Name: Nike Inc. (NYSE:NKE) | Cash Flow Statement (Quarterly)
Creator: Stock Analysis on Net

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

US$ in millions

3 months ended:	Aug 31, 2026	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	712)	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)	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	(67)	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	158)	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	9)	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	(24)	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	695)	(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	(312)	(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	(10)	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	(1,219)	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	(846)	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	(577)	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	135)	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	(407)	(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	36)	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	378)	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	(199)	(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	(192)	(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	(610)	(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)	(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	(618)	(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	15)	(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	(660)	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 of the entity is characterized by significant volatility in operational cash flows and a strategic shift in capital allocation priorities over the observed period. While net income remained relatively stable between 2020 and 2023, a marked decline and increased fluctuation are evident starting in 2024, reaching a periodic low in May 2025 before experiencing a partial recovery.

Operating Cash Flow Dynamics: Cash provided by operations exhibits extreme quarterly variance, often decoupling from net income due to substantial swings in working capital. The most significant volatility is observed in inventories and accounts receivable, where large outflows in certain quarters are offset by significant inflows in others, suggesting cyclical inventory management or aggressive working capital adjustments. A notable anomaly occurred in August 2023, where operational cash flow turned negative despite positive net income, driven by a significant decrease in changes to working capital components.
Investing Activities and Capital Expenditure: Investment activity is dominated by the management of short-term investments, with heavy purchasing phases in the earlier years followed by a gradual reduction in the volume of new short-term investment acquisitions. Capital expenditures for property, plant, and equipment have remained relatively consistent, generally ranging between 100 million and 270 million US dollars per quarter, indicating a steady commitment to maintaining and expanding the physical asset base regardless of fluctuations in net income.
Financing Strategy and Shareholder Returns: Financing activities are characterized by consistent outflows dedicated to shareholder returns. Dividend payments have shown a steady upward trend, increasing from approximately 380 million US dollars per quarter in 2020 to over 600 million US dollars by 2026. Share repurchases were highly aggressive between May 2021 and August 2024, frequently exceeding 1 billion US dollars per quarter. However, a distinct pivot is observed starting in November 2024, with repurchase activity declining sharply and eventually ceasing in the final quarters of the period.
Liquidity and Net Cash Position: The net change in cash and equivalents is highly erratic, reflecting the interplay between volatile operating cash flows and aggressive financing outflows. The period is marked by alternating quarters of significant cash accumulation and substantial depletion. The reduction in share repurchases in the latter part of the timeline appears to coincide with a period of lower net income, suggesting a strategic adjustment to preserve liquidity as operational profitability weakened.

Overall, the analysis indicates a transition from a phase of aggressive capital return and high liquidity management to a more conservative posture. The widening gap between net income and operational cash flow, combined with the tapering of stock buybacks, suggests an increased focus on liquidity preservation in response to fluctuating earnings performance.

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Nike Inc. (NYSE:NKE)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data