Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
Nike Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
The analysis of the quarterly financial data reveals several key trends in liabilities and equity components over the observed periods.
- Current Portion of Long-Term Debt
- This liability remained low and relatively stable from August 2019 through May 2020, fluctuating between 1 and 6 million US dollars. A significant increase occurred beginning February 2022, where values jumped to 500 million and later doubled to 1000 million in early 2025, indicating recent sizeable short-term debt obligations.
- Notes Payable
- Notes payable displayed considerable volatility, starting at 250 million in August 2019, sharply dropping and fluctuating between 2 and 15 million for several quarters. There was a spike to 49 million towards late 2024 before falling back to lower levels, suggesting interim financing variations.
- Accounts Payable
- Accounts payable figures showed fluctuations but generally remained substantial, ranging mostly between approximately 2000 million and 3500 million. Peaks near 3350 million were observed several times, with some quarters showing declines towards 2100–2300 million. This trend suggests varying payment cycles and supplier credit usage but no consistent directional change.
- Current Portion of Operating Lease Liabilities
- This item remained steady, mostly between 420 and 500 million across the periods, showing stable short-term lease obligations without significant spikes or declines.
- Accrued Liabilities
- Accrued liabilities increased from about 4455 million in August 2019 to a peak above 6200 million in early 2022, followed by a declining trend heading towards roughly 5000–5900 million in subsequent quarters. This pattern may indicate rising operational accruals before some moderation recently.
- Income Taxes Payable
- Income taxes payable fluctuated markedly, with lows around 156 million in mid-2020 and highs reaching over 760 million by late 2024. The trend demonstrates variability likely linked to taxable income fluctuations and tax planning activities.
- Current Liabilities
- Current liabilities showed an overall increasing trend from about 8070 million in August 2019 to a peak near 11246 million at late 2024. This growth signals expanding short-term obligations tied to operational and financial activities.
- Long-Term Debt, Excluding Current Portion
- Long-term debt remained steady near 3460 million up to early 2020, then dramatically increased to approximately 9400 million through 2021. From 2022 onward, it slightly decreased to around 7900-8900 million by mid-2024, before stabilizing near 7950-7970 million. This indicates a sizable issuance of debt in 2020, possibly for capital investments or refinancing, followed by some repayments or reclassification.
- Operating Lease Liabilities, Excluding Current Portion
- Non-current operating lease liabilities showed a minor downward trend from about 2675 million in 2019 to approximately 2550 million by mid-2025, reflecting gradual lease obligation reduction or renegotiation effects.
- Deferred Income Taxes and Other Liabilities
- This category fluctuated somewhat, generally maintaining between 2100 and 3000 million with a mild downward bias in recent quarters. It suggests relatively stable deferred tax positions and other liabilities.
- Non-Current Liabilities
- Non-current liabilities surged sharply from about 8900 million in 2019 to a peak over 15000 million in 2020-2021, then gradually decreased to nearly 12600-13000 million in late 2024 and 2025. This corresponds with the leverage changes seen in long-term debt and lease obligations.
- Total Liabilities
- Total liabilities increased markedly from around 17000 million in 2019 to over 24000 million by 2020-2021 and fluctuated thereafter near 23000-24000 million, indicating elevated overall indebtedness sustained over the analyzed years.
- Common Stock and Capital in Excess of Stated Value
- Common stock value remained constant at a nominal 3 million across all quarters. However, capital in excess of stated value displayed a continuous upward trend, growing from approximately 7300 million to over 14100 million, reflecting ongoing equity contributions, retained earnings reinvested, or other equity transactions.
- Accumulated Other Comprehensive Income (Loss)
- This equity component was volatile, with losses early on (negative values around -400 million) transitioning to positive territory near 630 million in 2022, followed by fluctuations including recent losses again. This pattern points to changing unrealized gains/losses or currency translation effects impacting comprehensive income.
- Retained Earnings (Deficit)
- Retained earnings showed significant variation: initially positive and growing up to nearly 3900 million in 2021 but then declined substantially, turning negative by 2025 at approximately -700 million. This sharp decrease could imply periods of net losses, large dividend distributions, or other equity reductions over the last quarters.
- Shareholders’ Equity
- Shareholders' equity generally increased from 9200 million in 2019 to over 15000 million in mid-2022, before declining gradually to approximately 13200 million by mid-2025. This reflects accumulated retained earnings decrease and fluctuations in other comprehensive income despite the steady inflow in capital in excess of stated value.
- Total Liabilities and Shareholders’ Equity
- The company's total financing, combining liabilities and equity, expanded from 26249 million in 2019 to a peak above 41000 million in 2022, then retraced slightly but remained elevated near 36579 million by mid-2025. This indicates significant growth in overall capital structure, consistent with increased debt and equity financing trends noticed.
In summary, the data exhibit a pattern of expanding liabilities, particularly in long-term debt and current liabilities, combined with evolving equity components marked by an increase in capital contributions but a notable downturn in retained earnings in recent quarters. The rise and subsequent normalization of lease liabilities and fluctuations in income taxes payable further illustrate dynamic financial management amidst varying operating conditions. These trends collectively suggest active leveraging and capital restructuring efforts with implications for future financial flexibility and risk.