What changed in this filing

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Item 1. Business

2025-07-17 compared with 2024-07-25 · 89 added, 88 removed, 225 unchanged (44% of the section changed)

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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") and to wholesale accounts, which include 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.

We also offer interactive consumer services and experiences.

Nearly all of our products are manufactured by independent contractors.

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Any references to other fiscal years refer to a fiscal year ending on May 31 of that year.

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.

We offer our products under the NIKE, Jordan and Converse brands.

Our strategy is to achieve sustainable, profitable long-term growth by leading with sport, creating innovative, “must-have” products, building deep personal consumer connections with our brands and delivering compelling consumer experiences through digital platforms and at retail.

We believe this approach will allow 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.

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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.

We often market footwear, apparel and accessories in "collections" of similar use or by category.

We often market footwear, apparel and accessories in "collections" of similar use.

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.

We also sell small amounts of various plastic products to other manufacturers through our wholly-owned subsidiary, doing business as Air Manufacturing Innovation.

Our Jordan Brand designs, distributes and licenses athletic and casual footwear, apparel and accessories predominantly focused on sport performance and streetwear using the Jumpman trademark.

Sales and operating results for Jordan Brand products are reported within the respective NIKE Brand geographic operating segments.

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In addition to the products we sell to our wholesale customers and directly to consumers through our NIKE 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.

We also offer interactive consumer services and experiences as well as digital products through our digital platforms, including fitness and activity apps;

We also offer interactive consumer services and experiences, including sport focused events and activations;

fitness and activity apps;

sport, fitness and wellness content;

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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:

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For fiscal 2025, NIKE Brand and Converse sales in the United States accounted for approximately 43% of total revenues, compared to 42% and 43% for fiscal 2024 and fiscal 2023, respectively.

We sell our products to thousands of wholesale 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 wholesale accounts.

We sell our products to wholesale 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 wholesale accounts.

In the United States, we utilize NIKE sales offices to solicit such sales.

During fiscal 2025, our three largest United States customers accounted for approximately 25% 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:

Our NIKE Direct and Converse direct to consumer operations sell our products to consumers through various digital platforms, as well as through the following number of retail stores in the United States:

RETAIL STORES NUMBER

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NIKE Brand and Converse sales accounted for approximately 57% of total revenues, compared to 58% and 57% for fiscal 2024 and fiscal 2023, respectively.

We sell our products through NIKE Direct operations and to wholesale accounts, which include a mix of independent distributors, licensees and sales representatives around the world.

We sell to thousands of retail accounts and ship products from 68 distribution centers outside of the United States.

We sell our products to wholesale accounts, which include a mix of independent distributors, licensees and sales representatives around the world.

We also ship products from 72 distribution centers outside of the United States.

Refer to Item 2.

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Employee 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.

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As of May 31, 2025, we had 184 strategic Tier 2 suppliers.

As of May 31, 2024, our contract manufacturers operated 96 finished goods footwear factories located in 11 countries.

As of May 31, 2025, contract manufacturers operated 97 finished goods footwear factories located in 11 countries.

For fiscal 2025, NIKE Brand footwear finished goods were manufactured by 15 contract manufacturers, many of which operate multiple factories.

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For fiscal 2025, four footwear contract manufacturers each accounted for greater than 10% of footwear production and in the aggregate accounted for approximately 59% of NIKE Brand footwear production.

As of May 31, 2024, our contract manufacturers operated 285 finished goods apparel factories located in 33 countries.

As of May 31, 2025, contract manufacturers operated 303 finished goods apparel factories located in 34 countries.

For fiscal 2025, NIKE Brand apparel finished goods were manufactured by 67 contract manufacturers, many of which operate multiple factories.

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of total NIKE Brand apparel, respectively.

For fiscal 2024, one apparel contract manufacturer accounted for more than 10% of apparel production, and the top five contract manufacturers in the aggregate accounted for approximately 51% of NIKE Brand apparel production.

NIKE's contract manufacturers buy raw materials for the manufacturing of our footwear, apparel and equipment products.

For fiscal 2025, two apparel contract manufacturers accounted for more than 10% of apparel production, and the top five contract manufacturers in the aggregate accounted for approximately 51% of NIKE Brand apparel production.

NIKE's contract manufacturers buy raw materials for the manufacturing of our footwear, apparel and equipment products from Tier 2 suppliers.

Most raw materials are available and purchased by those contract manufacturers in the countries where manufacturing takes place.

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Charles, Missouri, as well as contract manufacturers in China and Vietnam, were our suppliers of NIKE Air-Sole and other 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);

The principal materials used in our apparel products are natural and synthetic fabrics, yarns, trims 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;

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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 affected international trade and increased protectionist actions around the world.

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, trade agreement enforcement practices, 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.

In 2025 and in other recent years, uncertain global and regional economic and political conditions have affected 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 affect sales and/or profitability for NIKE, as well as the imported footwear and apparel industry as a whole.

Notwithstanding our efforts, protectionist measures have resulted in increases in the cost of our products, and additional measures, if implemented, will adversely affect sales and/or profitability for NIKE, as well as the imported footwear and apparel industry as a whole, possibly materially.

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.

We 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.

We are also monitoring for other impediments that may limit or delay customs clearance for imports of footwear, apparel and equipment and advocating for trade facilitation.

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.

In addition, we work with a broad coalition of global businesses and trade associations representing a wide variety of sectors to help support the development and implementation of legislation that (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.

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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.

We are focused on building a talent pipeline that reflects our consumers, athletes and the communities we serve.

We believe that it is important to attract, develop and retain an engaged workforce with diverse experiences, backgrounds and perspectives at all levels of our business and that such a workforce fosters creativity and accelerates innovation.

Each employee shapes NIKE's culture through behaviors and practices.

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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.

We aim to do this by creating groundbreaking sport innovations, making our products more sustainably, building a creative global team with diverse experiences, backgrounds and perspectives, 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 providing access to training programs and career development opportunities, including trainings on NIKE's values, history and business, trainings on developing leadership skills at all levels, tools and resources for managers and qualified tuition reimbursement opportunities.

We are committed to having an inclusive and diverse team and culture, and accessible workplace.

We achieve this through recruitment, development and retention of qualified talent with diverse experiences, backgrounds and perspectives through traditional channels, initiatives and partnerships, including those that serve colleges and universities.

Additionally, we provide access to education so that all NIKE employees and leaders have the cultural knowledge and understanding to lead inclusively and build diverse and inclusive teams.

We also have employee resource groups, collectively known as NikeUNITED, that promote NIKE cultural awareness and are open to all.

In empowering our employees to help shape our culture, we source employee feedback through a variety of survey tools:

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As part of our commitment to making 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 youth to be active through play and sport as well as uniting and inspiring communities to create a better and more equitable future for all.

The focus of this investment continues to be inspiring youth to be active through play and sport as well as uniting and inspiring communities.

Through our investments we bring the power of sport into our communities, with the goal of making play and sport more accessible.

Our community investments are an important part of our culture, and we support employees in giving back to community organizations through volunteering and donations, which are matched by the NIKE Foundation where eligible.

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We also utilize independent contractors and temporary personnel to supplement our workforce.

Most of our employees are not represented by unions, except for certain employees in the EMEA and APLA geographies who are members of and/or represented by trade unions, as allowed or required by local law and/or collective bargaining agreements.

Most of our employees are not represented by unions, except for certain employees in the EMEA and APLA geographies who are members of and/or are 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.

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NIKE 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 inclusive and diverse team and culture.

We aim to foster an inclusive and accessible workplace through recruitment, development and retention of talent from diverse experiences and backgrounds with the goal of expanding representation across all dimensions of diversity over the long term.

We remain committed to the targets announced in fiscal 2021 for the Company to work toward by fiscal 2025, including diverse representation in our corporate workforce and leadership positions.

We continue our efforts to recruit 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 knowledge and understanding to lead inclusively and build diverse and inclusive teams.

We also have Employee Networks, collectively known as NikeUNITED, representing various employee groups.

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Our 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.

We also are leveraging our global scale to support business diversity among the businesses with which we work.

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.

NIKE's total rewards are intended to be competitive and equitable, meet the varied 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:

2025 FORM 10-K 6

• We are committed to competitive pay, pay equity and to reviewing our pay and promotion practices annually.

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• 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.

• We provide inclusive healthcare coverage and family planning benefits for eligible employees covered on the U.S.

Health Plan, including access to both restorative services and personal care.

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employees with unlimited free financial coaching through a third-party provider.

Additional information related to our human capital strategy can be found in our FY23 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.

Additional information related to our human capital strategy can be found on the Mission 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 United States Securities and Exchange Commission (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"):

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 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.

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Mark Parker , Executive Chairman — Mr.

Parker, 68, joined NIKE in 1979, is Executive Chairman of the Board of Directors and served as President and Chief Executive Officer of NIKE, Inc.

Parker, 69, joined NIKE in 1979 and has served as Executive Chairman of the Board of Directors since 2020.

Prior to his current role, Mr.

Parker served as President and Chief Executive Officer of NIKE, Inc.

from 2006 to 2020.

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Parker previously served in various roles at NIKE including President of the NIKE Brand, Vice President of Global Footwear, General Manager, corporate Vice President and divisional Vice President in charge of product development.

John Donahoe II , President and Chief Executive Officer — Mr.

Donahoe, 64, joined NIKE in 2014 as a member of the Board of Directors and has served as President and Chief Executive Officer of NIKE, Inc.

since January 2020.

He is responsible for NIKE’s global business portfolio, which includes the NIKE, Jordan and Converse brands.

Prior to joining NIKE, Mr.

Donahoe was the President and Chief Executive Officer of ServiceNow, Inc.

from 2017 to 2020 and, prior to that, the President and Chief Executive Officer of eBay Inc.

Earlier in his career, he worked for Bain & Company for nearly two decades, becoming the firm’s President and Chief Executive Officer in 1999.

Elliott Hill , President and Chief Executive Officer — Mr.

Hill, 61, joined NIKE in 1988 and has served as President and Chief Executive Officer of NIKE, Inc.

since October 2024.

Previously, Mr.

Hill served as President – Consumer and Marketplace from 2018 until his retirement in 2020, in which role he led all commercial and marketing operations for the NIKE and Jordan brands.

During his employment with NIKE, he has served in various roles, including Apparel Sales Director in Europe, Retail Development Director in Europe, Vice President of Sales and Retail in EMEA, General Manager of U.S.

Retail, Vice President of U.S.

Sales, Retail and NIKE.com, Vice President of Global Retail, President of Geographies and Sales and Vice President and General Manager of North America.

Matthew Friend , Executive Vice President and Chief Financial Officer — Mr.

Friend, 47, joined NIKE in 2009 and has served as Executive Vice President and Chief Financial Officer of NIKE, Inc.

since 2020, and leads the Company's finance, demand and supply management, procurement and global places and services organizations.

In this role, Mr.

Friend leads the Company's strategy, finance and business services organizations.

Friend previously served in various roles at NIKE including as Vice President of Investor Relations and Chief Financial Officer of the NIKE Brand.

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Friend worked in the financial industry, including as Vice President in the investment banking and mergers and acquisitions groups at Goldman Sachs and Morgan Stanley.

Monique Matheson , Executive Vice President, Chief Human Resources Officer — Ms.

Matheson, 57, joined NIKE in 1998 and has served as Executive Vice President, Chief Human Resources Officer of NIKE, Inc.

since 2017, overseeing and driving the Company’s strategic global Human Resources strategy.

Treasure Heinle , Executive Vice President, Chief People Officer — Ms.

Heinle, 55, joined NIKE in 2012 and has served as Executive Vice President, Chief People Officer of NIKE, Inc.

since January 2025.

She leads the Company’s global Human Resources function and its People vision and strategy.

Heinle was previously Vice President, Chief Talent Officer and Vice President, HR Business Partner for the Global Operations & Technology and Global Consumer & Marketplace teams, inclusive of Jordan Brand and Converse.

Prior to joining NIKE as Vice President, HR Business Partner for North America, Ms.

Heinle held Human Resources leadership positions at Danaher Corporation, Tektronix, Inc.

and InFocus Corporation.

Rob Leinwand , Executive Vice President, Chief Legal Officer — Mr.

Leinwand, 57, joined NIKE in 2004 and has served as Executive Vice President, Chief Legal Officer of NIKE, Inc.

In this role, Mr.

Leinwand leads the strategic vision for the Company's Legal, Social and Community Impact, Government and Public Affairs and Resilience teams.

Leinwand previously served as Vice President, Deputy General Counsel, Enterprise which included oversight of the Company's Global Litigation, Employment Law/Employee Relations, Brand Protection, Supply Chain and Corporate Governance functions.

Prior to joining NIKE, Mr.

Leinwand was a shareholder at the law firm of Littler Mendelson.

Phil McCartney , Executive Vice President, Chief Innovation, Design & Product Officer — Mr.

McCartney, 50, joined NIKE in 1998 and has served as Executive Vice President, Chief Innovation, Design & Product Officer of NIKE, Inc.

since May 2025.

In this role, Mr.

McCartney is responsible for the creation of innovative product and oversees how NIKE, Jordan and Converse innovate, design and create products for athletes around the world.

Previously, Mr.

McCartney was Vice President and General Manager of Global Footwear, a position held since 2016.

He also previously served in various roles, including Vice President of Sport, Vice President of Running, Vice President of Football Footwear and started at NIKE as a brand ambassador and product expert, known as an EKIN.

Prior to joining NIKE, Mr.

McCartney was a professional athlete.

Amy Montagne , President, Nike — Ms.

M ontagne, 53, joined NIKE in 2005 and has served as President, Nike of NIKE, Inc.

since May 2025.

In this role, Ms.

Matheson leads through the lens of people — managing functions including recruitment, succession planning, learning and career development, diversity and inclusion, organizational effectiveness, employee engagement, pay and benefits and people solutions.

Previously, Ms.

Matheson has held roles including Vice President, Chief Talent and Diversity Officer and Vice President, Senior Human Resources Business Partner for North America, Global Product Creation (Footwear, Apparel and Equipment), Global Finance and NIKE, Inc.

Prior to joining NIKE, Ms.

Matheson practiced employment law.

Ann Miller , Executive Vice President, Chief Legal Officer — Ms.

Miller, 50, joined NIKE in 2007 and has served as Executive Vice President, Chief Legal Officer of 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.

Montagne is responsible for serving consumers across all sports and driving future growth for the NIKE Brand.

Previously, Ms.

Miller served as Vice President, Corporate Secretary from 2017 to 2022.

Miller has also previously held other roles in the NIKE legal department, including Chief Ethics & Compliance Officer and Converse's General Counsel.

Prior to joining NIKE, Ms.

Miller worked at the law firm Sullivan & Cromwell LLP.

Miller brings more than 25 years of legal and business expertise to her role.

Heidi O'Neill , President, Consumer, Product & Brand — Ms.

O'Neill, 59, joined NIKE in 1998 and has served as President, Consumer, Product & Brand of NIKE, Inc.

In this role, Ms.

O’Neill leads the integration of the 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.

Most recently, Ms.

O’Neill has also served as President, Consumer and Marketplace from 2020 to 2023 and President, Direct to Consumer from 2016 to 2020.

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 NIKE's retail and digital-commerce business and creating and leading NIKE's Women’s business.

Montagne served in various Vice President and General Manager roles at NIKE, including APLA, Global Men’s, Global Categories, Global Women’s and Global Merchandising, as well as in other leadership positions in North America, Running, Women’s Training, and Sportswear.

Prior to joining NIKE, Ms.

O'Neill held roles at Levi Strauss & Company and was a Vice President at Foote, Cone & Belding.

Craig Williams , President, Geographies & Marketplace — Mr.

Williams, 55, joined NIKE in 2019 and has served as President, Geographies & Marketplace of NIKE, Inc.

Montagne worked in allocation, planning and merchandising at Gap Inc., Mervyn’s and Walmart Inc.

Craig Williams , Executive Vice President, Chief Commercial Officer — Mr.

Williams, 56, joined NIKE in 2019 and has served as Executive Vice President, Chief Commercial Officer of NIKE, Inc.

since June 2025.

In this role, Mr.

Williams leads NIKE's four geographic operating units, the global direct to consumer business and wholesale marketplace partnerships.

In addition, Mr.

Williams leads the NIKE Supply Chain and Logistics organization.

Williams previously served as President of Jordan Brand from 2019 to June 2023, overseeing the global business and team of designers, footwear and apparel developers, marketers and geography leaders.

Williams previously served as President of Geographies & Marketplace of NIKE, Inc.

and President of Jordan Brand, overseeing the global business and team of designers, footwear and apparel developers, marketers and geography leaders.

Prior to joining NIKE, Mr.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business