Analysis of Inventory
Inventory Disclosure
Nike Inc., balance sheet: inventory
US$ in millions
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Finished goods | 7,501) | 7,489) | 7,519) | 8,454) | 8,420) | 6,854) | |||||||
| Inventories | 7,501) | 7,489) | 7,519) | 8,454) | 8,420) | 6,854) |
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).
Inventory levels exhibited a distinct trajectory characterized by a period of rapid accumulation followed by a correction and subsequent stabilization over the six-year period ending May 31, 2026.
- Inventory Expansion (2021–2023)
- A significant upward trend is observed from May 31, 2021, to May 31, 2023, with inventory balances increasing from US$ 6,854 million to a peak of US$ 8,454 million. This growth indicates a substantial increase in the holding of finished goods during this interval.
- Inventory Correction (2023–2024)
- A notable contraction occurred between May 31, 2023, and May 31, 2024, during which inventory levels declined from US$ 8,454 million to US$ 7,519 million. This reduction suggests a shift toward leaner inventory management or a concerted effort to reduce excess finished goods stock.
- Stabilization Phase (2024–2026)
- Between May 31, 2024, and May 31, 2026, inventory values remained remarkably stable, fluctuating minimally between US$ 7,489 million and US$ 7,501 million. This plateau indicates that the organization has reached a steady-state level of inventory investment.
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