Nike, Inc. (NKE): Business Model Canvas [Jan-2025 Mise à jour]

Le modèle commercial de Nike est un chef-d'œuvre de l'innovation stratégique, passant d'une simple entreprise de chaussures en une puissance mondiale de style de vie sportif qui transcende les frontières traditionnelles. En intégrant de manière transparente une technologie de pointe, de puissants partenariats d'athlètes et une approche numérique, Nike, Nike a révolutionné comment les consommateurs vivent des vêtements de sport et de performance. Leur toile de modèle commercial révèle un écosystème complexe de partenariats, de plates-formes numériques et de stratégies centrées sur le client qui ont propulsé la marque pour devenir un 51 milliards de dollars Empire sportif mondial, réinvenant constamment l'intersection du sport, de la technologie et de l'inspiration personnelle.

Nike, Inc. (NKE) - Modèle commercial: partenariats clés

Athlètes professionnels et équipes sportives

Le portefeuille d'approbation de Nike comprend:

Athlète / équipe	Valeur du contrat	Durée
LeBron James	1 milliard de dollars	Durée de vie
Cristiano Ronaldo	160 millions de dollars	5 ans
Marque Michael Jordan	4,7 milliards de dollars de revenus annuels	En cours

Partenaires de fabrication en Asie

Distribution de fabrication de Nike en 2023:

Pays	Usines de fabrication	Pourcentage de production
Vietnam	71	51%
Chine	45	21%
Indonésie	38	19%

Partenaires de vente au détail

• Casier à pied: 1 100 magasins transportant des produits Nike
• Dick's Sporting Goods: 2,1 milliards de dollars de ventes de produits Nike en 2023
• Amazon: Channel de vente directe Nike exclusif depuis 2017

Partenariats technologiques

Partenaire technologique	Focus de la collaboration	Investissement
Pomme	Nike + Running App	220 millions de dollars
Fléchir	Innovation de fabrication numérique	150 millions de dollars

Collaborateurs de durabilité

• Bluesign Technologies: production de textile durable
• Meilleure initiative en coton: approvisionnement en coton responsable
• Coalition de vêtements durables: normes environnementales

Nike, Inc. (NKE) - Modèle d'entreprise: activités clés

Conception de produits et innovation dans les chaussures et vêtements athlétiques

Nike a investi 2,7 milliards de dollars dans la recherche et le développement au cours de l'exercice 2023. Des activités de conception et d'innovation couvrent plusieurs catégories de produits:

Catégorie de produits	Investissement annuel sur l'innovation	Équipes de conception
Chaussures de performance	892 millions de dollars	387 designers
Vêtements de performance	624 millions de dollars	276 concepteurs
Accessoires de performance	413 millions de dollars	189 concepteurs

Marketing mondial et promotion de la marque

Les dépenses de marketing mondiales de Nike ont atteint 3,9 milliards de dollars au cours de l'exercice 2023.

• Budget de marketing numérique: 1,6 milliard de dollars
• Publicité médiatique traditionnelle: 1,2 milliard de dollars
• Parrainage des athlètes et avenants: 1,1 milliard de dollars

Développement de plate-forme numérique

Plate-forme numérique	Utilisateurs actifs mensuels	Investissement annuel au développement
Application Nike	48,2 millions	412 millions de dollars
Nike Snkrs	29,7 millions	276 millions de dollars

Gestion de la chaîne d'approvisionnement et logistique

La gestion de la chaîne d'approvisionnement de Nike implique:

• 184 Installations de fabrication sous contrat
• 42 pays ayant une présence manufacturière
• Investissement en logistique et en distribution: 1,3 milliard de dollars par an

Recherche et développement des technologies de performance

Zone technologique	Investissement en R&D	Demandes de brevet
Innovation matérielle	624 millions de dollars	87 brevets
Suivi des performances	413 millions de dollars	52 brevets
Technologies durables	512 millions de dollars	63 brevets

Nike, Inc. (NKE) - Modèle d'entreprise: Ressources clés

Solide réputation et reconnaissance mondiale de la marque

Valeur de la marque en 2023: 47,4 milliards de dollars, classant la 16e marque mondiale la plus précieuse selon Interbrand. Capitalisation boursière de 165,99 milliards de dollars en janvier 2024. Reconnaissance mondiale de la marque dans 190 pays.

Métrique de la marque	Valeur
Valeur mondiale de la marque	47,4 milliards de dollars
Capitalisation boursière	165,99 milliards de dollars
Pays d'opération	190

De vastes brevets de propriété intellectuelle et de conception

Brevets totaux enregistrés: 8 250 en 2023. Investissement annuel de R&D de 2,7 milliards de dollars.

• Brevets de la technologie Nike Air
• Technologie de fabrication de Flyknit
• Innovations en tissu Dri-Fit

Centres de recherche et d'innovation avancés

Nike exploite 3 principaux centres d'innovation mondiaux:

Emplacement	Domaine de mise au point
Beaverton, Oregon (siège social)	Innovation de chaussures athlétiques
Manchester, Royaume-Uni	Technologie de football / soccer
Shanghai, Chine	Recherche de vêtements de performance

Infrastructure numérique robuste et plateformes de commerce électronique

Revenus numériques: 8,9 milliards de dollars au cours de l'exercice 2023. Plateforme de commerce électronique desservant 29,4 millions d'utilisateurs de l'application Nike actifs dans le monde.

Des équipes de conception et de marketing talentueuses

Total des employés: 79 100 en mai 2023. Composition de l'équipe de conception: 1 200 concepteurs professionnels dans des emplacements mondiaux.

Métrique des employés	Valeur
Total des employés	79,100
Designers professionnels	1,200
Centres de conception mondiaux	6

Nike, Inc. (NKE) - Modèle d'entreprise: propositions de valeur

Produits sportifs et style de vie haute performance

Nike génère 51,2 milliards de dollars de revenus annuels (exercice 2023). Répartition des catégories de produits:

Catégorie de produits	Revenus ($ b)	Part de marché
Chaussures athlétiques	22.7	27.4%
Vêtements de sport	16.5	23.8%
Équipement sportif	12.0	15.6%

Innovations technologiques de pointe dans les vêtements de sport

Nike investit 3,2 milliards de dollars par an en R&D, avec des innovations technologiques clés:

• Technologie Nike Flyknit
• Technologie Nike Air Zoom
• Gestion de l'humidité de Nike Dri-Fit

Expériences client personnalisées via des plateformes numériques

Nike Digital Ecosystem Metrics:

Plate-forme numérique	Utilisateurs actifs	Croissance annuelle
Application Nike	28,5 millions	18.3%
Application snkrs	12,7 millions	22.6%

Messagerie de marque inspirante et narration des athlètes

Portfolio d'approbation Nike:

• 300+ parrainages d'athlètes professionnels
• Total des dépenses d'approbation des athlètes: 1,8 milliard de dollars par an
• Top athlètes: LeBron James, Cristiano Ronaldo, Serena Williams

Engagements de durabilité et de responsabilité sociale

Investissements en durabilité Nike:

Initiative de durabilité	Investissement ($ m)	Année cible
Utilisation des matériaux recyclés	475	2025
Programme de réduction du carbone	290	2030

Nike, Inc. (NKE) - Modèle d'entreprise: relations avec les clients

Engagement numérique personnalisé via l'application Nike

Téléchargements d'applications Nike: 421 millions d'utilisateurs actifs au quatrième trimestre 2023. Digital Commerce Revenue: 8,2 milliards de dollars au cours de l'exercice 2023. Les fonctionnalités de l'application incluent des recommandations de produits personnalisées, l'accès exclusif aux produits en édition limitée et le suivi en temps réel des activités de fitness.

Nike App Metric	Valeur
Total des utilisateurs actifs	421 millions
Revenus de commerce numérique	8,2 milliards de dollars

Construction communautaire via Nike Training Club et Nike Run Club

Application Nike Training Club: plus de 26 millions d'utilisateurs actifs. Nike Run Club App: 50 millions de coureurs enregistrés dans le monde. Les plateformes d'engagement communautaire totales atteignent 76 millions d'utilisateurs à partir de 2023.

• Nike Training Club: contenu d'entraînement gratuit
• Nike Run Club: suivi GPS et surveillance des performances
• Défis communautaires et compétitions virtuelles

Programmes de fidélité et avantages sociaux

Programme d'adhésion Nike: 182 millions de membres dans le monde. Dépenses moyennes des membres: 3,4x plus élevés que les non-membres. Les avantages de l'adhésion comprennent:

Prestation d'adhésion	Détails
Livraison gratuite	Illimité pour les membres
Accès précoce	Sorties exclusives
Recommandations personnalisées	Suggestions dirigées par l'IA

Interactions directes des consommateurs à travers les médias sociaux

Nike sur les réseaux sociaux suivants: Instagram 157 millions, Twitter 8,2 millions, Facebook 36,4 millions. Taux d'engagement: 4,2% sur toutes les plateformes. Dépenses en marketing des médias sociaux: 3,6 milliards de dollars en 2023.

Options de personnalisation pour les produits

Nike by You (anciennement Nikeid) Platform: génère 15% du total des revenus numériques. Options de personnalisation disponibles pour 60% du catalogue de produits. Prix ​​de chaussure personnalisé moyen: 180 $.

Métrique de personnalisation	Valeur
Revenus numériques de la personnalisation	15%
Catalogue de produits avec personnalisation	60%
Prix ​​de chaussures personnalisées moyennes	$180

Nike, Inc. (NKE) - Modèle d'entreprise: canaux

Plate-forme de commerce électronique nike.com

Nike.com a généré 9,7 milliards de dollars de revenus numériques au cours de l'exercice 2023, ce qui représente 26% du total des revenus de la marque Nike. La plate-forme de commerce électronique offre des ventes directes aux consommateurs dans 51 pays.

Métrique du canal numérique	Valeur
Revenus numériques annuels	9,7 milliards de dollars
Pourcentage de revenus numériques	26%
Pays desservis	51

Magasins de détail Nike dans le monde entier

Nike exploite 1 032 magasins de détail appartenant à l'échelle mondiale en juin 2023.

• 565 magasins appartenant à Nike en Amérique du Nord
• 287 magasins appartenant à Nike dans la région EMEA
• 180 magasins appartenant à Nike dans les régions de la Grande Chine et de l'Asie-Pacifique

Athlètes et grands magasins tiers

Nike distribue des produits par le biais d'environ 20 000 partenaires de vente au détail dans le monde, y compris les grands détaillants comme Foot Locker, Dick's Sporting Goods et les chaînes de grands magasins.

Catégorie de partenaires de vente au détail	Nombre de détaillants
Total des détaillants tiers	20,000+
Détaillants d'articles de sport	5,500
Grands magasins	3,200

Applications mobiles Nike

Nike possède 4 applications mobiles principales avec plus de 100 millions d'utilisateurs actifs dans le monde:

• Nike App: 52 millions d'utilisateurs actifs
• Nike Training Club: 27 millions d'utilisateurs actifs
• Nike SNKRS: 21 millions d'utilisateurs actifs
• Nike Run Club: 14 millions d'utilisateurs actifs

Canaux de marketing des médias sociaux

La portée des médias sociaux de Nike à partir de janvier 2024:

Plate-forme	Adeptes / abonnés
Instagram	157 millions de followers
Facebook	35 millions de followers
Gazouillement	8,4 millions de followers
Youtube	2,3 millions d'abonnés

Nike, Inc. (NKE) - Modèle d'entreprise: segments de clientèle

Athlètes professionnels

Nike dessert 422 athlètes professionnels sous les contrats d'approbation à partir de 2023. Les revenus générés à partir de segments d'athlètes professionnels estimés à 3,2 milliards de dollars par an.

Catégorie de sport	Nombre d'athlètes sponsorisés	Valeur d'approbation estimée
Basket-ball	87	1,1 milliard de dollars
Football	129	850 millions de dollars
Football	156	750 millions de dollars

Passionnés de fitness

Nike cible 78,5 millions de consommateurs de fitness actifs dans le monde. Le segment du fitness génère environ 4,7 milliards de dollars de revenus annuels.

• Application Nike Training Club: 39,2 millions d'utilisateurs actifs
• Part de marché des équipements de performance: 42,3%
• Dépenses de consommation moyennes: 267 $ par an

Consommateurs de vêtements de sport occasionnels

Le segment des usages décontractés représente 53% des revenus totaux de Nike, environ 24,6 milliards de dollars en 2023.

Groupe d'âge	Pénétration du marché	Fréquence d'achat moyenne
25-40 ans	47%	3,2 fois par an
18-24 ans	36%	4,1 fois par an

Jeunes et jeunes adultes

Nike capture 62% du marché des vêtements de sport pour les jeunes, avec 8,3 milliards de dollars de revenus des consommateurs âgés de 13 à 25 ans.

• Engagement des médias sociaux: 127 millions de followers Instagram
• Tiktok abonnés: 3,2 millions
• Revenus de la gamme de produits pour les jeunes: 5,6 milliards de dollars

Athlètes récréatifs axés sur les performances

Le segment des athlètes récréatifs génère 6,9 ​​milliards de dollars de revenus annuels avec 45,7 millions de consommateurs actifs.

Type d'activité	Nombre de consommateurs	Revenus de produits
En cours d'exécution	18,3 millions	2,7 milliards de dollars
Gym / formation	15,4 millions	2,2 milliards de dollars
Sports de plein air	12 millions	2 milliards de dollars

Nike, Inc. (NKE) - Modèle d'entreprise: Structure des coûts

Dépenses de conception et de développement des produits

Les dépenses de conception et de développement de produits de Nike pour l'exercice 2023 ont totalisé 3,4 milliards de dollars, ce qui représente 4,5% des revenus totaux.

Catégorie de dépenses	Montant (USD)	Pourcentage de revenus
Conception de chaussures	1,2 milliard de dollars	1.6%
Design de vêtements	850 millions de dollars	1.1%
Conception de l'équipement	450 millions de dollars	0.6%

Investissements mondiaux de marketing et de publicité

Les dépenses de marketing et de publicité de Nike au cours de l'exercice 2023 ont atteint 4,9 milliards de dollars, ce qui représente 6,5% des revenus totaux.

• Marketing numérique: 2,1 milliards de dollars
• Publicité médiatique traditionnelle: 1,3 milliard de dollars
• Sponsors des athlètes: 1,5 milliard de dollars

Opérations de fabrication et de chaîne d'approvisionnement

Les coûts de la fabrication et de la chaîne d'approvisionnement de Nike au cours de l'exercice 2023 étaient d'environ 14,6 milliards de dollars.

Composant de chaîne d'approvisionnement	Coût (USD)
Achat de matières premières	6,2 milliards de dollars
Fabrication des frais généraux	5,4 milliards de dollars
Logistique et transport	3,0 milliards de dollars

Technologie et maintenance des plateformes numériques

Nike a investi 1,2 milliard de dollars dans l'infrastructure technologique et les plateformes numériques au cours de l'exercice 2023.

• Développement des applications Nike: 450 millions de dollars
• Plateforme de commerce électronique: 350 millions de dollars
• Infrastructure cloud: 250 millions de dollars
• Cybersécurité: 150 millions de dollars

Investissements de recherche et d'innovation

Nike a alloué 2,7 milliards de dollars aux initiatives de recherche et d'innovation au cours de l'exercice 2023.

Zone d'innovation	Investissement (USD)
Recherche en science du matériel	1,1 milliard de dollars
Conception durable	850 millions de dollars
Technologie de performance	750 millions de dollars

Nike, Inc. (NKE) - Modèle d'entreprise: Strots de revenus

Ventes de chaussures athlétiques

Les revenus de chaussures athlétiques de Nike pour l'exercice 2023 étaient de 21,2 milliards de dollars. Déchange par catégorie:

Catégorie	Revenus (milliards)
Chaussures de course	$7.6
Chaussures de basket-ball	$4.9
Chaussures d'entraînement	$3.7
Autres chaussures athlétiques	$4.9

Ventes de vêtements d'athlétisme

Le chiffre d'affaires des vêtements de sport de Nike pour l'exercice 2023 était de 16,5 milliards de dollars. Segmentation:

Catégorie	Revenus (milliards)
Vêtements pour hommes	$8.3
Vêtements pour femmes	$5.7
Vêtements de jeunesse	$2.5

Accessoires et équipements

Les revenus des accessoires et équipements de Nike pour l'exercice 2023 étaient de 3,8 milliards de dollars.

• Équipement sportif: 1,5 milliard de dollars
• Sacs et sacs à dos: 0,9 milliard de dollars
• Chaussettes et autres accessoires: 1,4 milliard de dollars

Revenus de plate-forme numérique et d'adhésion

Le chiffre d'affaires du commerce numérique de Nike pour l'exercice 2023 était de 9,7 milliards de dollars.

Canal numérique	Revenus (milliards)
Nike.com	$6.2
Application Nike	$2.5
Programme d'adhésion Nike	$1.0

Contrats de licence et d'approbation

Les revenus de licence de Nike pour l'exercice 2023 étaient de 1,2 milliard de dollars.

• Approbations des athlètes: 0,7 milliard de dollars
• Licence de marque: 0,5 milliard de dollars

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.