NKE · 10-K · 2026A · Full report

Operating Cash Flow Trends

NIKE, Inc. · 2026-07-15 · Importance 41 · Surprise 48 · No source text

Cash provided by operations declined from $3,698 million in fiscal 2025 to $2,868 million in fiscal 2026, a greater-than-10% year-over-year decrease. Fiscal 2026 cash from operations was driven by net income of $3,108 million and non-cash adjustments of $1,438 million but reduced by a $1,678 million net change in working capital. In fiscal 2025, cash from operations was supported by net income of $3,219 million and non-cash items of $1,266 million, with a smaller working capital drag. Timing of wholesale shipments, increases in accounts receivable and prepaid endorsement-related expenses are called out as key working capital drivers across the two years.

Key facts

• Cash provided by operations was $2,868 million in fiscal 2026 and $3,698 million in fiscal 2025. source
• Net change in certain working capital components and other assets and liabilities decreased cash provided by operations by $1,678 million in fiscal 2026. source
• Cash provided by operations in fiscal 2026: $2,868 million. source
• Cash provided by operations in fiscal 2025: $3,698 million. source
• Net income in fiscal 2026: $3,108 million. source
• Net income in fiscal 2025: $3,219 million. source
• Non-cash items in fiscal 2026 adjustments: $1,438 million. source
• Non-cash items in fiscal 2025 adjustments: $1,266 million. source

Impact estimates