NIKE, Inc., together with its subsidiaries, designs, develops, markets, and sells men's, women's, and kids athletic footwear, apparel, equipment, and accessories worldwide. The company provides athletic and casual footwear, apparel, and accessories under the Jumpman trademark; and casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks. In addition, it sells a line of performance equipment and accessories comprising bags, socks, sport balls, eyewear, timepieces, digital devices, bats, gloves, protective equipment, and other equipment for sports activities under the NIKE brand; and various plastic products to other manufacturers. The company markets apparel with licensed college and professional team, and league logos, as well as sells sports apparel. Additionally, it licenses unaffiliated parties to manufacture and sell apparel, digital devices, and applications and other equipment for sports activities under NIKE-owned trademarks. The company sells its products to footwear stores; sporting goods stores; athletic specialty stores; department stores; skate, tennis, and golf shops; and other retail accounts through NIKE-owned retail stores, digital platforms, independent distributors, licensees, and sales representatives. The company was formerly known as Blue Ribbon Sports, Inc. and changed its name to NIKE, Inc. in 1971. NIKE, Inc. was founded in 1964 and is headquartered in Beaverton, Oregon.

NIKE, Inc.

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Cash Provided by Operations

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Sales of Short-Term Investments

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Investments in Reverse Repurchase Agreements

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Additions to Property, Plant and Equipment

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Other Investing Activities

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Proceeds from Borrowings, Net of Debt Issuance Costs

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Payments on Capital Lease Obligations

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Long-Term Debt Payments, Including Current Portion

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Proceeds from Exercise of Stock Options and Other Stock Issuances

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Excess Tax Benefits from Share-Based Payment Arrangements

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Repurchase of Common Stock

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Dividends - Common and Preferred

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Other Financing Activities

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Effect of Exchange Rate Changes on Cash and Equivalents

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Stock Based Compensation

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Other Adjustments

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Revenue

EBIT

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CapEx

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Assets

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Net Revenue

Average Assets

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Adjusted Revenue

Adjusted EBT

Adjusted Funds From Operations

Operating Activities	May '25	Nov '24	May '24	Nov '23	May '23	Nov '22
Net Income	1,005	2,214	2,672	3,028	2,271	2,799
Net Income
Depreciation & Amortization	397	378	414	382	361	342
Depreciation and Amortization
Amortization and Other
Stock Based Compensation	334	375	402	402	391	364
Stock-Based Compensation
Other Adjustments	-75	-143	-388	-199	-36	-138
Deferred Income Taxes
Impairment and Other
Net Foreign Currency Adjustments
Changes in Trade Receivables	686	-943	320	-649	1,367	-878
Change in Accounts Receivable
Changes in Inventories	667	-547	415	493	815	-948
Change in Inventories
Changes in Other Operating Activities	-759	109	843	-706	-686	-183
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	2,255	1,443	4,678	2,751	4,483	1,358
Cash Provided by Operations

Investing Activities	May '25	Nov '24	May '24	Nov '23	May '23	Nov '22
Capital Expenditure	-181	-249	-354	-458	-469	-500
Additions to Property, Plant and Equipment
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—
Disposals of Property, Plant and Equipment
Purchases of Investments	-1,150	-2,084	-2,561	-2,206	-2,559	-3,500
Purchases of Short-Term Investments
Proceeds from Sale of Investments	1,298	2,083	2,939	3,549	3,617	3,923
Maturities of Short-Term Investments
Sales of Short-Term Investments
Other Investing Activities	-2	10	-5	-10	-2	54
Investments in Reverse Repurchase Agreements
Other Investing Activities
Cash from Investing Activities	-35	-240	19	875	587	-23
Cash Provided by Investing Activities

Financing Activities	May '25	Nov '24	May '24	Nov '23	May '23	Nov '22
Issuance of Long-Term Debt	—	—	—	—	—	—
Proceeds from Borrowings, Net of Debt Issuance Costs
Repayments of Long-Term Debt	-1,000	—	—	—	-500	—
Payments on Capital Lease Obligations
Long-Term Debt Payments, Including Current Portion
Net Issuance / (Repayments) of Long-Term Debt	-1,000	—	—	—	-500	—
Issuance of Common Shares	206	345	340	327	391	260
Proceeds from Exercise of Stock Options and Other Stock Issuances
Repurchases of Common Shares	-705	-2,280	-1,919	-2,331	-2,930	-2,550
Repurchase of Common Stock
Tax Payments for Net Share Settlement of Equity Awards
Net Issuance / (Repurchases) of Common Shares	-499	-1,935	-1,579	-2,004	-2,539	-2,290
Common Share Dividends Paid	-1,185	-1,115	-1,122	-1,047	-1,052	-960
Dividends - Common and Preferred
Other Financing Activities	-66	-20	-36	-100	-35	-71
Change in Notes Payable, Net
Excess Tax Benefits from Share-Based Payment Arrangements
Other Financing Activities
Cash from Financing Activities	-2,750	-3,070	-2,737	-3,151	-4,126	-3,321
Cash Provided by Financing Activities

Free Cash Flow	May '25	Nov '24	May '24	Nov '23	May '23	Nov '22
Free Cash Flow	2,074	1,194	4,324	2,293	4,014	858
NOPAT	959.2	2,108.3	2,460.3	2,908.4	2,195.9	2,641.3
Levered Free Cash Flow	129	1,905	3,990	2,739	1,792	1,510
Unlevered Free Cash Flow	1,083.2	1,799.3	3,778.3	2,619.4	2,216.9	1,352.3
Net Change in Cash	-530	-1,867	1,960	475	944	-1,986