Nike Inc., balance sheet: debt

US$ in millions

	May 31, 2026	May 31, 2025	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021
Current portion of long-term debt	2,000)	—)	1,000)	—)	500)	—)
Long-term debt, excluding current portion	5,942)	7,961)	7,903)	8,927)	8,920)	9,413)
Total long-term debt, including current portion (carrying amount)	7,942)	7,961)	8,903)	8,927)	9,420)	9,413)

Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31).

The overall trajectory of total long-term debt indicates a general reduction in the company's long-term liabilities over the observed period. Total carrying amounts decreased from 9,413 million US dollars in May 2021 to 7,942 million US dollars by May 2026, representing a gradual deleveraging of the balance sheet.

Total Long-Term Debt Trends: Total debt remained relatively stable between May 2021 and May 2022, with a slight increase to 9,420 million US dollars. Subsequently, a consistent downward trend emerged, with total obligations falling to 8,927 million US dollars in 2023 and 8,903 million US dollars in 2024, eventually reaching 7,942 million US dollars by May 2026.
Analysis of Non-Current Liabilities: Long-term debt excluding the current portion exhibited a significant decline over the period. From a peak of 9,413 million US dollars in 2021, this figure dropped to 5,942 million US dollars by 2026. The most substantial reduction occurred between May 2025 and May 2026, where the amount decreased by approximately 2,019 million US dollars.
Current Portion of Long-Term Debt: An increasing trend is observed in the current portion of long-term debt. Obligations maturing within one year rose from 500 million US dollars in 2022 to 1,000 million US dollars in 2024, and further increased to 2,000 million US dollars by May 2026. This suggests a growing concentration of debt maturities in the short term toward the end of the period.
Debt Composition Shift: While the total carrying amount of debt has decreased, there is a noticeable shift in the composition of those liabilities. By May 2026, the current portion represents a larger percentage of the total debt compared to previous years, indicating that a higher proportion of the remaining debt is nearing its maturity date.

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	May 31, 2026
Selected Financial Data (US$ in millions)
Total long-term debt, including current portion (fair value)	6,805)
Financial Ratio
Debt, fair value to carrying amount ratio	0.86

Based on: 10-K (reporting date: 2026-05-31).

Weighted average interest rate on debt: 3.14%

Interest rate	Debt amount¹	Interest rate × Debt amount
2.38%	1,000)	24)
2.75%	1,000)	28)
2.85%	1,495)	43)
3.25%	986)	32)
3.63%	497)	18)
3.88%	987)	38)
3.38%	493)	17)
3.38%	1,484)	50)
Total	7,942)	249)
3.14%

Based on: 10-K (reporting date: 2026-05-31).

¹ US$ in millions

² Weighted-average interest rate = 100 × 249 ÷ 7,942 = 3.14%

Nike Inc. (NYSE:NKE)

Analysis of Debt

Total Debt (Carrying Amount)

Total Debt (Fair Value)

Weighted-average Interest Rate on Debt