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.
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- Income Statement
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Nike Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 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).
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.