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:	May 31, 2026	Feb 28, 2026	Nov 30, 2025	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
Net income	1,069)	520)	792)	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)
Depreciation and amortization	193)	185)	179)	190)	199)	198)	190)	188)	207)	207)	191)	191)	187)	174)	173)	169)	179)	180)	181)	177)	201)	182)	185)	176)
Deferred income taxes	36)	(64)	(43)	(25)	16)	(116)	(135)	(53)	(216)	(137)	(76)	(68)	99)	(66)	(107)	(43)	(416)	(12)	(77)	(145)	(94)	(114)	43)	(220)
Stock-based compensation	160)	194)	176)	185)	165)	169)	192)	183)	186)	216)	206)	196)	199)	192)	194)	170)	171)	161)	170)	136)	144)	142)	189)	136)
Impairment and other	10)	31)	1)	8)	(2)	44)	(5)	(4)	(3)	63)	(7)	(5)	49)	(30)	146)	(9)	117)	3)	12)	(9)	20)	(70)	62)	41)
Net foreign currency adjustments	21)	(53)	20)	34)	13)	(30)	61)	(7)	(57)	(38)	(36)	(7)	(16)	(72)	(141)	16)	(29)	(45)	5)	43)	(8)	(32)	(53)	(45)
(Increase) decrease in accounts receivable	(584)	398)	(806)	(215)	(93)	779)	(631)	(312)	100)	220)	(28)	(621)	380)	987)	(463)	(415)	(970)	(77)	507)	36)	(769)	84)	69)	(990)
(Increase) decrease in inventories	(55)	281)	353)	(610)	219)	448)	132)	(679)	210)	205)	756)	(263)	394)	421)	415)	(1,363)	(804)	(1,140)	167)	101)	(167)	(647)	632)	689)
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets	259)	149)	276)	(165)	11)	(375)	405)	(265)	82)	52)	(169)	(225)	(371)	(34)	(111)	(128)	(206)	(195)	(202)	(242)	224)	(243)	175)	(338)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities	528)	(1,211)	(369)	93)	(276)	(119)	(323)	292)	610)	99)	402)	(714)	301)	(582)	(436)	492)	1,670)	(102)	657)	(860)	952)	539)	(80)	(85)
Changes in certain working capital components and other assets and liabilities	148)	(383)	(546)	(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)
Adjustments to reconcile net income to net cash provided (used) by operations	568)	(90)	(213)	(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)
Cash provided (used) by operations	1,637)	430)	579)	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)
Purchases of short-term investments	(427)	(253)	(281)	(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)
Maturities of short-term investments	78)	83)	186)	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)
Sales of short-term investments	277)	208)	242)	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)
Additions to property, plant and equipment	(138)	(146)	(193)	(207)	(100)	(81)	(129)	(120)	(213)	(141)	(205)	(253)	(269)	(200)	(236)	(264)	(242)	(154)	(178)	(184)	(174)	(177)	(168)	(176)
Other investing activities	(2)	(60)	(3)	—)	—)	(2)	10)	—)	(6)	1)	(9)	(1)	(10)	8)	(85)	139)	20)	(72)	(69)	102)	(13)	(72)	254)	2)
Cash (used) provided by investing activities	(212)	(168)	(49)	(59)	14)	(49)	(74)	(166)	(290)	309)	457)	418)	427)	160)	191)	(214)	187)	(606)	(1,606)	501)	187)	(1,110)	(1,988)	(889)
Repayment of borrowings	—)	—)	—)	—)	(1,000)	—)	—)	—)	—)	—)	—)	—)	(500)	—)	—)	—)	—)	—)	—)	—)	(1)	(23)	(90)	(83)
Proceeds from exercise of stock options and other stock issuances	103)	17)	107)	127)	151)	55)	214)	131)	190)	150)	228)	99)	238)	153)	178)	82)	192)	113)	373)	473)	203)	188)	479)	302)
Repurchase of common stock	—)	—)	(20)	(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)	—)	—)	—)
Dividends, common and preferred	(609)	(609)	(598)	(591)	(591)	(594)	(557)	(558)	(560)	(562)	(523)	(524)	(524)	(528)	(480)	(480)	(481)	(483)	(438)	(435)	(435)	(434)	(385)	(384)
Other financing activities	(8)	(9)	(68)	(8)	(5)	(61)	(9)	(11)	(14)	(22)	(59)	(41)	(16)	(19)	(48)	(23)	—)	(40)	(67)	(29)	(6)	(51)	(48)	(83)
Cash used by financing activities	(514)	(601)	(579)	(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)
Effect of exchange rate changes on cash and equivalents	(8)	25)	(1)	(5)	30)	(15)	(33)	19)	(9)	(10)	19)	(16)	(13)	20)	(11)	(87)	(88)	—)	(17)	(38)	21)	21)	46)	55)
Net increase (decrease) in cash and equivalents	903)	(314)	(50)	(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)

The financial trajectory over the observed period is characterized by significant volatility in operational cash flows and a strategic shift in capital allocation, particularly regarding short-term investments and shareholder returns.

Operational Performance and Cash Flow: Net income exhibited relative stability between 2020 and 2023, generally remaining above 1 billion USD per quarter. However, a notable contraction occurred in 2025, reaching a period low of 211 million USD in May 2025, before recovering to 1.069 billion USD by May 2026. Cash provided by operations has been highly erratic, with peaks exceeding 2.8 billion USD and occasional dips into negative territory, such as the -66 million USD recorded in August 2023. This volatility suggests substantial fluctuations in the timing of cash receipts and payments relative to recognized income.
Working Capital Dynamics: Working capital components show aggressive swings, particularly in inventories and accounts receivable. Inventory levels have caused significant cash outflows in several quarters, most notably in August 2022 with a negative impact of 1.363 billion USD, countered by periods of inventory liquidation that provided cash inflows. Accounts receivable have shown a similar pattern of instability, with large outflows occurring in May 2021 and May 2022, indicating periods of rapid credit extension to customers or slower collection cycles.
Investment Strategy and Capital Expenditure: A marked transition in liquidity management is evident in the handling of short-term investments. In the early portion of the analyzed period (2020-2022), the organization engaged in high-volume purchases of short-term investments, often exceeding 2 billion USD per quarter. By 2024 and 2025, these purchases decreased significantly, typically remaining below 600 million USD. Meanwhile, additions to property, plant, and equipment have remained relatively consistent, generally ranging between 130 million USD and 260 million USD per quarter, reflecting a steady commitment to maintaining physical infrastructure.
Financing and Shareholder Distributions: Financing activities have consistently resulted in net cash outflows. Dividend payments demonstrate a clear and steady upward trend, increasing from 384 million USD in August 2020 to 609 million USD by May 2026. Common stock repurchases were highly aggressive between 2021 and 2024, frequently exceeding 1 billion USD per quarter. However, a sharp reduction in buyback activity is observed starting in 2025, suggesting a pivot in capital preservation strategies during the period of decreased net income.

Overall, the data indicates a transition from a phase of aggressive growth and shareholder redistribution toward a more conservative financial posture, likely in response to the heightened volatility in net income and operating cash flows observed in the latter part of the timeline.

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Nike Inc. (NYSE:NKE)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data