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, 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	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	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	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	165)	169)	192)	183)	186)	216)	206)	196)	199)	192)	194)	170)	171)	161)	170)	136)	144)	142)	189)	136)	126)	113)	110)	80)
Amortization, impairment and other	(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	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	(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	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	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	(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	(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	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	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	(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	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	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	(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	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)	(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	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	(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)	(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	(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	(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	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	(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)

The analyzed financial data over multiple quarters exhibits varied trends across different categories, reflecting complex operational dynamics and external influences.

Net Income: Net income shows significant volatility, including a notable loss in May 2020 (-$790 million) likely related to extraordinary circumstances. Subsequent quarters demonstrate recovery with generally positive earnings, peaking at $1,874 million in August 2021, followed by fluctuations with periodic declines through February 2025, ending at a lower level of $211 million.
Depreciation: Depreciation expenses remain relatively stable, fluctuating mildly between $169 million and $208 million, indicating consistent asset usage and amortization patterns.
Deferred Income Taxes: This item fluctuates between negative and positive values with no clear directional trend, reflecting changing tax positions and timing differences in recognition of taxes payable across periods.
Stock-Based Compensation: Stock-based compensation displays a gradual upward trend, rising from $80 million to over $216 million during the timeframe, suggesting increased share-based pay initiatives or higher equity awards.
Amortization, Impairment, and Other: Figures in this category are inconsistent, featuring abrupt spikes and drops, such as a $364 million peak in February 2020 followed by negative values in subsequent quarters, implying episodic impairment charges or adjustments.
Net Foreign Currency Adjustments: These adjustments fluctuate between positive and negative amounts, indicating exposure to currency exchange rate movements impacting reported figures variably across quarters.
Working Capital Components: Changes in accounts receivable and inventories present significant swings. For example, accounts receivable changes range from large decreases (e.g., -$990 million in August 2020) to substantial increases ($987 million in February 2023). Inventory changes also vary widely, indicating periodic fluctuations in operational stock levels. Other components such as prepaid expenses and accounts payable likewise demonstrate volatile movements, reflective of shifting liquidity and operational cycles.
Net Cash Provided by Operations: Operating cash flow exhibits a generally strong profile overall, recovering from negative values (-$1 million in May 2020) to peak near $2,757 million in August 2021. Post-2021, cash from operations remains robust but fluctuates, confirming effective cash generation despite income volatility.
Investing Activities: Cash used in investing activities predominantly reflects consistent outflows for capital expenditures and short-term investments, offset partially by maturities and sales of such investments. Additions to property, plant, and equipment remain steady, averaging near $200 million each quarter, reflecting ongoing investment in fixed assets. The net investing cash flow fluctuates between negative and modest positive values, indicating occasional disposal or inflow episodes.
Financing Activities: Financing cash flows are characterized by substantial and variable outflows primarily due to stock repurchases (with large peaks, e.g., -$1,567 million) and dividend payments, which remain consistently in the $340 million to $590 million range, reflecting ongoing shareholder returns. Borrowing and repayment activities show limited sporadic movement, indicating relatively stable debt management. Occasional large positive financing cash flows (e.g., May 2020) correspond to debt issuances.
Cash and Equivalents: Net changes in cash and equivalents mirror the interaction of operating, investing, and financing cash flows. Notably, cash levels surged during May 2020, coinciding with large financing inflows, followed by periods of decline and recovery. Exchange rate effects on cash are present but relatively minor in magnitude.

In summary, the data reveals a company navigating significant market volatility, with episodic income disruptions followed by recovery phases. Cash flow from operations remains a key strength, supporting investment and shareholder return activities despite variable net income results. Working capital components exhibit considerable swings, suggesting active management responsive to changing operational demands. The company maintains steady capital expenditures and consistent returns to shareholders, balanced against cautious debt activity and investments in short-term instruments.

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Nike Inc. (NYSE:NKE)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data