Nike, Inc.

(LOSS) INTO INCOME | | THREE MONTHS ENDED FEBRUARY 28,
| 2026 | 2025 | | | 2026 | 2025
| Derivatives designated as cash flow hedges: | | | | | | |
| Foreign exchange forwards and options | $ | (8) | | $ | (30) | | | Revenues | | $ | 3 | | $ | (25) |
| Foreign exchange forwards and options | (190) | | 180 | | | Cost of sales | | (8) | | 67 |
| Foreign exchange forwards and options | (58) | | 66 | | | Other (income) expense, net | | (20) | | 57 |
|

Interest rate swaps(2)

| — | | — | | | Interest (income) expense, net | | (2) | | (2) |
| TOTAL DESIGNATED CASH FLOW HEDGES | $ | (256) | | $ | 216 | | | | | $ | (27) | | $ | 97 |

(1)For the three months ended February 28, 2026 and 2025, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.

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("Information Technology Systems"), may not be sufficient for all or for concurrent eventualities. If we were to experience a local or regional disaster or other business continuity event or concurrent events, we could experience operational challenges, in particular depending upon how a local or regional event may affect our human capital across our operations or with regard to particular aspects of our operations, such as key executive officers or personnel. 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. Further, if we are unable to find alternative suppliers, replace capacity at key manufacturing or distribution locations or quickly repair damage to our Information Technology Systems or supply systems, we could be late in delivering, or be unable to deliver, products to our customers. These events could result in reputational damage, lost sales, cancellation charges or markdowns, all of which could have an adverse effect on our business, results of operations and financial condition.

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business. Any of these outcomes could have a material adverse effect on our business, including unwanted media attention, impairment of our consumer and customer relationships, damage to our reputation; resulting in lost sales and consumers, fines, lawsuits, or significant legal and remediation expenses. We also may need to expend significant resources to protect against, respond to and/or redress problems caused by any breach.

2026 SEVERANCE

As of May 31, 2026, severance and other employee costs of $243 million were reflected within Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets, classified within Compensation and benefits, excluding taxes in Note 2 — Accrued Liabilities. During the first quarter of fiscal 2027, the Company paid substantially all of the remaining liability balance.

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A disaster could reduce retail traffic at the company's stores or stores carrying its products and hurt consumer spending.