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, 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	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019
Net income	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)	(790)	847)	1,115)	1,367)
Depreciation and amortization	185)	179)	190)	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	(64)	(43)	(25)	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	194)	176)	185)	165)	169)	192)	183)	186)	216)	206)	196)	199)	192)	194)	170)	171)	161)	170)	136)	144)	142)	189)	136)	126)	113)	110)	80)
Impairment and other	31)	1)	8)	(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	(53)	20)	34)	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	398)	(806)	(215)	(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	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)	(1,399)	153)	(338)	(270)
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets	149)	276)	(165)	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	(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)	221)	160)	190)	(547)
Changes in certain working capital components and other assets and liabilities	(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)	376)	(21)	(365)	(1,235)
Adjustments to reconcile net income to net cash provided (used) by operations	(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)	789)	333)	(203)	(973)
Cash provided (used) by operations	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)	(1)	1,180)	912)	394)
Purchases of short-term investments	(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)	(651)	(618)	(653)	(504)
Maturities of short-term investments	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)	54)	1)	3)	16)
Sales of short-term investments	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)	615)	783)	448)	533)
Additions to property, plant and equipment	(146)	(193)	(207)	(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	(60)	(3)	—)	—)	(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	(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)	(270)	30)	(440)	(348)
Increase (decrease) in notes payable, net	—)	(3)	(1)	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	17)	107)	127)	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	—)	(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)	—)	—)	—)	(202)	(944)	(922)	(999)
Dividends, common and preferred	(609)	(598)	(591)	(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	(9)	(65)	(7)	(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	(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)	5,801)	(1,442)	(858)	(1,010)
Effect of exchange rate changes on cash and equivalents	25)	(1)	(5)	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	(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)	5,485)	(207)	(376)	(1,020)

The financial information reveals fluctuating cash flows over the analyzed period, spanning from August 2019 to November 2025. Net income demonstrates considerable volatility, experiencing a significant loss in May 2020 before recovering and peaking in August 2021. Subsequent periods show a more moderate range, with a dip in early 2024. Operating cash flow generally follows a similar pattern, though less dramatically, with a substantial positive contribution in November 2020 and a negative value in August 2023. Investing and financing activities also exhibit substantial shifts, impacting overall cash positions.

Net Income & Operational Performance: Net income began at US$1,367 million in August 2019, decreased to a loss of US$-790 million in May 2020, and then increased to US$1,874 million in August 2021. A subsequent decline is observed, reaching US$794 million in February 2023, before a partial recovery. Depreciation and amortization remained relatively stable, averaging around US$180-200 million per quarter. Stock-based compensation consistently increased over the period, reaching US$216 million by February 2024. Adjustments to reconcile net income to net cash provided by operations were substantial and varied, indicating significant non-cash items impacting cash flow.
Working Capital Dynamics: Significant fluctuations are evident in working capital components. Accounts receivable decreased substantially in several periods, notably in May 2020 and August 2021, suggesting efficient collection practices or changes in credit terms. Inventory levels also showed considerable movement, with a large decrease in May 2020 and increases in subsequent periods. Changes in accounts payable and accrued liabilities were also substantial, contributing to the overall cash flow from operations. The combined effect of these working capital changes is a significant impact on the overall cash flow from operations.
Investing Activities: Purchases of short-term investments were consistently high, often exceeding US$1 billion per quarter, particularly in late 2019 and 2020. Maturities of short-term investments partially offset these purchases. Additions to property, plant, and equipment remained relatively consistent, averaging around US$200-300 million per quarter. Overall, cash used in investing activities was substantial, indicating significant capital expenditure and investment activity.
Financing Activities: Financing activities were highly variable. A large inflow from borrowings occurred in May 2020 (US$6,134 million), likely related to securing liquidity during the pandemic. Repurchases of common stock were consistently significant, exceeding US$900 million in many quarters. Dividends paid remained relatively stable, averaging around US$400-600 million per quarter. The net effect of financing activities was often negative, reflecting substantial capital returns to shareholders.
Overall Cash Flow & Exchange Rate Effects: Net cash flow from operations was positive in most periods, although it experienced a negative value in August 2023. The net increase or decrease in cash and equivalents varied significantly, with a substantial increase in May 2020 driven by the large inflow from financing activities. The effect of exchange rate changes on cash and equivalents was generally modest, though occasionally substantial, indicating some exposure to foreign currency fluctuations. The overall trend suggests a company actively managing its cash position through a combination of operational performance, investment strategies, and financing activities.

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Nike Inc. (NYSE:NKE)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data