NKE · 10-Q · 2026Q3 · Full report

Operating Cash Flow Trends

NIKE, Inc. · 2026-10-02 · Importance 46 · Surprise 56

Cash provided by operations decreased to $135 million in the three months ended August 31, 2026 from $222 million in the prior-year period. Fiscal 2027 operating cash flow included $712 million of net income and $269 million of non-cash adjustments, offset by an $846 million reduction from working-capital and other balance-sheet changes. The working-capital outflow was primarily driven by decreases in accrued liabilities and income taxes payable and an increase in inventories. The inventory increase reflected product-mix shifts, while the decrease in income taxes payable was related to receipt of the IEEPA tariff receivable and payment of the related U.S. federal income tax.

Key facts

• For the three months ended August 31, 2026, Net income was $712 million and net income margin was 6.3% for the period. source
• For the three months ended August 31, 2026, cash provided by operations was $135 million. source
• For the three months ended August 31, 2025, cash provided by operations was $222 million driven by Net income of $727 million and adjusted for non-cash items of $392 million. source