NIKE, Inc. Cash Flow Statement

Financials in millions USD. Fiscal year is June - May.

Millions USD. Fiscal year is Jun - May.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov '25 Nov 30, 2025	May '25 May 31, 2025	May '24 May 31, 2024	May '23 May 31, 2023	May '22 May 31, 2022	May '21 May 31, 2021
Net Income	2,524	3,219	5,700	5,070	6,046	5,727
Depreciation & Amortization	766	775	796	703	840	797
Asset Writedown & Restructuring Costs	51	33	48	156	-	-
Stock-Based Compensation	695	709	804	755	638	611
Other Operating Activities	-131	-251	-635	-330	-676	-523
Change in Accounts Receivable	-335	-257	-329	489	-504	-1,606
Change in Inventory	410	120	908	-133	-1,676	507
Change in Accounts Payable	-671	-426	397	-225	1,365	1,326
Change in Other Net Operating Assets	-253	-224	-260	-644	-845	-182
Operating Cash Flow	3,056	3,698	7,429	5,841	5,188	6,657
Operating Cash Flow Growth	-50.07%	-50.22%	27.19%	12.59%	-22.07%	167.89%
Capital Expenditures	-581	-430	-812	-969	-758	-695
Investment in Securities	443	147	1,721	1,481	-747	-3,276
Other Investing Activities	-5	8	-15	52	-19	171
Investing Cash Flow	-143	-275	894	564	-1,524	-3,800
Short-Term Debt Issued	-	-	-	-	15	-
Total Debt Issued	-43	-	-	-	15	-
Short-Term Debt Repaid	-	-1	-	-4	-	-52
Long-Term Debt Repaid	-	-1,000	-	-500	-	-197
Total Debt Repaid	-1,005	-1,001	-	-504	-	-249
Net Debt Issued (Repaid)	-1,048	-1,001	-	-504	15	-249
Issuance of Common Stock	440	551	667	651	1,151	1,172
Repurchase of Common Stock	-851	-2,985	-4,250	-5,480	-4,014	-608
Common Dividends Paid	-2,374	-2,300	-2,169	-2,012	-1,837	-1,638
Other Financing Activities	-94	-85	-136	-102	-151	-136
Financing Cash Flow	-3,927	-5,820	-5,888	-7,447	-4,836	-1,459
Foreign Exchange Rate Adjustments	9	1	-16	-91	-143	143
Net Cash Flow	-1,005	-2,396	2,419	-1,133	-1,315	1,541
Free Cash Flow	2,475	3,268	6,617	4,872	4,430	5,962
Free Cash Flow Growth	-55.15%	-50.61%	35.82%	9.98%	-25.70%	326.16%
Free Cash Flow Margin	5.32%	7.06%	12.88%	9.51%	9.48%	13.39%
Free Cash Flow Per Share	1.67	2.20	4.33	3.10	2.75	3.70
Cash Interest Paid	389	389	381	347	290	293
Cash Income Tax Paid	1,226	1,226	1,299	1,517	1,231	1,177
Levered Free Cash Flow	2,577	3,720	5,853	3,718	2,899	5,618
Unlevered Free Cash Flow	2,742	3,906	6,021	3,900	3,086	5,803
Change in Working Capital	-849	-787	716	-513	-1,660	45

Updated Nov 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.