# Who are Nike's customers? Who does Nike earn revenue from?
Canonical: https://valuechain.wiki/nike · Facet: customers · Updated: 2026-07-12T04:46:32.468572+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Nike's confirmed revenue counterparties include Amazon plus 3 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 4 revenue edges, backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).

### 도매 유통사 (리테일러) (high)
- metric: Amount $25.9B · FY2025 · wholesale revenue
- note: Wholesale to retailers is the largest revenue stream. FY2025 wholesale revenue was $25.9B (-7%), tied to discretionary spending.
- [mentions] Goldman Sachs (EN, research, published 2026-06-30) https://www.marketbeat.com/stocks/NYSE/NKE/forecast/: "Consensus Buy (39 analysts, avg ~$55): Goldman Buy $85 (China 30%/Vietnam 20% tariffs), Morgan Stanley $70. The 'Win Now' destocking and wholesale reset is the turnaround thesis, with China demand and inventory the risks."
- [mentions] Hankyung (KO, news, published 2025-12-19) https://www.hankyung.com/article/202512192948i: "Nike sells through wholesale and direct-to-consumer, with China weakness and a sharp Converse decline weighing on results."
- [confirms] SEC filing (Nike 10-K) (EN, filing, published 2025-07-24) https://s1.q4cdn.com/806093406/files/doc_financials/2025/ar/Nike-Inc-2025_10K.pdf: "The FY2025 10-K reports wholesale revenue of $25.9B, Nike Direct of $18.8B and total revenue of $46.3B (-10%)."

### 소비자 (나이키 다이렉트: 매장·디지털) (high)
- metric: Amount $18.8B · FY2025 · Nike Direct revenue
- note: Sells directly to consumers through owned stores and digital (Nike Direct). FY2025 Nike Direct was $18.8B (-13%), with digital down 20%.
- [confirms] SEC filing (Nike 10-K) (EN, filing, published 2025-07-24) https://s1.q4cdn.com/806093406/files/doc_financials/2025/ar/Nike-Inc-2025_10K.pdf: "FY2025 Nike Direct revenue was $18.8B (-13%), driven by a 20% decline in Nike Brand Digital."

### Amazon (high)  → /amazon.md
- note: Nike returned to Amazon in 2025 as a direct vendor after leaving in 2019; Amazon sources Nike products directly to sell, a renewed wholesale and digital revenue channel for Nike.
- [confirms] Retail Dive (EN, news, published 2025-05-27) https://www.retaildive.com/news/nike-amazon-marketplace-raising-footwear-prices-tariffs/748986/: "Nike said it is returning to sell directly on U.S. Amazon after its 2019 exit, adding Amazon as a new digital account, with third-party sellers required to clear Nike inventory by July 19."

### Class A 지배주주(창업자 가문 등, 슈퍼보팅) (high)
- note: A dual-class structure of non-traded Class A (supervoting) and listed Class B (NKE), where a handful of Class A holders (16, including the founding family) control the board — founder control, insulated from activist and short-term pressure, underpins long-horizon brand and channel decisions. Under a June-2022 four-year $18B buyback ($12B executed by May 2025) plus dividends, it returned $5.3B to shareholders in FY2025.
- [confirms] SEC filing (Nike 10-K) (EN, filing, published 2025-07-24) https://s1.q4cdn.com/806093406/files/doc_financials/2025/ar/Nike-Inc-2025_10K.pdf: "16 Class A holders (non-traded supervoting); $18B buyback ($12B done); $5.3B returned in FY2025."

### 중화권 시장 (Greater China) (mid)
- metric: Market share -12% · FY2025 · Greater China revenue change, currency-neutral
- note: Greater China is a separately managed key market and a source of earnings swings. FY2025 Greater China revenue fell 12% currency-neutral, making the Chinese consumption clock a key watch point for Nike.
- [confirms] Hankyung (KO, news, published 2025-12-19) https://www.hankyung.com/article/202512192948i: "Continued weakness in China weighed on Nike's results and shares, with the CEO saying it is making progress in priority areas."

Reverse side: https://valuechain.wiki/nike/suppliers.md · Ripple: https://valuechain.wiki/nike/ripple.md

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Full node: https://valuechain.wiki/nike.md · JSON: https://valuechain.wiki/nike.json