Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Nike Inc., consolidated balance sheet: assets

US$ in millions

	May 31, 2026	May 31, 2025	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021
Cash and equivalents	7,563)	7,464)	9,860)	7,441)	8,574)	9,889)
Short-term investments	1,464)	1,687)	1,722)	3,234)	4,423)	3,587)
Accounts receivable, net	5,931)	4,717)	4,427)	4,131)	4,667)	4,463)
Inventories	7,501)	7,489)	7,519)	8,454)	8,420)	6,854)
Prepaid expenses and other current assets	2,144)	2,005)	1,854)	1,942)	2,129)	1,498)
Current assets	24,603)	23,362)	25,382)	25,202)	28,213)	26,291)
Property, plant and equipment, net	4,796)	4,828)	5,000)	5,081)	4,791)	4,904)
Operating lease right-of-use assets, net	2,838)	2,712)	2,718)	2,923)	2,926)	3,113)
Identifiable intangible assets, net	259)	259)	259)	274)	286)	269)
Goodwill	240)	240)	240)	281)	284)	242)
Deferred income taxes and other assets	5,674)	5,178)	4,511)	3,770)	3,821)	2,921)
Non-current assets	13,807)	13,217)	12,728)	12,329)	12,108)	11,449)
Total assets	38,410)	36,579)	38,110)	37,531)	40,321)	37,740)

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 total asset base exhibits a period of fluctuation, peaking in May 2022 at 40,321 million US$ before experiencing a contraction and subsequent recovery to 38,410 million US$ by May 2026. A notable shift is observed in the composition of the balance sheet, characterized by a gradual decrease in current assets and a steady increase in non-current assets over the six-year period.

Liquidity and Short-Term Investment Trends: Cash and equivalents demonstrate volatility, with a significant peak in May 2024 at 9,860 million US$ followed by a stabilization near 7,500 million US$ in the final two years. Concurrently, short-term investments show a consistent downward trajectory, declining from 3,587 million US$ in May 2021 to 1,464 million US$ by May 2026, suggesting a strategic shift in the allocation of highly liquid reserves.
Working Capital Dynamics: Inventories experienced a period of expansion, rising from 6,854 million US$ in May 2021 to a peak of 8,454 million US$ in May 2023, before normalizing and stabilizing at approximately 7,500 million US$ through May 2026. Accounts receivable remained relatively stable for several years but showed a sharp increase in the final period, reaching 5,931 million US$ in May 2026, which may indicate an increase in credit sales or a slowdown in collection cycles.
Non-Current Asset Composition: Non-current assets have grown steadily from 11,449 million US$ in May 2021 to 13,807 million US$ in May 2026. This growth is primarily driven by deferred income taxes and other assets, which nearly doubled from 2,921 million US$ to 5,674 million US$ over the analyzed timeframe. In contrast, property, plant, and equipment, net, as well as operating lease right-of-use assets, remained remarkably stable, reflecting a consistent level of investment in physical infrastructure.
Intangibles and Goodwill: Identifiable intangible assets and goodwill represent a minimal portion of the total asset structure and remained nearly flat throughout the period, with goodwill stabilizing at 240 million US$ from May 2024 onwards.

Overall, the asset structure indicates a transition toward a higher proportion of non-current assets, driven by deferred tax accounts, while liquidity has been managed through fluctuating cash levels and a reduction in short-term investment holdings. The stabilization of inventory levels following a period of growth suggests improved supply chain or demand management.

Nike Inc. (NYSE:NKE)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items