Revenue by segment, in millions. Select a row to edit its growth path — the group row opens every segment.
| Segment | FY26A | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | growth |
|---|---|---|---|---|---|---|---|---|---|
| North America | 20,511 | 20,921 | 21,549 | 22,303 | 23,195 | 24,007 | 24,847 | 25,667 | 3.2% |
| EMEA | 12,572 | 12,949 | 13,467 | 14,140 | 14,918 | 15,664 | 16,369 | 17,024 | 4.5% |
| Greater China | 5,847 | 5,730 | 5,845 | 6,137 | 6,536 | 6,928 | 7,309 | 7,674 | 3.5% |
| Asia Pacific & Latin America | 6,243 | 6,555 | 7,014 | 7,575 | 8,219 | 8,877 | 9,498 | 10,068 | 7.3% |
| Converse | 1,174 | 998 | 918 | 891 | 891 | 899 | 917 | 940 | -5.2% |
| Global Brand Divisions + Corporate | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 0.0% |
| Group revenue | 46,398 | 47,204 | 48,844 | 51,097 | 53,810 | 56,426 | 58,992 | 61,425 | 4.0% |
Operating margin, per cent of revenue. Tax and reinvestment follow below; the terminal assumptions sit on the premises panel.
| Line | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | avg margin | Long-run |
|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 8.0 | 9.5 | 11.0 | 12.5 | 13.0 | 13.5 | 13.5 | 10.8% | 13.5% |
Cash tax as a share of operating profit; capital spend and working capital as net investment per unit of new sales — the rate the model charges against each year's revenue growth. Select a row to edit its annual path.
| Line | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | Long-run driver |
|---|---|---|---|---|---|---|---|---|
| Cash tax rate | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% |
| Capital spend | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% |
| Working capital | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% |
Computed from the sections above and the premises panel — nothing here is editable. The walk runs to the highlighted crossover column — the first year the assumptions justify today's market price — and out to the 25-year ceiling when they never do, growing and shrinking as edits move the crossover.
| Millions unless stated | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| Group revenue | 47,204 | 48,844 | 51,097 | 53,810 | 56,426 | 58,992 | 61,425 |
| Revenue growth | 1.7% | 3.5% | 4.6% | 5.3% | 4.9% | 4.5% | 4.1% |
| Operating profit | |||||||
| Operating profit | 3,776 | 4,640 | 5,621 | 6,726 | 7,335 | 7,964 | 8,292 |
| Operating margin | 8.0% | 9.5% | 11.0% | 12.5% | 13.0% | 13.5% | 13.5% |
| Taxes | 793 | 974 | 1,180 | 1,413 | 1,540 | 1,672 | 1,741 |
| Operating profit after tax | 2,983 | 3,666 | 4,440 | 5,314 | 5,795 | 6,291 | 6,551 |
| Cash flow | |||||||
| Investment | 169 | 344 | 473 | 570 | 549 | 539 | 511 |
| Free cash flow | 2,814 | 3,321 | 3,967 | 4,744 | 5,246 | 5,753 | 6,040 |
| Returns | terminal return on new capital 9.0% | ||||||
| Reinvestment rate | 5.7% | 9.4% | 10.7% | 10.7% | 9.5% | 8.6% | 7.8% |
| Return on new capital — incremental ROIC | — | 198.2% | 163.7% | 153.3% | 87.6% | 92.2% | 50.8% |
| Present value | |||||||
| Discounted free cash flow | 2,582 | 2,796 | 3,063 | 3,361 | 3,409 | 3,430 | 3,304 |
| Cumulative present value | 2,582 | 5,377 | 8,441 | 11,801 | 15,211 | 18,641 | 21,945 |
| Implied equity value | 34,990 | 41,773 | 48,766 | 55,967 | 59,399 | 62,658 | 64,042 |