Balance Sheet: Assets
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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Nike Inc., consolidated balance sheet: assets (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31).
Total assets exhibited a growth phase between August 2020 and August 2022, rising from 33,258 million US$ to a peak of 41,088 million US$. Following this peak, a contraction occurred, with total assets stabilizing between 36,579 million US$ and 38,410 million US$ throughout 2024 and 2025. This overall trajectory indicates a period of significant asset expansion followed by a correction and subsequent stabilization of the balance sheet size.
- Liquidity and Short-Term Asset Trends
- Cash and equivalents showed significant volatility, peaking at 10,751 million US$ in November 2021 before entering a general downward trend, eventually fluctuating between 6,660 million US$ and 8,601 million US$ in the later periods. Short-term investments followed a similar pattern, peaking in February 2022 at 4,763 million US$ and declining steadily to 1,464 million US$ by May 2026. This represents a marked reduction in the company's highly liquid cash positions over the analyzed timeframe.
- Working Capital Components
- Accounts receivable, net, demonstrated a long-term upward trend, increasing from 3,813 million US$ in August 2020 to 5,931 million US$ by May 2026, suggesting an increase in credit extended to customers or longer collection cycles. Inventories experienced a substantial spike, rising from approximately 6,705 million US$ in 2020 to a peak of 9,662 million US$ in August 2022. Subsequently, inventory levels were reduced and stabilized around 7,500 million US$ by 2026, indicating a period of inventory accumulation followed by successful normalization.
- Non-Current Asset Composition
- Non-current assets grew consistently from 11,321 million US$ in August 2020 to 13,807 million US$ by May 2026. This growth was primarily driven by deferred income taxes and other assets, which more than doubled from 2,699 million US$ to 5,674 million US$. In contrast, property, plant and equipment, net, and operating lease right-of-use assets remained relatively stagnant, with PPE hovering around the 4,800 to 5,100 million US$ range and lease assets remaining between 2,600 and 3,100 million US$.
- Intangibles and Goodwill
- Identifiable intangible assets and goodwill remained remarkably stable throughout the entire period. Intangibles stayed within a narrow range of 259 to 291 million US$, while goodwill fluctuated slightly between 223 million US$ and 284 million US$, indicating a lack of significant new acquisitions or substantial impairment charges during this window.
The shift in asset composition reveals a transition from a high-liquidity and high-inventory posture in 2021-2022 toward a balance sheet characterized by higher receivables and increased non-current "other" assets. While total assets have returned to levels similar to the 2020-2021 period, the underlying distribution has shifted away from cash and short-term investments toward operational and deferred assets.