Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Nike Inc., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Aug 31, 2025	May 31, 2025	Feb 28, 2025	Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019
Net income	727)	211)	794)	1,163)	1,051)	1,500)	1,172)	1,578)	1,450)	1,031)	1,240)	1,331)	1,468)	1,439)	1,396)	1,337)	1,874)	1,509)	1,449)	1,251)	1,518)	(790)	847)	1,115)	1,367)
Depreciation and amortization	190)	199)	198)	190)	188)	207)	207)	191)	191)	187)	174)	173)	169)	179)	180)	181)	177)	201)	182)	185)	176)	208)	170)	174)	169)
Deferred income taxes	(25)	16)	(116)	(135)	(53)	(216)	(137)	(76)	(68)	99)	(66)	(107)	(43)	(416)	(12)	(77)	(145)	(94)	(114)	43)	(220)	(8)	(238)	(92)	(42)
Stock-based compensation	185)	165)	169)	192)	183)	186)	216)	206)	196)	199)	192)	194)	170)	171)	161)	170)	136)	144)	142)	189)	136)	126)	113)	110)	80)
Impairment and other	8)	(2)	44)	(5)	(4)	(3)	63)	(7)	(5)	49)	(30)	146)	(9)	117)	3)	12)	(9)	20)	(70)	62)	41)	15)	364)	13)	6)
Net foreign currency adjustments	34)	13)	(30)	61)	(7)	(57)	(38)	(36)	(7)	(16)	(72)	(141)	16)	(29)	(45)	5)	43)	(8)	(32)	(53)	(45)	72)	(55)	(43)	49)
(Increase) decrease in accounts receivable	(215)	(93)	779)	(631)	(312)	100)	220)	(28)	(621)	380)	987)	(463)	(415)	(970)	(77)	507)	36)	(769)	84)	69)	(990)	1,714)	93)	(112)	(456)
(Increase) decrease in inventories	(610)	219)	448)	132)	(679)	210)	205)	756)	(263)	394)	421)	415)	(1,363)	(804)	(1,140)	167)	101)	(167)	(647)	632)	689)	(1,399)	153)	(338)	(270)
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets	(165)	11)	(375)	405)	(265)	82)	52)	(169)	(225)	(371)	(34)	(111)	(128)	(206)	(195)	(202)	(242)	224)	(243)	175)	(338)	(160)	(427)	(105)	38)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities	93)	(276)	(119)	(323)	292)	610)	99)	402)	(714)	301)	(582)	(436)	492)	1,670)	(102)	657)	(860)	952)	539)	(80)	(85)	221)	160)	190)	(547)
Changes in certain working capital components and other assets and liabilities	(897)	(139)	733)	(417)	(964)	1,002)	576)	961)	(1,823)	704)	792)	(595)	(1,414)	(310)	(1,514)	1,129)	(965)	240)	(267)	796)	(724)	376)	(21)	(365)	(1,235)
Adjustments to reconcile net income to net cash provided (used) by operations	(505)	252)	998)	(114)	(657)	1,119)	887)	1,239)	(1,516)	1,222)	990)	(330)	(1,111)	(288)	(1,227)	1,420)	(763)	503)	(159)	1,222)	(636)	789)	333)	(203)	(973)
Cash provided (used) by operations	222)	463)	1,792)	1,049)	394)	2,619)	2,059)	2,817)	(66)	2,253)	2,230)	1,001)	357)	1,151)	169)	2,757)	1,111)	2,012)	1,290)	2,473)	882)	(1)	1,180)	912)	394)
Purchases of short-term investments	(355)	(570)	(580)	(1,116)	(968)	(1,430)	(1,131)	(1,062)	(1,144)	(1,215)	(1,344)	(1,031)	(2,469)	(3,684)	(2,530)	(4,149)	(2,550)	(2,520)	(2,936)	(3,104)	(1,401)	(651)	(618)	(653)	(504)
Maturities of short-term investments	209)	61)	61)	53)	144)	233)	559)	699)	778)	886)	519)	519)	1,432)	3,047)	1,261)	1,795)	2,096)	2,033)	1,401)	500)	302)	54)	1)	3)	16)
Sales of short-term investments	294)	623)	553)	1,108)	778)	1,126)	1,021)	1,034)	1,038)	1,035)	1,177)	1,024)	948)	1,046)	889)	995)	1,037)	861)	674)	530)	384)	615)	783)	448)	533)
Additions to property, plant and equipment	(207)	(100)	(81)	(129)	(120)	(213)	(141)	(205)	(253)	(269)	(200)	(236)	(264)	(242)	(154)	(178)	(184)	(174)	(177)	(168)	(176)	(289)	(275)	(238)	(284)
Other investing activities	—)	—)	(2)	10)	—)	(6)	1)	(9)	(1)	(10)	8)	(85)	139)	20)	(72)	(69)	102)	(13)	(72)	254)	2)	1)	139)	—)	(109)
Cash (used) provided by investing activities	(59)	14)	(49)	(74)	(166)	(290)	309)	457)	418)	427)	160)	191)	(214)	187)	(606)	(1,606)	501)	187)	(1,110)	(1,988)	(889)	(270)	30)	(440)	(348)
Increase (decrease) in notes payable, net	(1)	1)	(45)	37)	6)	—)	—)	—)	—)	(8)	7)	(2)	(1)	11)	(9)	—)	13)	(1)	(14)	(7)	(30)	49)	(291)	50)	241)
Proceeds from borrowings, net of debt issuance costs	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	6,134)	—)	—)	—)
Repayment of borrowings	—)	(1,000)	—)	—)	—)	—)	—)	—)	—)	(500)	—)	—)	—)	—)	—)	—)	—)	(1)	(23)	(90)	(83)	(1)	(2)	(1)	(2)
Proceeds from exercise of stock options and other stock issuances	127)	151)	55)	214)	131)	190)	150)	228)	99)	238)	153)	178)	82)	192)	113)	373)	473)	203)	188)	479)	302)	207)	195)	372)	111)
Repurchase of common stock	(126)	(199)	(506)	(1,096)	(1,184)	(1,036)	(883)	(1,198)	(1,133)	(1,379)	(1,551)	(1,567)	(983)	(1,091)	(1,200)	(971)	(752)	(608)	—)	—)	—)	(202)	(944)	(922)	(999)
Dividends, common and preferred	(591)	(591)	(594)	(557)	(558)	(560)	(562)	(523)	(524)	(524)	(528)	(480)	(480)	(481)	(483)	(438)	(435)	(435)	(434)	(385)	(384)	(381)	(382)	(344)	(345)
Other financing activities	(7)	(6)	(16)	(46)	(17)	(14)	(22)	(59)	(41)	(8)	(26)	(46)	(22)	(11)	(31)	(67)	(42)	(5)	(37)	(41)	(53)	(5)	(18)	(13)	(16)
Cash provided (used) by financing activities	(598)	(1,644)	(1,106)	(1,448)	(1,622)	(1,420)	(1,317)	(1,552)	(1,599)	(2,181)	(1,945)	(1,917)	(1,404)	(1,380)	(1,610)	(1,103)	(743)	(847)	(320)	(44)	(248)	5,801)	(1,442)	(858)	(1,010)
Effect of exchange rate changes on cash and equivalents	(5)	30)	(15)	(33)	19)	(9)	(10)	19)	(16)	(13)	20)	(11)	(87)	(88)	—)	(17)	(38)	21)	21)	46)	55)	(45)	25)	10)	(56)
Net increase (decrease) in cash and equivalents	(440)	(1,137)	622)	(506)	(1,375)	900)	1,041)	1,741)	(1,263)	486)	465)	(736)	(1,348)	(130)	(2,047)	31)	831)	1,373)	(119)	487)	(200)	5,485)	(207)	(376)	(1,020)

Net Income: Net income shows considerable volatility, with a significant decline to negative territory observed during May 31, 2020, followed by a steady recovery thereafter. Notably, net income reached a peak around August 31, 2021, before trending downward again in the subsequent quarters towards mid-2025.
Depreciation and Amortization: Depreciation and amortization have remained relatively stable across most periods, with minor fluctuations. A slight upward trend is observed from 2021 to 2024.
Deferred Income Taxes: Deferred income taxes display an erratic pattern with both significant negative and positive spikes throughout the periods, indicating variable tax timing differences impacting reported earnings.
Stock-based Compensation: Stock-based compensation expenses gradually increased over time, peaking towards early 2024 before a modest reduction in later periods.
Impairment and Other Costs: There are notable spikes in impairment during February 29, 2020, and intermittent fluctuations afterwards, reflecting occasional write-downs or adjustments.
Net Foreign Currency Adjustments: Foreign currency adjustments fluctuate frequently, with no clear trend, indicating ongoing currency translation gains and losses affecting financials irregularly.
Working Capital Components: - Accounts receivable and inventories show substantial fluctuations, with significant increases and decreases at different time points, suggesting variable collection and inventory management cycles.
- Prepaid expenses and certain other assets also vary markedly, indicating changes in operational or contractual prepayments.
- Accounts payable and accrued liabilities experience high volatility, reflecting changes in payment cycles and operational liabilities.
- The overall changes in working capital components highlight irregular cash flow patterns from operations.
Cash Provided by Operations: Operational cash flow shows resilience with strong cash inflows after a severe decline in May 2020. Subsequent periods depict generally healthy operating cash generation, despite intermittent declines.
Investing Activities: Cash used in investing activities is highly variable. Large purchases of short-term investments are frequent, often offset partially by maturities and sales of these investments.
Capital expenditures remain consistent with modest variation, indicating a steady investment in property, plant, and equipment.
Other investing activities are minor by comparison with some irregularities.
Financing Activities: Financing cash flows exhibit considerable volatility with large debt borrowings executed at an isolated point during early 2020.
Repayments and stock repurchases are substantial, especially with large stock buybacks observed until 2023.
Dividend payouts are relatively stable with a slight increasing trend over the periods.
Overall, financing activities often result in net cash outflows, highlighting an aggressive capital return policy and debt management.
Exchange Rate Effects: The effect of exchange rate changes on cash and equivalents is inconsistent, resulting mostly in minor gains or losses without a discernible pattern.
Net Change in Cash and Equivalents: The net cash position fluctuates substantially, with a notable large positive change around May 2020, reflecting an isolated event inflating cash balances.
Many periods witness downward pressure on cash balances, with some quarters returning to modest increases, demonstrating an overarching theme of cash volatility.

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Nike Inc. (NYSE:NKE)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data