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of Contents](#i3352cfbb0b3b4c89899805d4ecacc4bf_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-K\n\n(Mark One)\n\n☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFOR THE FISCAL YEAR ENDED MAY 31, 2026\n\nOR\n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFOR THE TRANSITION PERIOD FROM                         TO                         .\n\nCommission File No. 1-10635\n\nNIKE, Inc.\n\n(Exact name of Registrant as specified in its charter)\n\nOregon\n\n93-0584541\n\n(State or other jurisdiction of incorporation)\n\n(IRS Employer Identification No.)\n\nOne Bowerman Drive, Beaverton, Oregon 97005-6453\n\n(Address of principal executive offices and zip code)\n\n(503) 671-6453\n\n(Registrant's telephone number, including area code)\n\nSECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:\n\nClass B Common Stock\n\nNKE\n\nNew York Stock Exchange\n\n(Title of each class)\n\n(Trading symbol)\n\n(Name of each exchange on which registered)\n\nSECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:\n\nNONE\n\nIndicate by check mark:\n\nYes\n\nNo\n\n•\nif the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.\n\nþ\n\n¨\n\n•\nif the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.\n\n¨\n\nþ\n\n•\nwhether the registrant (1) has filed all reports required to be filed by Section 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.\n\nþ\n\n¨\n\n•\nwhether 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).\n\nþ\n\n¨\n\n•\nwhether 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.\n\nLarge accelerated filer\n\nþ\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☐\n\nSmaller reporting company\n\n☐\n\nEmerging growth company\n\n☐\n\n•\nif 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 Section 13(a) of the Exchange Act.\n\n¨\n\n•\nwhether the registrant has filed a report on and attestation to its management's assessment of the effectiveness 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.\n\nþ\n\n•\nif 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.\n\n¨\n\n•\nwhether 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).\n\n¨\n\n•\nwhether the registrant is a shell company (as defined in Rule 12b-2 of the Act).\n\n☐\n\nþ\n\nAs of November 28, 2025, the aggregate market values of the Registrant's Common Stock held by non-affiliates were:\n\nClass A\n\n$\n\n4,015,962,912 \n\nClass B\n\n76,513,157,723 \n\n$\n\n80,529,120,635 \n\n[Table of Contents](#i3352cfbb0b3b4c89899805d4ecacc4bf_7)\n\nAs of July 8, 2026, the number of shares of the Registrant's Common Stock outstanding were:\n\nClass A\n\n281,387,752 \n\nClass B\n\n1,202,110,951 \n\n1,483,498,703 \n\nDOCUMENTS INCORPORATED BY REFERENCE:\n\nParts of Registrant's Proxy Statement for the Annual Meeting of Shareholders to be held on September 8, 2026, are incorporated by reference into Part III of this report.\n\n[Table of Contents](#i3352cfbb0b3b4c89899805d4ecacc4bf_7)\n\nNIKE, INC.\n\nANNUAL REPORT ON FORM 10-K\n\nTABLE OF CONTENTS\n\nPAGE\n\n[PART I](#i3352cfbb0b3b4c89899805d4ecacc4bf_10)\n\n[1](#i3352cfbb0b3b4c89899805d4ecacc4bf_10)\n\n[ITEM 1.](#i3352cfbb0b3b4c89899805d4ecacc4bf_13)\n\n[Business](#i3352cfbb0b3b4c89899805d4ecacc4bf_13)\n\n[1](#i3352cfbb0b3b4c89899805d4ecacc4bf_13)\n\n[General](#i3352cfbb0b3b4c89899805d4ecacc4bf_16)\n\n[1](#i3352cfbb0b3b4c89899805d4ecacc4bf_16)\n\n[Products](#i3352cfbb0b3b4c89899805d4ecacc4bf_19)\n\n[1](#i3352cfbb0b3b4c89899805d4ecacc4bf_19)\n\n[Sales and Marketing](#i3352cfbb0b3b4c89899805d4ecacc4bf_22)\n\n[2](#i3352cfbb0b3b4c89899805d4ecacc4bf_22)\n\n[Our Markets](#i3352cfbb0b3b4c89899805d4ecacc4bf_25)\n\n[2](#i3352cfbb0b3b4c89899805d4ecacc4bf_25)\n\n[Significant Customer](#i3352cfbb0b3b4c89899805d4ecacc4bf_28)\n\n[3](#i3352cfbb0b3b4c89899805d4ecacc4bf_28)\n\n[Product Research, Design and Development](#i3352cfbb0b3b4c89899805d4ecacc4bf_31)\n\n[3](#i3352cfbb0b3b4c89899805d4ecacc4bf_31)\n\n[Manufacturing](#i3352cfbb0b3b4c89899805d4ecacc4bf_34)\n\n[3](#i3352cfbb0b3b4c89899805d4ecacc4bf_34)\n\n[International Operations and Trade](#i3352cfbb0b3b4c89899805d4ecacc4bf_37)\n\n[4](#i3352cfbb0b3b4c89899805d4ecacc4bf_37)\n\n[Competition](#i3352cfbb0b3b4c89899805d4ecacc4bf_40)\n\n[4](#i3352cfbb0b3b4c89899805d4ecacc4bf_40)\n\n[Trademarks and Patents](#i3352cfbb0b3b4c89899805d4ecacc4bf_43)\n\n[5](#i3352cfbb0b3b4c89899805d4ecacc4bf_43)\n\n[Human Capital Resources](#i3352cfbb0b3b4c89899805d4ecacc4bf_46)\n\n[5](#i3352cfbb0b3b4c89899805d4ecacc4bf_46)\n\n[Available Information and Websites](#i3352cfbb0b3b4c89899805d4ecacc4bf_49)\n\n[7](#i3352cfbb0b3b4c89899805d4ecacc4bf_49)\n\n[Information about our Executive Officers](#i3352cfbb0b3b4c89899805d4ecacc4bf_52)\n\n[8](#i3352cfbb0b3b4c89899805d4ecacc4bf_52)\n\n[ITEM 1A.](#i3352cfbb0b3b4c89899805d4ecacc4bf_55)\n\n[Risk Factors](#i3352cfbb0b3b4c89899805d4ecacc4bf_55)\n\n[9](#i3352cfbb0b3b4c89899805d4ecacc4bf_55)\n\n[ITEM 1B.](#i3352cfbb0b3b4c89899805d4ecacc4bf_58)\n\n[Unresolved Staff Comments](#i3352cfbb0b3b4c89899805d4ecacc4bf_58)\n\n[24](#i3352cfbb0b3b4c89899805d4ecacc4bf_58)\n\n[ITEM 1C.](#i3352cfbb0b3b4c89899805d4ecacc4bf_61)\n\n[Cybersecurity](#i3352cfbb0b3b4c89899805d4ecacc4bf_61)\n\n[24](#i3352cfbb0b3b4c89899805d4ecacc4bf_58)\n\n[ITEM 2.](#i3352cfbb0b3b4c89899805d4ecacc4bf_64)\n\n[Properties](#i3352cfbb0b3b4c89899805d4ecacc4bf_64)\n\n[25](#i3352cfbb0b3b4c89899805d4ecacc4bf_64)\n\n[ITEM 3.](#i3352cfbb0b3b4c89899805d4ecacc4bf_67)\n\n[Legal Proceedings](#i3352cfbb0b3b4c89899805d4ecacc4bf_67)\n\n[25](#i3352cfbb0b3b4c89899805d4ecacc4bf_67)\n\n[ITEM 4.](#i3352cfbb0b3b4c89899805d4ecacc4bf_70)\n\n[Mine Safety Disclosures](#i3352cfbb0b3b4c89899805d4ecacc4bf_70)\n\n[25](#i3352cfbb0b3b4c89899805d4ecacc4bf_70)\n\n[PART II](#i3352cfbb0b3b4c89899805d4ecacc4bf_73)\n\n[26](#i3352cfbb0b3b4c89899805d4ecacc4bf_73)\n\n[ITEM 5.](#i3352cfbb0b3b4c89899805d4ecacc4bf_76)\n\n[Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#i3352cfbb0b3b4c89899805d4ecacc4bf_76)\n\n[26](#i3352cfbb0b3b4c89899805d4ecacc4bf_76)\n\n[ITEM 6.](#i3352cfbb0b3b4c89899805d4ecacc4bf_79)\n\n[Reserved](#i3352cfbb0b3b4c89899805d4ecacc4bf_79)\n\n[28](#i3352cfbb0b3b4c89899805d4ecacc4bf_79)\n\n[ITEM 7.](#i3352cfbb0b3b4c89899805d4ecacc4bf_82)\n\n[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i3352cfbb0b3b4c89899805d4ecacc4bf_82)\n\n[29](#i3352cfbb0b3b4c89899805d4ecacc4bf_82)\n\n[ITEM 7A.](#i3352cfbb0b3b4c89899805d4ecacc4bf_130)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#i3352cfbb0b3b4c89899805d4ecacc4bf_130)\n\n[49](#i3352cfbb0b3b4c89899805d4ecacc4bf_130)\n\n[ITEM 8.](#i3352cfbb0b3b4c89899805d4ecacc4bf_133)\n\n[Financial Statements and Supplementary Data](#i3352cfbb0b3b4c89899805d4ecacc4bf_133)\n\n[51](#i3352cfbb0b3b4c89899805d4ecacc4bf_133)\n\n[ITEM 9.](#i3352cfbb0b3b4c89899805d4ecacc4bf_217)\n\n[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#i3352cfbb0b3b4c89899805d4ecacc4bf_217)\n\n[90](#i3352cfbb0b3b4c89899805d4ecacc4bf_217)\n\n[ITEM 9A.](#i3352cfbb0b3b4c89899805d4ecacc4bf_220)\n\n[Controls and Procedures](#i3352cfbb0b3b4c89899805d4ecacc4bf_220)\n\n[90](#i3352cfbb0b3b4c89899805d4ecacc4bf_220)\n\n[ITEM 9B.](#i3352cfbb0b3b4c89899805d4ecacc4bf_223)\n\n[Other Information](#i3352cfbb0b3b4c89899805d4ecacc4bf_223)\n\n[90](#i3352cfbb0b3b4c89899805d4ecacc4bf_223)\n\n[ITEM 9C.](#i3352cfbb0b3b4c89899805d4ecacc4bf_226)\n\n[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i3352cfbb0b3b4c89899805d4ecacc4bf_226)\n\n[90](#i3352cfbb0b3b4c89899805d4ecacc4bf_226)\n\n[PART III](#i3352cfbb0b3b4c89899805d4ecacc4bf_229)\n\n[91](#i3352cfbb0b3b4c89899805d4ecacc4bf_229)\n\n[(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. 202](#i3352cfbb0b3b4c89899805d4ecacc4bf_229)[6](#i3352cfbb0b3b4c89899805d4ecacc4bf_229)[Annual Meeting of Shareholders.)](#i3352cfbb0b3b4c89899805d4ecacc4bf_229)\n\n[ITEM 10.](#i3352cfbb0b3b4c89899805d4ecacc4bf_232)\n\n[Directors, Executive Officers and Corporate Governance](#i3352cfbb0b3b4c89899805d4ecacc4bf_232)\n\n[91](#i3352cfbb0b3b4c89899805d4ecacc4bf_232)\n\n[ITEM 11.](#i3352cfbb0b3b4c89899805d4ecacc4bf_235)\n\n[Executive Compensation](#i3352cfbb0b3b4c89899805d4ecacc4bf_235)\n\n[91](#i3352cfbb0b3b4c89899805d4ecacc4bf_235)\n\n[ITEM 12.](#i3352cfbb0b3b4c89899805d4ecacc4bf_238)\n\n[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i3352cfbb0b3b4c89899805d4ecacc4bf_238)\n\n[91](#i3352cfbb0b3b4c89899805d4ecacc4bf_238)\n\n[ITEM 13.](#i3352cfbb0b3b4c89899805d4ecacc4bf_241)\n\n[Certain Relationships and Related Transactions and Director Independence](#i3352cfbb0b3b4c89899805d4ecacc4bf_241)\n\n[91](#i3352cfbb0b3b4c89899805d4ecacc4bf_241)\n\n[ITEM 14.](#i3352cfbb0b3b4c89899805d4ecacc4bf_244)\n\n[Principal Accountant Fees and Services](#i3352cfbb0b3b4c89899805d4ecacc4bf_244)\n\n[91](#i3352cfbb0b3b4c89899805d4ecacc4bf_244)\n\n[PART IV](#i3352cfbb0b3b4c89899805d4ecacc4bf_247)\n\n[92](#i3352cfbb0b3b4c89899805d4ecacc4bf_247)\n\n[ITEM 15.](#i3352cfbb0b3b4c89899805d4ecacc4bf_250)\n\n[Exhibits and Financial Statement Schedules](#i3352cfbb0b3b4c89899805d4ecacc4bf_250)\n\n[92](#i3352cfbb0b3b4c89899805d4ecacc4bf_250)\n\n[ITEM 16.](#i3352cfbb0b3b4c89899805d4ecacc4bf_256)\n\n[Form 10-K Summary](#i3352cfbb0b3b4c89899805d4ecacc4bf_256)\n\n[95](#i3352cfbb0b3b4c89899805d4ecacc4bf_256)\n\n[Signatures](#i3352cfbb0b3b4c89899805d4ecacc4bf_262)\n\n[97](#i3352cfbb0b3b4c89899805d4ecacc4bf_262)\n\n[Table of Contents](#i3352cfbb0b3b4c89899805d4ecacc4bf_7)\n\nPART I"}