NIKE, Inc.

NYSE-NKE

Operating Activities	LTM	May '25	May '24	May '23	May '22	May '21	May '20	May '19	May '18	May '17	May '16
Net Income	2,895	3,219	5,700	5,070	6,046	5,727	2,539	4,029	1,933	4,240	3,760
Net Income
Depreciation & Amortization	777	775	796	703	717	744	721	705	747	716	662
Depreciation and Amortization
Amortization and Other
Share-Based Compensation Expense	711	709	804	755	638	611	429	325	218	215	236
Stock-Based Compensation
Other Adjustments	-137	-218	-587	-174	-553	-470	41	282	575	-390	18
Deferred Income Taxes
Income Tax Benefit from Exercise of Stock Options
Impairment and Other
Net Foreign Currency Adjustments
Net Gain on Divestitures
Changes in Trade Receivables	-160	-257	-329	489	-504	-1,606	1,239	-270	187	-426	60
Change in Accounts Receivable
Changes in Inventories	189	120	908	-133	-1,676	507	-1,854	-490	-255	-231	-590
Change in Inventories
Changes in Other Operating Activities	-749	-650	137	-869	520	1,144	-630	1,322	1,550	-278	-747
Change in Prepaid Expenses, Operating Lease Right-of-Use Assets and Other Current and Non-Current Assets
Change in Accounts Payable, Accrued Liabilities, Operating Lease Liabilities and Other Current and Non-Current Liabilities
Cash from Operating Activities	3,526	3,698	7,429	5,841	5,188	6,657	2,485	5,903	4,955	3,846	3,399
Cash Provided by Operations

Investing Activities	LTM	May '25	May '24	May '23	May '22	May '21	May '20	May '19	May '18	May '17	May '16
Capital Expenditure	-517	-430	-812	-969	-758	-695	-1,086	-1,119	-1,028	-1,105	-1,143
Additions to Property, Plant and Equipment
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—	—	—	—	13	10
Disposals of Property, Plant and Equipment
Purchases of Investments	-2,621	-3,234	-4,767	-6,059	-12,913	-9,961	-2,426	-2,937	-4,783	-5,928	-5,367
Purchases of Short-Term Investments
Proceeds from Sale of Investments	2,962	3,381	6,488	7,540	12,166	6,685	2,453	3,787	6,109	6,046	5,310
Maturities of Short-Term Investments
Sales of Short-Term Investments
Payments for Business Acquisitions	—	—	—	—	—	—	—	—	—	—	—
Acquisition of Subsidiary, Net of Cash Acquired
Proceeds from Business Divestments	—	—	—	—	—	—	—	—	—	—	—
Proceeds from Divestitures
Other Investing Activities	—	8	-15	52	-19	171	31	5	-22	-34	156
Investments in Reverse Repurchase Agreements
Other Investing Activities
Settlement of Net Investment Hedges
Cash from Investing Activities	-168	-275	894	564	-1,524	-3,800	-1,028	-264	276	-1,008	-1,034
Cash Provided by Investing Activities

Financing Activities	LTM	May '25	May '24	May '23	May '22	May '21	May '20	May '19	May '18	May '17	May '16
Issuance of Long-Term Debt	—	—	—	—	—	—	6,134	—	—	1,482	981
Proceeds from Borrowings, Net of Debt Issuance Costs
Repayments of Long-Term Debt	—	-1,000	—	-500	—	-197	-6	-6	—	-61	-113
Payments on Capital Lease Obligations
Long-Term Debt Payments, Including Current Portion
Net Issuance / (Repayments) of Long-Term Debt	—	-1,000	—	-500	—	-197	6,128	-6	—	1,421	868
Issuance of Common Shares	547	551	667	651	1,151	1,172	885	700	733	489	507
Proceeds from Exercise of Stock Options and Other Stock Issuances
Repurchases of Common Shares	-1,927	-2,985	-4,250	-5,480	-4,014	-608	-3,067	-4,286	-4,254	-3,252	-3,260
Repurchase of Common Stock
Tax Payments for Net Share Settlement of Equity Awards
Net Issuance / (Repurchases) of Common Shares	-1,380	-2,434	-3,583	-4,829	-2,863	564	-2,182	-3,586	-3,521	-2,763	-2,753
Common Share Dividends Paid	-2,333	-2,300	-2,169	-2,012	-1,837	-1,638	-1,452	-1,332	-1,243	-1,133	-1,022
Dividends - Common and Preferred
Other Financing Activities	-83	-86	-136	-106	-136	-188	-3	-369	-71	327	-67
Change in Notes Payable, Net
Excess Tax Benefits from Share-Based Payment Arrangements
Other Financing Activities
Cash from Financing Activities	-4,796	-5,820	-5,888	-7,447	-4,836	-1,459	2,491	-5,293	-4,835	-2,148	-2,974
Cash Provided by Financing Activities

Free Cash Flow	LTM	May '25	May '24	May '23	May '22	May '21	May '20	May '19	May '18	May '17	May '16
Free Cash Flow	3,009	3,268	6,617	4,872	4,430	5,962	1,399	4,784	3,927	2,741	2,256
NOPAT	2,828.8	3,067.4	5,369.1	4,836.2	6,067.8	5,964.3	2,739.5	4,004.7	1,986.6	4,121.1	3,661.6
Levered Free Cash Flow	2,595	2,034	6,729	3,302	4,849	7,230	5,818	4,441	2,947	4,763	2,810
Unlevered Free Cash Flow	2,528.8	2,882.4	6,398.1	3,568.2	4,870.8	7,664.3	-109.5	4,422.7	3,000.6	3,223.1	1,843.6
Net Change in Cash	-1,438	-2,397	2,435	-1,042	-1,172	1,398	3,948	346	396	690	-609