Notice that you can write your polynomial as $x^n((y/x)^n-1)$, so we can look for factorizations of $t^n-1$ and then substitute.
Over the integers or the rational numbers, we have a complete answer. They are certain polynomials $\Phi_k$, called cyclotomic polynomials, one for eachtive integer $k$. There are irreducible and have the property that
$$t^n-1=\prod_{\text{$d$ a divisor of $n$}}\Phi_d(t).$$
It follows from this that
$$y^n-x^n=x^n\prod_{\text{$d$ a divisor of $n$}}\Phi_d(y/x).$$
The degree of $\Phi_d$ is $\phi(d)$, the number of positive integers less than $d$ and coprime with $d$. Since
$$\sum_{\text{$d$ a divisor of $n$}}\phi(d)=n,$$
we can rewrite the above product as
$$y^n-x^n=\prod_{\text{$d$ a divisor of $n$}}x^{\phi(d)}\Phi_d(y/x)$$
and now each factor is a polynomial with integer coefficients. One can check that these factors are irreducible in $\mathbb Z[x,y]$. Sadly, there is no simple description of these cyclotomic polynomials: they are what they are.
If instead you are interested infactorizations over the complex numbers, we can proceed as follows: we know that
$$t^n-1=\prod_{k=0}^{n-1}(t-e^{2\pi i k/n})$$
so that
$$y^n-x^n=x^n\prod_{k=0}^{n-1}(y/x)-e^{2\pi i k/n}=\prod_{k=0}^{n-1}(y-e^{2\pi i k/n}x)$$
and each factor in this last product is irreducible in $\mathbb C[x,y]$.
Over the real numbers there is a similar factorization, with roughly half the number of terms, which someone motivated enough can write down easily.