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Nike Inc. (NYSE:NKE)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Nike Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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May 31, 2026 May 31, 2025 May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021
Current portion of long-term debt 5.21 0.00 2.62 0.00 1.24 0.00
Accounts payable 9.37 9.51 7.48 7.63 8.33 7.51
Current portion of operating lease liabilities 1.24 1.37 1.25 1.13 1.04 1.24
Sales-related reserves 4.14 5.01 3.36 2.65 2.52 2.85
Compensation and benefits, excluding taxes 4.08 3.40 3.39 4.63 3.22 3.90
Dividends payable 1.61 1.63 1.48 1.41 1.20 0.00
Allowance for expected loss on sale 0.00 0.00 0.00 0.00 0.98 0.95
Other 6.03 6.12 6.81 6.58 7.53 8.37
Accrued liabilities 15.86% 16.17% 15.04% 15.26% 15.45% 16.07%
Income taxes payable 0.98 1.83 1.40 0.64 0.55 0.81
Current liabilities 32.67% 28.89% 27.80% 24.66% 26.61% 25.63%
Long-term debt, excluding current portion 15.47 21.76 20.74 23.79 22.12 24.94
Operating lease liabilities, excluding current portion 6.80 6.97 6.73 7.42 6.89 7.77
Deferred income taxes and other liabilities 6.36 6.26 6.87 6.82 6.48 7.83
Non-current liabilities 28.63% 34.99% 34.34% 38.02% 35.49% 40.54%
Total liabilities 61.30% 63.88% 62.14% 62.69% 62.10% 66.17%
Redeemable preferred stock 0.00 0.00 0.00 0.00 0.00 0.00
Common stock at stated value 0.01 0.01 0.01 0.01 0.01 0.01
Capital in excess of stated value 39.46 38.81 35.18 33.07 28.48 26.40
Accumulated other comprehensive income (loss) -0.37 -0.71 0.14 0.62 0.79 -1.01
Retained earnings (deficit) -0.40 -1.99 2.53 3.62 8.62 8.42
Shareholders’ equity 38.70% 36.12% 37.86% 37.31% 37.90% 33.83%
Total liabilities and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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.

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