NKE · 10-K filed 15 Jul 2026 · year to 31 May 2026

Nike

27 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Three largest U.S. wholesale customers

earns from · approximately 29% of sales in the United States

During fiscal 2026, our three largest United States customers accounted for approximately 29% of sales in the United States.Business (Item 1)

Three largest non-U.S. customers

earns from · approximately 16% of total non-U.S. sales

During fiscal 2026, NIKE's three largest customers outside of the United States accounted for approximately 16% of total non-U.S. sales.Business (Item 1)

Suppliers

Footwear contract manufacturers (top four)

depends on · approximately 60% of NIKE Brand footwear productionnamed as a risk

For fiscal 2026, four footwear contract manufacturers each accounted for greater than 10% of footwear production and in the aggregate accounted for approximately 60% of NIKE Brand footwear production.Business (Item 1)

Apparel contract manufacturers (top six)

depends on · approximately 54% of NIKE Brand apparel productionnamed as a risk

For fiscal 2026, two apparel contract manufacturers accounted for more than 10% of apparel production, and the top six contract manufacturers in the aggregate accounted for approximately 54% of NIKE Brand apparel production.Business (Item 1)

Air Manufacturing Innovation

depends on

During fiscal 2026, Air Manufacturing Innovation, a wholly-owned subsidiary, with facilities near Beaverton, Oregon, in Dong Nai City, Vietnam, and St. 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.Business (Item 1)

Partners and platforms

Sojitz Corporation of America

depends on

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.Business (Item 1)

Other companies

Swoosh, LLC

approximately 79% of our Class A Common Stocknamed as a risk

As of June 30, 2026, Swoosh, LLC beneficially owned approximately 79% of our Class A Common Stock.Risk factors (Item 1A)

S&P Global Ratings and Moody's Ratings

named as a risk

While we have maintained our Investment Grade rating, in 2025, our rating was downgraded by S&P Global Ratings and Moody's Ratings.Risk factors (Item 1A)

Competitors

adidas

competes withnamed as a risk

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, Deckers, Li Ning, lululemon athletica, New Balance, On, Puma, Under Armour and V.F. Corporation, among others.Business (Item 1)

Also named by DKS

Places

China

concentrated in · 16%

For fiscal 2026, factories in Vietnam, Indonesia and China manufactured approximately 52%, 27% and 16% of total NIKE Brand footwear, respectively.Business (Item 1)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

United States

earns from · approximately 44% of total revenues

For fiscal 2026, NIKE Brand and Converse sales in the United States accounted for approximately 44% of total revenues, compared to 43% and 42% in fiscal 2025 and fiscal 2024, respectively.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Vietnam

concentrated in · approximately 52%

For fiscal 2026, factories in Vietnam, Indonesia and China manufactured approximately 52%, 27% and 16% of total NIKE Brand footwear, respectively.Business (Item 1)

Also named by AAPL, AMKR, ANET, ASO, BBW, CGNX, CIEN, CROX and 16 more

Vietnam

concentrated in · approximately 34%

For fiscal 2026, factories in Vietnam, Cambodia and China manufactured approximately 34%, 15% and 12% of total NIKE Brand apparel, respectively.Business (Item 1)

Also named by AAPL, AMKR, ANET, ASO, BBW, CGNX, CIEN, CROX and 16 more

Indonesia

concentrated in · 27%

For fiscal 2026, factories in Vietnam, Indonesia and China manufactured approximately 52%, 27% and 16% of total NIKE Brand footwear, respectively.Business (Item 1)

Also named by CGNX, DECK, FCX, HRL, LULU, PATK

Cambodia

concentrated in · 15%

For fiscal 2026, factories in Vietnam, Cambodia and China manufactured approximately 34%, 15% and 12% of total NIKE Brand apparel, respectively.Business (Item 1)

Also named by ASO, LULU, RL, TPR

Hazards

Earthquake (Philip H. Knight Campus seismic zone)

operates innamed as a risk

For example, the Philip H. Knight Campus is located in a seismic zone, which is at a higher risk for earthquakes and the related consequences or effects.Risk factors (Item 1A)

Also named by A, ADBE, AEE, ARE, ARES, BLK, CDNA, CRC and 11 more

Commodities and inputs

Euro/U.S. Dollar exchange rate

exposed to its price · $66 millionnamed as a risk

The majority of derivatives outstanding as of May 31, 2026, are designated as foreign currency cash flow hedges, primarily for Euro/U.S. Dollar, Chinese Yuan/U.S. Dollar, British Pound/Euro and Japanese Yen/U.S. Dollar currency pairs.Market risk (Item 7A)

Oil

exposed to its pricenamed as a risk

The cost of oil is a significant component in manufacturing and transportation costs, so increases in the price of petroleum products can adversely affect our profit margins.Risk factors (Item 1A)

Also named by AYI, BAX, BSM, GM, GRC, J, JBL, JEF and 6 more

Cotton

exposed to its pricenamed as a risk

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 have a material adverse effect on our costs, gross margins and profitability.Risk factors (Item 1A)

Also named by CAH, CROX, FPI, LULU, PVH, RL, SNEX, TSCO and 2 more

Chinese Yuan/U.S. Dollar exchange rate

exposed to its pricenamed as a risk

Regulators

Internal Revenue Service (IRS)

subject tonamed as a risk

We are also subject to the examination of our tax returns by the United States Internal Revenue Service ("IRS") and other tax authorities.Risk factors (Item 1A)

Also named by AAPL, ABNB, ADI, AJG, AMGN, BBSI, BMNR, BRO and 39 more

European Commission State Aid investigation (Netherlands)

subject tonamed as a risk

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.Risk factors (Item 1A)

Laws and programs

OECD Pillar Two global minimum tax

subject to · 15%named as a risk

Several countries in which we operate, including several European Union member states, have adopted domestic legislation to implement the Inclusive Framework's global corporate minimum tax rate of 15% which became effective for the Company in fiscal 2025.Risk factors (Item 1A)

Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more

U.S. Foreign Corrupt Practices Act (FCPA)

subject tonamed as a risk

Furthermore, we are subject to the FCPA as well as the anti-corruption laws of other countries in which we operate.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

General Data Protection Regulation (GDPR)

subject tonamed as a risk

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 U.S. 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.Risk factors (Item 1A)

Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more

U.S. tariffs and trade policy

subject tonamed as a risk

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 materially 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.Business (Item 1)

Also named by ADSK, CTAS, EMR, EXP, FDX, FLR, GWW, HPE and 8 more

Anti-dumping duties

subject tonamed as a risk

We are actively monitoring actions that may result in additional anti-dumping measures and could affect our industry.Business (Item 1)