Here are 1-3 brief analogies for Nike (NKE):

• Apple for sportswear
• Coca-Cola for athletic gear

• Athletic Footwear: Nike designs, develops, and sells a wide range of athletic shoes for various sports and lifestyle purposes.
• Apparel: The company offers extensive athletic and casual clothing lines, including jerseys, shorts, t-shirts, hoodies, and jackets.
• Equipment & Accessories: Nike provides various sports equipment and accessories such as balls, bags, socks, and headwear.
• Digital Fitness and Community Platforms: Nike operates mobile applications like Nike Run Club and Nike Training Club, offering guided workouts, running tracking, and social features to enhance user engagement.

Nike's Major Customers (NKE)

Based on its latest financial reporting, Nike (NKE) still primarily generates revenue through its wholesale segment, selling to other companies, although it has made a significant strategic shift towards increasing its direct-to-consumer sales.

Major Wholesale Customer Companies:

Nike generally does not disclose the specific percentage of sales contributed by individual wholesale customers. However, based on industry analysis and their publicly acknowledged relationships, the following are recognized as major strategic partners for Nike's wholesale business:

• Foot Locker (NYSE: FL)
• DICK'S Sporting Goods (NYSE: DKS)
• JD Sports Fashion Plc (LSE: JD.L / OTC: JDSPY)

It is important to note that Nike has been actively reducing its overall number of wholesale accounts globally to focus on key strategic partners and to prioritize its own direct-to-consumer channels (e.g., Nike.com, SNKRS app, and Nike-owned retail stores).

• Pou Chen Corporation (TWSE: 9904)
• Yue Yuen Industrial Holdings (SEHK: 00551)
• Changshin Inc. (KRX: 092480)
• Feng Tay Enterprises Co. Ltd. (TWSE: 6736)
• PT Pan Brothers Tbk (IDX: PBRX)
• Eclat Textile Co. Ltd. (TWSE: 1476)

Elliott Hill, President & Chief Executive Officer

Elliott Hill was appointed President & Chief Executive Officer of Nike in October 2024 and has been a director since 2024. He was employed by Nike from 1988 to 2020, holding senior leadership positions across Europe and North America. Before his retirement in 2020, Hill served as President of Consumer and Marketplace, where he was responsible for all commercial and marketing operations for the NIKE and Jordan Brands globally. He also held the role of VP, Global Retail in 2006. Hill currently serves on the board of trustees for Texas Christian University.

Matthew Friend, Executive Vice President & Chief Financial Officer

Matthew Friend leads Nike's Strategy, Finance, and Business Services organizations to drive value creation for NIKE, Inc. He joined Nike in 2009, initially working in Corporate Strategy and Development. Friend later served as Chief Financial Officer of Emerging Markets, then Chief Financial Officer of Global Categories, Product and Functions, and subsequently Chief Financial Officer of the Nike Brand. He also took on responsibilities as VP, Investor Relations. Prior to joining Nike, Friend worked in the financial industry, holding leadership roles in investment banking and mergers and acquisitions at Goldman Sachs and Morgan Stanley. He is a board member for United Airlines Holdings, Inc. and holds a bachelor's degree in business administration from the University of California, Berkeley.

Amy Montagne, President, Nike Brand

Amy Montagne was promoted to President, Nike Brand, effective May 2025. In this role, she is responsible for serving consumers across all sports and driving future growth for the Nike Brand. Montagne has served at Nike for 20 years, previously holding the position of VP/GM Global Women's.

Phil McCartney, Executive Vice President, Chief Innovation, Design & Product Officer

Phil McCartney was promoted to Executive Vice President, Chief Innovation, Design & Product Officer, effective May 2025. He is responsible for the creation of innovative products across the Nike, Jordan, and Converse brands. McCartney previously served as VP, Footwear and has nearly three decades of experience at Nike.

Nicole Graham, Executive Vice President, Chief Marketing Officer

Nicole Graham was promoted to Executive Vice President, Chief Marketing Officer, effective May 2025. She leads the storytelling for Nike, Jordan, and Converse brands. Graham rejoined Nike in 2023 after a brief break, having previously spent 18 years with the company. She is also a co-founder of Adopt, a minority-owned creative agency.

• The rapid ascent and market share capture by specialized performance footwear brands (e.g., On Running, Hoka One One) in key athletic categories like running, challenging Nike's traditional dominance and innovation leadership in performance-oriented products.
• The strategic expansion of premium athleisure brands (e.g., Lululemon) into broader activewear and footwear segments, leveraging their strong brand loyalty and direct-to-consumer models to directly compete with Nike in lifestyle and athletic apparel and footwear markets.

The addressable markets for Nike's main products and services are significant globally and within the United States.

Athletic Footwear

• Global: The global athletic footwear market was estimated at approximately USD 146.7 billion in 2023 and is projected to reach USD 205.8 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2030. Another source indicates the market size was USD 141.1 billion in 2023 and is poised to grow to USD 226.51 billion by 2032, at a CAGR of 5.4%.
• U.S.: The U.S. athletic footwear market was valued at approximately USD 15 billion in 2023. It is projected to increase by USD 8.51 billion, exhibiting a CAGR of 5.4% between 2024 and 2029. The market is also projected to reach a value of around USD 26.98 billion by 2034, growing at a CAGR of 5.80% between 2025 and 2034.

Sports Apparel

• Global: The global sports apparel market size was valued at USD 230.6 billion in 2022 and is projected to reach USD 410.8 billion by 2032, growing at a CAGR of 6% from 2023 to 2032. Another report valued the global sportswear market at USD 313.22 billion in 2023, with a projection to reach USD 558.14 billion by 2032, at a CAGR of 6.63%. In 2024, the global sports apparel market size was valued at USD 213.31 billion and is expected to reach USD 328.12 billion by 2032, at a CAGR of 5.53%.
• U.S.: The U.S. sports apparel market was valued at USD 49.7 billion in 2024 and is expected to reach USD 80.9 billion by 2033, demonstrating a CAGR of 5.60% during 2025-2033. The U.S. sports apparel market generated a revenue of USD 3,569.0 million in 2022 and is expected to reach USD 5,425.0 million by 2030, with a CAGR of 5.4% from 2023 to 2030.

Sports Equipment

• Global: The global sports equipment market size was valued at USD 388.22 billion in 2024 and is projected to reach USD 695.93 billion by 2033, growing at a CAGR of 6.7% during the forecast period (2025–2033). Another source states the global sports equipment market was valued at USD 234.2 billion in 2023 and is expected to reach USD 423.4 billion by 2033, with a CAGR of 6.1% from 2024 to 2033. In 2022, the market was worth around USD 220.57 billion and is predicted to grow to around USD 337.73 billion by 2030, with a CAGR of roughly 5.47%.
• U.S.: The U.S. athletic & sporting goods market size in 2024 was USD 35.5 billion, and it is expected to reach USD 60.1 billion by 2032, at a CAGR of 6.9% during 2025–2032. The USA Sports Equipment market is anticipated to reach over USD 32.06 billion by 2029. Additionally, the U.S. ball sports goods market size was estimated at USD 31.35 billion in 2023.

Here are 3-5 expected drivers of future revenue growth for Nike (NKE) over the next 2-3 years:

1. Product Innovation Across Key Categories: Nike is expected to drive future revenue growth through continuous product innovation, particularly in performance categories such as running, global football, and women's fitness. The company's "Sport Offense" strategy emphasizes introducing new and compelling products, with innovation platforms anticipated to drive over 50 percent of revenue growth. Recent successes and upcoming products like the Pegasus 41, Air Max Dn, and Vomero 18 are examples of this focus.
2. Strategic Repositioning of Direct-to-Consumer (DTC) and Digital: Nike is repositioning its digital and direct-to-consumer channels to be premium, full-price platforms. While this has led to some recent declines in Nike Digital due to reduced promotional activity, the long-term strategy aims to enhance profitability and brand strength by offering a more elevated consumer experience and personalized connections.
3. Strengthening the Wholesale Channel and Strategic Partnerships: The company is actively working to strengthen its relationships with wholesale partners and is seeing momentum build in this channel. This includes a focus on newness in the product portfolio for wholesale and aims to create a more balanced marketplace portfolio for sustainable growth.
4. Focus on Key Geographic Markets: Nike continues to strengthen its presence in strategic geographic markets, such as Greater China. Despite some recent softness and challenges in brick-and-mortar traffic in this region, it remains an area of focus for growth and market expansion.
5. "Sport Offense" Strategy and Brand Storytelling: Nike is sharpening its focus on sport, accelerating the pace and scaling of newness and innovation, and driving "bigger, bolder storytelling." This comprehensive "Sport Offense" strategy aims to fuel brand distinction, elevate the entire marketplace, and deepen connections with consumers, with events like the Olympics serving as key moments to energize the brand.

Share Repurchases

• In June 2022, Nike's Board of Directors authorized a new four-year, $18 billion program to repurchase shares of its Class B common stock.
• As of October 2024, approximately $8 billion remained under the $18 billion share repurchase authorization.
• Nike repurchased $4.0 billion in shares during fiscal year 2022, $5.48 billion in fiscal year 2023, and $4.25 billion in fiscal year 2024.

Share Issuance

• Nike's issuance of common stock was $1.172 billion in fiscal year 2021, $1.151 billion in fiscal year 2022, and $651 million in fiscal year 2023.
• The company's common stock issuance was $667 million in fiscal year 2024 and an estimated $551 million in fiscal year 2025.

Capital Expenditures

• Nike's capital expenditures were $695 million in fiscal year 2021, $758 million in fiscal year 2022, and peaked at $969 million in fiscal year 2023.
• Capital expenditures were $812 million in fiscal year 2024 and are estimated to be $430 million for fiscal year 2025, marking a five-year low.
• Expected capital expenditures for fiscal year 2026 are forecasted at $902.2 million. The primary focus of these expenditures includes investments in a new Enterprise Resource Planning Platform, data and analytics, and enhancing the direct-to-consumer (DTC) model to accelerate digital transformation.