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the China Credit Facility, there is no outstanding balance, $43,032 of available borrowings, and

Item 7, MD&A, 10-K May 22, 2026open_in_new

demand and sourced primarily from Australia and processed largely by two tanneries in China capable of meeting

Item 1A, Risk Factors, 10-K May 22, 2026open_in_new

We have three reportable operating segments: 1) North America, which is inclusive of the U.S. and Canada; 2) International, which is inclusive of China, Japan, Asia Pacific, Europe, Middle East, Africa, Latin America, and the Caribbean; and 3) Channel Development. Unallocated corporate expenses are reported within Corporate and Other.

Item 7, MD&A, 10-K Nov 14, 2025open_in_new

We have three reportable operating segments: 1) North America, which is inclusive of the U.S. and Canada; 2) International, which is inclusive of China, Japan, Asia Pacific, Europe, Middle East, Africa, Latin America, and the Caribbean; and 3) Channel Development. Unallocated corporate expenses are reported within Corporate and Other.

Item 7, MD&A, 10-K Nov 14, 2025open_in_new

• changes in tourist shopping patterns and consumer behavior, particularly that of the Chinese consumer;

Item 1A, Risk Factors, 10-K Aug 13, 2026open_in_new

(3) The carrying amounts of the China Credit Facility include the impact of changes in the exchange rate of the United States Dollar against the Renminbi.

Item 7, MD&A, 10-K Aug 13, 2026open_in_new

… Additionally, Chinese law regulates Yum China’s business conducted in mainland China, and as such our license fee from the Yum China business is subject to numerous uncertainties based on Chinese laws, regulations and policies, which may change from time …

Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

We have significant exposure to the Chinese market through our largest franchisee, Yum China, which subjects us to risks that could negatively affect our business and/or our growth prospects.

Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

Additionally, in Greater China, a trend of declining store traffic, elevated promotional activity and higher levels of inventory across the marketplace are negatively impacting revenues and overall profitability, while Converse is in the midst of a strategic reset of the brand and marketplace. We expect negative impacts from Greater China and Converse to continue throughout fiscal 2027.

Item 7, MD&A, 10-K Jul 15, 2026open_in_new

• NIKE Brand wholesale revenues were $27.5 billion in fiscal 2026 compared to $25.9 billion in fiscal 2025. The increase on a currency-neutral basis was driven by higher revenues in North America, primarily offset by lower revenues in Greater China.

Item 7, MD&A, 10-K Jul 15, 2026open_in_new

… and business purposes and hold travel documents issued by countries or regions other than the People’s Republic of China; (2) if Wynn Macau SA’s operations are adversely affected by abnormal, unpredictable or force majeure circumstances associated with the …

Item 7, MD&A, 10-K Mar 2, 2026open_in_new

… and business purposes and hold travel documents issued by countries or regions other than the People’s Republic of China; (2) if Wynn Macau SA’s operations are adversely affected by abnormal, unpredictable or force majeure circumstances associated with the …

Item 7, MD&A, 10-K Mar 2, 2026open_in_new

… dollar equivalent of $4.37 billion and consisted primarily of Chinese yuan and euro. We had $6.43 billion of unused committed credit amounts as of December 31, 2025. For details regarding our indebtedness, refer to Note 9, Debt, to …

Item 7, MD&A, 10-K Jan 29, 2026open_in_new

… Our operations in such jurisdictions, particularly as a company based in the U.S., with additional manufacturing operations in China and Europe, create risks relating to conforming our products to regulatory and safety requirements and charging and other electric infrastructures …

Item 1A, Risk Factors, 10-K Jan 29, 2026open_in_new

We operate in numerous countries outside the U.S. Additionally, we utilize third-party manufacturers primarily located in the Far East, including China, Vietnam and India, to produce most of our products. These international operations, including operations in emerging markets, have unique consumer preferences and business climates, present additional challenges and are subject to risks that may significantly harm our sales, increase our costs or otherwise damage our business, including:

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

… We experienced increases in material costs and shortages for some of our products, due in part to higher wages being paid due to labor shortages in China and Vietnam, as well as periodic and unpredictable manufacturing shut-downs or slow …

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

(1) Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America.

Item 7, MD&A, 10-K Feb 10, 2026open_in_new

… We discuss our operations in the following reportable business segments: (1) U.S. & Canada, (2) Europe, Middle East & Africa (“EMEA”), (3) Greater China, and (4) Asia Pacific excluding China (“APEC”). Our Caribbean & Latin America (“CALA”) operating segment does not meet …

Item 7, MD&A, 10-K Feb 10, 2026open_in_new

… As part of our overall strategy for managing the level of exposure to such exchange rate risk, relating primarily to the Euro, the Japanese Yen, the Chinese Renminbi, the South Korean Won, the Australian Dollar, the British Pound Sterling, the …

Item 7, MD&A, 10-K May 21, 2026open_in_new

… The foreign currencies to which we are exposed from transactional and translational perspectives primarily include the Euro, the Japanese Yen, the Chinese Renminbi, the South Korean Won, the Australian Dollar, the British Pound Sterling, the Swiss Franc, and the Canadian …

Item 1A, Risk Factors, 10-K May 21, 2026open_in_new

We have wholly-owned legal entities registered in various foreign countries, including Bermuda, Canada, China, India, Luxembourg, the Republic of Mauritius, the United Kingdom and Vietnam. Additionally, most of our exclusive brand products are manufactured by contract manufacturers based in …

Item 1A, Risk Factors, 10-K Mar 18, 2026open_in_new

Most of our exclusive brand products are manufactured by contract manufacturers in China, Mexico and Southeast Asia, which may limit our ability to do the following:

Item 1A, Risk Factors, 10-K Mar 18, 2026open_in_new

… and China or other geopolitical conditions. Deviations from the "one-China" policy or other conflicts or disputes could lead to adverse changes in China-U.S. and China-Taiwan relations and could materially adversely affect our manufacturing operations and suppliers …

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

Some of our products also use satellite signals from Russia’s GLONASS, the European Union Galileo system, and the Chinese BDS. National or European authorities may provide preferential access to signals to companies associated with their markets, including our competitors …

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

• the inherent risk of doing business in China resulting from our equity investment in DPC Dash;

Item 1A, Risk Factors, 10-K Feb 23, 2026open_in_new

We hold a non-controlling interest in DPC Dash, our master franchisee in China that owns and operates Domino’s Pizza stores in that market.

Item 7, MD&A, 10-K Feb 23, 2026open_in_new

… to increased sensitivity around personal data collection and reporting (e.g., the requirement to report Chinese sellers’ identity and income information to the competent China tax authority in accordance with the Regulations on Internet Platform Companies’ Submission of Tax-related …

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

Our international businesses, especially in the United Kingdom and Germany, and in cross-border sales from Greater China, have generated nearly half of our net revenues in recent years. Our international operations are subject to various uncertainties, costs, and risks, including:

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. Investments in affiliates owned 50% or less (primarily McDonald’s China and Japan) are accounted for by the equity method.

Item 8, Financial Statements, 10-K Feb 24, 2026open_in_new

• International Developmental Licensed Markets & Corporate - comprised primarily of developmental licensee and affiliate markets in the McDonald’s System, including equity method investments in China and Japan, as well as Corporate activities. The International Developmental Licensed Markets are 99 % franchised as of December 31, 2025.

Item 8, Financial Statements, 10-K Feb 24, 2026open_in_new

In addition, because China-based sellers account for significant portions of our third-party seller services and advertising revenues, and China-based suppliers provide significant portions of our components and finished goods, regulatory and trade restrictions, tariff policy changes and …

Item 1A, Risk Factors, 10-K Feb 6, 2026open_in_new

… In addition, our Chinese and Indian businesses and operations may be unable to continue to operate if we or our affiliates are unable to access sufficient funding or, in China, enforce contractual relationships we or our affiliates have in place …

Item 1A, Risk Factors, 10-K Feb 6, 2026open_in_new

… We are exposed to Brazilian reals, Canadian dollars, euros, Chinese yuan renminbi and British pounds, but our primary foreign currency exposure arises from Mexican peso-denominated revenues and profits and their translation into U.S. dollars. Foreign currency exposures arising …

10-K, 10-K Oct 26, 2026open_in_new

All store support functions are centralized in our store support centers located in Memphis, Tennessee; Monterrey, Mexico; Chihuahua, Mexico; Sao Paulo, Brazil; and Gurugram, India. We believe that this centralization enhances consistent execution of our merchandising and marketing strategies at the store level, while reducing expenses and cost of sales. In addition, we have offices in Shanghai, China and Istanbul, Turkey that provide sourcing or other support functions.

10-K, 10-K Oct 26, 2026open_in_new

A predominant portion of the apparel, home-related merchandise, shoes, and other goods we sell is originally manufactured in other countries, including China. While we directly import only a small portion of our merchandise, more than half of the goods …

Item 1A, Risk Factors, 10-K Mar 31, 2026open_in_new

… All of our stores are located in the United States and its territories, and while we directly import only a small portion of our merchandise, more than half of the goods we sell originate from China, so we are especially …

Item 1A, Risk Factors, 10-K Mar 31, 2026open_in_new

… Many large geographies in which we operate, including Australia, Brazil, Canada, China, India, and South Korea, have passed or are in the process of passing comparable or other robust data privacy and security legislation or regulation, which may lead to …

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

… With regard to China, the regulatory requirements on AI and ML Technologies, export controls and other relevant regulations are still evolving and have ongoing complexity and uncertainty. The positions and interpretation of these regulations by the authorities may not align …

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

… For the retail products we source, directly or indirectly, outside of the U.S., including Mexico, Canada and China, major changes in tax or trade policies, tariffs or trade relations could significantly adversely impact the cost of, demand for, and …

Item 1A, Risk Factors, 10-K Mar 18, 2026open_in_new

(1) Includes associates in our sourcing organization located in India, Italy, Poland, Türkiye, Taiwan, Vietnam and China.

10-K, 10-K Mar 18, 2026open_in_new

… RevPAR in Asia Pacific increased due to growth in countries and territories outside of China, specifically in leisure and group demand, partially offset by a decrease in RevPAR in China due to a decline in group and business travel.

Item 7, MD&A, 10-K Feb 11, 2026open_in_new

… Many jurisdictions, including the European Union ("E.U."), the U.K., China and certain states within the U.S., have passed laws that require companies to meet specific requirements regarding the handling of personally identifiable information. We collect internal and …

Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

… For example, a significant amount of merchandise we offer for sale is made in China and accordingly, a revaluation of Chinese currency, or increased market flexibility in the exchange rate for that currency, increasing its value relative to the U …

Item 1A, Risk Factors, 10-K Mar 31, 2026open_in_new

We continue to closely monitor changes in international trade relations, economic and monetary policies, and legislation and regulations including those related to tariffs on imports from China and other countries. While we have been, and believe we can continue to be, successful in mitigating tariff pressures, tariffs have led to significant volatility in the global economy. We are continuing to implement and consider additional measures that seek to mitigate the impact of tariffs.

Item 7, MD&A, 10-K Mar 31, 2026open_in_new

We rely on manufacturers located in foreign countries, including China, for merchandise. Additionally, a portion of our domestically purchased merchandise is manufactured abroad. Our business may be materially adversely affected by risks associated with international trade, including the impact of current or potential tariffs by the U.S. with respect to certain consumer goods imported from China.

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

… has resulted in the adoption of tariffs by China and other countries on U.S. exports and could result in the adoption of additional tariffs by other countries as well. A resulting trade war or increasing trade tensions could have …

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

… In some markets such as China, local requirements may restrict participation by foreign businesses, making entry into and expansion in those markets costly, difficult, or impossible. If we are unsuccessful in expanding in new and existing markets and managing that …

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

… While we invest significant resources to comply with regulations such as the EU's General Data Protection Regulation ( "GDPR"), the California Consumer Privacy Act ("CCPA"), the Personal Information Protection Law in the People's Republic of China, the Digital Personal …

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

We continue to monitor the global trade environment, including the tariffs on merchandise inventories sourced directly or indirectly from several countries, such as China, Canada, and Mexico and their impact on our operations. During 2025, tariffs drove higher prices to our customers and cost inflation that impacted our gross margin and SG&A expenses. We managed these challenges through strategic pricing and sourcing initiatives, leveraging global

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

Additionally, in the first half of 2025, the United States imposed increased tariffs on foreign imports into the United States, including an additional 20% tariff on all product imports from China, an additional 25% tariff on all product imports from …

Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

We source, both directly and indirectly, a portion of the products we sell from foreign manufacturers, with China and Mexico being the dominant import sources. Tax and trade policies, tariffs, and other regulations affecting trade between the United States and …

Item 1A, Risk Factors, 10-K Mar 23, 2026open_in_new

… In addition to our United States operations, we have support offices in India and China, and any extended disruption of our operations in our different locations, whether due to labor difficulties or otherwise, could adversely affect our business and results …

Item 1A, Risk Factors, 10-K Mar 23, 2026open_in_new

(6) Our estimates include Southeast Asia (most notably: Singapore and Malaysia), East Asia (most notably: China and Japan), South Asia (most notably: India) and Oceania (most notably: Australia and New Zealand) regions. The decrease in Asia/Pacific cruise guests from 2019 to 2025 is partly driven by lack of cruise supply and itineraries in China.

10-K, 10-K Feb 11, 2026open_in_new

… For instance, although our direct business has historically grown at a rapid pace, sale arrangements through travel advisor charter and group sales are proportionately higher in the China market than in our other markets which are primarily through retail agency …

10-K, 10-K Feb 11, 2026open_in_new

… In addition, we source some ingredients (including avocados, tomatoes, beef, pork, limes, peppers and spices), restaurant equipment, packaging and paper products outside the U.S. (including from Mexico, Canada and China), which could subject them to increased tariffs, trade sanctions …

Item 1A, Risk Factors, 10-K Feb 4, 2026open_in_new

… conflicts in Ukraine and the Middle East, or changes in relations between countries, such as between the United States, China, and Taiwan and conditions in Latin America following the recent U.S. military action in Venezuela; and other macroeconomic and …

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

… The remaining 81% of our merchandise purchases were sourced from foreign suppliers, with approximately 19% from China, 16% from Vietnam, 15% from India, and 31% from the rest of the world. Merchandise purchases in fiscal 2025 from Mexico and Canada …

10-K, 10-K Mar 26, 2026open_in_new

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