NKE · 10-K · 2026A · Full report
ROIC and Invested Capital
NIKE, Inc. · 2026-07-15 · Importance 55 · Surprise 32
Return on Invested Capital (ROIC) was 18.7% as of May 31, 2026 compared to 20.2% as of May 31, 2025. The ROIC numerator (EBIT less tax adjustment) for the trailing four quarters ended May 31, 2026 was $3,068 million (EBIT $3,850 million less an income tax adjustment of $782 million). The average total invested capital for the trailing five quarters ended May 31, 2026 was $16,426 million, which includes total debt of $11,113 million and cash and equivalents and short-term investments of $8,631 million. Management uses ROIC as a key non‑GAAP performance measure to evaluate capital efficiency and compares the 18.7% result to prior year 20.2% as an indication of modest decline in capital returns.