NKE · 10-K · 2026A · Full report

Liquidity and Cash Position

NIKE, Inc. · 2026-07-15 · Importance 49 · Surprise 6

As of May 31, 2026, NIKE reported Cash and equivalents and Short-term investments totaling $9.0 billion, invested primarily in investment-grade instruments with a weighted-average days to maturity of 103 days. The company maintains multiple liquidity sources: a filed shelf registration permitting debt issuance, a 364-day $1.0 billion committed credit facility (with optional increase to $1.5 billion), a five-year $2.0 billion committed credit facility (optionally up to $3.0 billion), and an unused $3.0 billion commercial paper program. NIKE's long-term debt ratings (A+ / A2) affect facility pricing; the company was in compliance with covenants as of May 31, 2026. Management states these cash balances and access to external funding are sufficient to meet domestic and foreign capital needs for the next twelve months and beyond.

Key facts

• As of May 31, 2026, Cash and equivalents and Short-term investments totaled $9.0 billion, primarily consisting of commercial paper, corporate notes, deposits held at major banks, money market funds, U.S. Treasury obligations and other investment grade fixed-income securities. source
• NIKE believes Cash and equivalents, Short-term investments and cash generated by operations, together with access to external sources of funds, will be sufficient to meet domestic and foreign capital needs for the next twelve months and beyond. source
• NIKE has a $3 billion commercial paper program and had no borrowings outstanding under it for the fiscal years ended May 31, 2026 and 2025. source
• As of May 31, 2026, the weighted-average days to maturity of NIKE's cash equivalents and short-term investments portfolio was 103 days. source
• As of May 31, 2026, NIKE did not have any off-balance sheet arrangements that have, or are reasonably likely to have, a material effect on its current and future financial condition, results of operations, liquidity, capital expenditures or capital resources. source
• The net change in certain working capital components and other assets and liabilities in fiscal 2026 was primarily driven by an increase in Accounts receivable and a decrease in Income taxes payable. source