NIKE (NKE) Financials

$74.28 -1.20 (-1.59%)

Closing price 08/7/2025 03:59 PM Eastern

Extended Trading

$74.33 +0.05 (+0.06%)

As of 08:42 AM Eastern

Annual Income Statements for NIKE

This table shows NIKE's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	5/31/2015	5/31/2016	5/31/2017	5/31/2018	5/31/2019	5/31/2020	5/31/2021	5/31/2022	5/31/2023	5/31/2024	5/31/2025
Net Income / (Loss) Attributable to Common Shareholders	3,273	3,760	4,240	1,933	4,029	2,539	5,727	6,046	5,070	5,700	3,219
Consolidated Net Income / (Loss)	3,273	3,760	4,240	1,933	4,029	2,539	5,727	6,046	5,070	5,700	3,219
Net Income / (Loss) Continuing Operations	3,273	3,760	4,240	1,933	4,029	2,539	5,727	6,046	5,070	5,700	3,219
Total Pre-Tax Income	4,205	4,623	4,886	4,325	4,801	2,887	6,661	6,651	6,201	6,700	3,885
Total Operating Income	4,175	4,502	4,749	4,445	4,772	3,115	6,937	6,675	5,915	6,311	3,702
Total Gross Profit	14,067	14,971	15,312	15,956	17,474	16,241	19,962	21,479	22,292	22,887	19,790
Total Revenue	30,601	32,376	34,350	36,397	39,117	37,403	44,538	46,710	51,217	51,362	46,309
Operating Revenue	30,601	32,376	34,350	36,397	39,117	37,403	44,538	46,710	51,217	51,362	46,309
Total Cost of Revenue	16,534	17,405	19,038	20,441	21,643	21,162	24,576	25,231	28,925	28,475	26,519
Operating Cost of Revenue	16,534	17,405	19,038	20,441	21,643	21,162	24,576	25,231	28,925	28,475	26,519
Total Operating Expenses	9,892	10,469	10,563	11,511	12,702	13,126	13,025	14,804	16,377	16,576	16,088
Selling, General & Admin Expense	6,679	7,191	7,222	7,934	8,949	9,534	9,911	10,954	12,317	12,291	11,399
Marketing Expense	3,213	3,278	3,341	3,577	3,753	3,592	3,114	3,850	4,060	4,285	4,689
Total Other Income / (Expense), net	30	121	137	-120	29	-228	-276	-24	286	389	183
Interest & Investment Income	-28	-19	-59	-54	-49	-89	-262	-205	6.00	161	107
Other Income / (Expense), net	58	140	196	-66	78	-139	-14	181	280	228	76
Income Tax Expense	932	863	646	2,392	772	348	934	605	1,131	1,000	666
Basic Earnings per Share	$1.90	$2.21	$2.56	$1.19	$2.55	$1.63	$3.64	$3.83	$3.27	$3.76	$2.17
Weighted Average Basic Shares Outstanding	1.72B	1.70B	1.66B	1.62B	1.58B	1.56B	1.57B	1.58B	1.55B	1.52B	1.48B
Diluted Earnings per Share	$1.85	$2.16	$2.51	$1.17	$2.49	$1.60	$3.56	$3.75	$3.23	$3.73	$2.16
Weighted Average Diluted Shares Outstanding	1.72B	1.70B	1.69B	1.66B	1.62B	1.59B	1.61B	1.61B	1.57B	1.53B	1.49B
Weighted Average Basic & Diluted Shares Outstanding	1.72B	1.70B	1.66B	1.62B	1.58B	1.56B	1.58B	1.57B	1.53B	1.50B	1.48B
Cash Dividends to Common per Share	$0.54	$0.62	$0.70	$0.78	$0.86	$0.96	$1.07	$1.19	$1.33	$1.45	$1.57

This table shows NIKE's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	11/30/2022	2/28/2023	5/31/2023	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025
Net Income / (Loss) Attributable to Common Shareholders	1,331	1,240	1,031	1,450	1,578	1,172	1,500	1,051	1,163	794	211
Consolidated Net Income / (Loss)	1,331	1,240	1,031	1,450	1,578	1,172	1,500	1,051	1,163	794	211
Net Income / (Loss) Continuing Operations	1,331	1,240	1,031	1,450	1,578	1,172	1,500	1,051	1,163	794	211
Total Pre-Tax Income	1,650	1,477	1,246	1,648	1,922	1,404	1,726	1,307	1,416	844	318
Total Operating Income	1,587	1,412	1,221	1,604	1,825	1,336	1,546	1,209	1,384	788	321
Total Gross Profit	5,711	5,371	5,595	5,720	5,971	5,562	5,634	5,257	5,389	4,675	4,469
Total Revenue	13,315	12,390	12,825	12,939	13,388	12,429	12,606	11,589	12,354	11,269	11,097
Operating Revenue	13,315	12,390	12,825	12,939	13,388	12,429	12,606	11,589	12,354	11,269	11,097
Total Cost of Revenue	7,604	7,019	7,230	7,219	7,417	6,867	6,972	6,332	6,965	6,594	6,628
Operating Cost of Revenue	7,604	7,019	7,230	7,219	7,417	6,867	6,972	6,332	6,965	6,594	6,628
Total Operating Expenses	4,124	3,959	4,374	4,116	4,146	4,226	4,088	4,048	4,005	3,887	4,148
Selling, General & Admin Expense	3,022	3,036	3,282	3,047	3,032	3,215	2,997	2,822	2,883	2,799	2,895
Marketing Expense	1,102	923	1,092	1,069	1,114	1,011	1,091	1,226	1,122	1,088	1,253
Total Other Income / (Expense), net	63	65	25	44	97	68	180	98	32	56	-3.00
Interest & Investment Income	-16	7.00	28	34	22	52	53	43	24	18	22
Other Income / (Expense), net	79	58	-3.00	10	75	16	127	55	8.00	38	-25
Income Tax Expense	319	237	215	198	344	232	226	256	253	50	107
Basic Earnings per Share	$0.85	$0.80	$0.68	$0.95	$1.04	$0.77	$1.00	$0.70	$0.78	$0.54	$0.15
Weighted Average Basic Shares Outstanding	1.56B	1.54B	1.55B	1.53B	1.52B	1.51B	1.52B	1.50B	1.49B	1.48B	1.48B
Diluted Earnings per Share	$0.85	$0.79	$0.66	$0.94	$1.03	$0.77	$0.99	$0.70	$0.78	$0.54	$0.14
Weighted Average Diluted Shares Outstanding	1.57B	1.56B	1.57B	1.54B	1.53B	1.53B	1.53B	1.50B	1.49B	1.48B	1.49B
Weighted Average Basic & Diluted Shares Outstanding	1.55B	1.54B	1.53B	1.52B	1.52B	1.51B	1.50B	1.49B	1.48B	1.48B	1.48B

This table details how cash moves in and out of NIKE's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	5/31/2015	5/31/2016	5/31/2017	5/31/2018	5/31/2019	5/31/2020	5/31/2021	5/31/2022	5/31/2023	5/31/2024	5/31/2025
Net Change in Cash & Equivalents	1,632	-714	670	441	217	3,882	1,541	-1,315	-1,133	2,419	-2,396
Net Cash From Operating Activities	4,680	3,399	3,846	4,955	5,903	2,485	6,657	5,188	5,841	7,429	3,698
Net Cash From Continuing Operating Activities	4,680	3,399	3,846	4,955	5,903	2,485	6,657	5,188	5,841	7,429	3,698
Net Income / (Loss) Continuing Operations	3,273	3,760	4,240	1,933	4,029	2,539	5,727	6,046	5,070	5,700	3,219
Consolidated Net Income / (Loss)	3,273	3,760	4,240	1,933	4,029	2,539	5,727	6,046	5,070	5,700	3,219
Depreciation Expense	606	649	706	747	705	721	744	717	703	796	775
Non-Cash Adjustments To Reconcile Net Income	615	334	98	119	558	452	473	612	698	714	779
Changes in Operating Assets and Liabilities, net	143	-1,357	-1,208	2,129	596	-1,625	-340	-2,310	-630	219	-1,075
Net Cash From Investing Activities	-175	-1,034	-1,008	276	-264	-1,028	-3,800	-1,524	564	894	-275
Net Cash From Continuing Investing Activities	-175	-1,034	-1,008	276	-264	-1,028	-3,800	-1,524	564	894	-275
Purchase of Property, Plant & Equipment	-963	-1,143	-1,105	-1,028	-1,119	-1,086	-695	-758	-969	-812	-430
Purchase of Investments	-5,086	-5,217	-5,928	-4,783	-2,937	-2,426	-9,961	-12,913	-6,059	-4,767	-3,234
Sale and/or Maturity of Investments	5,871	5,310	6,046	6,109	3,787	2,453	6,685	12,166	7,540	6,488	3,381
Other Investing Activities, net	0.00	6.00	-34	-22	5.00	31	171	-19	52	-15	8.00
Net Cash From Financing Activities	-2,790	-2,974	-2,148	-4,835	-5,293	2,491	-1,459	-4,836	-7,447	-5,888	-5,820
Net Cash From Continuing Financing Activities	-2,790	-2,974	-2,148	-4,835	-5,293	2,491	-1,459	-4,836	-7,447	-5,888	-5,820
Repayment of Debt	-89	-180	-61	-84	-375	-58	-333	-151	-602	-136	-1,085
Repurchase of Common Equity	-2,534	-3,238	-3,223	-4,254	-4,286	-3,067	-608	-4,014	-5,480	-4,250	-2,985
Payment of Dividends	-899	-1,022	-1,133	-1,243	-1,332	-1,452	-1,638	-1,837	-2,012	-2,169	-2,300
Issuance of Debt	0.00	981	1,809	13	0.00	6,183	-52	15	-4.00	0.00	-1.00
Issuance of Common Equity	514	507	489	733	700	885	1,172	1,151	651	667	551
Other Net Changes in Cash	-	-	-	-	-	-66	143	-143	-91	-16	1.00
Cash Interest Paid	53	70	98	125	153	140	293	290	347	381	389
Cash Income Taxes Paid	1,262	748	703	529	757	1,028	1,177	1,231	1,517	1,299	1,226

This table details how cash moves in and out of NIKE's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	11/30/2022	2/28/2023	5/31/2023	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025
Net Change in Cash & Equivalents	-736	465	486	-1,263	1,741	1,041	900	-1,375	-506	622	-1,137
Net Cash From Operating Activities	1,001	2,230	2,253	-66	2,817	2,059	2,619	394	1,049	1,792	463
Net Cash From Continuing Operating Activities	1,001	2,230	2,253	-66	2,817	2,059	2,619	394	1,049	1,792	463
Net Income / (Loss) Continuing Operations	1,331	1,240	1,031	1,450	1,578	1,172	1,500	1,051	1,163	794	211
Consolidated Net Income / (Loss)	1,331	1,240	1,031	1,450	1,578	1,172	1,500	1,051	1,163	794	211
Depreciation Expense	173	174	187	191	191	207	207	188	190	198	199
Non-Cash Adjustments To Reconcile Net Income	53	120	183	189	170	178	129	176	253	139	211
Changes in Operating Assets and Liabilities, net	-702	726	803	-1,891	885	439	786	-1,017	-552	617	-123
Net Cash From Investing Activities	191	160	427	418	457	309	-290	-166	-74	-49	14
Net Cash From Continuing Investing Activities	191	160	427	418	457	309	-290	-166	-74	-49	14
Purchase of Property, Plant & Equipment	-236	-200	-269	-253	-205	-141	-213	-120	-129	-81	-100
Purchase of Investments	-1,031	-1,344	-1,215	-1,144	-1,062	-1,131	-1,430	-968	-1,116	-580	-570
Sale and/or Maturity of Investments	1,543	1,696	1,921	1,816	1,733	1,580	1,359	922	1,161	614	684
Net Cash From Financing Activities	-1,917	-1,945	-2,181	-1,599	-1,552	-1,317	-1,420	-1,622	-1,448	-1,106	-1,644
Net Cash From Continuing Financing Activities	-1,917	-1,945	-2,181	-1,599	-1,552	-1,317	-1,420	-1,622	-1,448	-1,106	-1,644
Repayment of Debt	-46	-26	-508	-41	-59	-22	-14	-17	-46	-16	-1,006
Repurchase of Common Equity	-1,567	-1,551	-1,379	-1,133	-1,198	-883	-1,036	-1,184	-1,096	-506	-199
Payment of Dividends	-480	-528	-524	-524	-523	-562	-560	-558	-557	-594	-591
Issuance of Debt	-2.00	7.00	-8.00	0.00	-	-	-	6.00	37	-45	1.00
Issuance of Common Equity	178	153	238	99	228	150	190	131	214	55	151
Other Net Changes in Cash	-11	20	-13	-16	19	-10	-9.00	19	-33	-15	30

This table presents NIKE's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	5/31/2015	5/31/2016	5/31/2017	5/31/2018	5/31/2019	5/31/2020	5/31/2021	5/31/2022	5/31/2023	5/31/2024	5/31/2025
Total Assets	21,597	21,379	23,259	22,536	23,717	31,342	37,740	40,321	37,531	38,110	36,579
Total Current Assets	15,587	15,025	16,061	15,134	16,525	20,556	26,291	28,213	25,202	25,382	23,362
Cash & Equivalents	3,852	3,138	3,808	4,249	4,466	8,348	9,889	8,574	7,441	9,860	7,464
Short-Term Investments	2,072	2,319	2,371	996	197	439	3,587	4,423	3,234	1,722	1,687
Accounts Receivable	3,358	3,241	3,677	3,498	4,272	2,749	4,463	4,667	4,131	4,427	4,717
Inventories, net	4,337	4,838	5,055	5,261	5,622	7,367	6,854	8,420	8,454	7,519	7,489
Prepaid Expenses	1,968	1,489	1,150	1,130	1,968	1,653	1,498	2,129	1,942	1,854	2,005
Plant, Property, & Equipment, net	3,011	3,520	3,989	4,454	4,744	4,866	4,904	4,791	5,081	5,000	4,828
Total Noncurrent Assets	2,999	2,834	3,209	2,948	2,448	5,920	6,545	7,317	7,248	7,728	8,389
Goodwill	131	131	139	154	154	223	242	284	281	240	240
Intangible Assets	281	281	283	285	283	274	269	286	274	259	259
Noncurrent Deferred & Refundable Income Taxes	2,587	2,422	2,787	2,509	2,011	2,326	2,921	3,821	3,770	4,511	5,178
Other Noncurrent Operating Assets	-	-	-	-	0.00	3,097	3,113	2,926	2,923	2,718	2,712
Total Liabilities & Shareholders' Equity	21,597	21,379	23,259	22,536	23,717	31,342	37,740	40,321	37,531	38,110	36,579
Total Liabilities	8,890	9,121	10,852	12,724	14,677	23,287	24,973	25,040	23,527	23,680	23,366
Total Current Liabilities	6,332	5,358	5,474	6,040	7,866	8,284	9,674	10,730	9,256	10,593	10,566
Short-Term Debt	181	45	331	342	15	251	2.00	510	6.00	1,006	5.00
Accounts Payable	2,131	2,191	2,048	2,279	2,612	2,248	2,836	3,358	2,862	2,851	3,479
Accrued Expenses	3,949	3,037	3,011	3,269	5,010	5,184	6,063	6,220	5,723	5,725	5,911
Current Deferred & Payable Income Tax Liabilities	71	85	84	150	229	156	306	222	240	534	669
Other Current Liabilities	-	-	-	-	0.00	445	467	420	425	477	502
Total Noncurrent Liabilities	2,558	3,763	5,378	6,684	6,811	15,003	15,299	14,310	14,271	13,087	12,800
Long-Term Debt	1,079	1,993	3,471	3,468	3,464	9,406	9,413	8,920	8,927	7,903	7,961
Noncurrent Deferred & Payable Income Tax Liabilities	1,479	1,770	1,907	3,216	3,347	2,684	2,955	2,613	2,558	2,618	2,289
Other Noncurrent Operating Liabilities	-	-	-	-	0.00	2,913	2,931	2,777	2,786	2,566	2,550
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	12,707	12,258	12,407	9,812	9,040	8,055	12,767	15,281	14,004	14,430	13,213
Total Preferred & Common Equity	12,707	12,258	12,407	9,812	9,040	8,055	12,767	15,281	14,004	14,430	13,213
Total Common Equity	12,707	12,258	12,407	9,809	9,040	8,055	12,767	15,281	14,004	14,430	13,213
Common Stock	6,776	7,789	5,713	6,384	7,166	8,302	9,968	11,487	12,415	13,412	14,198
Retained Earnings	4,685	4,151	6,907	3,517	1,643	-191	3,179	3,476	1,358	965	-727
Accumulated Other Comprehensive Income / (Loss)	1,246	318	-213	-92	231	-56	-380	318	231	53	-258

This table presents NIKE's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	8/31/2022	11/30/2022	2/28/2023	5/31/2023	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025
Total Assets	41,088	39,647	38,294	37,531	36,786	37,203	37,356	38,110	37,867	37,959	37,793
Total Current Assets	28,877	27,447	26,035	25,202	24,250	24,631	24,753	25,382	25,040	24,980	24,609
Cash & Equivalents	7,226	6,490	6,955	7,441	6,178	7,919	8,960	9,860	8,485	7,979	8,601
Short-Term Investments	4,650	4,131	3,847	3,234	2,612	2,008	1,613	1,722	1,809	1,782	1,792
Accounts Receivable	4,960	5,437	4,513	4,131	4,749	4,782	4,526	4,427	4,764	5,302	4,491
Inventories, net	9,662	9,326	8,905	8,454	8,698	7,979	7,726	7,519	8,253	7,981	7,539
Prepaid Expenses	2,379	2,063	1,815	1,942	2,013	1,943	1,928	1,854	1,729	1,936	2,186
Plant, Property, & Equipment, net	4,778	4,854	4,939	5,081	5,109	5,153	5,082	5,000	4,948	4,857	4,717
Total Noncurrent Assets	7,433	7,346	7,320	7,248	7,427	7,419	7,521	7,728	7,879	8,122	8,467
Goodwill	282	281	281	281	281	281	240	240	240	240	239
Intangible Assets	283	280	277	274	272	269	259	259	259	259	259
Noncurrent Deferred & Refundable Income Taxes	3,988	3,976	3,928	3,770	3,935	3,926	4,166	4,511	4,588	4,887	5,355
Other Noncurrent Operating Assets	2,880	2,809	2,834	2,923	2,939	2,943	2,856	2,718	2,792	2,736	2,614
Total Liabilities & Shareholders' Equity	41,088	39,647	38,294	37,531	36,786	37,203	37,356	38,110	37,867	37,959	37,793
Total Liabilities	25,266	24,375	23,763	23,527	22,815	23,057	23,130	23,680	23,923	23,922	23,786
Total Current Liabilities	10,919	10,199	9,548	9,256	8,461	8,999	9,029	10,593	10,628	11,246	11,223
Short-Term Debt	509	507	514	6.00	6.00	6.00	6.00	1,006	1,012	1,049	1,004
Accounts Payable	3,371	2,810	2,675	2,862	2,738	2,709	2,340	2,851	3,357	3,255	3,106
Accrued Expenses	6,277	6,020	5,594	5,723	4,987	5,470	5,818	5,725	5,075	5,694	5,905
Current Deferred & Payable Income Tax Liabilities	338	436	330	240	295	358	391	534	693	767	734
Other Current Liabilities	424	426	435	425	435	456	474	477	491	481	474
Total Noncurrent Liabilities	14,347	14,176	14,215	14,271	14,354	14,058	14,101	13,087	13,295	12,676	12,563
Long-Term Debt	8,922	8,924	8,925	8,927	8,929	8,930	8,930	7,903	7,998	7,973	7,956
Noncurrent Deferred & Payable Income Tax Liabilities	2,689	2,584	2,598	2,558	2,618	2,343	2,480	2,618	2,672	2,141	2,130
Other Noncurrent Operating Liabilities	2,736	2,668	2,692	2,786	2,807	2,785	2,691	2,566	2,625	2,562	2,477
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	15,822	15,272	14,531	14,004	13,971	14,146	14,226	14,430	13,944	14,037	14,007
Total Preferred & Common Equity	15,822	15,272	14,531	14,004	13,971	14,146	14,226	14,430	13,944	14,037	14,007
Total Common Equity	15,819	15,272	14,531	14,004	13,971	14,146	14,226	14,430	13,944	14,037	14,007
Common Stock	11,648	11,854	12,077	12,415	12,593	12,874	13,131	13,412	13,560	13,781	13,919
Retained Earnings	3,535	2,859	2,152	1,358	1,242	1,151	970	965	411	54	-175
Accumulated Other Comprehensive Income / (Loss)	636	559	302	231	136	121	125	53	-27	202	263

This table displays calculated financial ratios and metrics derived from NIKE's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	5/31/2015	5/31/2016	5/31/2017	5/31/2018	5/31/2019	5/31/2020	5/31/2021	5/31/2022	5/31/2023	5/31/2024	5/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.08%	5.80%	6.10%	5.96%	7.47%	-4.38%	19.08%	4.88%	9.65%	0.28%	-9.84%
EBITDA Growth	17.27%	8.64%	6.73%	-8.97%	8.09%	-26.48%	88.52%	-0.31%	-8.34%	4.66%	-37.93%
EBIT Growth	18.34%	9.66%	6.53%	-11.45%	10.76%	-38.64%	132.63%	-0.97%	-9.64%	5.55%	-42.22%
NOPAT Growth	16.21%	12.68%	12.55%	-51.79%	101.58%	-31.59%	117.71%	1.74%	-20.30%	11.02%	-42.87%
Net Income Growth	21.54%	14.88%	12.77%	-54.41%	108.43%	-36.98%	125.56%	5.57%	-16.14%	12.43%	-43.53%
EPS Growth	21.54%	16.76%	16.20%	-53.39%	112.82%	-35.74%	122.50%	5.34%	-13.87%	15.48%	-42.09%
Operating Cash Flow Growth	55.33%	-27.37%	13.15%	28.84%	19.13%	-57.90%	167.89%	-22.07%	12.59%	27.19%	-50.22%
Free Cash Flow Firm Growth	0.95%	26.70%	2.25%	24.21%	24.34%	-63.09%	270.14%	-50.51%	40.14%	36.98%	-52.39%
Invested Capital Growth	14.00%	9.90%	13.47%	-16.48%	-6.22%	13.61%	-2.45%	34.55%	4.68%	-4.12%	2.31%
Revenue Q/Q Growth	1.17%	1.46%	1.28%	3.15%	1.02%	-9.38%	15.66%	-0.23%	1.17%	-0.42%	-3.16%
EBITDA Q/Q Growth	3.15%	0.32%	2.41%	1.04%	0.22%	-32.48%	52.84%	-5.27%	-3.50%	6.08%	-23.74%
EBIT Q/Q Growth	3.32%	0.48%	2.23%	0.95%	0.58%	-40.30%	62.82%	-6.84%	-3.07%	7.48%	-26.71%
NOPAT Q/Q Growth	3.38%	-0.47%	5.00%	8.43%	-4.72%	-39.57%	66.38%	-0.63%	-9.32%	6.65%	-26.90%
Net Income Q/Q Growth	5.38%	-0.50%	3.97%	7.15%	-3.54%	-41.20%	67.07%	-1.14%	-7.45%	8.97%	-28.59%
EPS Q/Q Growth	5.38%	-3.57%	1.62%	5.41%	-3.49%	-40.96%	66.36%	-1.06%	-6.65%	9.71%	-28.24%
Operating Cash Flow Q/Q Growth	0.30%	4.46%	-12.01%	35.87%	-4.22%	-44.73%	43.35%	-14.23%	23.25%	5.18%	-36.83%
Free Cash Flow Firm Q/Q Growth	-2.37%	6.61%	-5.81%	7.74%	4.80%	-53.55%	50.64%	-26.55%	46.58%	4.65%	-33.60%
Invested Capital Q/Q Growth	-2.60%	-4.43%	-0.33%	-1.64%	-6.50%	-4.43%	-1.28%	8.87%	-6.88%	-6.61%	-4.34%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	45.97%	46.24%	44.58%	43.84%	44.67%	43.42%	44.82%	45.98%	43.52%	44.56%	42.73%
EBITDA Margin	15.95%	16.38%	16.48%	14.16%	14.24%	10.95%	17.33%	16.48%	13.77%	14.37%	9.83%
Operating Margin	13.64%	13.91%	13.83%	12.21%	12.20%	8.33%	15.58%	14.29%	11.55%	12.29%	7.99%
EBIT Margin	13.83%	14.34%	14.40%	12.03%	12.40%	7.96%	15.54%	14.68%	12.10%	12.73%	8.16%
Profit (Net Income) Margin	10.70%	11.61%	12.34%	5.31%	10.30%	6.79%	12.86%	12.94%	9.90%	11.10%	6.95%
Tax Burden Percent	77.84%	81.33%	86.78%	44.69%	83.92%	87.95%	85.98%	90.90%	81.76%	85.07%	82.86%
Interest Burden Percent	99.34%	99.59%	98.81%	98.77%	98.99%	97.01%	96.22%	97.01%	100.10%	102.46%	102.83%
Effective Tax Rate	22.16%	18.67%	13.22%	55.31%	16.08%	12.05%	14.02%	9.10%	18.24%	14.93%	17.14%
Return on Invested Capital (ROIC)	43.05%	43.38%	43.68%	21.59%	49.34%	32.65%	67.66%	59.43%	40.34%	44.71%	25.79%
ROIC Less NNEP Spread (ROIC-NNEP)	42.49%	40.94%	39.58%	24.40%	47.48%	160.37%	82.53%	60.00%	31.53%	29.72%	17.93%
Return on Net Nonoperating Assets (RNNOA)	-15.23%	-13.26%	-9.30%	-4.19%	-6.60%	-2.95%	-12.65%	-16.32%	-5.72%	-4.61%	-2.50%
Return on Equity (ROE)	27.82%	30.12%	34.38%	17.40%	42.74%	29.70%	55.01%	43.11%	34.63%	40.09%	23.29%
Cash Return on Invested Capital (CROIC)	29.96%	33.95%	31.06%	39.55%	55.76%	19.91%	70.14%	29.97%	35.77%	48.91%	23.51%
Operating Return on Assets (OROA)	21.06%	21.60%	22.16%	19.12%	20.97%	10.81%	20.04%	17.57%	15.91%	17.29%	10.12%
Return on Assets (ROA)	16.29%	17.50%	19.00%	8.44%	17.42%	9.22%	16.58%	15.49%	13.02%	15.07%	8.62%
Return on Common Equity (ROCE)	27.82%	30.12%	34.38%	17.40%	42.74%	29.70%	55.01%	43.11%	34.63%	40.09%	23.29%
Return on Equity Simple (ROE_SIMPLE)	25.76%	30.67%	34.17%	19.70%	44.57%	31.52%	44.86%	39.57%	36.20%	39.50%	24.36%
Net Operating Profit after Tax (NOPAT)	3,250	3,662	4,121	1,987	4,005	2,740	5,964	6,068	4,836	5,369	3,067
NOPAT Margin	10.62%	11.31%	12.00%	5.46%	10.24%	7.32%	13.39%	12.99%	9.44%	10.45%	6.62%
Net Nonoperating Expense Percent (NNEP)	0.55%	2.44%	4.10%	-2.81%	1.86%	-127.72%	-14.87%	-0.57%	8.81%	14.99%	7.86%
Return On Investment Capital (ROIC_SIMPLE)	23.27%	25.61%	25.42%	14.58%	31.99%	15.47%	26.89%	24.56%	21.08%	23.00%	14.48%
Cost of Revenue to Revenue	54.03%	53.76%	55.42%	56.16%	55.33%	56.58%	55.18%	54.02%	56.48%	55.44%	57.27%
SG&A Expenses to Revenue	21.83%	22.21%	21.02%	21.80%	22.88%	25.49%	22.25%	23.45%	24.05%	23.93%	24.62%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	32.33%	32.34%	30.75%	31.63%	32.47%	35.09%	29.24%	31.69%	31.98%	32.27%	34.74%
Earnings before Interest and Taxes (EBIT)	4,233	4,642	4,945	4,379	4,850	2,976	6,923	6,856	6,195	6,539	3,778
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4,882	5,304	5,661	5,153	5,570	4,095	7,720	7,696	7,054	7,383	4,553
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.14	6.82	6.41	10.88	12.53	17.97	16.08	11.72	11.29	10.03	7.06
Price to Tangible Book Value (P/TBV)	6.34	7.06	6.64	11.39	13.17	19.15	16.75	12.18	11.75	10.39	7.34
Price to Revenue (P/Rev)	2.55	2.58	2.32	2.93	2.90	3.87	4.61	3.83	3.09	2.82	2.02
Price to Earnings (P/E)	23.82	22.23	18.77	55.19	28.12	57.01	35.85	29.63	31.18	25.38	28.99
Dividend Yield	2.38%	2.10%	1.41%	1.15%	1.19%	1.03%	0.82%	1.02%	1.27%	1.52%	2.56%
Earnings Yield	4.20%	4.50%	5.33%	1.81%	3.56%	1.75%	2.79%	3.38%	3.21%	3.94%	3.45%
Enterprise Value to Invested Capital (EV/IC)	9.11	9.07	7.70	12.56	14.27	16.32	23.11	14.99	12.75	12.08	7.66
Enterprise Value to Revenue (EV/Rev)	2.40	2.48	2.25	2.89	2.87	3.89	4.52	3.76	3.05	2.76	1.99
Enterprise Value to EBITDA (EV/EBITDA)	15.01	15.12	13.64	20.43	20.13	35.56	26.07	22.81	22.16	19.23	20.24
Enterprise Value to EBIT (EV/EBIT)	17.32	17.27	15.61	24.04	23.12	48.93	29.07	25.61	25.23	21.72	24.39
Enterprise Value to NOPAT (EV/NOPAT)	22.56	21.90	18.74	52.98	28.00	53.16	33.74	28.93	32.32	26.45	30.04
Enterprise Value to Operating Cash Flow (EV/OCF)	15.66	23.59	20.08	21.24	18.99	58.60	30.23	33.84	26.76	19.12	24.92
Enterprise Value to Free Cash Flow (EV/FCFF)	32.41	27.98	26.35	28.92	24.77	87.18	32.54	57.37	36.45	24.18	32.95
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.10	0.17	0.31	0.39	0.38	1.20	0.74	0.62	0.64	0.62	0.60
Long-Term Debt to Equity	0.08	0.16	0.28	0.35	0.38	1.17	0.74	0.58	0.64	0.55	0.60
Financial Leverage	-0.36	-0.32	-0.24	-0.17	-0.14	-0.02	-0.15	-0.27	-0.18	-0.16	-0.14
Leverage Ratio	1.71	1.72	1.81	2.06	2.45	3.22	3.32	2.78	2.66	2.66	2.70
Compound Leverage Factor	1.70	1.71	1.79	2.04	2.43	3.12	3.19	2.70	2.66	2.73	2.78
Debt to Total Capital	9.02%	14.26%	23.46%	27.97%	27.79%	54.52%	42.44%	38.16%	38.95%	38.17%	37.61%
Short-Term Debt to Total Capital	1.30%	0.31%	2.04%	2.51%	0.12%	1.42%	0.01%	2.06%	0.03%	4.31%	0.02%
Long-Term Debt to Total Capital	7.73%	13.94%	21.41%	25.46%	27.67%	53.11%	42.44%	36.10%	38.92%	33.86%	37.59%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	90.98%	85.74%	76.54%	72.01%	72.21%	45.48%	57.56%	61.84%	61.05%	61.83%	62.39%
Debt to EBITDA	0.26	0.38	0.67	0.74	0.62	2.36	1.22	1.23	1.27	1.21	1.75
Net Debt to EBITDA	-0.96	-0.64	-0.42	-0.28	-0.21	0.21	-0.53	-0.46	-0.25	-0.36	-0.26
Long-Term Debt to EBITDA	0.22	0.38	0.61	0.67	0.62	2.30	1.22	1.16	1.27	1.07	1.75
Debt to NOPAT	0.39	0.56	0.92	1.92	0.87	3.53	1.58	1.55	1.85	1.66	2.60
Net Debt to NOPAT	-1.44	-0.93	-0.58	-0.72	-0.30	0.32	-0.68	-0.59	-0.36	-0.50	-0.39
Long-Term Debt to NOPAT	0.33	0.54	0.84	1.75	0.87	3.43	1.58	1.47	1.85	1.47	2.60
Altman Z-Score	8.14	8.54	7.54	7.99	7.49	5.70	7.36	6.65	6.50	6.08	4.40
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.01%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.46	2.80	2.93	2.51	2.10	2.48	2.72	2.63	2.72	2.40	2.21
Quick Ratio	1.47	1.62	1.80	1.45	1.14	1.39	1.85	1.65	1.60	1.51	1.31
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,262	2,866	2,930	3,640	4,526	1,671	6,183	3,060	4,288	5,874	2,796
Operating Cash Flow to CapEx	487.50%	300.00%	352.20%	482.00%	527.52%	228.82%	957.84%	684.43%	602.79%	914.90%	860.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.52	1.51	1.54	1.59	1.69	1.36	1.29	1.20	1.32	1.36	1.24
Accounts Receivable Turnover	9.01	9.81	9.93	10.15	10.07	10.65	12.35	10.23	11.64	12.00	10.13
Inventory Turnover	3.99	3.79	3.85	3.96	3.98	3.26	3.46	3.30	3.43	3.57	3.53
Fixed Asset Turnover	10.47	9.91	9.15	8.62	8.51	7.78	9.12	9.64	10.38	10.19	9.42
Accounts Payable Turnover	8.14	8.05	8.98	9.45	8.85	8.71	9.67	8.15	9.30	9.97	8.38
Days Sales Outstanding (DSO)	40.51	37.20	36.76	35.98	36.25	34.26	29.55	35.67	31.35	30.41	36.04
Days Inventory Outstanding (DIO)	91.44	96.20	94.84	92.10	91.77	112.02	105.60	110.48	106.47	102.37	103.28
Days Payable Outstanding (DPO)	44.82	45.32	40.64	38.63	41.24	41.91	37.75	44.80	39.24	36.62	43.56
Cash Conversion Cycle (CCC)	87.12	88.08	90.95	89.45	86.78	104.36	97.40	101.35	98.57	96.17	95.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,043	8,839	10,030	8,377	7,856	8,925	8,706	11,714	12,262	11,757	12,028
Invested Capital Turnover	4.05	3.84	3.64	3.95	4.82	4.46	5.05	4.57	4.27	4.28	3.89
Increase / (Decrease) in Invested Capital	988	796	1,191	-1,653	-521	1,069	-219	3,008	548	-505	271
Enterprise Value (EV)	73,296	80,180	77,211	105,252	112,119	145,628	201,225	175,548	156,322	142,008	92,143
Market Capitalization	77,960	83,599	79,588	106,687	113,303	144,758	205,286	179,115	158,064	144,681	93,328
Book Value per Share	$7.39	$7.28	$7.52	$6.09	$5.75	$5.18	$8.08	$9.71	$9.11	$9.56	$8.95
Tangible Book Value per Share	$7.15	$7.03	$7.26	$5.81	$5.47	$4.86	$7.76	$9.35	$8.75	$9.23	$8.61
Total Capital	13,967	14,296	16,209	13,622	12,519	17,712	22,182	24,711	22,937	23,339	21,179
Total Debt	1,260	2,038	3,802	3,810	3,479	9,657	9,415	9,430	8,933	8,909	7,966
Total Long-Term Debt	1,079	1,993	3,471	3,468	3,464	9,406	9,413	8,920	8,927	7,903	7,961
Net Debt	-4,664	-3,419	-2,377	-1,435	-1,184	870	-4,061	-3,567	-1,742	-2,673	-1,185
Capital Expenditures (CapEx)	960	1,133	1,092	1,028	1,119	1,086	695	758	969	812	430
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3,512	4,255	4,739	4,191	4,011	3,736	3,143	4,996	5,277	4,213	3,650
Debt-free Net Working Capital (DFNWC)	9,436	9,712	10,918	9,436	8,674	12,523	16,619	17,993	15,952	15,795	12,801
Net Working Capital (NWC)	9,255	9,667	10,587	9,094	8,659	12,272	16,617	17,483	15,946	14,789	12,796
Net Nonoperating Expense (NNE)	-23	-98	-119	54	-24	201	237	22	-234	-331	-152
Net Nonoperating Obligations (NNO)	-4,664	-3,419	-2,377	-1,435	-1,184	870	-4,061	-3,567	-1,742	-2,673	-1,185
Total Depreciation and Amortization (D&A)	649	662	716	774	720	1,119	797	840	859	844	775
Debt-free, Cash-free Net Working Capital to Revenue	11.48%	13.14%	13.80%	11.51%	10.25%	9.99%	7.06%	10.70%	10.30%	8.20%	7.88%
Debt-free Net Working Capital to Revenue	30.84%	30.00%	31.78%	25.93%	22.17%	33.48%	37.31%	38.52%	31.15%	30.75%	27.64%
Net Working Capital to Revenue	30.24%	29.86%	30.82%	24.99%	22.14%	32.81%	37.31%	37.43%	31.13%	28.79%	27.63%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.80	$2.21	$2.56	$1.19	$2.55	$1.63	$3.64	$3.83	$3.27	$3.76	$2.17
Adjusted Weighted Average Basic Shares Outstanding	1.71B	1.68B	1.64B	1.60B	1.58B	1.56B	1.57B	1.58B	1.55B	1.52B	1.48B
Adjusted Diluted Earnings per Share	$3.70	$2.16	$2.51	$1.17	$2.49	$1.60	$3.56	$3.75	$3.23	$3.73	$2.16
Adjusted Weighted Average Diluted Shares Outstanding	1.71B	1.68B	1.64B	1.60B	1.62B	1.59B	1.61B	1.61B	1.57B	1.53B	1.49B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$2.55	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.71B	1.68B	1.64B	1.60B	1.57B	1.56B	1.58B	1.57B	1.53B	1.50B	1.48B
Normalized Net Operating Profit after Tax (NOPAT)	3,250	3,662	4,121	3,112	4,005	2,740	5,964	6,068	4,836	5,369	3,067
Normalized NOPAT Margin	10.62%	11.31%	12.00%	8.55%	10.24%	7.32%	13.39%	12.99%	9.44%	10.45%	6.62%
Pre Tax Income Margin	13.74%	14.28%	14.22%	11.88%	12.27%	7.72%	14.96%	14.24%	12.11%	13.04%	8.39%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	27.47%	27.18%	26.72%	64.30%	33.06%	57.19%	28.60%	30.38%	39.68%	38.05%	71.45%
Augmented Payout Ratio	104.89%	113.30%	102.74%	284.38%	139.44%	177.98%	39.22%	96.77%	147.77%	112.61%	164.18%

This table displays calculated financial ratios and metrics derived from NIKE's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	11/30/2022	2/28/2023	5/31/2023	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.24%	13.97%	4.83%	1.99%	0.55%	0.31%	-1.71%	-10.43%	-7.72%	-9.33%	-11.97%
EBITDA Growth	13.49%	-15.32%	-14.97%	-10.05%	4.99%	0.50%	29.09%	-19.56%	-24.33%	-34.16%	-73.67%
EBIT Growth	7.07%	-14.68%	-13.86%	-12.33%	14.05%	-8.03%	37.36%	-21.69%	-26.74%	-38.91%	-82.31%
NOPAT Growth	-1.15%	-12.95%	-34.29%	3.68%	17.04%	-5.92%	32.99%	-31.11%	-24.14%	-33.53%	-84.15%
Net Income Growth	-0.45%	-11.17%	-28.35%	-1.23%	18.56%	-5.48%	45.49%	-27.52%	-26.30%	-32.25%	-85.93%
EPS Growth	2.41%	-9.20%	-25.84%	1.08%	21.18%	-2.53%	50.00%	-25.53%	-24.27%	-29.87%	-85.86%
Operating Cash Flow Growth	-63.69%	1,219.53%	95.74%	-118.49%	181.42%	-7.67%	16.25%	696.97%	-62.76%	-12.97%	-82.32%
Free Cash Flow Firm Growth	-1,186.65%	-111.05%	131.44%	134.69%	168.23%	238.58%	299.85%	261.18%	-59.03%	-55.36%	-103.14%
Invested Capital Growth	52.29%	22.38%	4.68%	5.52%	-6.58%	-4.40%	-4.12%	-10.31%	1.09%	-0.12%	2.31%
Revenue Q/Q Growth	4.95%	-6.95%	3.51%	0.89%	3.47%	-7.16%	1.42%	-8.07%	6.60%	-8.78%	-1.53%
EBITDA Q/Q Growth	-0.80%	-18.69%	-9.91%	23.80%	15.78%	-22.17%	15.72%	-22.86%	8.91%	-32.28%	-53.65%
EBIT Q/Q Growth	-9.51%	-11.76%	-17.14%	32.51%	17.72%	-28.84%	23.74%	-24.45%	10.13%	-40.66%	-64.16%
NOPAT Q/Q Growth	-5.95%	-7.40%	-14.77%	39.69%	6.17%	-25.57%	20.47%	-27.64%	16.92%	-34.78%	-71.27%
Net Income Q/Q Growth	-9.33%	-6.84%	-16.85%	40.64%	8.83%	-25.73%	27.99%	-29.93%	10.66%	-31.73%	-73.43%
EPS Q/Q Growth	-8.60%	-7.06%	-16.46%	42.42%	9.57%	-25.24%	28.57%	-29.29%	11.43%	-30.77%	-74.07%
Operating Cash Flow Q/Q Growth	180.39%	122.78%	1.03%	-102.93%	4,368.18%	-26.91%	27.20%	-84.96%	166.24%	70.83%	-74.16%
Free Cash Flow Firm Q/Q Growth	-83.45%	65.61%	137.81%	45.42%	260.76%	-30.15%	9.11%	31.36%	-59.08%	-23.89%	-107.67%
Invested Capital Q/Q Growth	5.27%	-6.49%	-6.88%	15.12%	-6.81%	-4.30%	-6.61%	7.68%	5.04%	-5.44%	-4.34%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.89%	43.35%	43.63%	44.21%	44.60%	44.75%	44.69%	45.36%	43.62%	41.49%	40.27%
EBITDA Margin	14.91%	13.03%	11.34%	13.91%	15.57%	13.05%	14.89%	12.49%	12.77%	9.48%	4.46%
Operating Margin	11.92%	11.40%	9.52%	12.40%	13.63%	10.75%	12.26%	10.43%	11.20%	6.99%	2.89%
EBIT Margin	12.51%	11.86%	9.50%	12.47%	14.19%	10.88%	13.27%	10.91%	11.27%	7.33%	2.67%
Profit (Net Income) Margin	10.00%	10.01%	8.04%	11.21%	11.79%	9.43%	11.90%	9.07%	9.41%	7.05%	1.90%
Tax Burden Percent	80.67%	83.95%	82.74%	87.99%	82.10%	83.48%	86.91%	80.41%	82.13%	94.08%	66.35%
Interest Burden Percent	99.04%	100.48%	102.30%	102.11%	101.16%	103.85%	103.17%	103.40%	101.72%	102.18%	107.43%
Effective Tax Rate	19.33%	16.05%	17.26%	12.01%	17.90%	16.52%	13.09%	19.59%	17.87%	5.92%	33.65%
Return on Invested Capital (ROIC)	40.48%	40.49%	33.66%	40.84%	42.36%	35.94%	45.58%	31.34%	34.07%	25.00%	7.47%
ROIC Less NNEP Spread (ROIC-NNEP)	39.00%	38.47%	32.88%	37.47%	35.05%	32.15%	38.50%	17.50%	31.03%	21.57%	7.58%
Return on Net Nonoperating Assets (RNNOA)	-8.87%	-7.10%	-5.96%	-2.89%	-2.60%	-3.35%	-5.98%	-0.71%	-1.91%	-2.35%	-1.06%
Return on Equity (ROE)	31.61%	33.39%	27.70%	37.95%	39.76%	32.58%	39.61%	30.62%	32.17%	22.66%	6.42%
Cash Return on Invested Capital (CROIC)	5.79%	24.45%	35.77%	30.17%	44.29%	43.59%	48.91%	47.71%	33.47%	33.47%	23.51%
Operating Return on Assets (OROA)	15.64%	15.63%	12.50%	16.49%	19.04%	14.83%	18.02%	14.61%	14.68%	9.33%	3.31%
Return on Assets (ROA)	12.50%	13.18%	10.58%	14.81%	15.81%	12.86%	16.16%	12.15%	12.27%	8.97%	2.36%
Return on Common Equity (ROCE)	31.61%	33.39%	27.70%	37.94%	39.76%	32.58%	39.61%	30.62%	32.17%	22.66%	6.42%
Return on Equity Simple (ROE_SIMPLE)	36.89%	37.70%	0.00%	36.16%	37.46%	36.77%	0.00%	38.02%	34.81%	32.18%	0.00%
Net Operating Profit after Tax (NOPAT)	1,280	1,185	1,010	1,411	1,498	1,115	1,344	972	1,137	741	213
NOPAT Margin	9.61%	9.57%	7.88%	10.91%	11.19%	8.97%	10.66%	8.39%	9.20%	6.58%	1.92%
Net Nonoperating Expense Percent (NNEP)	1.48%	2.02%	0.78%	3.37%	7.30%	3.78%	7.09%	13.84%	3.04%	3.43%	-0.10%
Return On Investment Capital (ROIC_SIMPLE)	5.18%	4.95%	4.40%	6.16%	6.49%	4.81%	5.76%	4.24%	4.93%	3.23%	1.01%
Cost of Revenue to Revenue	57.11%	56.65%	56.37%	55.79%	55.40%	55.25%	55.31%	54.64%	56.38%	58.51%	59.73%
SG&A Expenses to Revenue	22.70%	24.50%	25.59%	23.55%	22.65%	25.87%	23.77%	24.35%	23.34%	24.84%	26.09%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	30.97%	31.95%	34.11%	31.81%	30.97%	34.00%	32.43%	34.93%	32.42%	34.49%	37.38%
Earnings before Interest and Taxes (EBIT)	1,666	1,470	1,218	1,614	1,900	1,352	1,673	1,264	1,392	826	296
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,985	1,614	1,454	1,800	2,084	1,622	1,877	1,448	1,577	1,068	495
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.71	12.24	11.29	10.97	11.78	11.08	10.03	9.13	8.61	8.75	7.06
Price to Tangible Book Value (P/TBV)	9.04	12.73	11.75	11.42	12.26	11.48	10.39	9.47	8.93	9.07	7.34
Price to Revenue (P/Rev)	2.71	3.51	3.09	2.98	3.23	3.06	2.82	2.55	2.47	2.56	2.02
Price to Earnings (P/E)	23.61	32.47	31.18	30.33	31.46	30.13	25.38	24.02	24.75	27.18	28.99
Dividend Yield	1.16%	1.09%	1.27%	1.34%	1.27%	1.37%	1.52%	1.77%	1.90%	1.91%	2.56%
Earnings Yield	4.24%	3.08%	3.21%	3.30%	3.18%	3.32%	3.94%	4.16%	4.04%	3.68%	3.45%
Enterprise Value to Invested Capital (EV/IC)	9.36	13.40	12.75	10.87	12.60	12.39	12.08	9.96	9.04	9.63	7.66
Enterprise Value to Revenue (EV/Rev)	2.68	3.49	3.05	2.98	3.21	3.02	2.76	2.52	2.45	2.53	1.99
Enterprise Value to EBITDA (EV/EBITDA)	17.34	24.15	22.16	22.38	23.83	22.41	19.23	17.93	18.42	20.29	20.24
Enterprise Value to EBIT (EV/EBIT)	19.84	27.62	25.23	25.70	26.72	25.64	21.72	20.36	21.15	23.49	24.39
Enterprise Value to NOPAT (EV/NOPAT)	23.92	33.10	32.32	31.39	32.46	30.99	26.45	25.56	26.29	28.86	30.04
Enterprise Value to Operating Cash Flow (EV/OCF)	49.23	37.25	26.76	28.31	22.91	22.09	19.12	15.98	19.63	20.69	24.92
Enterprise Value to Free Cash Flow (EV/FCFF)	195.18	60.34	36.45	36.98	27.47	27.79	24.18	19.73	27.14	28.76	32.95
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.62	0.65	0.64	0.64	0.63	0.63	0.62	0.65	0.64	0.64	0.60
Long-Term Debt to Equity	0.58	0.61	0.64	0.64	0.63	0.63	0.55	0.57	0.57	0.57	0.60
Financial Leverage	-0.23	-0.18	-0.18	-0.08	-0.07	-0.10	-0.16	-0.04	-0.06	-0.11	-0.14
Leverage Ratio	2.60	2.62	2.66	2.61	2.61	2.63	2.66	2.67	2.67	2.66	2.70
Compound Leverage Factor	2.58	2.63	2.72	2.67	2.64	2.73	2.74	2.77	2.71	2.72	2.90
Debt to Total Capital	38.18%	39.38%	38.95%	39.01%	38.71%	38.58%	38.17%	39.25%	39.13%	39.01%	37.61%
Short-Term Debt to Total Capital	2.05%	2.14%	0.03%	0.03%	0.03%	0.03%	4.31%	4.41%	4.55%	4.37%	0.02%
Long-Term Debt to Total Capital	36.13%	37.23%	38.92%	38.98%	38.69%	38.55%	33.86%	34.84%	34.58%	34.64%	37.59%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	61.82%	60.62%	61.05%	60.99%	61.29%	61.42%	61.83%	60.75%	60.87%	60.99%	62.39%
Debt to EBITDA	1.24	1.29	1.27	1.30	1.29	1.28	1.21	1.28	1.38	1.50	1.75
Net Debt to EBITDA	-0.16	-0.19	-0.25	0.02	-0.14	-0.24	-0.36	-0.18	-0.11	-0.24	-0.26
Long-Term Debt to EBITDA	1.17	1.22	1.27	1.30	1.28	1.28	1.07	1.14	1.22	1.33	1.75
Debt to NOPAT	1.71	1.77	1.85	1.83	1.75	1.78	1.66	1.83	1.97	2.14	2.60
Net Debt to NOPAT	-0.22	-0.26	-0.36	0.03	-0.19	-0.33	-0.50	-0.26	-0.16	-0.34	-0.39
Long-Term Debt to NOPAT	1.62	1.67	1.85	1.83	1.75	1.77	1.47	1.62	1.74	1.90	2.60
Altman Z-Score	5.27	6.54	6.06	6.14	6.44	6.13	5.66	5.10	4.88	4.85	4.08
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.69	2.73	2.72	2.87	2.74	2.74	2.40	2.36	2.22	2.19	2.21
Quick Ratio	1.57	1.60	1.60	1.60	1.63	1.67	1.51	1.42	1.34	1.33	1.31
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3,555	-1,223	462	672	2,425	1,694	1,849	2,428	994	756	-58
Operating Cash Flow to CapEx	424.15%	1,115.00%	837.55%	-26.09%	1,374.15%	1,460.28%	1,229.58%	328.33%	813.18%	2,212.35%	463.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.25	1.32	1.32	1.32	1.34	1.36	1.36	1.34	1.30	1.27	1.24
Accounts Receivable Turnover	10.70	12.14	11.64	10.60	10.09	11.41	12.00	10.51	9.71	10.61	10.13
Inventory Turnover	3.44	3.42	3.43	3.17	3.34	3.46	3.57	3.26	3.40	3.52	3.53
Fixed Asset Turnover	10.16	10.39	10.38	10.41	10.30	10.29	10.19	9.95	9.79	9.76	9.42
Accounts Payable Turnover	9.71	10.44	9.30	9.52	10.47	11.46	9.97	9.05	9.10	9.87	8.38
Days Sales Outstanding (DSO)	34.13	30.06	31.35	34.43	36.18	31.98	30.41	34.71	37.57	34.41	36.04
Days Inventory Outstanding (DIO)	106.18	106.61	106.47	115.26	109.34	105.63	102.37	112.13	107.34	103.71	103.28
Days Payable Outstanding (DPO)	37.59	34.96	39.24	38.35	34.87	31.85	36.62	40.32	40.11	37.00	43.56
Cash Conversion Cycle (CCC)	102.72	101.71	98.57	111.33	110.65	105.76	96.17	106.53	104.80	101.12	95.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	14,082	13,168	12,262	14,116	13,155	12,589	11,757	12,660	13,298	12,574	12,028
Invested Capital Turnover	4.21	4.23	4.27	3.74	3.78	4.01	4.28	3.74	3.70	3.80	3.89
Increase / (Decrease) in Invested Capital	4,835	2,408	548	739	-927	-579	-505	-1,456	143	-15	271
Enterprise Value (EV)	131,838	176,511	156,322	153,381	165,698	155,997	142,008	126,038	120,167	121,108	92,143
Market Capitalization	133,028	177,874	158,064	153,236	166,689	157,634	144,681	127,322	120,906	122,541	93,328
Book Value per Share	$9.76	$9.37	$9.11	$9.13	$9.29	$9.39	$9.56	$9.30	$9.43	$9.47	$8.95
Tangible Book Value per Share	$9.40	$9.01	$8.75	$8.77	$8.93	$9.06	$9.23	$8.97	$9.10	$9.13	$8.61
Total Capital	24,703	23,970	22,937	22,906	23,082	23,162	23,339	22,954	23,059	22,967	21,179
Total Debt	9,431	9,439	8,933	8,935	8,936	8,936	8,909	9,010	9,022	8,960	7,966
Total Long-Term Debt	8,924	8,925	8,927	8,929	8,930	8,930	7,903	7,998	7,973	7,956	7,961
Net Debt	-1,190	-1,363	-1,742	145	-991	-1,637	-2,673	-1,284	-739	-1,433	-1,185
Capital Expenditures (CapEx)	236	200	269	253	205	141	213	120	129	81	100
Debt-free, Cash-free Net Working Capital (DFCFNWC)	7,134	6,199	5,277	7,005	5,711	5,157	4,213	5,130	5,022	3,997	3,650
Debt-free Net Working Capital (DFNWC)	17,755	17,001	15,952	15,795	15,638	15,730	15,795	15,424	14,783	14,390	12,801
Net Working Capital (NWC)	17,248	16,487	15,946	15,789	15,632	15,724	14,789	14,412	13,734	13,386	12,796
Net Nonoperating Expense (NNE)	-51	-55	-21	-39	-80	-57	-156	-79	-26	-53	1.99
Net Nonoperating Obligations (NNO)	-1,190	-1,363	-1,742	145	-991	-1,637	-2,673	-1,284	-739	-1,433	-1,185
Total Depreciation and Amortization (D&A)	319	144	236	186	184	270	204	184	185	242	199
Debt-free, Cash-free Net Working Capital to Revenue	14.53%	12.24%	10.30%	13.61%	11.08%	10.00%	8.20%	10.26%	10.25%	8.36%	7.88%
Debt-free Net Working Capital to Revenue	36.16%	33.58%	31.15%	30.69%	30.34%	30.50%	30.75%	30.84%	30.18%	30.09%	27.64%
Net Working Capital to Revenue	35.12%	32.57%	31.13%	30.68%	30.33%	30.48%	28.79%	28.82%	28.04%	27.99%	27.63%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.85	$0.80	$0.68	$0.95	$1.04	$0.77	$1.00	$0.70	$0.78	$0.54	$0.15
Adjusted Weighted Average Basic Shares Outstanding	1.56B	1.54B	1.55B	1.53B	1.52B	1.51B	1.52B	1.50B	1.49B	1.48B	1.48B
Adjusted Diluted Earnings per Share	$0.85	$0.79	$0.66	$0.94	$1.03	$0.77	$0.99	$0.70	$0.78	$0.54	$0.14
Adjusted Weighted Average Diluted Shares Outstanding	1.57B	1.56B	1.57B	1.54B	1.53B	1.53B	1.53B	1.50B	1.49B	1.48B	1.49B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.55B	1.54B	1.53B	1.52B	1.52B	1.51B	1.50B	1.49B	1.48B	1.48B	1.48B
Normalized Net Operating Profit after Tax (NOPAT)	1,280	1,185	1,010	1,411	1,498	1,115	1,344	972	1,137	741	213
Normalized NOPAT Margin	9.61%	9.57%	7.88%	10.91%	11.19%	8.97%	10.66%	8.39%	9.20%	6.58%	1.92%
Pre Tax Income Margin	12.39%	11.92%	9.72%	12.74%	14.36%	11.30%	13.69%	11.28%	11.46%	7.49%	2.87%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	34.15%	35.94%	39.68%	40.70%	39.61%	40.78%	38.05%	41.56%	45.78%	50.33%	71.45%
Augmented Payout Ratio	120.07%	130.72%	147.77%	152.14%	138.89%	128.58%	112.61%	122.69%	131.72%	135.12%	164.18%

Key Financial Trends

Over the last four years, NIKE, Inc. (NYSE: NKE) has demonstrated consistent revenue growth and solid profitability, although with some volatility in net income and cash flows. Here's a summary of key financial trends and metrics based on the quarterly data analyzed:

Revenue Growth: NIKE’s total revenue increased from around $10.87 billion in Q3 2022 to approximately $11.1 billion-$12.6 billion in 2024-2025 quarterly periods, peaking close to $12.4 billion in late 2024, showing steady top-line expansion.
Gross Profit Expansion: Gross profit improved alongside revenue, rising from $5.07 billion in Q3 2022 to over $5.6 billion by Q1 2024, and reaching near $5.6 billion-$5.9 billion in some quarters of 2024, demonstrating maintained or slightly improved gross margins.
Net Income Growth (2019-2024): Net income generally trended upward, with quarterly net income around $1.39 billion in Q3 2022 advancing to $1.5 billion by Q4 2024. However, Q4 2025 showed a notable dip to $211 million, indicating a challenging recent quarter.
Operating Income Strength: Operating income remained robust, staying between $1.2 billion and $1.6 billion in most recent quarters, providing a solid operating profit base.
Dividends to Shareholders: NIKE consistently paid dividends per share, with a gradual increase from $0.30 in early 2023 to $0.40 in late 2024 and into 2025, indicating shareholder-friendly capital allocation.
Cash Flow Position: Operating cash flow fluctuated but mainly stayed positive across quarters. Notably, Q3 and Q4 2025 operating cash flows were $1.79 billion and $463 million respectively; investing activities showed moderate outflows mainly for property and investments, while financing activities consistently reflected significant share repurchases and dividend payments.
Balance Sheet Strength: Total assets remained steady around $37-$41 billion, with common equity roughly $14-$15 billion over recent quarters, indicating stable capitalization. Debt levels (short-term and long-term) remained consistent, hovering around $20-$24 billion total liabilities.
Sharp Q4 2025 Net Income Decline: The net income in Q4 2025 dropped sharply to $211 million from prior quarterly levels above $750 million, driven by much lower operating income ($321 million) and higher relative operating expenses, a warning sign of profitability pressure.
Increased Operating Expenses in Late 2025: Q4 2025 saw selling, general and administrative expenses rise to about $2.9 billion and marketing expenses increase to $1.25 billion, reducing operating income margins significantly.
Negative Net Cash from Financing in Q4 2025: Financing cash flow substantially negative at $1.64 billion, indicating debt repayments and significant share buybacks and dividend payments, which, combined with weaker operating cash flow, led to a $1.14 billion net decrease in cash.

Summary: NIKE has demonstrated strong revenue and profit growth over the past four years, with sustained operating margins and steady dividends, reflecting a financially healthy and growing company. However, recent Q4 2025 results signal margin pressures, increased expenses, and reduced net income, alongside a net cash reduction from financing activities, which may warrant cautious monitoring. The company's balance sheet remains solid with healthy equity and manageable debt levels. Investors should watch for upcoming earnings updates to understand if the recent profitability dip is transitory or reflects deeper challenges.

08/08/25 06:56 AMAI Generated. May Contain Errors.

Frequently Asked Questions About NIKE's Financials

When does NIKE's fiscal year end?

According to the most recent income statement we have on file, NIKE's financial year ends in May. Their financial year 2025 ended on May 31, 2025.

How has NIKE's net income changed over the last 10 years?

NIKE's net income appears to be on an upward trend, with a most recent value of $3.22 billion in 2025, falling from $3.27 billion in 2015. The previous period was $5.70 billion in 2024. See NIKE's forecast for analyst expectations on what’s next for the company.

What is NIKE's operating income?

NIKE's total operating income in 2025 was $3.70 billion, based on the following breakdown:

Total Gross Profit: $19.79 billion
Total Operating Expenses: $16.09 billion

How has NIKE's revenue changed over the last 10 years?

Over the last 10 years, NIKE's total revenue changed from $30.60 billion in 2015 to $46.31 billion in 2025, a change of 51.3%.

How much debt does NIKE have?

NIKE's total liabilities were at $23.37 billion at the end of 2025, a 1.3% decrease from 2024, and a 162.8% increase since 2015.

How much cash does NIKE have?

In the past 10 years, NIKE's cash and equivalents has ranged from $3.14 billion in 2016 to $9.89 billion in 2021, and is currently $7.46 billion as of their latest financial filing in 2025.

How has NIKE's book value per share changed over the last 10 years?

Over the last 10 years, NIKE's book value per share changed from 7.39 in 2015 to 8.95 in 2025, a change of 21.1%.

Related Companies

This page (NYSE:NKE) was last updated on 8/8/2025 by MarketBeat.com Staff

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NIKE (NKE) Financials

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NIKE (NKE) Financials

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