Nike Inc. (NYSE:NKE)

The analysis of the quarterly financial data reveals several key trends in the composition of liabilities and shareholders’ equity over the examined periods.

Current Portion of Long-Term Debt

This component remained negligible or zero for much of the earlier periods, then rose significantly starting in late 2021, reaching levels above 2.6% by mid-2025, indicating an increasing short-term repayment obligation on long-term debt.

Notes Payable

Values were generally low and fluctuated slightly between 0.01% and 1.13%, with no clear upward or downward trend, suggesting relatively stable short-term borrowing.

Accounts Payable

There was a notable decline from over 10% in 2019 to around 6% by mid-2020, followed by fluctuations between approximately 5.6% and 9.5% throughout the subsequent periods. This indicates variability in the company's short-term liabilities to suppliers and creditors.

Current Portion of Operating Lease Liabilities

This liability showed a gradual decrease from around 1.6% in 2019 to a low near 1.03% in early 2022, then a gradual increase to approximately 1.37% by mid-2025, reflecting changes in lease obligations maturing within one year.

Accrued Liabilities

Accrued liabilities fluctuated notably, peaking over 20% in early 2020, dropping to roughly 14%–15% during 2021 and 2022, and increasing slightly thereafter, ending near 16% by mid-2025. This suggests variability in accrued expenses or unpaid obligations accrued over time.

Income Taxes Payable

Starting below 1%, income taxes payable rose steadily to over 2% by late 2024, indicating an increasing tax liability or timing differences in tax payments.

Total Current Liabilities

The proportion of current liabilities decreased from about 31% in late 2019 to around 22% by late 2021, then gradually increased to approximately 29% by mid-2025, reflecting a shifting balance in short-term obligations.

Long-Term Debt, Excluding Current Portion

Long-term debt spiked sharply from roughly 13% in early 2020 to over 30% in mid-2020, then declined steadily to around 21% by mid-2025. This pattern indicates significant borrowing increase around mid-2020 followed by gradual repayment or restructuring.

Operating Lease Liabilities, Excluding Current Portion

This liability component gradually declined from a little over 10% in early 2019 to approximately 6.5% by mid-2025, indicating a decreasing long-term lease commitment over time.

Deferred Income Taxes and Other Liabilities

These obligations decreased overall from about 10.8% in 2019 to roughly 6.3%–6.9% in later years, suggesting reduced deferred tax liabilities or other miscellaneous obligations.

Total Non-Current Liabilities

Non-current liabilities overall surged from approximately 34% in 2019 to nearly 48% in mid-2020, then generally declined to just under 35% by mid-2025, reflecting significant changes in long-term borrowing and obligations around 2020 with subsequent normalization.

Total Liabilities

Total liabilities as a percentage of total liabilities and shareholders’ equity increased sharply to over 74% in mid-2020, then generally declined and stabilized in the low 60% range through 2025, highlighting a peak in leverage during the COVID-19 pandemic period with partial deleveraging afterward.

Shareholders’ Equity

Equity showed an inverse relationship to liabilities, dropping from about 35% in 2019 to a low of approximately 25.7% in mid-2020, then steadily rising and stabilizing near 37% to 38% in subsequent years, indicating recovery or growth in equity value over time.

Capital in Excess of Stated Value

This component steadily increased from under 28% in 2019 to nearly 39% by mid-2025, reflecting possible equity raisings, retained earnings reinvestment, or other capital surplus enhancements.

Retained Earnings (Deficit)

Retained earnings showed large volatility. They declined into negative territory by mid-2020 but recovered steadily toward early 2021 and peaked near 10.25% in late 2021, before declining progressively to a deficit near -2% by mid-2025. This pattern reflects periods of earnings losses and gains, with recent trends towards deficits.

Accumulated Other Comprehensive Income (Loss)

This item fluctuated between small positive and negative values throughout, indicating moderate volatility in comprehensive income components such as foreign currency translation or revaluation reserves.

Overall, the data indicates a significant increase in leverage and liabilities around mid-2020, likely due to extraordinary circumstances, with gradual deleveraging and stabilization in subsequent periods. Equity components partially recovered after mid-2020 but face some weakening in retained earnings toward the latter periods. Current liabilities demonstrate moderate volatility, while long-term debt and lease obligations declined from pandemic peaks. These trends suggest dynamic financial management responding to external pressures and adjustments in capital structure over time.