FINANCIAL MODEL

NIKE, Inc.

NKE · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Statement
Revenue	32,376	34,350	36,397	39,117	37,403	44,538	46,710	51,217	51,362	46,309
Cost of Goods Sold	17,405	19,038	20,441	21,643	21,162	24,576	25,231	28,925	28,475	26,519
Gross Profit	14,971	15,312	15,956	17,474	16,241	19,962	21,479	22,292	22,887	19,790
SG&A	10,469	10,563	11,511	12,702	13,126	13,025	14,804	16,377	16,576	16,088
R&D
EBITDA	5,164	5,465	5,219	5,492	4,234	7,681	7,515	6,774	7,155	4,477
D&A	662	716	774	720	1,119	744	840	859	844	775
EBIT (Operating Income)	4,502	4,749	4,445	4,772	3,115	6,937	6,675	5,915	6,311	3,702
Interest Expense	19	59	54	49	89	262	205	6	161	107
Pre-Tax Income	4,623	4,886	4,325	4,801	2,887	6,661	6,651	6,201	6,700	3,885
Tax Expense	863	646	2,392	772	348	934	605	1,131	1,000	666
Net Income	3,760	4,240	1,933	4,029	2,539	5,727	6,046	5,070	5,700	3,219
Diluted EPS	2.16	2.51	1.17	2.49	1.60	3.56	3.75	3.23	3.73	2.16
Diluted Shares (M)	1,742.5	1,692.0	1,659.1	1,618.4	1,591.6	1,609.4	1,610.8	1,569.8	1,529.7	1,487.6
Balance Sheet
Total Cash & Equivalents		6,179	5,245	4,663	8,787	13,476	12,997	10,675	11,582	9,151
Short-term Debt		331	342	15	251	2	510	6	1,006	5
Long-term Debt		3,471	3,468	3,464	9,406	9,413	8,920	8,927	7,903	7,961
Total Debt		3,802	3,810	3,479	9,657	9,415	9,430	8,933	8,909	7,966
Net Debt		-2,377	-1,435	-1,184	870	-4,061	-3,567	-1,742	-2,673	-1,185
Total Current Assets		16,061	15,134	16,525	20,556	26,291	28,213	25,202	25,382	23,362
Total Current Liabilities		5,474	6,040	7,866	8,284	9,674	10,730	9,256	10,593	10,566
Total Assets		23,259	22,536	23,717	31,342	37,740	40,321	37,531	38,110	36,579
Total Liabilities		10,852	12,724	14,677	23,287	24,973	25,040	23,527	23,680	23,366
Shareholders' Equity		12,407	9,812	9,040	8,055	12,767	15,281	14,004	14,430	13,213
Minority Interest
Intangibles & Goodwill		139	154	154	223	242	284	281	240	240
PP&E		3,989	4,454	4,744	4,866	4,904	4,791	5,081	5,000	4,828
Receivables		3,677	3,498	4,272	2,749	4,463	4,667	4,131	4,427	4,717
Payables		2,048	2,279	2,612	2,248	2,836	3,358	2,862	2,851	3,479
Inventory		5,055	5,261	5,622	7,367	6,854	8,420	8,454	7,519	7,489
Retained Earnings		6,907	3,517	1,643	-191	3,179	3,476	1,358	965	-727
Cash Flow
Cash from Operations	3,399	3,846	4,955	5,903	2,485	6,657	5,188	5,841	7,429	3,698
Capital Expenditures	1,143	1,105	1,028	1,119	1,086	695	758	969	812	430
Free Cash Flow	2,256	2,741	3,927	4,784	1,399	5,962	4,430	4,872	6,617	3,268
Stock-Based Compensation	236	215	218	325	429	611	638	755	804	709
Dividends Paid	1,022	1,133	1,243	1,332	1,452	1,638	1,837	2,012	2,169	2,300
Share Repurchases	3,238	3,223	4,254	4,286	3,067	608	4,014	5,480	4,250	2,985