NIKE, Inc.

(NKE)
HISTORICAL
(In millions, except per share data) 31 May 2020 31 May 2021

Land and improvements

Opening 345
Purchase- capex 18
(Sales) 0
Closing 345 363

Capex as % sales 2.5%

Buildings
Opening 2442
Purchase- capex 923
(Sales) 0
Closing 2,442 3,365

Capex as % sales 15.9%

Machinery and equipment

Opening 2751
Purchase- capex 272
(Sales) 0
Closing 2,751 3,023

Capex as % sales 4.7%

Internal-use software
Opening 1483
Purchase- capex -92
(Sales) 0
Closing 1,483 1,391

Capex as % sales -3.2%

Leasehold improvements
Opening 1554
Purchase- capex 54
(Sales) 0
Closing 1,554 1,608

Capex as % sales 1.7%

Construction in process
Opening 1086
Purchase- capex -775
(Sales) 0
Closing 1,086 311

Capex as % sales -55.5%

Total property, plant and equipment, gross 9,661 10,061

Total capex 400

Purchase 400
Sales 0

Less accumulated depreciation

Opening accumulated depreciation 4,795
Accumulated depreciation during the year 362
Closing accumulated depreciation 4,795 5,157

Accumulated depreciation as % during the year 6.9%

TOTAL PROPERTY, PLANT AND EQUIPMENT, NET 4,866 4,904

HISTORICAL
31 May 2022 31 May 2023 31 May 2024 31 May 2025 31 May 2026

363 330 326 186 46

-33 -4 -140 -140 -140
0 0
330 326 186 46 -94

-4.8% -0.6% -0.6% -0.6% -0.6%

3365 3,170 3293 3,730 4,180

-195 123 437 450 464
0 0
3,170 3,293 3,730 4,180 4,644

-3.0% 1.9% 1.9% 1.9% 1.9%

3023 2,870 3083 3,905 4,751

-153 213 822 846 872
0 0
2,870 3,083 3,905 4,751 5,622

-2.6% 3.6% 3.6% 3.6% 3.6%

1391 1,616 1612 1,584 1,554

225 -4 -28 -29 -30
0 0
1,616 1,612 1,584 1,554 1,524

7.5% -0.1% -0.1% -0.1% -0.1%

1608 1,712 1876 2,925 4,006

104 164 1,049 1,081 1,113
0 0
1,712 1,876 2,925 4,006 5,120

3.1% 4.6% 4.6% 4.6% 4.6%

311 399 525 3,656 6,881

88 126 3,131 3,225 3,322
0 0
 399 525 3,656 6,881 10,203

12.4% 13.6% 13.6% 13.6% 13.6%

10,097 10,715 15,986 21,418 27,019

36 618 5,271 5,433 5,600

36 618 5,271 5,433 5,600
0 0 0 0 0

5,157 5,306 5,634 6,262 7,181

149 328 628 919 1,203
5,306 5,634 6,262 7,181 8,384

3.0% 6.1% 6.1% 6.1% 6.1%

4,791 5,081 9,724 14,238 18,635

COMPANY NAME NIKE, Inc. (NKE)

TICKER (NKE)

CURRENCY (In millions, except per share data)

LHY 31-May-23
NIKE, Inc. (NKE)
HISTORICAL
(In millions, except per share data) 31 May 2020 31 May 2021
HISTORICAL
31 May 2022 31 May 2023 31 May 2024 31 May 2025 31 May 2026
NIKE, Inc. (NKE)
HISTORICAL
(In millions, except per share data) 31 May 2020 31 May 2021

Revenues 44,538
Cost of sales 24,576
Gross profit 19,962
Demand creation expense 3,114
Operating overhead expense 9,911
Total selling and administrative expense 13,025
Interest expense (income), net 262
Other (income) expense, net 14
Income before income taxes 6,661
Income tax expense 934
NET INCOME 5,727
Earnings per common share:
Basic 3.64
Diluted 3.56
Weighted average common shares outstanding:
Basic 1,573.0
Diluted 1,609.4
HISTORICAL
31 May 2022 31 May 2023 31 May 2024 31 May 2025 31 May 2026

46,710 51,217 52,754 54,336 55,966

25,231 28,925 29,793 30,687 31,607
21,479 22,292 22,961 23,650 24,359
3,850 4,060 4,182 4,307 4,436
10,954 12,317 12,687 13,067 13,459
14,804 16,377 16,868 17,374 17,896
205 -6 -6 -6 -7
-181 -280 -288 -297 -306
6,651 6,201 6,387 6,579 6,776
605 1,131 1,165 1,200 1,236
6,046 5,070 5,222 5,379 5,540

3.83 3.27
3.75 3.23

1,578.8 1,551.6
1,610.8 1,569.8
NIKE, Inc. (NKE)
HISTORICAL
(In millions, except per share data) 31 May 2020 31 May 2021

ASSETS
Current assets:
Cash and equivalents 8,348 9,889
Short-term investments 439 3,587
Accounts receivable, net 2,749 4,463
Inventories 7,367 6,854
Prepaid expenses and other current assets 1,653 1,498
Total current assets 20,556 26,291
Property, plant and equipment, net 4,866 4,904
Operating lease right-of-use assets, net 3,097 3,113
Identifiable intangible assets, net 274 269
Goodwill 223 242
Deferred income taxes and other assets 2,326 2,921
TOTAL ASSETS 31,342 37,740
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt 3 0
Notes payable 248 2
Accounts payable 2,248 2,836
Current portion of operating lease liabilities 445 467
Accrued liabilities 5,184 6,063
Income taxes payable 156 306
Total current liabilities 8,284 9,674
Long-term debt 9,406 9,413
Operating lease liabilities 2,913 2,931
Deferred income taxes and other liabilities 2,684 2,955
Commitments and contingencies (Note 16)
Redeemable preferred stock — —
Shareholders' equity:
Common stock at stated value:
Class A convertible — 305 and 305 shares outstanding 0 0
Class B — 1,227 and 1,266 shares outstanding 3 3
Capital in excess of stated value 8,299 9,965
Accumulated other comprehensive income (loss) -56 -380
Retained earnings (deficit) -191 3,179
Total shareholders' equity 8,055 12,767
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 31,342 37,740
BALANCE SHEET TALLY 0 0
HISTORICAL
31 May 2022 31 May 2023 31 May 2024 31 May 2025 31 May 2026

8,574 7,441 7,716 8,267 9,087

4,423 3,234 3,331 3,431 3,534
4,667 4,131 4,255 4,383 4,514
8,420 8,454 8,708 8,969 9,238
2,129 1,942 2,000 2,060 2,122
28,213 25,202 26,010 27,110 28,495
4,791 5,081 9,724 14,238 18,635
2,926 2,923 2,923 2,923 2,923
286 274 274 274 274
284 281 281 281 281
3,821 3,770 3,883 4,000 4,120
40,321 37,531 43,095 48,825 54,728

500 0 0 0 0
10 6 6 6 6
3,358 2,862 2,948 3,036 3,127
420 425 425 425 425
6,220 5,723 5,895 6,072 6,254
222 240 247 255 262
10,730 9,256 9,521 9,793 10,074
8,920 8,927 8,927 8,927 8,927
2,777 2,786 2,786 2,786 2,786
2,613 2,558 2,635 2,714 2,795

— —

0 0 0 0 0
3 3 3 3 3
11,484 12,412 12,412 12,412 12,412
318 231 231 231 231
3,476 1,358 6,580 11,959 17,499
15,281 14,004 19,226 24,605 30,145
40,321 37,531 43,095 48,825 54,728
0 0 0 0 0
(Dollars in millions) 2020
Land and improvements 345
Buildings 2,442
Machinery and equipment 2,751
Internal-use software 1,483
Leasehold improvements 1,554
Construction in process 1,086
Total property, plant and equipment, gross 9,661
Less accumulated depreciation 4,795
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET 4,866
2021 2022 2023
363 330 326
3,365 3,170 3,293
3,023 2,870 3,083
1,391 1,616 1,612
1,608 1,712 1,876
311 399 525
10,061 10,097 10,715
5,157 5,306 5,634
4,904 4,791 5,081
NIKE, Inc. (NKE)

(In millions, except per share data)

NIKE, Inc. (NKE)

(In millions, except per share data)

Cash provided (used) by operations:

Net income

Adjustments to reconcile net income to net cash provided (used) by operations:

Depreciation
Deferred income taxes
Stock-based compensation
Amortization, impairment and other
Net foreign currency adjustments

Changes in certain working capital components and other assets and liabilities:
(Increase) decrease in accounts receivable
(Increase) decrease in inventories
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities
Cash provided (used) by operations

Cash provided (used) by investing activities:

Purchases of short-term investments
Maturities of short-term investments
Sales of short-term investments
Additions to property, plant and equipment
Other investing activities
Cash provided (used) by investing activities

Cash provided (used) by financing activities:

Increase (decrease) in notes payable, net

Repayment of borrowings
Proceeds from exercise of stock options and other stock issuances
Repurchase of common stock
Dividends — common and preferred
Other financing activities
Cash provided (used) by financing activities
Effect of exchange rate changes on cash and equivalents
Net increase (decrease) in cash and equivalents
Cash and equivalents, beginning of year
CASH AND EQUIVALENTS, END OF YEAR

Supplemental disclosure of cash flow information:

Cash paid during the year for:

Interest, net of capitalized interest
Income taxes
Non-cash additions to property, plant and equipment
Dividends declared and not paid
 HISTORICAL
31 May 2020 31 May 2021 31 May 2022 31 May 2023 31 May 2024 31 May 2025 31 May 2026

5,727 6,046 5,070 5,222 5,379 5,540

744 717 703 628 919 1,203

-385 -650 -117 -113 -116 -120
611 638 755
53 123 156
-138 -26 -213

-1,606 -504 489 -124 -128 -131

507 -1,676 -133 -254 -261 -269
-182 -845 -644 -58 -60 -62
1,326 1,365 -225 258 265 273
6,657 5,188 5,841 5,558 5,998 6,434

-9,961 -12,913 -6,059

4,236 8,199 3,356
2,449 3,967 4,184
-695 -758 -969 -5,271 -5,433 -5,600
171 -19 52 -90 -93 -95
-3,800 -1,524 564 -5,360 -5,525 -5,695

-52 15 -4
-197 — -500
1,172 1,151 651
-608 -4,014 -5,480
-1,638 -1,837 -2,012
-136 -151 -102 77 79 81
-1,459 -4,836 -7,447 77 79 81
143 -143 -91
1,541 -1,315 -1,133 275 551 820
8,348 9,889 8,574 7441 7,716 8,267
0 0 7,441 7,716 8,267 9,087

0 0 347
1,177 1,231 1,517
179 160 211
438 480 524
(In millions, except per share data) 2021 2022 2023
Revenues 44,538 46,710 51,217
Cost of sales 24,576 25,231 28,925
Gross profit 19,962 21,479 22,292
Demand creation expense 3,114 3,850 4,060
Operating overhead expense 9,911 10,954 12,317
Total selling and administrative expense 13,025 14,804 16,377
Interest expense (income), net 262 205 -6
Other (income) expense, net 14 -181 -280
Income before income taxes 6,661 6,651 6,201
Income tax expense 934 605 1,131
NET INCOME 5,727 6,046 5,070
Earnings per common share:
Basic 3.64 3.83 3.27
Diluted 3.56 3.75 3.23
Weighted average common shares outstanding:
Basic 1,573.0 1,578.8 1,551.6
Diluted 1,609.4 1,610.8 1,569.8

(In millions) 2020 2021 2022 2023

ASSETS
Current assets:
Cash and equivalents 8,348 9,889 8,574 7,441
Short-term investments 439 3,587 4,423 3,234
Accounts receivable, net 2,749 4,463 4,667 4,131
Inventories 7,367 6,854 8,420 8,454
Prepaid expenses and other current assets 1,653 1,498 2,129 1,942
Total current assets 20,556 26,291 28,213 25,202
Property, plant and equipment, net 4,866 4,904 4,791 5,081
Operating lease right-of-use assets, net 3,097 3,113 2,926 2,923
Identifiable intangible assets, net 274 269 286 274
Goodwill 223 242 284 281
Deferred income taxes and other assets 2,326 2,921 3,821 3,770
TOTAL ASSETS 31,342 37,740 40,321 37,531
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt 3 — 500 —
Notes payable 248 2 10 6
Accounts payable 2,248 2,836 3,358 2,862
 Current portion of operating lease liabilities 445 467 420 425
Accrued liabilities 5,184 6,063 6,220 5,723
Income taxes payable 156 306 222 240
Total current liabilities 8,284 9,674 10,730 9,256
Long-term debt 9,406 9,413 8,920 8,927
Operating lease liabilities 2,913 2,931 2,777 2,786
Deferred income taxes and other liabilities 2,684 2,955 2,613 2,558
Commitments and contingencies (Note 16)
Redeemable preferred stock — — — —
Shareholders' equity:
Common stock at stated value:
Class A convertible — 305 and 305 shares outstanding — — — —
Class B — 1,227 and 1,266 shares outstanding 3 3 3 3
Capital in excess of stated value 8,299 9,965 11,484 12,412
Accumulated other comprehensive income (loss) -56 -380 318 231
Retained earnings (deficit) -191 3,179 3,476 1,358
Total shareholders' equity 8,055 12,767 15,281 14,004
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 31,342 37,740 40,321 37,531

HHM 2023 2022 2021

Cash provided (used) by operations:

Net income 5,070 6,046 5,727
Adjustments to reconcile net income to net cash provided
(used) by operations:
Depreciation 703 717 744
Deferred income taxes -117 -650 -385
Stock-based compensation 755 638 611
Amortization, impairment and other 156 123 53
Net foreign currency adjustments -213 -26 -138
Changes in certain working capital components and other
assets and liabilities:
(Increase) decrease in accounts receivable 489 -504 -1,606
(Increase) decrease in inventories -133 -1,676 507

(Increase) decrease in prepaid expenses, operating lease

right-of-use assets and other current and non-current assets -644 -845 -182
Increase (decrease) in accounts payable, accrued liabilities,
operating lease liabilities and other current and non-current
liabilities -225 1,365 1,326
Cash provided (used) by operations 5,841 5,188 6,657

Cash provided (used) by investing activities:

Purchases of short-term investments -6,059 -12,913 -9,961
Maturities of short-term investments 3,356 8,199 4,236
Sales of short-term investments 4,184 3,967 2,449
Additions to property, plant and equipment -969 -758 -695
Other investing activities 52 -19 171
Cash provided (used) by investing activities 564 -1,524 -3,800
Cash provided (used) by financing activities:

Increase (decrease) in notes payable, net -4 15 -52

Repayment of borrowings -500 — -197
Proceeds from exercise of stock options and other stock
issuances 651 1,151 1,172
Repurchase of common stock -5,480 -4,014 -608
Dividends — common and preferred -2,012 -1,837 -1,638
Other financing activities -102 -151 -136
Cash provided (used) by financing activities -7,447 -4,836 -1,459
Effect of exchange rate changes on cash and equivalents -91 -143 143
Net increase (decrease) in cash and equivalents -1,133 -1,315 1,541
Cash and equivalents, beginning of year 8,574 9,889 8,348
CASH AND EQUIVALENTS, END OF YEAR 7,441 $
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of capitalized interest 347 $
Income taxes 1,517 1,231 1,177
Non-cash additions to property, plant and equipment 211 160 179
Dividends declared and not paid 524 480 438
Cash provided (used) by operations:
Net income
Adjustments to reconcile net income to net cash provided (used) by operations:
Depreciation
Deferred income taxes
Stock-based compensation
Amortization, impairment and other
Net foreign currency adjustments
Changes in certain working capital components and other assets and liabilities:
(Increase) decrease in accounts receivable
(Increase) decrease in inventories
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities
Cash provided (used) by operations
Cash provided (used) by investing activities:
Purchases of short-term investments
Maturities of short-term investments
Sales of short-term investments
Additions to property, plant and equipment
Other investing activities
Cash provided (used) by investing activities
Cash provided (used) by financing activities:

Increase (decrease) in notes payable, net

Repayment of borrowings
Proceeds from exercise of stock options and other stock issuances
Repurchase of common stock
Dividends — common and preferred
Other financing activities
Cash provided (used) by financing activities
Effect of exchange rate changes on cash and equivalents
Net increase (decrease) in cash and equivalents
Cash and equivalents, beginning of year
CASH AND EQUIVALENTS, END OF YEAR
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of capitalized interest
Income taxes
Non-cash additions to property, plant and equipment
Dividends declared and not paid
5,070 6,046 5,727

703 717 744

-117 -650 -385
755 638 611
156 123 53
-213 -26 -138

489 -504 -1,606

-133 -1,676 507
-644 -845 -182
-225 1,365 1,326
5,841 5,188 6,657

-6,059 -12,913 -9,961

3,356 8,199 4,236
4,184 3,967 2,449
-969 -758 -695
52 -19 171
564 -1,524 -3,800

-4 15 -52
-500 — -197
651 1,151 1,172
-5,480 -4,014 -608
-2,012 -1,837 -1,638
-102 -151 -136
-7,447 -4,836 -1,459
-91 -143 143
-1,133 -1,315 1,541
8,574 9,889 8,348
7,441 $

347 $
1,517 1,231 1,177
211 160 179
524 480 438