in the endorser's performance, adjustments to Demand creation expense may be recorded 
in a future period.
Certain contracts provide for royalty payments to endorsers based upon a predetermined percent of sales of particular products, 
which the Company records in Cost of sales as the related sales occur . For contracts containing minimum guaranteed royalty 
payments, the Company records the amount of any guaranteed payment in excess of that earned through sales of product within 
Demand creation expense.
Through cooperative advertising programs, the Company reimburses its wholesale customers for certain costs of advertising the 
Company's products. To the extent the Company receives a distinct good or service in exchange for consideration paid to the 
customer that does not exceed the fair value of that good or service, the amounts reimbursed are recorded in Demand creation 
expense.
Total Demand creation expense was $4,060 million, $3,850 million and $3,114 million for the years ended May 31, 2023, 2022 
and 2021, respectively. Prepaid advertising and promotion expenses totaled $755 million and $773 million at May 31, 2023 and 
2022, respectively, of which $372 million and $329 million, respectively, were recorded in Prepaid expenses and other current 
assets, and $383 million and $444 million, respectively, were recorded in Deferred income taxes and other assets, depending on 
the period to which the prepayment applied.
OPERATING OVERHEAD EXPENSE
Operating overhead expense consists primarily of wage and benefit-related expenses, research and development costs, bad 
debt expense as well as other administrative expenses such as rent, depreciation and amortization, professional services,  certain 
technology investments, meetings and travel.
CASH AND EQUIVALENTS
Cash and equivalents represent cash and short-term, highly liquid investments, that are both readily convertible to known 
amounts of cash and so near their maturity they present insignificant risk of changes in value because of changes in interest 
rates, with maturities three months or less at the date of purchase.
NIKE, INC.      62SHORT-TERM INVESTMENTS
Short-term investments consist of highly liquid investments with maturities over three months at the date of purchase. At May 31, 
2023 and 2022, Short-term investments consisted of available-for-sale debt securities, which are recorded at fair value with 
unrealized gains and losses reported, net of tax, in Accumulated other comprehensive income (loss), unless unrealized losses 
are determined to be unrecoverable. Realized gains and losses on the sale of securities are determined by specific identification. 
The Company considers all available-for-sale debt securities, including those with maturity dates beyond 12 months, as available 
to support current operational liquidity needs and, therefore, classifies all securities with maturity dates beyond three months at 
the date of purchase as current assets within Short-term investments on the Consolidated Balance Sheets.
Refer to Note 4 — Fair Value Measurements for more information on the Company's Short-term investments.
ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS RECEIVABLE
Accounts receivable, net  consist primarily of amounts due from customers. The Company makes ongoing estimates relating to 
the collectability of its accounts receivable and maintains an allowance for expected losses resulting from the inability of its 
customers to make required payments. In addition to judgments about the creditworthiness of significant customers based on 
ongoing credit evaluations, the Company considers historical levels of credit losses, as well as macroeconomic and industry 
trends to determine the amount of the allowance. The allowance for uncollectible accounts receivable was $35 million and $34 
million as of May 31, 2023 and 2022, respectively.
INVENTORY VALUATION
Inventories, substantially all of which are finished goods, are stated at lower of cost and net realizable value and valued on either 
an average or a specific identification cost basis. In some instances, the Company ships products directly from its suppliers to the 
customer, with the related inventory and cost of sales recognized on a specific identification basis. Inventory costs primarily 
consist of product cost from the Company's suppliers, as well as inbound freight, import duties, taxes, insurance, logistics and 
other handling fees.
PROPERTY, PLANT AND EQUIPMENT AND DEPRECIATION
Property, plant and equipment are recorded at cost. Depreciation is determined on a straight-line basis for land improvements, 
buildings and leasehold improvements over 2 to 40 years and for machinery and equipment over 2 to 15 years.
Depreciation and amortization of assets used in manufacturing, warehousing and product distribution are recorded in Cost of 
sales. Depreciation and amortization of all other assets are recorded in Operating overhead expense.
SOFTWARE DEVELOPMENT COSTS
Expenditures for major software purchases and software developed for internal use are capitalized and amortized over 2 to 12 
years on a straight-line basis. The Company's policy provides for the capitalization of external direct costs associated with 
developing or obtaining internal use computer software. The Company also capitalizes certain payroll and payroll-related costs 
for employees who are directly associated with internal use computer software projects. The amount of capitalizable payroll costs 
with respect to these employees is limited to the time directly spent on such projects. Costs associated with preliminary project 
stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred.
Development costs of computer software to be sold, leased or otherwise marketed as an integral part of a product are subject to 
capitalization beginning when a product's technological feasibility has been established and ending when a product is available 
for general release to customers. In most instances, the Company's products are released soon after technological feasibility has 
been established; therefore, software development costs incurred subsequent to achievement of technological feasibility are 
usually not significant, and generally, most software development costs have been expensed as incurred.
2023 FORM 10-K   63    IMPAIRMENT OF LONG-LIVED ASSETS
The Company reviews the carrying value of long-lived assets or asset groups to be used in operations whenever events or 
changes in circumstances indicate the carrying amount of the assets might not be recoverable. Factors that would necessitate an 
impairment assessment include a significant adverse change in the extent or manner in which an asset is used, a significant 
adverse change in legal factors or the business climate that could af fect the value of the asset or a significant decline in the 
observable market value of an asset, among others. If such facts indicate a potential impairment, the Company would assess the 
recoverability of an asset group by determining if the carrying value of the asset group exceeds the sum of the projected 
undiscounted cash flows expected to result from the use and eventual disposition of the assets over the remaining economic life 
of the primary asset in the asset group. If the recoverability test indicates that the carrying value of the asset group is not 
recoverable, the Company will estimate the fair value of the asset group using appropriate valuation methodologies, which would 
typically include an estimate of discounted cash flows. Any impairment would be measured as the difference between the asset 
group's carrying amount and its estimated fair value.
GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSETS
The Company performs annual impairment tests on goodwill and intangible assets with indefinite lives in the fourth quarter of 
each fiscal year or when events occur or circumstances change that would, more likely than not, reduce the fair value of a 
reporting unit or an intangible asset with an indefinite life below its carrying value. 
For purposes of testing goodwill for impairment, the Company allocates goodwill across its reporting units, which are considered 
the Company's operating segments. For both goodwill and indefinite-lived intangible assets, which primarily consist of acquired 
trade names and trademarks, the Company may first assess qualitative factors to determine whether it is more likely than not that 
the fair value of a reporting unit or an intangible asset with an indefinite life is less than its carrying amount. If, after assessing the 
totality of events and circumstances, the Company determines it is more likely than not that the fair value of  a reporting unit or 
indefinite-lived intangible asset is greater than its carrying amount, an impairment test is unnecessary. 
If an impairment test is necessary, the Company will estimate the fair value of the related reporting unit or indefinite-lived 
intangible asset. If the carrying value of a reporting unit or indefinite-lived intangible asset exceeds its fair value, the goodwill of 
that reporting unit or indefinite-lived intangible asset is determined to be impaired and the Company will record an impairment 
charge equal to the excess of the carrying value over the related fair value. 
There were no accumulated impairment losses as of May 31, 2023 and 2022. Additionally, the impact to Goodwill as a result of 
acquisitions and divestitures during fiscal 2023 and 2022, was not material.
OPERATING LEASES
The Company primarily leases retail store space, certain distribution and warehouse facilities, of fice space, equipment and other 
non-real estate assets. The Company determines if an arrangement is a lease at inception and begins recording lease activity at 
the commencement date, which is generally the date in which the Company takes possession of or controls the physical use of 
the asset. Lease components are not separated from non-lease components for real estate leases within the Company's lease 
portfolio. Right-of-use ("ROU") assets and lease liabilities are recognized based on the present value of lease payments over the 
lease term with lease expense recognized on a straight-line basis. The Company's incremental borrowing rate is used to 
determine the present value of future lease payments unless the implicit rate is readily determinable. 
Lease agreements may contain rent escalation clauses, renewal or termination options, rent holidays or certain landlord 
incentives, including tenant improvement allowances. ROU assets include amounts for scheduled rent increases and are reduced 
by the amount of lease incentives. The lease term includes the non-cancelable period of the lease and options to extend or 
terminate the lease when it is reasonably certain the Company will exercise those options. The Company does not record leases 
with an initial term of 12 months or less on the Consolidated Balance Sheets and recognizes related lease payments in the 
Consolidated Statements of Income on a straight-line basis over the lease term. Certain lease agreements include variable lease 
payments, which are based on a percent of retail sales over specified levels or adjust periodically for inflation as a result of 
changes in a published index, primarily the Consumer Price Index, and are expensed as incurred.
FAIR VALUE MEASUREMENTS
The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity 
securities and available-for-sale debt securities. Fair value is the price the Company would receive to sell an asset or pay to 
transfer a liability in an orderly transaction with a market participant at the measurement date. The Company uses a three-level 
hierarchy that prioritizes fair value measurements based on the types of inputs used, as follows:
NIKE, INC.      64•Level 1: Quoted prices in active markets for identical assets or liabilities.
•Level 2: Inputs other than quoted prices that are observable for the asset or liability , either directly or indirectly; these include 
quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in 
markets that are not active.
•Level 3: Unobservable inputs with little or no market data available, which require the reporting entity to develop its own 
assumptions.
The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires 
judgment and considers factors specific to the asset or liability . Financial assets and liabilities are classified in their entirety based 
on the most conservative level of input that is significant to the fair value measurement.
Pricing vendors are utilized for a majority of Level 1 and Level 2 investments. These vendors either provide a quoted market price 
in an active market or use observable inputs without applying significant adjustments in their pricing. Observable inputs include 
broker quotes, interest rates and yield curves observable at commonly quoted intervals, volatilities and credit risks. The fair value 
of derivative contracts is determined using observable market inputs such as the daily market foreign currency rates, forward 
pricing curves, currency volatilities, currency correlations and interest rates and considers nonperformance risk of the Company 
and its counterparties. 
The Company's fair value measurement process includes comparing fair values to another independent pricing vendor to ensure 
appropriate fair values are recorded.
Refer to Note 4 — Fair Value Measurements for additional information.
FOREIGN CURRENCY TRANSLATION AND FOREIGN CURRENCY TRANSACTIONS
Adjustments resulting from translating foreign functional currency financial statements into U.S. Dollars are included in the foreign 
currency translation adjustment, a component of Accumulated other comprehensive income (loss).
The Company's global subsidiaries have various monetary assets and liabilities, primarily receivables and payables, which are 
denominated in currencies other than their functional currency. These balance sheet items are subject to remeasurement, the 
impact of which is recorded in Other (income) expense, net, within the Consolidated Statements of Income.
ACCOUNTING FOR DERIVATIVES AND HEDGING ACTIVITIES
The Company uses derivative financial instruments to reduce its exposure to changes in foreign currency exchange rates and 
interest rates. All derivatives are recorded at fair value on the Consolidated Balance Sheets and changes in the fair value of 
derivative financial instruments are either recognized in Accumulated other comprehensive income (loss), Long-term debt or Net 
income depending on the nature of the underlying exposure, whether the derivative is formally designated as a hedge and, if 
designated, the extent to which the hedge is effective. The Company classifies the cash flows at settlement from derivatives in 
the same category as the cash flows from the related hedged items. For undesignated hedges and designated cash flow hedges, 
this is primarily within the Cash provided by operations component of the Consolidated Statements of Cash Flows. For 
designated net investment hedges, this is within the Cash provided by investing activities component of the Consolidated 
Statements of Cash Flows. For the Company's fair value hedges, which are interest rate swaps used to mitigate the change in 
fair value of its fixed-rate debt attributable to changes in interest rates, the related cash flows from periodic interest payments are 
reflected within the Cash provided by operations component of the Consolidated Statements of Cash Flows. 
Refer to Note 12 — Risk Management and Derivatives for additional information on the Company's risk management program 
and derivatives.
STOCK-BASED COMPENSATION
The Company accounts for stock-based compensation by estimating the fair value, net of estimated forfeitures, of equity awards 
and recognizing the related expense as Cost of sales or Operating overhead expense, as applicable, in the Consolidated 
Statements of Income on a straight-line basis over the vesting period. Substantially all awards vest ratably over four years of 
continued employment, with stock options expiring 10 years from the date of grant. Performance-based restricted stock units vest 
based on the Company's achievement of certain performance criteria throughout the three-year performance period and 
continued employment through the vesting date. The fair value of options, stock appreciation rights and employees' purchase 
rights under the employee stock purchase plans ("ESPPs") is determined using the Black-Scholes option pricing model. The fair 
value of restricted stock and time-vesting restricted stock units is established by the market price on the date of grant. The fair 
value of performance-based restricted stock units is estimated as of the grant date using a Monte Carlo simulation.
Refer to Note 9 — Common Stock and Stock-Based Compensation for additional information on the Company's stock-based 
compensation programs.
2023 FORM 10-K   65    INCOME TAXES
The Company accounts for income taxes using the asset and liability method. This approach requires the recognition of deferred 
tax assets and liabilities for the expected future tax consequences of temporary dif ferences between the carrying amounts and 
the tax basis of assets and liabilities. The Company records a valuation allowance to reduce deferred tax assets to the amount 
management believes is more likely than not to be realized. Realization of deferred tax assets is dependent on future taxable 
earnings and is therefore uncertain. At least quarterly, the Company assesses taxable income in prior carryback periods, the 
scheduled reversal of deferred tax liabilities, projected future taxable income and available tax planning strategies. The Company 
uses forecasts of taxable income and considers foreign tax credit utilization in making this assessment of realization, which are 
inherently uncertain and can result in significant variation between estimated and actual results. To the extent the Company 
believes that recovery is not likely, a valuation allowance is established against the net deferred tax asset, which increases the 
Company's income tax expense in the period when such determination is made.
The Company recognizes a tax benefit from uncertain tax positions in the financial statements only when it is more likely than not 
the position will be sustained upon examination by relevant tax authorities. The Company recognizes interest and penalties 
related to income tax matters in Income tax expense.
Refer to Note 7 — Income Taxes for further discussion.
EARNINGS PER SHARE
Basic earnings per common share is calculated by dividing Net income by the weighted average number of common shares 
outstanding during the year. Diluted earnings per common share is calculated by adjusting weighted average outstanding shares, 
assuming conversion of all potentially dilutive stock options and awards.
Refer to Note 10 — Earnings Per Share for further discussion.
MANAGEMENT ESTIMATES
The preparation of financial statements in conformity with generally accepted accounting principles requires management to 
make estimates, including estimates relating to assumptions that af fect the reported amounts of assets and liabilities and 
disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and 
expenses during the reporting period. Actual results could differ from these estimates. Additionally, the macroeconomic 
environment could remain volatile as the risk exists that worsening macroeconomic conditions could have a material, adverse 
impact on future revenue growth as well as overall profitability . 
RECENTLY ISSUED ACCOUNTING STANDARDS
In September 2022, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") ASU 
2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, which 
enhances transparency surrounding the use of supplier finance programs. The new guidance requires qualitative and quantitative 
disclosure sufficient to enable users of the financial statements to understand the nature, activity during the period, changes from 
period to period and potential magnitude of such programs. The amendments are effective for fiscal years beginning after 
December 15, 2022, including interim periods within those fiscal periods, except for the amendment on rollforward information, 
which is effective for fiscal years beginning after December 15, 2023. The Company will adopt the required guidance in the first 
quarter of fiscal 2024 and is currently evaluating the ASU to determine its impact on the Company's disclosures.
NIKE, INC.      66NOTE 2 — PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, net included the following:
MAY 31,
(Dollars in millions) 2023 2022
Land and improvements $ 326 $ 330 
Buildings  3,293  3,170 
Machinery and equipment  3,083  2,870 
Internal-use software  1,612  1,616 
Leasehold improvements  1,876  1,712 
Construction in process  525  399 
Total property, plant and equipment, gross  10,715  10,097 
Less accumulated depreciation  5,634  5,306 
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET $ 5,081 $ 4,791 
Capitalized interest was not material for the fiscal years ended May 31, 2023, 2022 and 2021.
NOTE 3 — ACCRUED LIABILITIES
Accrued liabilities included the following:
MAY 31,
(Dollars in millions) 2023 2022
Compensation and benefits, excluding taxes $ 1,737 $ 1,297 
Sales-related reserves  994  1,015 
Endorsement compensation  552  496 
Dividends payable  529  485 
Allowance for expected loss on sale(1) —  397 
Other  1,911  2,530 
Total Accrued Liabilities $ 5,723 $ 6,220 
(1) Refer to Note 18 — Acquisitions and Divestitures for additional information.
2023 FORM 10-K   67    NOTE 4 — FAIR VALUE MEASUREMENTS
The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of 
May 31, 2023 and 2022, and indicate the level in the fair value hierarchy in which the Company classifies the fair value 
measurement. Refer to Note 1 — Summary of Significant Accounting Policies for additional detail regarding the Company's fair 
value measurement methodology.
 MAY 31, 2023
(Dollars in millions) ASSETS AT FAIR VALUE CASH AND EQUIVALENTS SHORT-TERM INVESTMENTS
Cash $ 1,767 $ 1,767 $ — 
Level 1:
U.S. Treasury securities  2,655  —  2,655 
Level 2:
Commercial paper and bonds  543  15  528 
Money market funds  5,157  5,157  — 
Time deposits  507  502  5 
U.S. Agency securities  46  —  46 
Total Level 2  6,253  5,674  579 
TOTAL $ 10,675 $ 7,441 $ 3,234 
MAY 31, 2022
(Dollars in millions) ASSETS AT FAIR VALUE CASH AND EQUIVALENTS SHORT-TERM INVESTMENTS
Cash $ 839 $ 839 $ — 
Level 1:
U.S. Treasury securities  3,801  8  3,793 
Level 2:
Commercial paper and bonds  660  37  623 
Money market funds  6,458  6,458  — 
Time deposits  1,237  1,232  5 
U.S. Agency securities  2  —  2 
Total Level 2  8,357  7,727  630 
TOTAL $ 12,997 $ 8,574 $ 4,423 
As of May 31, 2023, the Company held $2,563 million of available-for-sale debt securities with maturity dates within one year and 
$671 million with maturity dates over one year and less than five years in Short-term investments on the Consolidated Balance 
Sheets. The fair value of the Company's available-for-sale debt securities approximates their amortized cost.
Included in Interest expense (income), net was interest income related to the Company's investment portfolio of $297 million, $94 
million and $34 million for the years ended May 31, 2023, 2022 and 2021, respectively.
The Company records the assets and liabilities of its derivative financial instruments on a gross basis on the Consolidated 
Balance Sheets. The Company's derivative financial instruments are subject to master netting arrangements that allow for the 
offset of assets and liabilities in the event of default or early termination of the contract. Any amounts of cash collateral received 
related to these instruments associated with the Company's credit-related contingent features are recorded in Cash and 
equivalents and Accrued liabilities, the latter of which would further offset against the Company's derivative asset balance. Any 
amounts of cash collateral posted related to these instruments associated with the Company's credit-related contingent features 
are recorded in Prepaid expenses and other current assets, which would further offset against the Company's derivative liability 
balance. Cash collateral received or posted related to the Company's credit-related contingent features is presented in the Cash 
provided by operations component of the Consolidated Statements of Cash Flows. The Company does not recognize amounts of 
non-cash collateral received, such as securities, on the Consolidated Balance Sheets. For further information related to credit 
risk, refer to Note 12 — Risk Management and Derivatives.
NIKE, INC.      68The following tables present information about the Company's derivative assets and liabilities measured at fair value on a 
recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
MAY 31, 2023
DERIVATIVE ASSETS DERIVATIVE LIABILITIES
(Dollars in millions)ASSETS AT 
FAIR VALUEOTHER 
CURRENT 
ASSETSOTHER 
LONG-TERM 
ASSETSLIABILITIES 
AT FAIR 
VALUEACCRUED 
LIABILITIESOTHER 
LONG-TERM 
LIABILITIES
Level 2:
Foreign exchange forwards and options(1)$ 557 $ 493 $ 64 $ 180 $ 128 $ 52 
(1) If the foreign exchange derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have 
been reduced by $178 million as of May 31, 2023. As of that date, the Company received $36 million of cash collateral from various counterparties 
related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of May 31, 2023.
MAY 31, 2022
DERIVATIVE ASSETS DERIVATIVE LIABILITIES
(Dollars in millions)ASSETS AT 
FAIR VALUEOTHER 
CURRENT 
ASSETSOTHER 
LONG-TERM 
ASSETSLIABILITIES 
AT FAIR 
VALUEACCRUED 
LIABILITIESOTHER 
LONG-TERM 
LIABILITIES
Level 2:
Foreign exchange forwards and options and 
embedded derivatives(1)$ 880 $ 674 $ 206 $ 77 $ 66 $ 11 
(1) If the foreign exchange derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have 
been reduced by $76 million as of May 31, 2022. As of that date, the Company had received $486 million of cash collateral from various counterparties 
related to foreign exchange derivative instruments. No amount of collateral was posted on the Company's derivative liability balance as of May 31, 
2022.
For additional information related to the Company's derivative financial instruments, refer to Note 12 — Risk Management and 
Derivatives. For fair value information regarding Notes payable and Long-term debt, refer to Note 5 — Short-Term Borrowings 
and Credit Lines and Note 6 — Long-Term Debt, respectively. 
The carrying amounts of other current financial assets and other current financial liabilities approximate fair value.
NON-RECURRING FAIR VALUE MEASUREMENTS
As further discussed in Note 18 — Acquisitions and Divestitures, the Company met the criteria to recognize the related assets 
and liabilities of its Argentina, Chile and Uruguay entities as held-for-sale as of May 31, 2022. This required the Company to 
remeasure the disposal groups at fair value, less costs to sell, which is considered a Level 3 fair value measurement and was 
based on each transaction's estimated consideration. 
All other assets or liabilities required to be measured at fair value on a non-recurring basis as of May 31, 2023 and 2022 were 
immaterial.
2023 FORM 10-K   69    NOTE 5 — SHORT-TERM BORROWINGS AND CREDIT LINES
The carrying amounts reflected in the Consolidated Balance Sheets for Notes payable approximate fair value.
On March 11, 2022, the Company entered into a five-year committed credit facility agreement with a syndicate of banks which 
provides for up to $2 billion of borrowings, with the option to increase borrowings up to $3 billion in total with lender approval. The 
facility matures on March 11, 2027, with options to extend the maturity date up to an additional two years. This facility replaces 
the prior $2 billion five-year credit facility agreement entered into on August 16, 2019, which would have matured on August 16, 
2024. Based on the Company's current long-term senior unsecured debt ratings of AA- and A1 from Standard and Poor's 
Corporation and Moody's Investor Services, respectively, the interest rate charged on any outstanding borrowings would be the 
prevailing Term SOFR for the applicable interest period plus 0.60%. The facility fee is 0.04% of the total undrawn commitment.
On March 10, 2023, the Company entered into a 364-day committed credit facility agreement with a syndicate of banks, which 
provides for up to $1 billion of borrowings, with an option to increase borrowings up to $1.5 billion in total with lender approval. 
The facility matures on March 8, 2024, with an option to extend the maturity date an additional 364 days. This facility replaces the 
prior $1 billion 364-day credit facility agreement entered into on March 11, 2022, which matured on March 10, 2023. Based on the 
Company's current long-term senior unsecured debt ratings of AA- and A1 from Standard and Poor's Corporation and Moody's 
Investor Services, respectively, the interest rate charged on any outstanding borrowings would be the prevailing Term Secured 
Overnight Financing Rate ("Term SOFR") for the applicable interest period plus 0.60%. The facility fee is 0.02% of the total 
undrawn commitment.
As of and for the periods ended May 31, 2023 and 2022, no amounts were outstanding under any of the Company's committed 
credit facilities. 
NIKE, INC.      70NOTE 6 — LONG-TERM DEBT
Long-term debt, net of unamortized premiums, discounts and debt issuance costs, comprises the following: 
BOOK VALUE 
OUTSTANDING 
AS OF MAY 31,
Scheduled Maturity (Dollars in millions) ORIGINAL PRINCIPAL INTEREST RATE INTEREST PAYMENTS 2023 2022
Corporate Term Debt:(1)(2)
May 1, 2023 $ 500  2.25 % Semi-Annually $ — $ 500 
March 27, 2025  1,000  2.40 % Semi-Annually  998  996 
November 1, 2026  1,000  2.38 % Semi-Annually  997  997 
March 27, 2027  1,000  2.75 % Semi-Annually  997  996 
March 27, 2030  1,500  2.85 % Semi-Annually  1,492  1,491 
March 27, 2040  1,000  3.25 % Semi-Annually  987  986 
May 1, 2043  500  3.63 % Semi-Annually  496  496 
November 1, 2045  1,000  3.88 % Semi-Annually  986  985 
November 1, 2046  500  3.38 % Semi-Annually  492  492 
March 27, 2050  1,500  3.38 % Semi-Annually  1,482  1,481 
Total  8,927  9,420 
Less Current Portion of Long-Term Debt  —  500 
TOTAL LONG-TERM DEBT $ 8,927 $ 8,920 
(1) These senior unsecured obligations rank equally with the Company's other unsecured and unsubordinated indebtedness.
(2) The bonds are redeemable at the Company's option at a price equal to the greater of (i) 100% of the aggregate principal amount of the notes to be 
redeemed or (ii) the sum of the present values of the remaining scheduled payments, plus in each case, accrued and unpaid interest. However, the 
bonds also feature a par call provision, which allows for the bonds to be redeemed at a price equal to 100% of the aggregate principal amount of the 
notes being redeemed, plus accrued and unpaid interest on or after the P ar Call Date, as defined in the respective notes.
The scheduled maturity of Long-term debt in each of the years ending May 31, 2024 through 2028, are $0 million, $1,000 million, 
$0 million, $2,000 million and $0 million, respectively, at face value.
The Company's Long-term debt is recorded at adjusted cost, net of unamortized premiums, discounts and debt issuance costs. 
The fair value of long-term debt is estimated based upon quoted prices for similar instruments or quoted prices for identical 
instruments in inactive markets (Level 2). The fair value of the Company's Long-term debt, including the current portion, was 
approximately $7,889 million and $8,933 million as of May 31, 2023 and 2022, respectively. 
2023 FORM 10-K   71    NOTE 7 — INCOME TAXES
Income before income taxes is as follows:
YEAR ENDED MAY 31,
(Dollars in millions) 2023 2022 2021
Income before income taxes:
United States $ 4,663 $ 6,020 $ 5,723 
Foreign  1,538  631  938 
TOTAL INCOME BEFORE INCOME TAXES $ 6,201 $ 6,651 $ 6,661 
The provision for income taxes is as follows:
YEAR ENDED MAY 31,
(Dollars in millions) 2023 2022 2021
Current:
United States
Federal $ 430 $ 231 $ 328 
State  184  98  134 
Foreign  634  926  857 
Total Current  1,248  1,255  1,319 
Deferred:
United States
Federal  (162)  (522)  (371) 
State  (25)  (16)  (34) 
Foreign  70  (112)  20 
Total Deferred  (117)  (650)  (385) 
TOTAL INCOME TAX EXPENSE $ 1,131 $ 605 $ 934 
A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate is as follows:
 YEAR ENDED MAY 31,
2023 2022 2021
Federal income tax rate  21.0 %  21.0 %  21.0 %
State taxes, net of federal benefit  1.5 %  1.4 %  1.3 %
Foreign earnings  1.7 %  -1.8 %  0.2 %
Subpart F deferred tax benefit  0.0 %  -4.7 %  0.0 %
Foreign-derived intangible income benefit  -6.1 %  -4.1 %  -3.7 %
Excess tax benefits from stock-based compensation  -1.1 %  -4.9 %  -4.5 %
Income tax audits and contingency reserves  1.0 %  1.5 %  1.5 %
U.S. research and development tax credit  -1.2 %  -1.0 %  -0.9 %
Other, net  1.4 %  1.7 %  -0.9 %
EFFECTIVE INCOME TAX RATE  18.2 %  9.1 %  14.0 %
On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act (the "Tax Act"), which significantly changed U.S. tax law and 
included a provision to tax global intangible low-taxed income ("GILTI") of foreign subsidiaries. The Company recognizes taxes 
due under the GILTI provision as a current period expense. 
The effective tax rate for the fiscal year ended May 31, 2023 was higher than the effective tax rate for the fiscal year ended 
May 31, 2022. The increase was primarily due to decreased benefits from stock-based compensation and the prior year 
recognition of a non-cash, one-time benefit related to the onshoring of the Company's non-U.S . intangible property. During the 
fourth quarter of fiscal 2022, the Company onshored certain non-U.S . intangible property ownership rights and implemented 
changes in the Company's legal entity structure. The tax restructuring increases the possibility that foreign earnings in future 
periods will be subject to tax in the U.S. due to Subpart F of the Internal Revenue Code. The Company recognized a deferred tax 
asset and corresponding non-cash deferred income tax benefit of 4.7%, to establish the deferred tax deduction that is expected 
to reduce taxable income in future periods.
NIKE, INC.      72The effective tax rate for the fiscal year ended May 31, 2022 was lower than the effective tax rate for the fiscal year ended 
May 31, 2021. The decrease was primarily due to a shift in the Company's earnings mix and recognition of a non-cash, one-time 
benefit related to the onshoring of the Company's non-U.S. intangible property.
Deferred tax assets and liabilities comprise the following as of: 
MAY 31,
(Dollars in millions) 2023 2022
Deferred tax assets:
Inventories(1)$ 79 $ 136 
Sales return reserves(1) 89  109 
Deferred compensation(1) 321  313 
Stock-based compensation  261  195 
Reserves and accrued liabilities(1) 144  145 
Operating lease liabilities  511  508 
Intangibles  255  275 
Capitalized research and development expenditures  548  353 
Net operating loss carry-forwards  15  8 
Subpart F deferred tax  374  313 
Foreign tax credit carry-forward  —  103 
Other(1) 183  148 
Total deferred tax assets  2,780  2,606 
Valuation allowance  (22)  (19) 
Total deferred tax assets after valuation allowance  2,758  2,587 
Deferred tax liabilities:
Foreign withholding tax on undistributed earnings of foreign subsidiaries  (186)  (146) 
Property, plant and equipment(1) (276)  (247) 
Right-of-use assets  (441)  (437) 
Other(1) (56)  (92) 
Total deferred tax liabilities  (959)  (922) 
NET DEFERRED TAX ASSET (2)$ 1,799 $ 1,665 
(1) The above amounts exclude deferred taxes held-for-sale as of May 31, 2022. See Note 18 — Acquisitions and Divestitures for additional information.
(2) Of the total $1,799 million net deferred tax asset for the period ended May 31, 2023, $2,026 million was included within Deferred income taxes and 
other assets and $(227) million was included within Deferred income taxes and other liabilities on the Consolidated Balance Sheets. Of the total $1,665 
million net deferred tax asset for the period ended May 31, 2022, $1,891 million was included within Deferred income taxes and other assets and 
$(226) million was included within Deferred income taxes and other liabilities on the Consolidated Balance Sheets.
The following is a reconciliation of the changes in the gross balance of unrecognized tax benefits as of:
 MAY 31,
(Dollars in millions) 2023 2022 2021
Unrecognized tax benefits, beginning of the period $ 848 $ 896 $ 771 
Gross increases related to prior period tax positions  95  71  77 
Gross decreases related to prior period tax positions  (17)  (145)  (22) 
Gross increases related to current period tax positions  50  62  59 
Settlements  (18)  (17)  (5) 
Lapse of statute of limitations  (7)  (10)  (6) 
Changes due to currency translation  (15)  (9)  22 
UNRECOGNIZED TAX BENEFITS, END OF THE PERIOD $ 936 $ 848 $ 896 
As of May 31, 2023, total gross unrecognized tax benefits, excluding related interest and penalties, were $936 million, of which 
$651 million would affect the Company's effective tax rate if recognized in future periods. The majority of the total gross 
unrecognized tax benefits are long-term in nature and included within Deferred income taxes and other liabilities on the 
Consolidated Balance Sheets.
2023 FORM 10-K   73    The Company recognizes interest and penalties related to income tax matters in Income tax expense. The liability for payment of 
interest and penalties increased by $20 million during the fiscal year ended May 31, 2023, increased by $45 million during the 
fiscal year ended May 31, 2022, and increased by $45 million during the fiscal year ended May 31, 2021. As of May 31, 2023 and 
2022, accrued interest and penalties related to uncertain tax positions were $268 million and $248 million, respectively (excluding 
federal benefit) and were included within Deferred income taxes and other liabilities on the Consolidated Balance Sheets.
As of May 31, 2023 and 2022, long-term income taxes payable were $373 million and $535 million, respectively, and were 
included within Deferred income taxes and other liabilities on the Consolidated Balance Sheets. 
The Company is subject to taxation in the U.S., as well as various state and foreign jurisdictions. The Company is currently under 
audit by the U.S. IRS for fiscal years 2017 through 2019. The Company has closed all U.S. federal income tax matters through 
fiscal 2016, with the exception of certain transfer pricing adjustments. Tax years after 2011 remain open in certain major foreign 
jurisdictions. Although the timing of resolution of audits is not certain, the Company evaluates all domestic and foreign audit 
issues in the aggregate, along with the expiration of applicable statutes of limitations, and estimates that it is reasonably possible 
the total gross unrecognized tax benefits could decrease by up to  $50 million within the next 12 months. In January 2019, the 
European Commission opened a formal investigation to examine whether the Netherlands has breached State Aid rules when 
granting certain tax rulings to the Company. The Company believes the investigation is without merit. If this matter is adversely 
resolved, the Netherlands may be required to assess additional amounts with respect to prior periods, and the Company's 
income taxes related to prior periods in the Netherlands could increase. 
A portion of the Company's foreign operations benefit from a tax holiday, which is set to expire in 2031. This tax holiday may be 
extended when certain conditions are met or may be terminated early if certain conditions are not met. The tax benefit attributable 
to this tax holiday, before taking into consideration other U.S. indirect tax provisions, was $263 million, $221 million and $238 
million for the fiscal years ended May 31, 2023, 2022 and 2021, respectively. The benefit of the tax holiday on diluted earnings 
per common share was $0.17, $0.14 and $0.15 for the fiscal years ended May 31, 2023, 2022 and 2021, respectively.
Deferred tax assets as of May 31, 2023 and 2022, were reduced by a valuation allowance. For the fiscal year ended May 31, 
2023, a valuation allowance was provided for U.S. capital loss carryforwards and on tax benefits generated by certain entities 
with operating losses. For the fiscal year ended May 31, 2022, a valuation allowance was provided for U.S. capital loss 
carryforwards and on tax benefits generated by certain entities with operating losses. There was a $3 million net increase in the 
valuation allowance for the fiscal year ended May 31, 2023, compared to a $7 million net increase for the fiscal year ended 
May 31, 2022, and $14 million net decrease for the fiscal year ended May 31, 2021.
The Company has available domestic and foreign loss carry-forwards of  $61 million as of May 31, 2023. If not utilized, $33 million 
of losses will expire in the periods between fiscal 2028 and 2043. 
NOTE 8 — REDEEMABLE PREFERRED STOCK
Sojitz America is the sole owner of the Company's authorized redeemable preferred stock, $1 par value, which is redeemable at 
the option of Sojitz America or the Company at par value aggregating $0.3 million. A cumulative dividend of $0.10 per share is 
payable annually on May 31, and no dividends may be declared or paid on the common stock of the Company unless dividends 
on the redeemable preferred stock have been declared and paid in full. There have been no changes in the redeemable preferred 
stock in the fiscal years ended May 31, 2023, 2022 and 2021. As the holder of the redeemable preferred stock, Sojitz America 
does not have general voting rights but does have the right to vote as a separate class on the sale of all or substantially all of the 
assets of the Company and its subsidiaries; on merger, consolidation, liquidation or dissolution of the Company; or on the sale or 
assignment of the NIKE trademark for athletic footwear sold in the United States. The redeemable preferred stock has been fully 
issued to Sojitz America and is not blank check preferred stock. The Company's articles of incorporation do not permit the 
issuance of additional preferred stock.
NOTE 9 — COMMON STOCK AND STOCK-BASED COMPENSATION
COMMON STOCK
The authorized number of shares of Class A Common Stock, no par value, and Class B Common Stock, no par value, are 400 
million and 2,400 million, respectively. Each share of Class A Common Stock is convertible into one share of Class B Common 
Stock. Voting rights of Class B Common Stock are limited in certain circumstances with respect to the election of directors. There 
are no differences in the dividend and liquidation preferences or participation rights of the holders of Class A and Class B 
Common Stock. From time to time, the Company's Board of Directors authorizes share repurchase programs for the repurchase 
of Class B Common Stock. The value of repurchased shares is deducted from Total shareholders' equity through allocation to 
Capital in excess of stated value and Retained earnings.
NIKE, INC.      74STOCK-BASED COMPENSATION
The NIKE, Inc. Stock Incentive Plan (the "Stock Incentive Plan") provides for the issuance of up to 798 million previously 
unissued shares of Class B Common Stock in connection with equity awards granted under the Stock Incentive Plan. The Stock 
Incentive Plan authorizes the grant of non-statutory stock options, incentive stock options, stock appreciation rights, and stock 
awards, including restricted stock and restricted stock units. Restricted stock units include both time-vesting restricted stock units 
("RSUs") as well as performance-based restricted stock units ("PSUs"). A committee of the Board of Directors administers the 
Stock Incentive Plan and has the authority to determine the employees to whom awards will be made, the amount of the awards 
and the other terms and conditions of the awards. The Company generally grants stock options, restricted stock and restricted 
stock units on an annual basis. The exercise price for stock options and stock appreciation rights may not be less than the fair 
market value of the underlying shares on the date of grant. Substantially all awards under the Stock Incentive Plan vest ratably 
over 4 years of continued employment, with stock options expiring 10 years from the date of grant. 
The following table summarizes the Company's total stock-based compensation expense recognized in Cost of sales or 
Operating overhead expense, as applicable: 
 YEAR ENDED MAY 31,
(Dollars in millions) 2023 2022 2021
Stock options(1)$ 311 $ 297 $ 323 
ESPPs  72  60  63 
Restricted stock and restricted stock units(1)(2) 372  281  225 
TOTAL STOCK-BASED COMPENSATION EXPENSE $ 755 $ 638 $ 611 
(1) Expense for stock options includes the expense associated with stock appreciation rights. Accelerated stock option expense is primarily recorded for 
employees meeting certain retirement eligibility requirements and was $64 million, $57 million and $67 million for the fiscal years ended May 31, 2023, 
2022 and 2021, respectively. During fiscal 2021, an immaterial amount of accelerated stock option and restricted stock unit expense was also recorded 
for certain employees impacted by the Company's organizational realignment. For more information, see Note 19 — Restructuring.
(2) For the fiscal years ended May 31, 2023 and 2022, expense for restricted stock units includes an immaterial amount of expense for PSUs.
The income tax benefit related to stock-based compensation expense was  $71 million, $327 million and $297 million for the fiscal 
years ended May 31, 2023, 2022 and 2021, respectively, and reported within Income tax expense.
STOCK OPTIONS
The weighted average fair value per share of stock options granted during the years ended May 31, 2023, 2022 and 2021, 
computed as of the grant date using the Black-Scholes pricing model, was $31.31, $37.53 and $26.75, respectively. The 
weighted average assumptions used to estimate these fair values were as follows:
 YEAR ENDED MAY 31,
2023 2022 2021
Dividend yield  0.9 %  0.8 %  0.9 %
Expected volatility  27.1 %  24.9 %  27.3 %
Weighted average expected life (in years) 5.8 5.8 6.0
Risk-free interest rate  3.3 %  0.9 %  0.4 %
Expected volatilities are based on an analysis of the historical volatility of the Company's common stock, the implied volatility in 
market traded options on the Company's common stock with a term greater than one year, as well as other factors. The weighted 
average expected life of options is based on an analysis of historical and expected future exercise patterns. The interest rate is 
based on the U.S. Treasury (constant maturity) risk-free rate in effect at the date of grant for periods corresponding with the 
expected term of the options.
2023 FORM 10-K   75    The following summarizes the stock option transactions under the plan discussed above: 
SHARES(1)WEIGHTED AVERAGE 
OPTION PRICE
(In millions)
Options outstanding as of May 31, 2022  68.0 $ 88.66 
Exercised  (7.5)  57.11 
Forfeited  (1.5)  122.93 
Granted  12.0  107.44 
Options outstanding as of May 31, 2023  71.0 $ 94.40 
(1) Includes stock appreciation rights transactions.
Options exercisable as of May 31, 2023 were 44.7 million and had a weighted average option price of $79.95 per share. The 
aggregate intrinsic value for options outstanding and exercisable as of May 31, 2023 was $1,380 million and $1,307 million, 
respectively. The total intrinsic value of the options exercised during the years ended May 31, 2023, 2022 and 2021 was $438 
million, $1,742 million and $1,571 million, respectively. The intrinsic value is the amount by which the market value of the 
underlying stock exceeds the exercise price of the options. The weighted average contractual life remaining for options 
outstanding and options exercisable as of May 31, 2023 was 5.9 years and 4.5 years, respectively. As of May 31, 2023, the 
Company had $425 million of unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized 
in Cost of sales or Operating overhead expense, as applicable, over a weighted average remaining perio d of 2.5 years.
EMPLOYEE STOCK PURCHASE PLANS
In addition to the Stock Incentive Plan, the Company gives employees the right to purchase shares at a discount from the market 
price under ESPPs. Subject to the annual statutory limit, employees are eligible to participate through payroll deductions of up to 
10% of their compensation. At the end of each six-month offering period, shares are purchased by the participants at 85% of the 
lower of the fair market value at the beginning or the end of the of fering period. Employees purchased 3.0 million, 2.0 million and 
2.5 million shares during each of the fiscal years ended May 31, 2023, 2022 and 2021, respectively.
RESTRICTED STOCK AND RESTRICTED STOCK UNITS
Recipients of restricted stock are entitled to cash dividends and to vote their respective shares throughout the period of 
restriction. Recipients of restricted stock units, which includes RS Us and PSUs, are entitled to dividend equivalent cash 
payments upon vesting. The number of shares of restricted stock and restricted stock units vested includes shares of common 
stock withheld by the Company on behalf of employees to satisfy the minimum statutory tax withholding requirements. 
The following summarizes the restricted stock and restricted stock units transactions under the plan discussed above: 
SHARES(1)WEIGHTED AVERAGE 
GRANT DATE  
FAIR VALUE
(In millions)
Nonvested as of May 31, 2022  6.7 $ 130.88 
Vested  (2.2)  114.85 
Forfeited  (0.7)  131.10 
Granted  4.5  115.56 
Nonvested as of May 31, 2023  8.3 $ 126.97 
         (1) Includes an immaterial amount of PSU transactions
The weighted average fair value per share of restricted stock and restricted stock units granted for the fiscal years ended May 31, 
2023, 2022 and 2021, computed as of the grant date, was $115.56, $168.04 and $113.84, respectively. During the fiscal years 
ended May 31, 2023, 2022 and 2021, the aggregate fair value of vested restricted stock and restricted stock units was $250 
million, $354 million and $310 million, respectively, computed as of the date of vesting. 
As of May 31, 2023, the Company had $649 million of unrecognized compensation costs from restricted stock and restricted 
stock units, net of estimated forfeitures, to be recognized in Cost of sales or Operating overhead expense, as applicable, over a 
weighted average remaining period of 2.3 years.
NIKE, INC.      76NOTE 10 — EARNINGS PER SHARE
The following is a reconciliation from basic earnings per common share to diluted earnings per common share. The computations 
of diluted earnings per common share excluded restricted stock, restricted stock units and options, including shares under 
ESPPs, to purchase an estimated additional 31.7 million, 9.4 million and 11.3 million shares of common stock outstanding for the 
fiscal years ended May 31, 2023, 2022 and 2021, respectively, because the awards were assumed to be anti-dilutive.
 YEAR ENDED MAY 31,
(In millions, except per share data) 2023 2022 2021
Net income available to common stockholders $ 5,070 $ 6,046 $ 5,727 
Determination of shares:
Weighted average common shares outstanding  1,551.6  1,578.8  1,573.0 
Assumed conversion of dilutive stock options and awards  18.2  32.0  36.4 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING  1,569.8  1,610.8  1,609.4 
Earnings per common share:
Basic $ 3.27 $ 3.83 $ 3.64 
Diluted $ 3.23 $ 3.75 $ 3.56 
NOTE 11 — BENEFIT PLANS
The Company has a qualified 401(k) Savings and Profit Sharing Plan, in which all U.S. employees are able to participate. The 
Company matches a portion of employee contributions to the savings plan. Company contributions to the savings plan were $136 
million, $126 million and $110 million and included in Cost of sales or Operating overhead expense, as applicable, for the fiscal 
years ended May 31, 2023, 2022 and 2021, respectively. 
The Company also has a Long-Term Incentive Plan ("LTIP") adopted by the Board of Directors and approved by shareholders in 
September 1997, which has been amended from time to time. The Company recognized an immaterial amount of Operating 
overhead expense related to cash awards under the LTIP during the years ended May 31, 2023, 2022 and 2021. During the fiscal 
years ended May 31, 2023 and 2022, under the Stock Incentive Plan, the Company granted PSUs which replaced cash-based 
long-term incentive awards historically granted under the Company's LTIP. Refer to Note 9 — Common Stock and Stock-Based 
Compensation for further information related to PSUs.
The Company allows certain highly compensated employees and non-employee directors of the Company to defer compensation 
under a nonqualified deferred compensation plan. A rabbi trust was established to fund the Company's nonqualified deferred 
compensation plan obligation. The assets in the rabbi trust of approximately $875 million and $876 million as of May 31, 2023 
and 2022, respectively, primarily consist of company owned life insurance policies recorded at their cash surrender value and are 
classified in Deferred income taxes and other assets on the Consolidated B alance Sheets. Deferred compensation plan liabilities 
were $897 million and $890 million as of May 31, 2023 and 2022, respectively, and primarily classified in Deferred income taxes 
and other liabilities on the Consolidated Balance Sheets.
The Company has pension plans in various countries worldwide. The pension plans are only available to local employees and are 
generally government mandated. The liability related to the unfunded pension liabilities of the plans was $29 million and $30 
million as of May 31, 2023 and 2022, respectively, and primarily classified as non-current in Deferred income taxes and other 
liabilities on the Consolidated Balance Sheets.
NOTE 12 — RISK MANAGEMENT AND DERIVATIVES
The Company is exposed to global market risks, including the effect of changes in foreign currency exchange rates and interest 
rates, and uses derivatives to manage financial exposures that occur in the normal course of business. The Company does not 
hold or issue derivatives for trading or speculative purposes.
The Company may elect to designate certain derivatives as hedging instruments under U.S . GAAP. The Company formally 
documents all relationships between designated hedging instruments and hedged items, as well as its risk management 
objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges 
to either recognized assets or liabilities or forecasted transactions and assessing, both at inception and on an ongoing basis, the 
effectiveness of the hedging relationships.
2023 FORM 10-K   77    The majority of derivatives outstanding as of May 31, 2023, are designated as foreign currency cash flow hedges, primarily for 
Euro/U.S. Dollar, British Pound/Euro, Chinese Yuan/U.S. Dollar and Japanese Yen/U.S. Dollar currency pairs. All derivatives are 
recognized on the Consolidated Balance Sheets at fair value and classified based on the instrument's maturity date.
The following tables present the fair values of derivative instruments included within the Consolidated B alance Sheets:
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONMAY 31,
(Dollars in millions) 2023 2022
Derivatives formally designated as hedging 
instruments:
Foreign exchange forwards and options Prepaid expenses and other current assets $ 480 $ 639 
Foreign exchange forwards and options Deferred income taxes and other assets  64  206 
Total derivatives formally designated as hedging 
instruments  544  845 
Derivatives not designated as hedging 
instruments:
Foreign exchange forwards and options and 
embedded derivatives Prepaid expenses and other current assets  13  35 
Total derivatives not designated as hedging 
instruments  13  35 
TOTAL DERIVATIVE ASSETS $ 557 $ 880 
 DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONMAY 31,
(Dollars in millions) 2023 2022
Derivatives formally designated as hedging 
instruments:
Foreign exchange forwards and options Accrued liabilities $ 93 $ 37 
Foreign exchange forwards and options Deferred income taxes and other liabilities  52  11 
Total derivatives formally designated as hedging 
instruments  145  48 
Derivatives not designated as hedging 
instruments:
Foreign exchange forwards and options and 
embedded derivatives Accrued liabilities  35  29 
Total derivatives not designated as hedging 
instruments  35  29 
TOTAL DERIVATIVE LIABILITIES $ 180 $ 77 
The following table presents the amounts in the Consolidated Statements of Income in which the effects of cash flow hedges are 
recorded and the effects of cash flow hedge activity on these line items for the fiscal years ended May 31, 2023, 2022 and 2021: 
YEAR ENDED MAY 31,
2023 2022 2021
(Dollars in millions) TOTALAMOUNT OF  
GAIN (LOSS)  
ON CASH FLOW 
HEDGE ACTIVITY TOTALAMOUNT OF  
GAIN (LOSS)  
ON CASH FLOW 
HEDGE ACTIVITY TOTALAMOUNT OF  
GAIN (LOSS)  
ON CASH FLOW 
HEDGE ACTIVITY
Revenues $ 51,217 $ 26 $ 46,710 $ (82) $ 44,538 $ 45 
Cost of sales  28,925  581  25,231  (23)  24,576  51 
Demand creation expense  4,060  (5)  3,850  1  3,114  3 
Other (income) expense, net  (280)  338  (181)  130  14  (47) 
Interest expense (income), net  (6)  (8)  205  (7)  262  (7) 
NIKE, INC.      78The following tables present the amounts affecting the Consolidated Statements of Income for the years ended May 31, 2023, 
2022 and 2021:
(Dollars in millions)AMOUNT OF GAIN (LOSS) 
RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME 
(LOSS) ON DERIVATIVES(1)AMOUNT OF GAIN (LOSS)  
RECLASSIFIED FROM ACCUMULATED  
OTHER COMPREHENSIVE  
INCOME (LOSS) INTO INCOME(1)
YEAR ENDED MAY 31, LOCATION OF GAIN (LOSS) 
RECLASSIFIED FROM ACCUMULATED 
OTHER COMPREHENSIVE INCOME 
(LOSS) INTO INCOMEYEAR ENDED MAY 31,
2023 2022 2021 2023 2022 2021
Derivatives designated as 
cash flow hedges:
Foreign exchange forwards 
and options $ 16 $ (39) $ (61) Revenues $ 26 $ (82) $ 45 
Foreign exchange forwards  
and options  305  889  (563) Cost of sales  581  (23)  51 
Foreign exchange forwards 
and options  (1)  (6)  5 Demand creation expense  (5)  1  3 
Foreign exchange forwards 
and options  207  492  (163) Other (income) expense, net  338  130  (47) 
Interest rate swaps(2) —  —  — Interest expense (income), net  (8)  (7)  (7) 
Total designated cash 
flow hedges $ 527 $ 1,336 $ (782) $ 932 $ 19 $ 45 
(1) For the fiscal years ended May 31, 2023, 2022, and 2021, the amounts recorded in Other (income) expense, net as a result of the discontinuance of 
cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2) Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated 
other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.
AMOUNT OF GAIN (LOSS) RECOGNIZED  
IN INCOME ON DERIVATIVES
LOCATION OF GAIN (LOSS)  
RECOGNIZED IN INCOME  
ON DERIVATIVESYEAR ENDED MAY 31,
(Dollars in millions) 2023 2022 2021
Derivatives designated as hedging instruments:
Foreign exchange forwards and options and 
embedded derivatives $ 28 $ 38 $ (167) Other (income) expense, net
CASH FLOW HEDGES
All changes in fair value of derivatives designated as cash flow hedge instruments are recorded in Accumulated other 
comprehensive income (loss) until Net income is affected by the variability of cash flows of the hedged transaction. Effective 
hedge results are classified in the Consolidated Statements of Income in the same manner as the underlying exposure. When it 
is no longer probable the forecasted hedged transaction will occur in the initially identified time period, hedge accounting is 
discontinued and the Company accounts for the associated derivative as an undesignated instrument as discussed below . 
Additionally, the gains and losses associated with derivatives no longer designated as cash flow hedge instruments in 
Accumulated other comprehensive income (loss) are recognized immediately in Other (income) expense, net, if it is probable the 
forecasted hedged transaction will not occur by the end of the initially identified time period or within an additional two-month 
period thereafter. In rare circumstances, the additional period of time may exceed two months due to extenuating circumstances 
related to the nature of the forecasted transaction that are outside the control or influence of the Company . 
The purpose of the Company's foreign exchange risk management program is to lessen both the positive and negative ef fects of 
currency fluctuations on the Company's consolidated results of operations, financial position and cash flows. Foreign currency 
exposures the Company may elect to hedge in this manner include product costs, non-functional currency denominated 
revenues, intercompany revenues, demand creation expenses, investments in U.S . Dollar denominated available-for-sale debt 
securities and certain other intercompany transactions.
Product cost foreign currency exposures are primarily generated through non-functional currency denominated product 
purchases. NIKE entities primarily purchase product in two ways: (1) Certain NIKE entities purchase product from the NIKE 
Trading Company ("NTC"), a wholly-owned sourcing hub that buys NIKE branded products from third-party factories, 
predominantly in U.S. Dollars. The NTC, whose functional currency is the U.S. Dollar, then sells the product to NIKE entities in 
their respective functional currencies. NTC sales to a NIKE entity with a different functional currency result in a foreign currency 
2023 FORM 10-K   79    exposure for the NTC. (2) Other NIKE entities purchase product directly from third-party factories in U.S. Dollars. These 
purchases generate a foreign currency exposure for those NIKE entities with a functional currency other than the U.S. Dollar.
The Company's policy permits the utilization of derivatives to reduce its foreign currency exposures where internal netting or 
other strategies cannot be effectively employed. Typically, the Company may enter into hedge contracts starting up to 12 to 24 
months in advance of the forecasted transaction and may place incremental hedges up to  100% of the exposure by the time the 
forecasted transaction occurs. The total notional amount of outstanding foreign currency derivatives designated as cash flow 
hedges was $18.2 billion as of May 31, 2023.
As of May 31, 2023, approximately $419 million of deferred net gains (net of tax) on both outstanding and matured derivatives in 
Accumulated other comprehensive income (loss) are expected to be reclassified to Net income during the next 12 months 
concurrent with the underlying hedged transactions also being recorded in Net income. Actual amounts ultimately reclassified to 
Net income are dependent on the exchange rates in effect when derivative contracts currently outstanding mature. As of May 31, 
2023, the maximum term over which the Company hedges exposures to the variability of cash flows for its forecasted 
transactions was 27 months.
FAIR VALUE HEDGES
The Company has, in the past, been exposed to the risk of changes in the fair value of certain fixed-rate debt attributable to 
changes in interest rates. Derivatives used by the Company to hedge this risk are receive-fixed, pay-variable interest rate swaps. 
The Company had no interest rate swaps designated as fair value hedges as of May 31, 2023. 
NET INVESTMENT HEDGES
The Company has, in the past, hedged and may, in the future, hedge the risk of variability in foreign currency-denominated net 
investments in wholly-owned international operations. All changes in fair value of the derivatives designated as net investment 
hedges are reported in Accumulated other comprehensive income (loss) along with the foreign currency translation adjustments 
on those investments. The Company had no outstanding net investment hedges as of May 31, 2023.
UNDESIGNATED DERIVATIVE INSTRUMENTS
The Company may elect to enter into foreign exchange forwards to mitigate the change in fair value of specific assets and 
liabilities on the Consolidated Balance Sheets. These undesignated instruments are recorded at fair value as a derivative asset or 
liability on the Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, 
net, together with the remeasurement gain or loss from the hedged balance sheet position. The total notional amount of 
outstanding undesignated derivative instruments was $4.7 billion as of May 31, 2023.
CREDIT RISK
The Company is exposed to credit-related losses in the event of nonperformance by counterparties to hedging instruments. The 
counterparties to all derivative transactions are major financial institutions with investment grade credit ratings; however , this 
does not eliminate the Company's exposure to credit risk with these institutions. This credit risk is limited to the unrealized gains 
in such contracts should any of these counterparties fail to perform as contracted. To manage this risk, the Company has 
established strict counterparty credit guidelines that are continually monitored.
The Company's derivative contracts contain credit risk-related contingent features designed to protect against significant 
deterioration in counterparties' creditworthiness and their ultimate ability to settle outstanding derivative contracts in the normal 
course of business. The Company's bilateral credit-related contingent features generally require the owing entity, either the 
Company or the derivative counterparty, to post collateral for the portion of the fair value in excess of $50 million should the fair 
value of outstanding derivatives per counterparty be greater than $50 million. Additionally, a certain level of decline in credit rating 
of either the Company or the counterparty could trigger collateral requirements. As of May 31, 2023, the Company was in 
compliance with all credit risk-related contingent features, and derivative instruments with such features were in a net liability 
position of approximately $2 million. Accordingly, the Company posted no cash collateral as a result of these contingent features. 
Further, as of May 31, 2023, the Company had received $36 million in cash collateral from various counterparties to its derivative 
contracts. The Company considers the impact of the risk of counterparty default to be immaterial.
For additional information related to the Company's derivative financial instruments and collateral, refer to Note 4 — Fair Value 
Measurements.
NIKE, INC.      80NOTE 13 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)FOREIGN 
CURRENCY 
TRANSLATION 
ADJUSTMENT(1)CASH FLOW 
HEDGESNET 
INVESTMENT 
HEDGES(1)OTHER TOTAL
Balance at May 31, 2022 $ (520) $ 779 $ 115 $ (56) $ 318 
Other comprehensive income (loss):
Other comprehensive gains (losses) before 
reclassifications(2) (91)  487  —  (20)  376 
Reclassifications to net income of previously deferred 
(gains) losses(3)358 (835)  — 14 (463)
Total other comprehensive income (loss)  267  (348)  —  (6)  (87) 
Balance at May 31, 2023 $ (253) $ 431 $ 115 $ (62) $ 231 
(1) The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are 
reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2) Net of tax benefit (expense) of $0 million, $(40) million, $0 million, $6 million and $(34) million, respectively.
(3) Net of tax (benefit) expense of $(16) million, $97 million, $0 million, $(5) million and $76 million, respectively. 
(Dollars in millions)FOREIGN 
CURRENCY 
TRANSLATION 
ADJUSTMENT(1)CASH FLOW 
HEDGESNET 
INVESTMENT 
HEDGES(1)OTHER TOTAL
Balance at May 31, 2021 $ 2 $ (435) $ 115 $ (62) $ (380) 
Other comprehensive income (loss):
Other comprehensive gains (losses) before 
reclassifications(2) (522)  1,222  —  28  728 
Reclassifications to net income of previously deferred 
(gains) losses(3) —  (8)  —  (22)  (30) 
Total other comprehensive income (loss)  (522)  1,214  —  6  698 
Balance at May 31, 2022 $ (520) $ 779 $ 115 $ (56) $ 318 
(1) The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are 
reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2) Net of tax benefit (expense) of $0 million, $(114) million, $0 million, $(9) million and $(123) million, respectively.
(3) Net of tax (benefit) expense of $0 million, $11 million, $0 million, $9 million and $20 million, respectively.
2023 FORM 10-K   81    The following table summarizes the reclassifications from Accumulated other comprehensive income (loss) to the Consolidated 
Statements of Income:
AMOUNT OF GAIN (LOSS) 
RECLASSIFIED FROM ACCUMULATED 
OTHER COMPREHENSIVE INCOME  
(LOSS) INTO INCOMELOCATION OF GAIN (LOSS)  
RECLASSIFIED FROM ACCUMULATED  
OTHER COMPREHENSIVE INCOME  
(LOSS) INTO INCOMEYEAR ENDED MAY 31,
(Dollars in millions) 2023 2022
Gains (losses) on foreign currency translation adjustment $ (374) $ — Other (income) expense, net
Total before tax (374)  — 
Tax (expense) benefit 16 — 
Gain (loss) net of tax (358)  — 
Gains (losses) on cash flow hedges:
Foreign exchange forwards and options  26  (82) Revenues
Foreign exchange forwards and options  581  (23) Cost of sales
Foreign exchange forwards and options  (5)  1 Demand creation expense
Foreign exchange forwards and options  338  130 Other (income) expense, net
Interest rate swaps (8) (7) Interest expense (income), net
Total before tax 932  19 
Tax (expense) benefit (97)  (11) 
Gain (loss) net of tax 835  8 
Gains (losses) on other (19)  31 Other (income) expense, net
Total before tax (19)  31 
Tax (expense) benefit 5 (9) 
Gain (loss) net of tax (14)  22 
Total net gain (loss) reclassified for the period $ 463 $ 30 
NIKE, INC.      82NOTE 14 — REVENUES
DISAGGREGATION OF REVENUES
The following tables present the Company's Revenues disaggregated by reportable operating segment, major product line and 
distribution channel:
YEAR ENDED MAY 31, 2023
(Dollars in millions)NORTH 
AMERICAEUROPE, 
MIDDLE 
EAST & 
AFRICAGREATER 
CHINAASIA 
PACIFIC & 
LATIN 
AMERICA(1)GLOBAL 
BRAND 
DIVISIONSTOTAL 
NIKE 
BRAND CONVERSE CORPORATETOTAL 
NIKE, INC.
Revenues by:
Footwear $ 14,897 $ 8,260 $ 5,435 $ 4,543 $ — $ 33,135 $ 2,155 $ — $ 35,290 
Apparel  5,947  4,566  1,666  1,664  —  13,843  90  —  13,933 
Equipment  764  592  147  224  —  1,727  28  —  1,755 
Other  —  —  —  —  58  58  154  27  239 
TOTAL REVENUES $ 21,608 $ 13,418 $ 7,248 $ 6,431 $ 58 $ 48,763 $ 2,427 $ 27 $ 51,217 
Revenues by:
Sales to Wholesale 
Customers $ 11,273 $ 8,522 $ 3,866 $ 3,736 $ — $ 27,397 $ 1,299 $ — $ 28,696 
Sales through Direct to 
Consumer  10,335  4,896  3,382  2,695  —  21,308  974  —  22,282 
Other  —  —  —  —  58  58  154  27  239 
TOTAL REVENUES $ 21,608 $ 13,418 $ 7,248 $ 6,431 $ 58 $ 48,763 $ 2,427 $ 27 $ 51,217 
(1) Refer to Note 18 — Acquisitions and Divestitures for additional information on the transition of the Company's NIKE Brand businesses in its CASA 
territory to third-party distributors.
YEAR ENDED MAY 31, 2022
(Dollars in millions)NORTH 
AMERICAEUROPE, 
MIDDLE 
EAST & 
AFRICAGREATER 
CHINAASIA 
PACIFIC & 
LATIN 
AMERICAGLOBAL 
BRAND 
DIVISIONSTOTAL 
NIKE 
BRAND CONVERSE CORPORATETOTAL 
NIKE, INC.
Revenues by:
Footwear $ 12,228 $ 7,388 $ 5,416 $ 4,111 $ — $ 29,143 $ 2,094 $ — $ 31,237 
Apparel  5,492  4,527  1,938  1,610  —  13,567  103  —  13,670 
Equipment  633  564  193  234  —  1,624  26  —  1,650 
Other  —  —  —  —  102  102  123  (72)  153 
TOTAL REVENUES $ 18,353 $ 12,479 $ 7,547 $ 5,955 $ 102 $ 44,436 $ 2,346 $ (72) $ 46,710 
Revenues by:
Sales to Wholesale 
Customers $ 9,621 $ 8,377 $ 4,081 $ 3,529 $ — $ 25,608 $ 1,292 $ — $ 26,900 
Sales through Direct to 
Consumer  8,732  4,102  3,466  2,426  —  18,726  931  —  19,657 
Other  —  —  —  —  102  102  123  (72)  153 
TOTAL REVENUES $ 18,353 $ 12,479 $ 7,547 $ 5,955 $ 102 $ 44,436 $ 2,346 $ (72) $ 46,710 
2023 FORM 10-K   83    YEAR ENDED MAY 31, 2021
(Dollars in millions)NORTH 
AMERICAEUROPE, 
MIDDLE 
EAST & 
AFRICAGREATER 
CHINAASIA 
PACIFIC & 
LATIN 
AMERICA(1)GLOBAL 
BRAND 
DIVISIONSTOTAL 
NIKE 
BRAND CONVERSE CORPORATETOTAL 
NIKE, INC.
Revenues by:
Footwear $ 11,644 $ 6,970 $ 5,748 $ 3,659 $ — $ 28,021 $ 1,986 $ — $ 30,007 
Apparel  5,028  3,996  2,347  1,494  —  12,865  104  —  12,969 
Equipment  507  490  195  190  —  1,382  29  —  1,411 
Other  —  —  —  —  25  25  86  40  151 
TOTAL REVENUES $ 17,179 $ 11,456 $ 8,290 $ 5,343 $ 25 $ 42,293 $ 2,205 $ 40 $ 44,538 
Revenues by:
Sales to Wholesale 
Customers $ 10,186 $ 7,812 $ 4,513 $ 3,387 $ — $ 25,898 $ 1,353 $ — $ 27,251 
Sales through Direct to 
Consumer  6,993  3,644  3,777  1,956  —  16,370  766  —  17,136 
Other  —  —  —  —  25  25  86  40  151 
TOTAL REVENUES $ 17,179 $ 11,456 $ 8,290 $ 5,343 $ 25 $ 42,293 $ 2,205 $ 40 $ 44,538 
(1)  Refer to Note 18 — Acquisitions and Divestitures for additional information on the transition of the Company's NIKE Brand business in Brazil to a third-
party distributor.
For the fiscal years ended May 31, 2023, 2022 and 2021, Global Brand Divisions revenues include NIKE Brand licensing and 
other miscellaneous revenues that are not part of a geographic operating segment. Converse Other revenues were primarily 
attributable to licensing businesses. Corporate revenues primarily consisted of foreign currency hedge gains and losses related 
to revenues generated by entities within the NIKE Brand geographic operating segments and Converse but managed through the 
Company's central foreign exchange risk management program.
As of May 31, 2023 and 2022, the Company did not have any contract assets and had an immaterial amount of contract liabilities 
recorded in Accrued liabilities on the Consolidated Balance Sheets.
SALES-RELATED RESERVES
As of May 31, 2023 and 2022, the Company's sales-related reserve balance, which includes returns, post-invoice sales discounts 
and miscellaneous claims, was $994 million and $1,015 million, respectively, recorded in Accrued liabilities on the Consolidated 
Balance Sheets. The estimated cost of inventory for expected product returns was $226 million and $194 million as of May 31, 
2023 and 2022, respectively, and was recorded in Prepaid expenses and other current assets on the Consolidated Balance 
Sheets.
NOTE 15 — OPERATING SEGMENTS AND RELATED INFORMATION 
The Company's operating segments are evidence of the structure of the Company's internal organization. The NIKE Brand 
segments are defined by geographic regions for operations participating in NIK E Brand sales activity.
Each NIKE Brand geographic segment operates predominantly in one industry: the design, development, marketing and selling 
of athletic footwear, apparel and equipment. The Company's reportable operating segments for the NIKE Brand are: North 
America; Europe, Middle East & Africa ("EMEA"); Greater China; and Asia Pacific & Latin America ("APLA"), and include results 
for the NIKE and Jordan brands. Refer to Note 18 — Acquisitions and Divestitures for information regarding the transition of NIKE 
Brand businesses in certain countries within APLA to third-party distributors.
The Company's NIKE Direct operations are managed within each NIKE Brand geographic operating segment. Converse is also a 
reportable segment for the Company and operates in one industry: the design, marketing, licensing and selling of athletic lifestyle 
sneakers, apparel and accessories.
Global Brand Divisions is included within the NIKE Brand for presentation purposes to align with the way management views the 
Company. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a 
geographic operating segment. Global Brand Divisions costs represent demand creation and operating overhead expense that 
include product creation and design expenses centrally managed for the NIK E Brand, as well as costs associated with NIKE 
Direct global digital operations and enterprise technology. 
NIKE, INC.      84Corporate consists primarily of unallocated general and administrative expenses, including expenses associated with centrally 
managed departments; depreciation and amortization related to the Company's headquarters; unallocated insurance, benefit and 
compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain 
hedge gains and losses. 
The primary financial measure used by the Company to evaluate performance of individual operating segments is earnings 
before interest and taxes ("EBIT"), which represents Net income before Interest expense (income), net and Income tax expense 
in the Consolidated Statements of Income. 
As part of the Company's centrally managed foreign exchange risk management program, standard foreign currency rates are 
assigned twice per year to each NIKE Brand entity in the Company's geographic operating segments and to Converse. These 
rates are set approximately nine and twelve months in advance of the future selling seasons to which they relate (specifically , for 
each currency, one standard rate applies to the fall and holiday selling seasons, and one standard rate applies to the spring and 
summer selling seasons) based on average market spot rates in the calendar month preceding the date they are established. 
Inventories and Cost of sales for geographic operating segments and Converse reflect the use of these standard rates to record 
non-functional currency product purchases in the entity's functional currency . Differences between assigned standard foreign 
currency rates and actual market rates are included in Corporate, together with foreign currency hedge gains and losses 
generated from the Company's centrally managed foreign exchange risk management program and other conversion gains and 
losses.
Accounts receivable, net, Inventories and Property, plant and equipment, net for operating segments are regularly reviewed by 
management and are therefore provided below.
2023 FORM 10-K   85    YEAR ENDED MAY 31,
(Dollars in millions) 2023 2022 2021
REVENUES
North America $ 21,608 $ 18,353 $ 17,179 
Europe, Middle East & Africa  13,418  12,479  11,456 
Greater China  7,248  7,547  8,290 
Asia Pacific & Latin America  6,431  5,955  5,343 
Global Brand Divisions  58  102  25 
Total NIKE Brand  48,763  44,436  42,293 
Converse  2,427  2,346  2,205 
Corporate  27  (72)  40 
TOTAL NIKE, INC. REVENUES $ 51,217 $ 46,710 $ 44,538 
EARNINGS BEFORE INTEREST AND TAXES
North America $ 5,454 $ 5,114 $ 5,089 
Europe, Middle East & Africa  3,531  3,293  2,435 
Greater China  2,283  2,365  3,243 
Asia Pacific & Latin America  1,932  1,896  1,530 
Global Brand Divisions  (4,841)  (4,262)  (3,656) 
Converse  676  669  543 
Corporate  (2,840)  (2,219)  (2,261) 
Interest expense (income), net  (6)  205  262 
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES $ 6,201 $ 6,651 $ 6,661 
ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT
North America $ 283 $ 146 $ 98 
Europe, Middle East & Africa  215  197  153 
Greater China  56  78  94 
Asia Pacific & Latin America  64  56  54 
Global Brand Divisions  271  222  278 
Total NIKE Brand  889  699  677 
Converse  7  9  7 
Corporate  140  103  107 
TOTAL ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT $ 1,036 $ 811 $ 791 
DEPRECIATION
North America $ 128 $ 124 $ 130 
Europe, Middle East & Africa  120  134  136 
Greater China  54  41  46 
Asia Pacific & Latin America  42  42  43 
Global Brand Divisions  211  220  222 
Total NIKE Brand  555  561  577 
Converse  17  22  26 
Corporate  131  134  141 
TOTAL DEPRECIATION $ 703 $ 717 $ 744 
NIKE, INC.      86AS OF MAY 31,
(Dollars in millions) 2023 2022
ACCOUNTS RECEIVABLE, NET
North America $ 1,653 $ 1,850 
Europe, Middle East & Africa  1,197  1,351 
Greater China  162  406 
Asia Pacific & Latin America(1) 700  664 
Global Brand Divisions  96  113 
Total NIKE Brand  3,808  4,384 
Converse  235  230 
Corporate  88  53 
TOTAL ACCOUNTS RECEIVABLE, NET $ 4,131 $ 4,667 
INVENTORIES
North America $ 3,806 $ 4,098 
Europe, Middle East & Africa  2,167  1,887 
Greater China  973  1,044 
Asia Pacific & Latin America(1) 894  686 
Global Brand Divisions  232  197 
Total NIKE Brand  8,072  7,912 
Converse  305  279 
Corporate  77  229 
TOTAL INVENTORIES $ 8,454 $ 8,420 
PROPERTY, PLANT AND EQUIPMENT, NET
North America $ 794 $ 639 
Europe, Middle East & Africa  1,009  920 
Greater China  292  303 
Asia Pacific & Latin America(1) 279  274 
Global Brand Divisions  840  789 
Total NIKE Brand  3,214  2,925 
Converse  38  49 
Corporate  1,829  1,817 
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET $ 5,081 $ 4,791 
(1) Excludes assets held-for-sale as of May 31, 2022. See Note 18 — Acquisitions and Divestitures for additional information.
REVENUES AND LONG-LIVED ASSETS BY GEOGRAPHIC AREA
After allocation of revenues for Global Brand Divisions, Converse and Corporate to geographical areas based on the location 
where the sales originated, revenues by geographical area are essentially the same as reported above for the NIK E Brand 
operating segments with the exception of the United States. Revenues derived in the United States were $22,007 million, 
$18,749 million and $17,363 million for the fiscal years ended May 31, 2023, 2022 and 2021, respectively. 
The Company's largest concentrations of long-lived assets primarily consist of the Company's corporate headquarters, retail 
locations and distribution facilities in the United States and China, as well as distribution facilities in Belgium. Long-lived assets 
attributable to operations in these countries, which consist of property , plant and equipment, net and operating lease ROU assets, 
net, were as follows: 
MAY 31,
(Dollars in millions) 2023 2022
United States $ 5,129 $ 4,916 
Belgium  702  646 
China  559  538 
2023 FORM 10-K   87    NOTE 16 — COMMITMENTS AND CONTINGENCIES
As of May 31, 2023 and 2022, the Company had bank guarantees and letters of credit outstanding totaling $588 million and $289 
million, respectively, issued primarily for real estate agreements, self-insurance programs, other general business obligations and 
legal matters.
In connection with various contracts and agreements, the Company provides routine indemnification relating to the enforceability 
of intellectual property rights, coverage for legal issues that arise and other items where the Company is acting as the guarantor . 
Currently, the Company has several such agreements in place. However, based on the Company's historical experience and the 
estimated probability of future loss, the Company has determined the fair value of such indemnification is not material to the 
Company's financial position or results of operations.
In the ordinary course of business, the Company is subject to various legal proceedings, claims and government investigations 
relating to its business, products and actions of its employees and representatives, including contractual and employment 
relationships, product liability, antitrust, customs, tax, intellectual property and other matters. The outcome of these legal matters 
is inherently uncertain, and the Company cannot predict the eventual outcome of currently pending matters, the timing of their 
ultimate resolution or the eventual losses, fines, penalties or consequences relating to those matters. When a loss related to a 
legal proceeding or claim is probable and reasonably estimable, the Company accrues its best estimate for the ultimate 
resolution of the matter. If one or more legal matters were to be resolved against the Company in a reporting period for amounts 
above management's expectations, the Company's financial position, operating results and cash flows for that reporting period 
could be materially adversely affected. In the opinion of management, based on its current knowledge and after consultation with 
counsel, the Company does not believe any currently pending legal matters will have a material adverse impact on the 
Company's results of operations, financial position or cash flows, except as described below .
BELGIAN CUSTOMS CLAIM
The Company has received claims for certain years from the Belgian Customs Authorities for alleged underpaid duties related to 
products imported beginning in fiscal 2018. The Company disputes these claims and has engaged in the appellate process. The 
Company has issued bank guarantees in order to appeal the claims. At this time, the Company is unable to estimate the range of 
loss and cannot predict the final outcome as it could take several years to reach a resolution on this matter . If this matter is 
ultimately resolved against the Company, the amounts owed, including fines, penalties and other consequences relating to the 
matter, could have a material adverse effect on the Company's results of operations, financial position and cash flows.
NOTE 17 — LEASES
Lease expense is recognized in Cost of sales or Operating overhead expense within the Consolidated S tatements of Income, 
based on the underlying nature of the leased asset. For the fiscal years ended May 31, 2023, 2022 and 2021, lease expense 
primarily consisted of operating lease costs of $585 million, $593 million and $589 million, respectively. Lease expense also 
consisted of $403 million, $366 million and $347 million for fiscal years ended May 31, 2023, 2022 and 2021, respectively, 
primarily related to variable lease costs, which includes an immaterial amount of short-term lease costs. As of and for the fiscal 
years ended May 31, 2023 and 2022 and 2021, finance leases were not a material component of the Company's lease portfolio.
The undiscounted cash flows for future maturities of the Company 's operating lease liabilities and the reconciliation to the 
Operating lease liabilities recognized in the Company's Consolidated B alance Sheets are as follows:
(Dollars in millions) AS OF MAY 31, 2023(1)
Fiscal 2024 $ 506 
Fiscal 2025  562 
Fiscal 2026  490 
Fiscal 2027  436 
Fiscal 2028  369 
Thereafter  1,225 
Total undiscounted future cash flows related to lease payments $ 3,588 
Less interest  377 
Present value of lease liabilities $ 3,211 
(1) Excludes $278 million as of May 31, 2023, of future operating lease payments for lease agreements signed but not yet commenced. 
NIKE, INC.      88The following table includes supplemental information used to calculate the present value of Operating lease liabilities:
AS OF MAY 31,
2023 2022
Weighted-average remaining lease term (in years) 7.5 7.8
Weighted-average discount rate  2.5 %  2.3 %
The following table includes supplemental cash and non-cash information related to operating leases:
YEAR ENDED MAY 31,
(Dollars in millions) 2023 2022 2021
Cash paid for amounts included in the measurement of lease 
liabilities:
Operating cash flows from operating leases $ 575 $ 589 $ 583 
Operating lease right-of-use assets obtained in exchange for 
new operating lease liabilities $ 602 $ 537 $ 489 
NOTE 18 — ACQUISITIONS AND DIVESTITURES
ACQUISITIONS
During fiscal 2023, 2022 and 2021, the Company made multiple acquisitions focused on gaining new capabilities to fuel its 
Consumer Direct Acceleration strategy, serving consumers personally at a global scale. The impact of acquisitions, individually 
and in aggregate, was not considered material to the Company's Consolidated Financial S tatements.
DIVESTITURES
During the fourth quarter of fiscal 2022, the Company entered into separate definitive agreements to sell its entities in Argentina 
and Uruguay as well as its entity in Chile to third-party distributors. 
The sale of the Company's entity in Chile to a third-party distributor was completed during the first quarter of fiscal 2023. The 
impacts from the transaction were not material to the Company's Consolidated Financial Statements.
The sale of the Company's entities in Argentina and Uruguay to a third-party distributor was completed during the second quarter 
of fiscal 2023 and the net loss on the sale of these entities totaled approximately $550 million. This loss included $389 million, 
recognized primarily in fiscal 2020, largely due to the anticipated release of the cumulative foreign currency translation losses. 
The remaining loss recognized in fiscal 2023 was due to the devaluation of local currency and cash equivalents included in the 
transferred assets. Upon completion of the sale, the foreign currency translation losses recorded in Accumulated other 
comprehensive income (loss) were reclassified to Net income within Other (income) expense, net, on the Company's 
Consolidated Statements of Comprehensive Income along with the allowance for previously recognized losses recorded in 
Accrued liabilities. The net loss was classified within Corporate.
The net cash proceeds received are reflected within Other investing activities on the Company's Consolidated S tatements of 
Cash Flows.
The related assets and liabilities of these entities within the Company's APLA operating segment were classified as held-for-sale 
on the Consolidated Balance Sheets within Prepaid expenses and other currents and Accrued liabilities, respectively, until the 
transactions closed. As of May 31, 2022, held-for-sale assets were $182 million and held-for-sale liabilities were $58 million. 
OTHER DIVESTITURES
During fiscal 2020, the Company entered into a definitive agreement to sell substantially all of its NIK E Brand operations in Brazil 
and shift to a distributor operating model. During fiscal 2021, the transaction closed and the Company recognized a loss of 
approximately $50 million within Other (income) expense, net classified within Corporate, on the Consolidated Statements of 
Income. Cash proceeds received were reflected within Other investing activities on the Consolidated S tatements of Cash Flows. 
2023 FORM 10-K   89    NOTE 19 — RESTRUCTURING
In fiscal 2021, the Company substantially completed a series of leadership and operating model changes to streamline and 
speed up the strategic execution of the Consumer Direct Acceleration. 
For the fiscal year ended May 31, 2021, the Company recognized employee termination costs of $214 million and $35 million 
within Operating overhead expense and Cost of sales, respectively , and made cash payments of $212 million. Additionally, the 
related stock-based compensation expense recorded within Operating overhead expense and Cost of sales was $41 million and 
$4 million, respectively. 
These costs were classified within Corporate.
NIKE, INC.      90ITEM 9. CHANGES IN AND DISAGREEMENTS WITH 
ACCOUNTANTS ON ACCOUNTING AND FINANCIAL 
DISCLOSURE
There has been no change of accountants nor any disagreements with accountants on any matter of accounting principles or 
practices or financial statement disclosure required to be reported under this Item.
ITEM 9A. CONTROLS AND PROCEDURES
We maintain disclosure controls and procedures that are designed to provide reasonable assurance that information required to 
be disclosed in our Securities Exchange Act of 1934, as amended (the "Exchange Act"), reports is recorded, processed, 
summarized and reported within the time periods specified in the S ecurities and Exchange Commission's rules and forms and 
that such information is accumulated and communicated to our management, including our Chief E xecutive Officer and Chief 
Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating the 
disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and 
operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to 
apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
We carry out a variety of ongoing procedures, under the supervision and with the participation of our management, including our 
Chief Executive Officer and Chief Financial Officer, to evaluate the effectiveness of the design and operation of our disclosure 
controls and procedures. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our 
disclosure controls and procedures were effective at the reasonable assurance level as of May 31, 2023.
"Management's Annual Report on Internal Control Over Financial Reporting" is included in Item 8 of this Annual Report.
We are continuing several transformation initiatives to centralize and simplify our business processes and systems. These are 
long-term initiatives, which we believe will enhance our internal control over financial reporting due to increased automation and 
further integration of related processes. We will continue to monitor our internal control over financial reporting for effectiveness 
throughout these transformation initiatives.
There have not been any changes in our internal control over financial reporting during our most recent fiscal quarter that have 
materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
ITEM 9B. OTHER INFORMATION
No disclosure is required under this item. 
ITEM 9C. DISCLOSURE REGARDING FOREIGN 
JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable. 
2023 FORM 10-K   91    PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND 
CORPORATE GOVERNANCE
The information required by Item 401 of Regulation S-K regarding directors is included under "Corporate Governance — NIKE, 
Inc. Board of Directors" in the definitive Proxy Statement for our 2023 Annual Meeting of Shareholders and is incorporated herein 
by reference. The information required by Item 401 of Regulation S-K regarding executive officers is included under "Information 
about our Executive Officers" in Item 1 of this Annual Report. The information required by Item 406 of Regulation S-K is included 
under "Corporate Governance — Code of Conduct" in the definitive P roxy Statement for our 2023 Annual Meeting of 
Shareholders and is incorporated herein by reference. The information required by Items 407(d)(4) and (d)(5) of Regulation S-K 
regarding the Audit & Finance Committee of the Board of Directors is included under "Corporate Governance — Board Structure 
and Responsibilities — Board Committees" in the definitive Proxy Statement for our 2023 Annual Meeting of Shareholders and is 
incorporated herein by reference.
ITEM 11. EXECUTIVE COMPENSATION
The information required by Items 402, 407(e)(4) and 407(e)(5) of Regulation S -K regarding executive compensation is included 
under "Corporate Governance — Director Compensation for Fiscal 2023," "Executive Compensation — Compensation 
Discussion and Analysis," "Executive Compensation — Executive Compensation Tables," and "Additional Information — 
Compensation Committee Interlocks and Insider Participation," in the definitive Proxy Statement for our 2023 Annual Meeting of 
Shareholders and is incorporated herein by reference.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL 
OWNERS AND MANAGEMENT AND RELATED 
STOCKHOLDER MATTERS
The information required by Item 201(d) of Regulation S-K is included under "Executive Compensation — Executive 
Compensation Tables — Equity Compensation Plan Information" in the definitive Proxy Statement for our 2023 Annual Meeting of 
Shareholders and is incorporated herein by reference. The information required by Item 403 of Regulation S-K is included under 
"Stock Ownership Information — Stock Holdings of Certain Owners and Management" in the definitive Proxy Statement for our 
2023 Annual Meeting of Shareholders and is incorporated herein by reference.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED 
TRANSACTIONS AND DIRECTOR INDEPENDENCE
The information required by Items 404 and 407(a) of Regulation S -K is included under "Additional Information — Transactions 
with Related Persons" and "Corporate Governance — NIKE, Inc. Board of Directors — Director Independence" in the definitive 
Proxy Statement for our 2023 Annual Meeting of Shareholders and is incorporated herein by reference.
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The information required by Item 9(e) of Schedule 14A is included under "Audit Matters — Ratification of Appointment of 
Independent Registered Public Accounting Firm" in the definitive Proxy Statement for our 2023 Annual Meeting of Shareholders 
and is incorporated herein by reference.
NIKE, INC.      92PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT 
SCHEDULES
(a) The following documents are filed as part of this Annual Report:
FORM 10-K 
PAGE NO.
1. Financial Statements:
Report of Independent Registered Public Accounting Firm (PCAOB ID 238) 53
Consolidated Statements of Income for each of the three years ended May 31, 2023, May 31, 2022 
and May 31, 202155
Consolidated Statements of Comprehensive Income for each of the three years ended May 31, 
2023, May 31, 2022 and May 31, 202156
Consolidated Balance Sheets at May 31, 2023 and May 31, 2022 57
Consolidated Statements of Cash Flows for each of the three years ended May 31, 2023, May 31, 
2022 and May 31, 202158
Consolidated Statements of Shareholders' Equity for each of the three years ended May 31, 2023, 
May 31, 2022 and May 31, 202159
Notes to Consolidated Financial Statements 60
2. Financial Statement Schedule:
II — Valuation and Qualifying Accounts for the years ended May 31, 2023, 2022 and 2021 96
All other schedules are omitted because they are not applicable or the required information is shown 
in the financial statements or notes thereto.
3. Exhibits:
3.1 Restated Articles of Incorporation, as amended (incorporated by reference to Exhibit 3.1 to the Company's 
Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2015).
3.2 Fifth Restated Bylaws, as amended (incorporated by reference to Exhibit 3.1 to the Company's Current Report on 
Form 8-K filed June 19, 2020).
4.1 Restated Articles of Incorporation, as amended (see Exhibit 3.1).
4.2 Fifth Restated Bylaws, as amended (see Exhibit 3.2).
4.3 Indenture dated as of April 26, 2013, by and between NIKE, Inc. and Deutsche Bank Trust Company Americas, as 
trustee (incorporated by reference to Exhibit 4.1 to the Company's Form 8-K filed April 26, 2013).
4.4 Second Supplemental Indenture, dated as of October 29, 2015, by and between NIKE, Inc. and Deutsche Bank 
Trust Company Americas, as trustee, including the form of 3.875% Notes due 2045 (incorporated by reference to 
Exhibit 4.2 to the Company's Form 8-K filed October 29, 2015).
4.5 Third Supplemental Indenture, dated as of October 21, 2016, by and between NIKE, Inc. and Deutsche Bank Trust 
Company Americas, as trustee, including the form of 2.375% Notes due 2026 and form of 3.375% Notes due 2046 
(incorporated by reference to Exhibit 4.2 to the Company's Form 8-K filed October 21, 2016).
4.6 Fourth Supplemental Indenture, dated as of March 27, 2020, by and between NIKE, Inc. and Deutsche Bank Trust 
Company Americas, as trustee, including the form of 2.400% Notes due 2025, form of 2.750% Notes due 2027, 
form of 2.850% Notes due 2030, form of 3.250% Notes due 2040 and form of 3.375% Notes due 2050 
(incorporated by reference to Exhibit 4.2 to the Company's Form 8-K filed March 27, 2020).
4.7 Description of Registrants Securities (incorporated by reference to Exhibit 4.6 to the Company's Annual Report on 
Form 10-K for the fiscal year ended May 31, 2019).
10.1 Form of Non-Statutory Stock Option Agreement for options granted to non-employee directors under the 1990 
Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company's Annual Report on Form 10-K for 
the fiscal year ended May 31, 2010).*
10.2 Form of Restricted Stock Agreement for non-employee directors under the 1990 Stock Incentive Plan 
(incorporated by reference to Exhibit 10.4 to the Company's Annual Report on Form 10-K for the fiscal year ended 
May 31, 2014).*
10.3 Form of Non-Statutory Stock Option Agreement for options granted to executives under the Stock Incentive Plan 
(incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the fiscal quarter 
ended February 28, 2018).*
2023 FORM 10-K   93    10.4 Form of Indemnity Agreement entered into between the Company and each of its officers and directors 
(incorporated by reference to Exhibit 10.2 to the Company's Annual Report on Form 10-K for the fiscal year ended 
May 31, 2008).*
10.5 NIKE, Inc. 1990 Stock Incentive Plan (incorporated by reference to Exhibit 10.7 to the Company's Annual Report 
on Form 10-K for the fiscal year ended May 31, 2014).*
10.6 NIKE, Inc. Deferred Compensation Plan (Amended and Restated effective April 1, 2013) (incorporated by 
reference to Exhibit 10.9 to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2013).*
10.7 NIKE, Inc. Deferred Compensation Plan (Amended and Restated effective June 1, 2004) (applicable to amounts 
deferred before January 1, 2005) (incorporated by reference to E xhibit 10.6 to the Company's Annual Report on 
Form 10-K for the fiscal year ended May 31, 2004).*
10.8 Amendment No. 1 effective January 1, 2008 to the NIKE, Inc. Deferred Compensation Plan (June 1, 2004 
Restatement) (incorporated by reference to Exhibit 10.9 to the Company's Annual Report on Form 10-K for the 
fiscal year ended May 31, 2009).*
10.9 NIKE, Inc. Foreign Subsidiary Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.1 to the 
Company's Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2008).*
10.10 Amended and Restated Covenant Not to Compete and Non-Disclosure Agreement between NIKE, Inc. and Mark 
G. Parker dated July 24, 2008 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on 
Form 8-K filed July 24, 2008).*
10.11 Form of Restricted Stock Unit Agreement under the Stock Incentive Plan (incorporated by reference to Exhibit 10.2 
to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended February 28, 2018).*
10.12 Form of Covenant Not to Compete and Non-Disclosure Agreement between NIKE, Inc. and its executive officers 
(other than Mark G. Parker and John J. Donahoe II) (incorporated by reference to Exhibit 10.1 to the Company's 
Current Report on Form 8-K filed February 18, 2020).*
10.13 Policy for Recoupment of Incentive Compensation (incorporated by reference to Exhibit 10.3 to the Company's 
Current Report on Form 8-K filed July 20, 2010).*
10.14 NIKE, Inc. Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company's Current Report on 
Form 8-K filed September 23, 2015).*
10.15 Form of Discretionary Performance Award Agreement (incorporated by reference to Exhibit 10.22 to the 
Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2018).*
10.16 NIKE, Inc. Amended and Restated Long-Term Incentive Plan (incorporated by reference to Exhibit A to the 
Company's definitive Proxy Statement filed July 25, 2017).*
10.17 Offer Letter between NIKE, Inc. and John J. Donahoe II (incorporated by reference to Exhibit 10.1 to the 
Company's Current Report on Form 8-K filed October 22, 2019).*
10.18 Form of Covenant Not to Compete and Non-Disclosure Agreement between NIKE, Inc. and John J. Donahoe II 
(incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed October 22, 2019).*
10.19 Form of Performance-Based Stock Option Agreement (incorporated by reference to Exhibit 10.2 to the Company's 
Current Report on Form 8-K filed October 22, 2019).
10.20 Letter Agreement between NIKE, Inc. and Mark G. Parker (incorporated by reference to Exhibit 10.6 to the 
Company's Current Report on Form 8-K filed October 22, 2019).*
10.21 NIKE, Inc. Executive Performance Sharing Plan (incorporated by reference to Exhibit 10.1 to the Company's 
Current Report on Form 8-K filed June 19, 2020).*
10.22 NIKE, Inc. Amended and Restated Long-Term Incentive Plan (incorporated by reference to Exhibit 10.2 to the 
Company's Current Report on Form 8-K filed June 19, 2020).*
10.23 Form of Non-Statutory Stock Option Agreement under the NIKE, Inc. Stock Incentive Plan (incorporated by 
reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed June 19, 2020).*
10.24 Form of Restricted Stock Unit Agreement under the NIKE, Inc. Stock Incentive Plan (incorporated by reference to 
Exhibit 10.4 to the Company's Current Report on Form 8-K filed June 19, 2020).*
10.25 NIKE, Inc. Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company's Current Report on 
Form 8-K filed September 18, 2020).* 
10.26 NIKE, Inc. Performance-Based Restricted Stock Unit Agreement under the NIKE, Inc. Stock Incentive Plan 
(incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 17, 2021).*
10.27 Credit Agreement, dated as of March 11, 2022, among NIKE, Inc., Bank of America, N.A., as Administrative Agent, 
and the other Banks named therein (incorporated by reference to Exhibit 10.2 to the Company's Current Report on 
Form 8-K filed March 14, 2022).
10.28 NIKE, Inc. Employee Stock Purchase Plan, as amended (incorporated by reference to Exhibit 10.1 to the 
Company's Current Report on Form 8-K filed on September 14, 2022).
10.29 Credit Agreement, dated as of March 10, 2023, among NIKE, Inc., Bank of America, N.A., as Administrative Agent, 
and the other Banks named therein (incorporated by reference to Exhibit 10.1 to the Company's Current Report on 
Form 8-K filed March 13, 2023).
21 Subsidiaries of the Registrant.
23 Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm (included within this 
Annual Report on Form 10-K).
31.1 Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer.
31.2 Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.
32† Section 1350 Certifications.
NIKE, INC.      94101.INS Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its 
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101.SCH Inline XBRL Taxonomy Extension Schema
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF Inline XBRL Taxonomy Extension Definition Document
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104 Cover Page Interactive Data File - formatted in Inline XBRL and included in Exhibit 101
* Management contract or compensatory plan or arrangement.
† Furnished herewith
The Exhibits filed herewith do not include certain instruments with respect to long-term debt of NIKE and its subsidiaries, 
inasmuch as the total amount of debt authorized under any such instrument does not exceed 10 percent of the total assets of 
NIKE and its subsidiaries on a consolidated basis. NIKE agrees, pursuant to Item 601(b)(4)(iii) of Regulation S-K, that it will 
furnish a copy of any such instrument to the SEC upon request.
2023 FORM 10-K   95    SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS
(Dollars in millions)BALANCE AT 
BEGINNING OF
PERIODCHARGED TO
 COSTS AND
 EXPENSESCHARGED  
 TO OTHER   
ACCOUNTS(1)WRITE-OFFS,
NETBALANCE 
AT END 
OF PERIOD
Sales returns reserve
For the fiscal year ended May 31, 2021 $ 682 $ 2,617 $ 41 $ (2,745) $ 595 
For the fiscal year ended May 31, 2022  595  2,573  (31)  (2,612)  525 
For the fiscal year ended May 31, 2023  525  3,344  (11)  (3,309)  549 
(1) Amounts included in this column primarily relate to foreign currency translation.
NIKE, INC.      96ITEM 16. FORM 10-K SUMMARY
None.
2023 FORM 10-K   97    Consent of Independent Registered Public Accounting Firm
We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-266267) and Form 
S-8 (Nos. 033-63995, 333-63581, 333-63583, 333-68864, 333-68886, 333-71660, 333-104822, 333-117059, 333-133360, 
333-164248, 333-171647, 333-173727, 333-208900, 333-215439 and 333-266269) of NIK E, Inc. of our report dated July 20, 
2023 relating to the financial statements, financial statement schedule and the effectiveness of internal control over financial 
reporting, which appears in this Form 10-K.
/s/ PricewaterhouseCoopers LLP
Portland, Oregon
July 20, 2023 
NIKE, INC.      98SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this 
report to be signed on its behalf by the undersigned, thereunto duly authorized.
NIKE, INC.
By: /s/ JOHN J. DONAHOE II
John J. Donahoe II
President and Chief Executive Officer
Date: July 20, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the 
following persons on behalf of the registrant and in the capacities and on the dates indicated.
SIGNATURE TITLE DATE
PRINCIPAL EXECUTIVE OFFICER AND DIRECTOR:
/s/ JOHN J. DONAHOE II
John J. Donahoe II President and Chief Executive Officer July 20, 2023
PRINCIPAL FINANCIAL OFFICER:
/s/ MATTHEW FRIEND
Matthew Friend Executive Vice President and Chief Financial Officer July 20, 2023
PRINCIPAL ACCOUNTING OFFICER:
/s/ JOHANNA NIELSEN 
Johanna Nielsen Vice President and Corporate Controller July 20, 2023
DIRECTORS:
/s/ MARK G. PARKER
Mark G. Parker Director, Chairman of the Board July 20, 2023
/s/ CATHLEEN A. BENKO
Cathleen A. Benko Director July 20, 2023
/s/ TIMOTHY D. COOK
Timothy D. Cook Director July 20, 2023
/s/ THASUNDA B. DUCKETT
Thasunda B. Duckett Director July 20, 2023
/s/ MÓNICA GIL
Mónica Gil Director July 20, 2023
/s/ ALAN B. GRAF, JR.
Alan B. Graf, Jr. Director July 20, 2023
/s/ MARIA HENRY
Maria Henry Director July 20, 2023
/s/ PETER B. HENRY
Peter B. Henry Director July 20, 2023
/s/ TRAVIS A. KNIGHT
Travis A. Knight Director July 20, 2023
/s/ MICHELLE A. PELUSO
Michelle A. Peluso Director July 20, 2023
/s/ JOHN W. ROGERS, JR.
John W. Rogers, Jr. Director July 20, 2023
/s/ ROBERT SWAN
Robert Swan Director July 20, 2023
2023 FORM 10-K   99    Cathleen Benko(3)
Former Vice Chairman & Managing Principal
Deloitte LLP
Redwood City, California
Timothy Cook(3)(5)
Chief Executive Officer
Apple Inc.
Cupertino, California
John Donahoe II(1)
President & Chief Executive Officer
NIKE, Inc.
Beaverton, Oregon
Thasunda Duckett(4)
President & Chief Executive Officer
Teachers Insurance and Annuity Association of America  
New York, New York
Mónica Gil(3)
Chief Administrative and Marketing Officer
NBCUniversal Telemundo Enterprises
Miami, Florida
Alan Graf, Jr.(2)
Executive Vice President & Chief Financial Officer (Retired)
FedEx Corporation 
Memphis, Tennessee
Maria Henry(2)
Chief Financial Officer (Retired)
Kimberly-Clark Corporation 
Dallas, Texas
Peter Henry(2)
Class of 1984 Senior Fellow at Stanford University’s Hoover 
Institution, Senior Fellow at Stanford’s Freeman Spogli Institute 
for International Studies and Dean Emeritus of New York 
University’s Leonard N. Stern School of Business
Stanford University
Stanford, California 
Travis Knight(1)
President & Chief Executive Officer
LAIKA, LLC
Hillsboro, Oregon
Mark Parker(1)
Executive Chairman 
NIKE, Inc.
Beaverton, Oregon
Michelle Peluso(4)
Executive Vice President & Chief Customer Officer, CVS Health 
and Co-President, Pharmacy and Consumer Wellness
CVS Health
Woonsocket, Rhode Island
John Rogers, Jr.(4)
Co-Chief Executive Officer & Chief Investment Officer
Ariel Investments, LLC 
Chicago, Illinois
Robert Swan(2)
Operating Partner
Andreessen Horowtiz
Menlo Park, California
(1) Member — Executive Committee
(2) Member — Audit & Finance Committee
(3) Member — Compensation Committee
(4) Member — Corporate Responsibility, Sustainability & Governance Committee
(5) Lead Independent DirectorDIRECTORS  CORPORATE OFFICERS  
John Donahoe II
President & Chief Executive Officer
Mark Parker
Executive Chairman
Matthew Friend
Executive Vice President & Chief Financial Officer
Monique Matheson
Executive Vice President, Chief Human Resources Officer
Ann Miller
Executive Vice President, Chief Legal Officer
Heidi O’Neill
President, Consumer, Product & Brand
Craig Williams
President, Geographies & Marketplace
Mary Hunter
Vice President, Corporate Secretary, and 
Corporate Governance & Securities Counsel
Patricia Johnson
Vice President, Treasurer & Chief Tax Officer
Kelsey Baldwin
Senior Counsel, Corporate Governance & Securities, 
Assistant Secretary
Carlos Wilson
Assistant General Counsel, Corporate Governance & Securities, 
Assistant SecretarySDNARBYRAIDISBUS
160 North Washington St.
Boston, Massachusetts 02114
One Bowerman Drive
Beaverton, Oregon 97005-6453WORLD HEADQUARTERS
One Bowerman Drive
Beaverton, Oregon 97005-6453
EUROPEAN HEADQUARTERS
Colosseum 1
1213 NL Hilversum
The Netherlands
GREATER CHINA HEADQUARTERS
LiNa Building
Tower 1, No. 99
Jiangwancheng Road
Yangpu District
Shanghai, China 200438
SHAREHOLDER INFORMATION
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
805 SW Broadway, Suite 800
Portland, Oregon 97205
REGISTRAR AND STOCK TRANSFER AGENT
Computershare Trust Company, N.A.
P.O. Box 505000
Louisville, KY 40233
800-756-8200
Hearing Impaired #
TDD: 800-952-9245
Shareholder Information
NIKE, Inc. common stock is listed on the New York Stock Exchange under trading symbol ‘NKE.’ Copies of the Company’s Form 10-K or Form
10-Q reports filed with the Securities and Exchange Commission are available from the Company without charge. To request a copy, please call
800-640-8007 or write to NIKE’s Investor Relations Department at NIKE World Headquarters, One Bowerman Drive, Beaverton, Oregon 97005-
6453. Copies are available on the investor relations website, http://investors.nike.com.
Dividend Payments
Quarterly dividends on NIKE common stock, when declared by the Board of Directors, are paid on or about July 5, October 5, January 5, and April 5. Additional
financial information is available at http://investors.nike.com.
Other Shareholder Assistance
Communications concerning shareholder address changes, stock transfers, changes of ownership, lost stock certificates, payment of dividends, dividend check
replacements, duplicate mailings, or other account services should be directed to the Company’s Registrar and Stock Transfer Agent at the address or telephone
number above.
NIKE, the Swoosh Design, and Just Do It are registered trademarks of NIKE, Inc.S U B S I D I A R Y   B R A N D S L O C A T I O N S
www-us.computershare.com/investorNIKE, INC.
One Bowerman Drive
Beaverton, OR 97005-6453
www.nike.com