NIKE, Inc. (NKE): Business Model Canvas

Das Geschäftsmodell von Nike ist ein Meisterwerk strategischer Innovation und hat sich von einem einfachen Schuhunternehmen zu einem globalen Sport-Lifestyle-Kraftpaket entwickelt, das traditionelle Grenzen überschreitet. Durch die nahtlose Integration modernster Technologie, leistungsstarker Sportlerpartnerschaften und eines Digital-First-Ansatzes hat Nike die Art und Weise revolutioniert, wie Verbraucher Sport- und Leistungsbekleidung erleben. Ihr Business Model Canvas offenbart ein komplexes Ökosystem aus Partnerschaften, digitalen Plattformen und kundenorientierten Strategien, die die Marke zu einem gemacht haben 51 Milliarden Dollar globales Sportimperium, das die Schnittstelle zwischen Sport, Technologie und persönlicher Inspiration immer wieder neu definiert.

NIKE, Inc. (NKE) – Geschäftsmodell: Wichtige Partnerschaften

Empfehlungen von Profisportlern und Sportmannschaften

Das Werbeportfolio von Nike umfasst:

Sportler/Team	Vertragswert	Dauer
LeBron James	1 Milliarde Dollar	Lebenszeit
Cristiano Ronaldo	160 Millionen Dollar	5 Jahre
Michael Jordan Brand	4,7 Milliarden US-Dollar Jahresumsatz	Laufend

Fertigungspartner in Asien

Nikes Produktionsverteilung im Jahr 2023:

Land	Fertigungsbetriebe	Prozentsatz der Produktion
Vietnam	71	51%
China	45	21%
Indonesien	38	19%

Einzelhandelspartner

• Foot Locker: 1.100 Geschäfte führen Nike-Produkte
• Dick's Sporting Goods: 2,1 Milliarden US-Dollar Umsatz mit Nike-Produkten im Jahr 2023
• Amazon: Exklusiver Nike-Direktvertriebskanal seit 2017

Technologiepartnerschaften

Technologiepartner	Fokus auf Zusammenarbeit	Investition
Apfel	Nike+ Lauf-App	220 Millionen Dollar
Flex	Innovation in der digitalen Fertigung	150 Millionen Dollar

Nachhaltigkeitsmitarbeiter

• Bluesign Technologies: Nachhaltige Textilproduktion
• Better Cotton Initiative: Verantwortungsvolle Baumwollbeschaffung
• Sustainable Apparel Coalition: Umweltstandards

NIKE, Inc. (NKE) – Geschäftsmodell: Hauptaktivitäten

Produktdesign und Innovation in Sportschuhen und -bekleidung

Nike investierte im Geschäftsjahr 2023 2,7 Milliarden US-Dollar in Forschung und Entwicklung. Die Design- und Innovationsaktivitäten umfassen mehrere Produktkategorien:

Produktkategorie	Jährliche Innovationsinvestition	Designteams
Performance-Schuhe	892 Millionen US-Dollar	387 Designer
Leistungsbekleidung	624 Millionen US-Dollar	276 Designer
Performance-Zubehör	413 Millionen US-Dollar	189 Designer

Globales Marketing und Markenförderung

Die weltweiten Marketingausgaben von Nike erreichten im Geschäftsjahr 2023 3,9 Milliarden US-Dollar.

• Budget für digitales Marketing: 1,6 Milliarden US-Dollar
• Traditionelle Medienwerbung: 1,2 Milliarden US-Dollar
• Sponsoring und Unterstützung von Sportlern: 1,1 Milliarden US-Dollar

Entwicklung digitaler Plattformen

Digitale Plattform	Monatlich aktive Benutzer	Jährliche Entwicklungsinvestition
Nike-App	48,2 Millionen	412 Millionen Dollar
Nike SNKRS	29,7 Millionen	276 Millionen Dollar

Supply Chain Management und Logistik

Das Lieferkettenmanagement von Nike umfasst:

• 184 beauftragte Produktionsstätten
• 42 Länder mit Produktionspräsenz
• Investitionen in Logistik und Vertrieb: 1,3 Milliarden US-Dollar pro Jahr

Forschung und Entwicklung von Leistungstechnologien

Technologiebereich	F&E-Investitionen	Patentanmeldungen
Materialinnovation	624 Millionen US-Dollar	87 Patente
Leistungsverfolgung	413 Millionen US-Dollar	52 Patente
Nachhaltige Technologien	512 Millionen Dollar	63 Patente

NIKE, Inc. (NKE) – Geschäftsmodell: Schlüsselressourcen

Starke globale Markenreputation und Wiedererkennung

Markenwert im Jahr 2023: 47,4 Milliarden US-Dollar, laut Interbrand die 16. wertvollste Marke weltweit. Marktkapitalisierung von 165,99 Milliarden US-Dollar (Stand Januar 2024). Weltweite Markenbekanntheit in 190 Ländern.

Markenmetrik	Wert
Globaler Markenwert	47,4 Milliarden US-Dollar
Marktkapitalisierung	165,99 Milliarden US-Dollar
Einsatzländer	190

Umfangreiche Patente für geistiges Eigentum und Design

Gesamtzahl der angemeldeten Patente: 8.250 ab 2023. Jährliche F&E-Investitionen von 2,7 Milliarden US-Dollar.

• Patente der Nike Air-Technologie
• Flyknit-Herstellungstechnologie
• Dri-FIT-Stoffinnovationen

Fortgeschrittene Forschungs- und Innovationszentren

Nike betreibt drei primäre globale Innovationszentren:

Standort	Fokusbereich
Beaverton, Oregon (Hauptsitz)	Innovation bei Sportschuhen
Manchester, Großbritannien	Fußball-/Fußballtechnologie
Shanghai, China	Performance-Bekleidungsforschung

Robuste digitale Infrastruktur und E-Commerce-Plattformen

Digitaler Umsatz: 8,9 Milliarden US-Dollar im Geschäftsjahr 2023. E-Commerce-Plattform für 29,4 Millionen aktive Nike-App-Nutzer weltweit.

Talentierte Design- und Marketingteams

Gesamtzahl der Mitarbeiter: 79.100, Stand Mai 2023. Zusammensetzung des Designteams: 1.200 professionelle Designer an weltweiten Standorten.

Mitarbeitermetrik	Wert
Gesamtzahl der Mitarbeiter	79,100
Professionelle Designer	1,200
Globale Designzentren	6

NIKE, Inc. (NKE) – Geschäftsmodell: Wertversprechen

Leistungsstarke Sport- und Lifestyle-Produkte

Nike erwirtschaftet einen Jahresumsatz von 51,2 Milliarden US-Dollar (Geschäftsjahr 2023). Aufschlüsselung der Produktkategorien:

Produktkategorie	Umsatz ($B)	Marktanteil
Sportschuhe	22.7	27.4%
Sportbekleidung	16.5	23.8%
Sportausrüstung	12.0	15.6%

Modernste technologische Innovationen in der Sportbekleidung

Nike investiert jährlich 3,2 Milliarden US-Dollar in Forschung und Entwicklung mit wichtigen technologischen Innovationen:

• Nike Flyknit-Technologie
• Nike Air Zoom-Technologie
• Nike Dri-FIT Feuchtigkeitsmanagement

Personalisierte Kundenerlebnisse durch digitale Plattformen

Kennzahlen zum digitalen Ökosystem von Nike:

Digitale Plattform	Aktive Benutzer	Jährliches Wachstum
Nike-App	28,5 Millionen	18.3%
SNKRS-App	12,7 Millionen	22.6%

Inspirierende Markenbotschaften und Athleten-Storytelling

Nike-Werbeportfolio:

• Über 300 Sponsoren von Profisportlern
• Gesamtausgaben für Sportlerwerbung: 1,8 Milliarden US-Dollar pro Jahr
• Top-Athleten: LeBron James, Cristiano Ronaldo, Serena Williams

Nachhaltigkeits- und soziale Verantwortungsverpflichtungen

Nachhaltigkeitsinvestitionen von Nike:

Nachhaltigkeitsinitiative	Investition (Mio. USD)	Zieljahr
Verwendung recycelter Materialien	475	2025
Programm zur CO2-Reduktion	290	2030

NIKE, Inc. (NKE) – Geschäftsmodell: Kundenbeziehungen

Personalisiertes digitales Engagement über die Nike App

Nike App-Downloads: 421 Millionen aktive Nutzer im vierten Quartal 2023. Umsatz aus dem digitalen Handel: 8,2 Milliarden US-Dollar im Geschäftsjahr 2023. Zu den App-Funktionen gehören personalisierte Produktempfehlungen, exklusiver Zugriff auf Produkte in limitierter Auflage und Echtzeit-Tracking von Fitnessaktivitäten.

Nike App-Metrik	Wert
Gesamtzahl der aktiven Benutzer	421 Millionen
Einnahmen aus dem digitalen Handel	8,2 Milliarden US-Dollar

Community-Aufbau über Nike Training Club und Nike Run Club

Nike Training Club-App: Über 26 Millionen aktive Benutzer. Nike Run Club-App: 50 Millionen registrierte Läufer weltweit. Insgesamt erreichen die Community-Engagement-Plattformen im Jahr 2023 76 Millionen Nutzer.

• Nike Training Club: Kostenlose Trainingsinhalte
• Nike Run Club: GPS-Tracking und Leistungsüberwachung
• Community-Herausforderungen und virtuelle Wettbewerbe

Treueprogramme und Mitgliedschaftsvorteile

Nike-Mitgliedschaftsprogramm: 182 Millionen Mitglieder weltweit. Durchschnittliche Ausgaben von Mitgliedern: 3,4-mal höher als die von Nichtmitgliedern. Zu den Vorteilen der Mitgliedschaft gehören:

Vorteil der Mitgliedschaft	Details
Kostenloser Versand	Unbegrenzt für Mitglieder
Frühzeitiger Produktzugang	Exklusive Veröffentlichungen
Personalisierte Empfehlungen	KI-gesteuerte Vorschläge

Direkte Verbraucherinteraktionen über soziale Medien

Nike-Follower in den sozialen Medien: Instagram 157 Millionen, Twitter 8,2 Millionen, Facebook 36,4 Millionen. Engagement-Rate: 4,2 % auf allen Plattformen. Ausgaben für Social-Media-Marketing: 3,6 Milliarden US-Dollar im Jahr 2023.

Anpassungsoptionen für Produkte

Plattform Nike By You (ehemals NikeID): Generiert 15 % des gesamten digitalen Umsatzes. Anpassungsoptionen sind für 60 % des Produktkatalogs verfügbar. Durchschnittlicher Preis für Maßschuhe: 180 $.

Anpassungsmetrik	Wert
Digitaler Umsatz durch Personalisierung	15%
Produktkatalog mit Anpassung	60%
Durchschnittlicher Preis für maßgeschneiderte Schuhe	$180

NIKE, Inc. (NKE) – Geschäftsmodell: Kanäle

Nike.com E-Commerce-Plattform

Nike.com erwirtschaftete im Geschäftsjahr 2023 einen digitalen Umsatz von 9,7 Milliarden US-Dollar, was 26 % des Gesamtumsatzes der Marke Nike entspricht. Die E-Commerce-Plattform bietet Direktverkäufe an Verbraucher in 51 Ländern.

Digitale Kanalmetrik	Wert
Jährlicher digitaler Umsatz	9,7 Milliarden US-Dollar
Prozentsatz des digitalen Umsatzes	26%
Belieferte Länder	51

Nike-Einzelhandelsgeschäfte weltweit

Nike betreibt weltweit 1.032 eigene Einzelhandelsgeschäfte (Stand Juni 2023).

• 565 Nike-eigene Geschäfte in Nordamerika
• 287 Nike-eigene Stores in der EMEA-Region
• 180 Nike-eigene Geschäfte im Großraum China und im asiatisch-pazifischen Raum

Sport- und Kaufhäuser von Drittanbietern

Nike vertreibt Produkte über rund 20.000 Einzelhandelspartner weltweit, darunter große Einzelhändler wie Foot Locker, Dick's Sporting Goods und Kaufhausketten.

Kategorie „Einzelhandelspartner“.	Anzahl der Einzelhändler
Gesamtzahl der Drittanbieter	20,000+
Sportartikelhändler	5,500
Kaufhäuser	3,200

Nike Mobile-Anwendungen

Nike verfügt über vier primäre mobile Anwendungen mit über 100 Millionen aktiven Nutzern weltweit:

• Nike App: 52 Millionen aktive Nutzer
• Nike Training Club: 27 Millionen aktive Benutzer
• Nike SNKRS: 21 Millionen aktive Benutzer
• Nike Run Club: 14 Millionen aktive Benutzer

Social-Media-Marketingkanäle

Nikes Social-Media-Reichweite im Januar 2024:

Plattform	Follower/Abonnenten
Instagram	157 Millionen Follower
Facebook	35 Millionen Follower
Twitter	8,4 Millionen Follower
YouTube	2,3 Millionen Abonnenten

NIKE, Inc. (NKE) – Geschäftsmodell: Kundensegmente

Profisportler

Ab 2023 betreut Nike 422 Profisportler im Rahmen von Werbeverträgen. Der Umsatz aus Profisportlersegmenten wird auf 3,2 Milliarden US-Dollar pro Jahr geschätzt.

Kategorie „Sport“.	Anzahl der gesponserten Athleten	Geschätzter Werbewert
Basketball	87	1,1 Milliarden US-Dollar
Fußball	129	850 Millionen Dollar
Fußball	156	750 Millionen Dollar

Fitnessbegeisterte

Nike richtet sich weltweit an 78,5 Millionen aktive Fitnesskonsumenten. Das Fitnesssegment erwirtschaftet einen Jahresumsatz von rund 4,7 Milliarden US-Dollar.

• Nike Training Club-App: 39,2 Millionen aktive Benutzer
• Marktanteil von Performance-Ausrüstung: 42,3 %
• Durchschnittliche Verbraucherausgaben: 267 $ pro Jahr

Konsumenten von Freizeitsportbekleidung

Das Freizeitbekleidungssegment macht 53 % des Gesamtumsatzes von Nike aus, etwa 24,6 Milliarden US-Dollar im Jahr 2023.

Altersgruppe	Marktdurchdringung	Durchschnittliche Kaufhäufigkeit
25-40 Jahre	47%	3,2 Mal pro Jahr
18-24 Jahre	36%	4,1 Mal pro Jahr

Jugendliche und junge Erwachsene

Nike erobert 62 % des Marktes für Jugendsportbekleidung mit einem Umsatz von 8,3 Milliarden US-Dollar bei Verbrauchern im Alter von 13 bis 25 Jahren.

• Engagement in sozialen Medien: 127 Millionen Instagram-Follower
• TikTok-Follower: 3,2 Millionen
• Umsatz der Jugendproduktlinie: 5,6 Milliarden US-Dollar

Leistungsorientierte Freizeitsportler

Das Freizeitsportlersegment erwirtschaftet mit 45,7 Millionen aktiven Verbrauchern einen Jahresumsatz von 6,9 Milliarden US-Dollar.

Aktivitätstyp	Verbraucheranzahl	Produktumsatz
Laufen	18,3 Millionen	2,7 Milliarden US-Dollar
Fitnessstudio/Training	15,4 Millionen	2,2 Milliarden US-Dollar
Outdoor-Sport	12 Millionen	2 Milliarden Dollar

NIKE, Inc. (NKE) – Geschäftsmodell: Kostenstruktur

Produktdesign- und Entwicklungskosten

Die Produktdesign- und Entwicklungskosten von Nike beliefen sich im Geschäftsjahr 2023 auf insgesamt 3,4 Milliarden US-Dollar, was 4,5 % des Gesamtumsatzes entspricht.

Ausgabenkategorie	Betrag (USD)	Prozentsatz des Umsatzes
Schuhdesign	1,2 Milliarden US-Dollar	1.6%
Bekleidungsdesign	850 Millionen Dollar	1.1%
Gerätedesign	450 Millionen Dollar	0.6%

Globale Marketing- und Werbeinvestitionen

Die Marketing- und Werbeausgaben von Nike beliefen sich im Geschäftsjahr 2023 auf 4,9 Milliarden US-Dollar, was 6,5 % des Gesamtumsatzes entspricht.

• Digitales Marketing: 2,1 Milliarden US-Dollar
• Traditionelle Medienwerbung: 1,3 Milliarden US-Dollar
• Sportlersponsoring: 1,5 Milliarden US-Dollar

Produktions- und Lieferkettenbetrieb

Die Herstellungs- und Lieferkettenkosten von Nike beliefen sich im Geschäftsjahr 2023 auf etwa 14,6 Milliarden US-Dollar.

Supply-Chain-Komponente	Kosten (USD)
Rohstoffbeschaffung	6,2 Milliarden US-Dollar
Fertigungsaufwand	5,4 Milliarden US-Dollar
Logistik und Transport	3,0 Milliarden US-Dollar

Wartung von Technologie und digitalen Plattformen

Nike investierte im Geschäftsjahr 2023 1,2 Milliarden US-Dollar in Technologieinfrastruktur und digitale Plattformen.

• Nike App-Entwicklung: 450 Millionen US-Dollar
• E-Commerce-Plattform: 350 Millionen US-Dollar
• Cloud-Infrastruktur: 250 Millionen US-Dollar
• Cybersicherheit: 150 Millionen US-Dollar

Forschungs- und Innovationsinvestitionen

Nike hat im Geschäftsjahr 2023 2,7 Milliarden US-Dollar für Forschungs- und Innovationsinitiativen bereitgestellt.

Innovationsbereich	Investition (USD)
Materialwissenschaftliche Forschung	1,1 Milliarden US-Dollar
Nachhaltiges Design	850 Millionen Dollar
Leistungstechnologie	750 Millionen Dollar

NIKE, Inc. (NKE) – Geschäftsmodell: Einnahmequellen

Verkauf von Sportschuhen

Der Umsatz von Nike mit Sportschuhen belief sich im Geschäftsjahr 2023 auf 21,2 Milliarden US-Dollar. Aufschlüsselung nach Kategorien:

Kategorie	Umsatz (Milliarden)
Laufschuhe	$7.6
Basketballschuhe	$4.9
Trainingsschuhe	$3.7
Andere Sportschuhe	$4.9

Verkauf von Sportbekleidung

Der Umsatz von Nike mit Sportbekleidung belief sich im Geschäftsjahr 2023 auf 16,5 Milliarden US-Dollar. Segmentierung:

Kategorie	Umsatz (Milliarden)
Herrenbekleidung	$8.3
Damenbekleidung	$5.7
Jugendbekleidung	$2.5

Zubehör und Ausrüstung

Der Zubehör- und Ausrüstungsumsatz von Nike belief sich im Geschäftsjahr 2023 auf 3,8 Milliarden US-Dollar.

• Sportausrüstung: 1,5 Milliarden US-Dollar
• Taschen und Rucksäcke: 0,9 Milliarden US-Dollar
• Socken und andere Accessoires: 1,4 Milliarden US-Dollar

Einnahmen aus digitaler Plattform und Mitgliedschaft

Nikes digitaler Handelsumsatz belief sich im Geschäftsjahr 2023 auf 9,7 Milliarden US-Dollar.

Digitaler Kanal	Umsatz (Milliarden)
Nike.com	$6.2
Nike-App	$2.5
Nike-Mitgliedschaftsprogramm	$1.0

Lizenz- und Werbeverträge

Die Lizenzeinnahmen von Nike beliefen sich im Geschäftsjahr 2023 auf 1,2 Milliarden US-Dollar.

• Sportlerempfehlungen: 0,7 Milliarden US-Dollar
• Markenlizenzierung: 0,5 Milliarden US-Dollar

NIKE, Inc. (NKE) - Canvas Business Model: Value Propositions

Performance innovation for elite and everyday athletes

NIKE, Inc. is unifying its Innovation, Design, and Product teams across NIKE, Jordan Brand, and Converse into a single operation to streamline athlete-first development.

Demand creation expense for the fourth quarter of fiscal 2025 was $4.7 billion, representing a 9 percent increase. Analysts projected a record $4.9 billion marketing spend.

Cultural relevance and aspirational lifestyle brand identity

The company is prioritizing cultural and category relevance, evidenced by increased Demand creation spend even as revenues fell. The full-year revenue for NIKE, Inc. in fiscal 2025 was $46.3 billion.

Exclusive access to limited-edition products via digital apps

The company is repositioning Nike Digital as a full-price channel. NIKE Digital sales declined 26 percent in the fourth quarter of fiscal 2025. In the first quarter of fiscal 2026, NIKE Digital sales declined 12 percent year over year.

The NIKE Brand Digital segment saw a 20 percent decrease in full-year fiscal 2025 NIKE Direct revenues.

Superior product quality and premium pricing strategy

CEO Elliott Hill opted for price hikes across various items of clothing and footwear as part of a turnaround strategy. The gross profit margin for the full fiscal year 2025 narrowed to 42.73 percent. New tariffs are expected to cause a gross margin contraction of around 1.75 points in the subsequent quarter.

Metric	Fiscal Year 2025 Amount	Change vs. Prior Year
Total NIKE, Inc. Revenue	$46.3 billion	Down 10 percent (reported basis)
NIKE Direct Revenue (Full Year)	$18.8 billion	Down 13 percent
Gross Profit Margin (Full Year)	42.73 percent	Narrowed from 44.56 percent
Net Income (Full Year)	$3.22 billion	Down -43.53 percent

Personalized shopping experiences through digital membership

The company previously aimed for its digital business to represent 40 percent of total business by 2025. In 2019, the digital share was 10 percent.

The company returned approximately $5.3 billion to shareholders in fiscal 2025.

• Share repurchases totaled $3.0 billion, retiring 37.6 million shares.
• Dividends paid totaled $2.3 billion, up 6 percent from the prior year.

NIKE, Inc. (NKE) - Canvas Business Model: Customer Relationships

You're looking at how NIKE, Inc. connects with its consumers directly, which is the engine for its Direct-to-Consumer (DTC) strategy. This relationship block is heavily digitized, but the numbers show a recent, sharp pullback in that digital engagement, which is a key near-term risk you need to watch.

Digital membership programs (NikePlus) for personalized offers are central to the strategy, powered by the data collected across their ecosystem of apps. While the exact active member count for late 2025 isn't public, the scale of their application footprint is massive; as of mid-2023, the four core apps (SNKRS, NIKE Mobile App, NTC, and NRC) attracted 500 million users in total. The focus is on leveraging this membership base for tailored experiences, though the recent financial reports show the digital channel is under pressure.

Automated self-service via e-commerce and mobile apps saw a significant contraction in Fiscal Year 2025. NIKE Direct revenues for the full fiscal year 2025 were $\$18.8$ billion, down $13$ percent reported year-over-year, with NIKE Brand Digital sales specifically falling $20$ percent. This trend continued into the start of fiscal 2026, where Q1 Nike Digital sales declined $12$ percent year-over-year, even as total revenue saw a slight increase. Management is actively repositioning Nike Digital to a full-price model, which involved reducing promotional days by over 50 in North America in early 2025 compared to the prior year.

For the premium segment, dedicated in-store staff for premium, immersive retail experiences remains a focus, though the digital sales slump suggests a channel shift or traffic issue. In Q3 Fiscal 2025, NIKE-owned store sales saw a $2$ percent dip, contrasting with the steeper $15$ percent drop in Nike Digital sales for that quarter. For the full fiscal year 2025, NIKE-owned stores were flat, which, given the overall DTC revenue decline, suggests they are holding ground better than the pure digital channel.

Community building through running clubs and fitness apps is supported by significant corporate investment, signaling a long-term commitment to brand affinity over immediate sales. In Fiscal Year 2024, NIKE, Inc. invested $\$133$ million in community impact, which represented $2.2\%$ of the prior year's Pre-Tax Income (PTI), meeting their stated goal of investing at least $2\%$ of prior-year PTI annually.

The SNKRS app is the ultimate direct-to-consumer relationship tool for the most coveted products, but it faces significant user satisfaction challenges. Internal data from late 2024/early 2025 showed that the global number of active SNKRS app users had grown $57$ percent over the prior year. However, the total demand within the app reached $\$1.69$ billion, of which NIKE only met $7$ percent. This scarcity created a major relationship risk, with internal metrics showing the perceived fairness among users was only in the mid-20s, far below the target of the $80$s.

Here's a quick look at the key relationship metrics we can quantify:

Relationship Metric Category	Specific Data Point	Value/Amount	Timeframe/Context
Digital Reach (Apps)	Total App Users (All Four Core Apps)	500 million	As of mid-2023
Digital Channel Performance	NIKE Direct Revenue	$\$18.8$ billion	Fiscal Year 2025 Full Year
Digital Channel Performance	NIKE Brand Digital Revenue Change	(20%) decline	Fiscal Year 2025 Full Year
Exclusive Product Channel Health	SNKRS App Active User Growth	57% increase	Year-over-year, late 2024/early 2025
Exclusive Product Channel Health	SNKRS Total Demand	$\$1.69$ billion	Late 2024/early 2025
Exclusive Product Channel Health	SNKRS Demand Fulfillment Rate	7% met	Late 2024/early 2025
Community Investment	Annual Community Investment Target	At least 2% of prior-year PTI	Ongoing Goal
Community Investment	FY24 Community Investment Amount	$\$133$ million	Fiscal Year 2024

The company is clearly prioritizing the long-term relationship value over short-term digital volume, evidenced by the push for a full-price digital model, which resulted in a $15$ percent digital sales drop in Q3 FY2025. Still, the expected tariff-related costs of $\$1$ billion in fiscal 2026 add another layer of complexity to maintaining consumer value perception.

You should track the success of the new CEO's efforts to restore fairness in the SNKRS app, as that perceived fairness metric is a direct measure of the health of their most engaged consumer relationship. The goal is 80 percent perceived fairness, a massive jump from the mid-20s reported recently.

• Digital sales declined 15% in Q3 FY2025.
• NIKE-owned stores were flat in FY2025, while Digital sales fell 20%.
• The company expects e-commerce traffic to decline by double digits in fiscal 2026.
• In EMEA, Nike Digital revenue fell 36% in Q4 FY2025.
• In Greater China, Nike Digital revenue fell 31% in Q4 FY2025.

Finance: draft the Q2 FY2026 cash flow projection incorporating the expected $\$1$ billion in tariff headwinds by next week.

NIKE, Inc. (NKE) - Canvas Business Model: Channels

You're looking at how NIKE, Inc. gets its product into the hands of the consumer as of late 2025. The channel strategy is clearly in a state of recalibration, moving away from the aggressive Direct-to-Consumer (DTC) focus of prior years toward a more balanced, or perhaps pragmatic, approach.

NIKE Brand Digital (Nike.com, Nike App, SNKRS) is a core part of the NIKE Direct segment, but it saw significant headwinds in fiscal 2025. For the full fiscal year ended May 31, 2025, NIKE Direct revenues-which bundle digital and owned stores-totaled $18.8 billion, a reported decrease of 13 percent year-over-year. The digital component, NIKE Brand Digital, was the primary drag, falling 20 percent for the full fiscal year 2025. This trend continued into the first quarter of fiscal 2026 (ending August 31, 2025), where NIKE Brand Digital sales were down 12 percent year-over-year, though this decline was less severe than the 15 percent drop seen in the third quarter of fiscal 2025. It seems the push to make digital a full-price channel is impacting volume, for now.

NIKE-owned retail stores showed resilience, or at least stability, within the NIKE Direct portfolio during the full fiscal year 2025, as those revenues were reported as flat compared to the prior year. However, looking at the quarterly data, even owned stores faced pressure; in Q3 fiscal 2025, NIKE-owned stores saw a 2 percent decrease, and in Q1 fiscal 2026, they were down 1 percent. As of November 18, 2025, there were 292 NIKE stores operating in the United States alone.

The Strategic wholesale partners segment remains the largest revenue driver for NIKE, Inc. Wholesale revenues for the full fiscal year 2025 were $25.9 billion, representing approximately 56.0 percent of the total $46.3 billion in revenue. While wholesale revenue declined by 7 percent for the full year, the first quarter of fiscal 2026 showed a strong rebound, with wholesale revenues growing 7 percent year-over-year to $6.8 billion. This suggests a deliberate shift to re-energize relationships with key retailers as part of the 'Win Now' strategy under the new CEO.

You should note the significant strategic move regarding Resumed direct sales on major e-commerce platforms like Amazon. NIKE ended its six-year hiatus by resuming direct sales on Amazon in the US starting in May 2025. This decision was made to ensure products are available wherever consumers choose to shop, a clear pivot from the previous DTC-first mandate.

The physical footprint and supporting infrastructure rely on a network of providers. While specific 2025 figures for Global third-party logistics and shipping providers aren't broken out in the earnings reports, the overall channel mix shift has direct implications. The gross margin for the full fiscal year 2025 decreased to 42.7 percent, partially attributed to changes in channel mix, which often involves logistics costs and inventory positioning across these varied channels.

Here's the quick math on the NIKE Brand revenue split for the full fiscal year 2025:

Channel Category	FY 2025 Revenue (Reported)	% of Total NIKE, Inc. Revenue	Year-over-Year Change (Reported)
Wholesale	$25.9 billion	~56.0%	Down 7 percent
NIKE Direct (Digital + Owned Stores)	$18.8 billion	~40.6%	Down 13 percent

The performance across the digital and physical DTC components shows volatility:

• NIKE Brand Digital sales fell 20 percent in FY 2025.
• NIKE-owned stores revenue was flat for FY 2025.
• In Q1 FY2026, NIKE Direct revenue was $4.5 billion, down 4 percent.
• In Q3 FY2025, NIKE Digital sales dropped 15 percent.

What this estimate hides is the specific contribution of the SNKRS app versus Nike.com, but the overall NIKE Brand Digital decline of 20 percent in FY 2025 is the key takeaway for that part of the channel strategy. Finance: draft 13-week cash view by Friday.

NIKE, Inc. (NKE) - Canvas Business Model: Customer Segments

You're looking at how NIKE, Inc. carves up its massive global market to drive sales, which is key to understanding its financial performance, especially after the reported 10% revenue decline in Fiscal Year 2025, landing at $46.3 billion total revenue. NIKE, Inc. doesn't treat all buyers the same; it segments them based on their activity level, fashion alignment, and digital engagement.

The core of the business still rests on selling performance gear, but the focus has broadened significantly. The company targets a wide demographic, primarily individuals aged 15 to 45, ensuring it captures both current spending power and future brand loyalty. This broad appeal is reflected in the product revenue split for Fiscal Year 2025:

Product Segment	FY 2025 Revenue (Billions USD)	Percentage of Total Revenue
Footwear	$30.97 B	66.87%
Apparel	$15.27 B	32.97%
Product and Service, Other	$74.00 M	0.16%

Performance Athletes (professional, serious amateur)

This segment remains the brand's heritage and innovation proving ground. While specific revenue attributed only to professional athletes isn't broken out, their influence drives the premium product lines. The focus here is on high-performance technology, which trickles down to the serious amateur market. The brand's commitment to this group is evident in its continued investment in sport offense, ensuring products resonate with athletes.

Sneaker Enthusiasts and Streetwear/Fashion Consumers

This group drives significant margin and cultural relevance, often overlapping with the youth demographic. They are highly engaged with the direct-to-consumer (DTC) channel, which includes the Nike app and website. However, NIKE, Inc. is actively repositioning this channel as a full-price experience. This strategic shift led to a notable contraction in this segment's direct spending power, with NIKE Brand Digital sales falling 20% in Q1 FY2025 and 15% in Q3 FY2025. Still, the brand maintains its premium image, which supports higher average selling prices when promotions are pulled back.

General Lifestyle and Fitness Consumers (global mass market)

This segment represents the largest volume of casual wearers and general fitness participants globally. They are served through both NIKE Direct and Wholesale channels. In FY2025, Wholesale revenue was $25.9 billion, down 7%, indicating that this mass market relies heavily on the broader retail network. These consumers seek the brand for its lifestyle appeal and association with health-conscious living.

Youth and Gen Z seeking cultural and digital connection

Millennials (ages 24-39) and Generation Z (ages 9-24) are crucial for future growth. They are the primary target for sneaker purchases and are heavily influenced by digital trends and cultural moments. The company's strategy involves creating emotional connections, but the recent digital sales slump shows a near-term challenge in fully capturing this digitally native group at full price. The brand actively targets teens, noted as a favorite footwear and apparel brand for them in 2024 in the US, according to analysts at Piper Sandler.

Women's segment, a key focus for future growth

NIKE, Inc. views the women's segment as a structural growth lever, with analysts forecasting an 8% Compound Annual Growth Rate (CAGR) for women's sportswear through 2030. This focus is paying off in specific areas; for instance, in Q4 2025, the women's segment grew high single digits in apparel, outperforming broader revenue declines. In the US market specifically, female clothing and footwear contributed approximately 30-35% of North America revenues in FY2025. Furthermore, women represented 40% of NIKE Membership as of 2023, signaling a deep and growing base of loyal customers.

• The women's segment is a key driver, with Jefferies forecasting 8% CAGR for women's sportswear through 2030.
• In Q4 2025, women's apparel growth was high single digits, outpacing overall declines.
• Historically, men accounted for 67.4% of end-users in 2022, showing the gap the women's push is closing.
• Product allocation reflects this focus: 38.1% of footwear products targeted women in 2023.

Finance: review Q2 FY2026 inventory levels against the Q1 FY2026 wholesale growth of 11% in North America.

NIKE, Inc. (NKE) - Canvas Business Model: Cost Structure

You're looking at the expense side of the NIKE, Inc. ledger, which is where the rubber meets the road for profitability. The cost structure is heavily weighted toward getting product made and then convincing the world to buy it. Here's the quick math on the major drains on the top line, using the latest reported quarterly figures from Q3 Fiscal Year 2025.

Cost of Sales (COS), the largest expense, including inventory and production

Cost of Sales is your biggest single cost, directly tied to the manufacturing and acquisition of goods. For the third quarter of Fiscal Year 2025, which ended February 28, 2025, NIKE, Inc. reported a Cost of Sales of $6,594 million on revenues of $11.3 billion. This resulted in a Gross Margin of 41.5% for the quarter, a drop of 330 basis points year-over-year, driven by higher discounts, inventory obsolescence reserves, and increased product costs. Keeping inventory levels in check is critical to protecting this margin; at the end of that same quarter, total inventories stood at $7.5 billion.

The full-year picture for Fiscal 2025 showed total revenues of $46.3 billion, illustrating the scale of the underlying cost base.

Demand creation expense (marketing/advertising), a major investment

Marketing spend is a non-negotiable investment to maintain brand heat. In Q3 FY2025, NIKE, Inc. spent $1.1 billion on Demand Creation expense, which was an increase of 8% compared to the prior year, primarily due to higher brand marketing expense. This investment is designed to support product launches and major sport moments.

Research and development (R&D) for product innovation

Innovation costs are essential for future revenue, though they are often embedded within other expense lines. While Operating Overhead includes R&D costs, the reported Capitalized research and development expenditures for the most recent period (likely FY2025) were $923 million. For context, the prior period's figure was $878 million.

Operating overhead (wages, rent, logistics) of $2.8 billion in Q3 FY2025

This category covers the fixed and semi-fixed costs of running the global enterprise. For the third quarter of FY2025, Operating overhead expense was reported at $2.8 billion. This represented a decrease of 13% year-over-year, largely attributed to the prior year including restructuring charges of $340 million and lower wage-related expenses. Selling and administrative expense overall for the quarter was $3.9 billion, down 8%.

The key components of operating overhead, which also include R&D costs, bad debt expense, rent, depreciation, and technology investments, are managed closely as part of the turnaround plan.

Tariff and supply chain costs, a current headwind

Geopolitical factors are imposing a direct, measurable cost burden. NIKE, Inc. CFO Matthew Friend has flagged that increased costs from U.S. tariffs could cost the company roughly $1 billion in Fiscal Year 2025, with projections indicating this impact could rise to approximately $1.5 billion in Fiscal Year 2026. The company pays an average U.S. customs tax rate in the mid-teens for imported footwear. To combat this, NIKE is actively shifting its sourcing mix; China, which accounted for around 16% of all footwear imports into the U.S., is targeted to drop to the high single digits by the end of Fiscal Year 2026. The company is executing a four-pronged approach to mitigate these headwinds over time.

Here's a snapshot of the key quarterly expenses from Q3 FY2025:

Expense Category	Q3 FY2025 Amount (in millions)	Year-over-Year Change (Q3 FY2025 vs Q3 FY2024)
Cost of Sales (COS)	$6,594	-4%
Demand Creation Expense	$1,100	+8%
Operating Overhead Expense	$2,800	-13%
Selling and Administrative Expense (Total SG&A)	$3,900	-8%

The company's strategy involves managing these costs through specific actions:

• Reducing reliance on high-tariff sourcing regions like China.
• Implementing surgical price increases starting in the fall of 2025.
• Negotiating with retail partners and suppliers to absorb structural cost increases.
• Evaluating corporate cost reductions.

Finance: draft 13-week cash view by Friday.

NIKE, Inc. (NKE) - Canvas Business Model: Revenue Streams

You're looking at how NIKE, Inc. actually brings in the money, which is always the most critical part of any business model review. For fiscal year 2025 (FY2025), the total revenue for NIKE, Inc. landed at approximately \$46.3 billion. This revenue is split primarily between two major channels: Wholesale and NIKE Direct (DTC, or direct-to-consumer).

The Wholesale revenue stream accounted for \$25.9 billion in FY2025. That's the money coming from selling products to authorized retailers and partners. To be fair, this channel saw a reported decrease of 7 percent compared to the prior year. The other major channel, NIKE Direct revenue (DTC), totaled \$18.8 billion in FY2025. This segment, which includes sales through NIKE-owned stores and digital platforms, experienced a reported decrease of 13 percent year-over-year.

When you break down the revenue by product type, Footwear sales remain the engine, as they always have. Here's the quick math on the product segments for FY2025:

Product Category	FY2025 Revenue (Billions USD)	Percentage of Total Segment Revenue (Approximate)
Footwear sales	\$30.97	66.87%
Apparel sales	\$15.27	32.97%
Product and Service, Other	\$0.074	0.16%

As you can see, Footwear is definitely the largest product category, bringing in over two-thirds of the segment revenue. The Apparel and Equipment sales are grouped here, with Apparel alone at \$15.27 billion. Equipment revenue isn't explicitly broken out from Apparel or the 'Other' category in this specific segmentation, so we use the Apparel figure as the primary component alongside Footwear.

Finally, we look at Licensing and franchise fees, which includes revenue from brands like Converse. While a specific total for licensing fees isn't immediately available for the full year, we know the subsidiary Converse generated revenues of \$357 million in the fourth quarter of FY2025 alone. Global Brand Divisions revenues also include NIKE Brand licensing and other miscellaneous revenues that aren't part of the main geographic segments. This stream provides a steady, albeit smaller, component to the overall top line.

You'll want to track the channel mix shift closely; the DTC channel is shrinking faster than Wholesale in the reported period, which is a key dynamic to watch. Finance: draft 13-week cash view by Friday.