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Sankey diagram of Nike, Inc.. A complete text table follows the diagram.
Retail partners are carrying the recovery while NIKE Direct, Greater China and Converse contract; flat sales and a lower gross margin leave the brand engine producing less profit.
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All Sankey flows are reported filing amounts. Channel growth, product mix, geography, inventory and margin observations in annotations come directly from the quarter and comparative-period filing tables.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Wholesale partners | 1 | $6.6B | Up 5% year over year |
| Direct to consumer | 1 | $4.6B | Down 4% year over year |
| Other brand revenue | 1 | $27M | Reported other channel |
| NIKE ecosystem revenue | 2 | $11.3B | Essentially flat year over year |
| Source & manufacture the product | 3 | $6.7B | Reported cost of sales |
| Gross profit | 3 | $4.5B | 40.2% margin; down 130 bps |
| Create athlete & consumer demand | 4 | $1.1B | Reported demand-creation expense |
| Run the global brand and channel network | 4 | $2.9B | Reported operating overhead |
| Operating income | 4 | $553M | 4.9% operating margin |
| Net non-operating income | 4 | $97M | Interest income plus other income |
| Income before tax | 5 | $650M | Down 23% year over year |
| Income tax | 6 | $130M | 20.0% effective tax rate |
| Net income | 6 | $520M | Down 35% year over year |
| From | To | Value |
|---|---|---|
| Wholesale partners | NIKE ecosystem revenue | $6.6B |
| Direct to consumer | NIKE ecosystem revenue | $4.6B |
| Other brand revenue | NIKE ecosystem revenue | $27M |
| NIKE ecosystem revenue | Source & manufacture the product | $6.7B |
| NIKE ecosystem revenue | Gross profit | $4.5B |
| Gross profit | Create athlete & consumer demand | $1.1B |
| Gross profit | Run the global brand and channel network | $2.9B |
| Gross profit | Operating income | $553M |
| Operating income | Income before tax | $553M |
| Net non-operating income | Income before tax | $97M |
| Income before tax | Income tax | $130M |
| Income before tax | Net income | $520M |