Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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Nike Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
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 capital structure exhibits a gradual shift in the composition of liabilities and equity, characterized by a reduction in long-term obligations and a corresponding increase in short-term liabilities. Total liabilities remained relatively stable throughout the period, fluctuating between 61.30% and 66.17% of total liabilities and shareholders' equity.
- Current Liability Trends
- An upward trajectory is observed in current liabilities, which rose from 25.63% in 2021 to 32.67% by 2026. This increase is driven primarily by a significant rise in the current portion of long-term debt, which grew from 1.24% in 2022 to 5.21% in 2026. Accounts payable also showed a moderate increase, reaching 9.37% in 2026, while accrued liabilities remained consistently the largest component of current obligations, averaging approximately 15% to 16%.
- Non-Current Liability Trends
- Non-current liabilities experienced a notable decline, decreasing from 40.54% in 2021 to 28.63% in 2026. The primary driver of this contraction is the reduction of long-term debt excluding the current portion, which fell from 24.94% to 15.47% over the analyzed period. Operating lease liabilities and deferred income taxes remained relatively stable, generally fluctuating within a narrow range of 6% to 8%.
- Shareholders' Equity Composition
- Total shareholders' equity remained resilient, ending the period at 38.70% compared to 33.83% in 2021. However, internal shifts are evident; capital in excess of stated value grew substantially from 26.40% to 39.46%. Conversely, retained earnings demonstrated a sharp downward trend, moving from 8.42% in 2021 to a deficit of -1.99% in 2025, before slightly recovering to -0.40% in 2026. This divergence suggests a reliance on contributed capital and potential aggressive dividend or share repurchase programs that outpaced retained earnings.
- Overall Solvency and Risk Profile
- The transition of debt from long-term to current liabilities indicates an increasing requirement for short-term liquidity to meet upcoming obligations. While total liabilities have decreased slightly as a percentage of the total balance sheet, the concentration of risk has shifted toward the current portion of the liability structure.