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:	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	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018
Net income	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)	989)	1,101)	847)	1,092)
Depreciation	198)	190)	188)	207)	207)	191)	191)	187)	174)	173)	169)	179)	180)	181)	177)	201)	182)	185)	176)	208)	170)	174)	169)	178)	178)	171)	178)
Deferred income taxes	(116)	(135)	(53)	(216)	(137)	(76)	(68)	99)	(66)	(107)	(43)	(416)	(12)	(77)	(145)	(94)	(114)	43)	(220)	(8)	(238)	(92)	(42)	(33)	56)	(7)	18)
Stock-based compensation	169)	192)	183)	186)	216)	206)	196)	199)	192)	194)	170)	171)	161)	170)	136)	144)	142)	189)	136)	126)	113)	110)	80)	99)	93)	92)	41)
Amortization, impairment and other	44)	(5)	(4)	(3)	63)	(7)	(5)	49)	(30)	146)	(9)	117)	3)	12)	(9)	20)	(70)	62)	41)	15)	364)	13)	6)	6)	(1)	7)	3)
Net foreign currency adjustments	(30)	61)	(7)	(57)	(38)	(36)	(7)	(16)	(72)	(141)	16)	(29)	(45)	5)	43)	(8)	(32)	(53)	(45)	72)	(55)	(43)	49)	15)	8)	44)	166)
(Increase) decrease in accounts receivable	779)	(631)	(312)	100)	220)	(28)	(621)	380)	987)	(463)	(415)	(970)	(77)	507)	36)	(769)	84)	69)	(990)	1,714)	93)	(112)	(456)	190)	(136)	(30)	(294)
(Increase) decrease in inventories	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)	(264)	37)	(238)	(25)
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets	(375)	405)	(265)	82)	52)	(169)	(225)	(371)	(34)	(111)	(128)	(206)	(195)	(202)	(242)	224)	(243)	175)	(338)	(160)	(427)	(105)	38)	(36)	(43)	(41)	(83)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities	(119)	(323)	292)	610)	99)	402)	(714)	301)	(582)	(436)	492)	1,670)	(102)	657)	(860)	952)	539)	(80)	(85)	221)	160)	190)	(547)	866)	(225)	679)	205)
Changes in certain working capital components and other assets and liabilities	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)	756)	(367)	370)	(197)
Adjustments to reconcile net income to net cash provided (used) by operations	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)	1,021)	(33)	677)	209)
Cash provided (used) by operations	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)	2,010)	1,068)	1,524)	1,301)
Purchases of short-term investments	(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)	(553)	(613)	(791)	(980)
Maturities of short-term investments	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)	102)	432)	781)	400)
Sales of short-term investments	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)	581)	520)	385)	586)
Additions to property, plant and equipment	(81)	(129)	(120)	(213)	(141)	(205)	(253)	(269)	(200)	(236)	(264)	(242)	(154)	(178)	(184)	(174)	(177)	(168)	(176)	(289)	(275)	(238)	(284)	(273)	(216)	(287)	(343)
Other investing activities	(2)	10)	—)	(6)	1)	(9)	(1)	(10)	8)	(85)	139)	20)	(72)	(69)	102)	(13)	(72)	254)	2)	1)	139)	—)	(109)	—)	1)	—)	4)
Cash (used) provided by investing activities	(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)	(143)	124)	88)	(333)
Increase (decrease) in notes payable, net	(45)	37)	6)	—)	—)	—)	—)	(8)	7)	(2)	(1)	11)	(9)	—)	13)	(1)	(14)	(7)	(30)	49)	(291)	50)	241)	(5)	7)	(6)	(321)
Proceeds from borrowings, net of debt issuance costs	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	6,134)	—)	—)	—)	—)	—)	—)	—)
Repayment of borrowings	—)	—)	—)	—)	—)	—)	—)	(500)	—)	—)	—)	—)	—)	—)	—)	(1)	(23)	(90)	(83)	(1)	(2)	(1)	(2)	(1)	(2)	(2)	(1)
Proceeds from exercise of stock options and other stock issuances	55)	214)	131)	190)	150)	228)	99)	238)	153)	178)	82)	192)	113)	373)	473)	203)	188)	479)	302)	207)	195)	372)	111)	213)	147)	153)	187)
Repurchase of common stock	(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)	(881)	(768)	(1,277)	(1,360)
Dividends, common and preferred	(594)	(557)	(558)	(560)	(562)	(523)	(524)	(524)	(528)	(480)	(480)	(481)	(483)	(438)	(435)	(435)	(434)	(385)	(384)	(381)	(382)	(344)	(345)	(346)	(348)	(318)	(320)
Other financing activities	(16)	(46)	(17)	(14)	(22)	(59)	(41)	(8)	(26)	(46)	(22)	(11)	(31)	(67)	(42)	(5)	(37)	(41)	(53)	(5)	(18)	(13)	(16)	(6)	(13)	(8)	(17)
Cash provided (used) by financing activities	(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)	(1,026)	(977)	(1,458)	(1,832)
Effect of exchange rate changes on cash and equivalents	(15)	(33)	19)	(9)	(10)	19)	(16)	(13)	20)	(11)	(87)	(88)	—)	(17)	(38)	21)	21)	46)	55)	(45)	25)	10)	(56)	(70)	57)	(13)	(103)
Net increase (decrease) in cash and equivalents	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)	771)	272)	141)	(967)

The analyzed financial data exhibits several key trends and fluctuations across multiple quarters.

Net Income: Net income demonstrates variability, with periods of growth interspersed with declines. Notably, there is a sharp negative value in May 2020, likely reflecting extraordinary circumstances. Post that event, net income recovers and peaks around August 2021, followed by a general downward trend towards early 2025.
Depreciation: Depreciation expenses remain relatively stable throughout the period, generally fluctuating between US$170 million and US$200 million, indicating consistent investment in fixed assets and related charges.
Deferred Income Taxes: Deferred taxes show significant volatility, alternating between positive and negative values, with particularly large negative spikes in May 2022 and subsequent periods, suggesting changes in tax liabilities or accounting adjustments.
Stock-Based Compensation: Stock-based compensation shows a steady increasing trend, rising from US$41 million in August 2018 to near US$200 million in the later periods, which may reflect increased employee incentives or equity-based pay programs.
Amortization, Impairment and Other: This category is inconsistent, with occasional significant spikes (such as in February 2020) and some negative values, indicating episodic charges or reversals, possibly related to asset impairments or write-offs.
Net Foreign Currency Adjustments: Foreign currency adjustments fluctuate notably, with both favorable and unfavorable impacts. Following positive adjustments in earlier periods, there is a trend toward negative adjustments in parts of 2022 and 2023, which could reflect currency exchange rate pressures.
Working Capital Components: Accounts receivable and inventories exhibit marked swings, including sizeable increases and decreases, indicating shifting operational conditions or inventory management strategies. For example, accounts receivable rose significantly in May 2020, corresponding to a large positive cash flow in operations.
Cash Provided (Used) by Operations: Operating cash flow generally displays strong positive amounts, with a substantial dip into negative territory in May 2020. It recovered in subsequent quarters, showing peaks in late 2020 and 2021. The fluctuations in working capital components contribute significantly to these changes.
Investing Activities: Cash used in investing activities varies, with some quarters showing large outflows. Purchases of short-term investments peak in late 2020 and early 2021, while maturities and sales of these investments show corresponding inflows, indicating active portfolio management. Additions to property, plant, and equipment remain relatively steady, with slight downward trend over time.
Financing Activities: Financing cash flows reveal considerable variability. Noteworthy is the large inflow from borrowings in May 2020, likely linked to external financing during that quarter. Repurchase of common stock is consistently significant, indicating ongoing capital return to shareholders. Dividends remain fairly steady, signaling a stable payout policy despite operational fluctuations.
Net Cash Position: Net increases or decreases in cash and equivalents reflect the combined effect of all activities. The data reveals large positive increases around May 2020, followed by periods of both accumulation and reduction in cash reserves, consistent with operational challenges and corresponding liquidity management.

Download chart

Nike Inc. (NYSE:NKE)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data