Nike Inc. (NYSE:NKE)

The analysis of the quarterly financial data reveals several notable trends across the company's asset structure over the observed periods.

Cash and equivalents

This asset category showed considerable volatility. Beginning at $3,446 million in August 2019, the balance dropped to a low of $2,863 million by February 2020, then surged to a peak of $10,751 million in November 2021. Post-peak, there was a gradual decline punctuated by intermittent recoveries, ending at $7,464 million in August 2025.

Short-term investments

Short-term investments generally trended upward from $198 million in August 2019 to a peak of $4,763 million in February 2022, reflecting a strategic increase in liquid investments. Subsequently, the level diminished steadily to about $1,687 million by August 2025, indicating possible reallocations or liquidity shifts.

Accounts receivable, net

Accounts receivable displayed cyclical behavior with fluctuations throughout the periods. The figure started at $4,656 million, dipped near $2,749 million in May 2020 during a difficult quarter, then recovered to highs above $5,000 million by the later periods. The trend suggests variations in sales volume or credit policies.

Inventories

Inventory levels increased from $5,835 million in August 2019 to a peak of $9,662 million in August 2022, indicating stock buildup, possibly in anticipation of demand. Thereafter, inventories decreased gradually, finishing around $7,489 million by August 2025, which may reflect improved inventory management or sales normalization.

Prepaid expenses and other current assets

These assets fluctuated moderately, declining from $2,093 million to a low of $1,498 million in May 2021, then climbing to a peak near $2,379 million in August 2022 before settling around $2,005 million by August 2025, showing timing differences in expense recognition.

Current assets

Overall, current assets increased sharply from $16,228 million in August 2019 to a high near $28,877 million in August 2022, driven by significant rises in cash, short-term investments, and inventories. However, there was a steady decline thereafter toward $23,362 million by the last date, suggesting a trend toward asset optimization or utilization.

Property, plant and equipment, net

This category revealed a relatively stable trend, fluctuating slightly around the $4,600-$5,100 million range, peaking at $5,153 million in May 2021 before slowly declining to $4,828 million by August 2025, indicating a steady state of capital investment with minor disposals or depreciation.

Operating lease right-of-use assets, net

The right-of-use assets for operating leases remained within a narrow band, peaking at $3,959 million in February 2022 but generally hovering between $2,600 and $3,100 million thereafter, reflecting consistent leasing obligations with some fluctuations possibly due to accounting adjustments or changes in lease agreements.

Identifiable intangible assets, net

This asset category showed a slow, steady decline from $279 million to $259 million, indicative of amortization or impairment over time without significant new acquisitions.

Goodwill

Goodwill remained fairly stable around the $220-$280 million mark, with minor increases and decreases likely related to acquisitions or goodwill impairments. There was a moderate decline from $284 million in November 2021 to approximately $240 million toward the end of the periods, suggesting some write-offs.

Deferred income taxes and other assets

There was a steady increase in deferred income taxes and other assets, from $2,071 million to $5,178 million, indicating growing deferred tax assets or other non-current asset recognition.

Non-current assets

Non-current assets generally increased from roughly $10,021 million to $13,217 million, reflecting investment in long-term assets and intangible property. Minor short-term declines were observed, but the overall trajectory was upward.

Total assets

Total assets showed strong growth from $26,249 million in August 2019 to a peak above $41,000 million during 2022, before a gradual decline to around $36,579 million by August 2025. This pattern suggests a phase of asset accumulation followed by rationalization or asset sales.

In summary, total and current assets experienced notable growth through 2022, supported by substantial increases in cash, investments, and inventories, indicating possibly aggressive expansion or stockpiling strategies. Subsequent periods show a trend toward consolidation or normalization of asset levels. Non-current assets and intangible items showed steady positions with moderate adjustments. The fluctuations in cash and receivables may reflect operational cash flow management and working capital dynamics. The lease assets' relative stability points to consistent lease obligations. Overall, the company appears to have undergone a phase of asset buildup followed by cautious retrenchment or efficiency improvements.