Nike reports 10% drop in full-year revenue
Nike has reported revenue of $46.3 billion for the fiscal year ended May 31, 2025, down 10% on a reported basis and 9% on a currency-neutral basis.
Fourth-quarter revenue was $11.1 billion, a 12% decrease reported and 11% currency-neutral. Nike brand revenue fell 11% to $10.8 billion, with declines across all regions.
Direct revenue dropped 14% to $4.4 billion, reflecting a 26% fall in digital sales. Wholesale revenue declined 9% to $6.4 billion.
Converse revenue for the quarter was $357 million, down 26%.
Gross margin fell 440 basis points to 40.3%, mainly due to higher discounting and channel mix shifts. Net income dropped 86% to $0.2 billion, with diluted earnings per share at $0.14.
Operating expenses rose slightly, with demand creation up 15% and operating overhead down 3%. The effective tax rate increased to 33.6% from 13.1% a year earlier.
Nike said it expects business improvements through its ongoing “Win Now” strategy and a new focus on what it calls the “sport offense”.
