Balance Sheet: Liabilities and Stockholders’ Equity

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

US$ in millions

	May 31, 2025	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020
Current portion of long-term debt	—)	1,000)	—)	500)	—)	3)
Notes payable	5)	6)	6)	10)	2)	248)
Accounts payable	3,479)	2,851)	2,862)	3,358)	2,836)	2,248)
Current portion of operating lease liabilities	502)	477)	425)	420)	467)	445)
Sales-related reserves	1,834)	1,282)	994)	1,015)	1,077)	1,178)
Compensation and benefits, excluding taxes	1,245)	1,291)	1,737)	1,297)	1,472)	1,248)
Dividends payable	598)	563)	529)	485)	—)	—)
Endorsement compensation	481)	578)	552)	496)	—)	—)
Allowance for expected loss on sale	—)	—)	—)	397)	358)	405)
Other	1,753)	2,011)	1,911)	2,530)	3,156)	2,353)
Accrued liabilities	5,911)	5,725)	5,723)	6,220)	6,063)	5,184)
Income taxes payable	669)	534)	240)	222)	306)	156)
Current liabilities	10,566)	10,593)	9,256)	10,730)	9,674)	8,284)
Long-term debt, excluding current portion	7,961)	7,903)	8,927)	8,920)	9,413)	9,406)
Operating lease liabilities, excluding current portion	2,550)	2,566)	2,786)	2,777)	2,931)	2,913)
Deferred income taxes and other liabilities	2,289)	2,618)	2,558)	2,613)	2,955)	2,684)
Non-current liabilities	12,800)	13,087)	14,271)	14,310)	15,299)	15,003)
Total liabilities	23,366)	23,680)	23,527)	25,040)	24,973)	23,287)
Redeemable preferred stock	—)	—)	—)	—)	—)	—)
Common stock at stated value	3)	3)	3)	3)	3)	3)
Capital in excess of stated value	14,195)	13,409)	12,412)	11,484)	9,965)	8,299)
Accumulated other comprehensive income (loss)	(258)	53)	231)	318)	(380)	(56)
Retained earnings (deficit)	(727)	965)	1,358)	3,476)	3,179)	(191)
Shareholders’ equity	13,213)	14,430)	14,004)	15,281)	12,767)	8,055)
Total liabilities and shareholders’ equity	36,579)	38,110)	37,531)	40,321)	37,740)	31,342)

Based on: 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), 10-K (reporting date: 2020-05-31).

Current Liabilities: The current portion of long-term debt exhibits considerable volatility, with values reported at 3 million USD in 2020, surging to 500 million USD in 2022, increasing further to 1,000 million USD in 2024, and missing for some years. Notes payable remain relatively stable and low, decreasing slightly from 248 million USD in 2020 to 5 million USD in 2025. Accounts payable increase overall, rising from 2,248 million USD in 2020 to 3,479 million USD in 2025, with intermediate fluctuations. Current portion of operating lease liabilities shows a gradual increase from 445 million USD in 2020 to 502 million USD in 2025. Sales-related reserves decrease from 1,178 million USD in 2020 to a low of 994 million USD in 2023 before rising sharply to 1,834 million USD in 2025. Compensation and benefits costs fluctuate, peaking at 1,737 million USD in 2023, then declining to 1,245 million USD in 2025. Dividends payable start appearing from 2022 at 485 million USD and increase steadily to 598 million USD in 2025. Endorsement compensation, reported starting 2022, peaks in 2024 at 578 million USD before declining in 2025.
Other Current Liabilities: Allowance for expected loss on sale fluctuates between 358 and 405 million USD but is missing for later years. The "Other" liabilities category decreases considerably from 3,156 million USD in 2021 to 1,753 million USD in 2025. Accrued liabilities rise from 5,184 million USD in 2020, peaking at 6,220 million USD in 2022, and then decrease slightly, ending around 5,911 million USD in 2025. Income taxes payable exhibit a marked increase from 156 million USD in 2020 to 669 million USD in 2025. Overall, current liabilities increase from 8,284 million USD in 2020 to a peak of 10,730 million USD in 2022, then fluctuate downwards slightly to around 10,566 million USD in 2025.
Non-Current Liabilities: Long-term debt, excluding the current portion, remains relatively stable but shows a declining trend from 9,406 million USD in 2020 to 7,961 million USD in 2025. Operating lease liabilities excluding the current portion decrease gradually from 2,913 million USD in 2020 to 2,550 million USD in 2025. Deferred income taxes and other liabilities fluctuate but generally decline from 2,684 million USD in 2020 to 2,289 million USD in 2025. Non-current liabilities show a general decline from 15,003 million USD in 2020 to 12,800 million USD in 2025.
Total Liabilities: Total liabilities peak at 25,040 million USD in 2022 before declining to 23,366 million USD in 2025. The combined trend indicates a peak in obligations followed by a modest reduction, reflecting possible debt repayments or reclassifications.
Shareholders’ Equity: Common stock at stated value remains constant at 3 million USD throughout the period. Capital in excess of stated value steadily increases from 8,299 million USD in 2020 to 14,195 million USD in 2025, indicating ongoing equity injections or retained earnings reinvestment. Accumulated other comprehensive income (loss) fluctuates between -380 million USD in 2021 and a positive 318 million USD in 2022, ending with a negative balance of -258 million USD in 2025, suggesting volatility in unrealized gains or losses. Retained earnings show a positive trend initially, rising from a deficit of 191 million USD in 2020 to a peak of 3,476 million USD in 2022, followed by a decline to a negative 727 million USD by 2025, indicating recent losses or dividend payouts exceeding earnings. Shareholders’ equity increases from 8,055 million USD in 2020 to a peak of 15,281 million USD in 2022 and then declines to 13,213 million USD in 2025.
Total Liabilities and Shareholders’ Equity: The total of liabilities and shareholders’ equity displays a growth from 31,342 million USD in 2020 to a peak of 40,321 million USD in 2022, followed by a decrease to 36,579 million USD in 2025. This movement reflects fluctuating financing structures and equity balances over the period.
Summary of Key Trends: The data show a peak in liabilities and equity around 2022, followed by a reduction in both categories through 2025. Current liabilities demonstrate moderate volatility, with some sharp changes in long-term debt portions. Liability management seems focused on reducing long-term debt and lease obligations. Equity growth until 2022 aligns with rising capital excess and retained earnings, but the decline after suggests recent financial challenges or distributions. Overall, the financial position indicates a period of expansion leading to a stabilization or cautious contraction in more recent years.

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Nike Inc. (NYSE:NKE)

Balance Sheet: Liabilities and Stockholders’ Equity