Financials Nike, Inc.

Equities

NKE

US6541061031

Footwear

Market Closed - Nyse Other stock markets 04:00:02 2025-12-12 pm EST			5-day change	1st Jan Change
67.47 ^USD	-0.40%		+2.44%	-10.84%

Dec. 12	Lululemon CEO exit sparks hopes of reset at athleisure pioneer	RE
Dec. 12	U.S. earnings week ahead	RE

Projected Income Statement: Nike, Inc.

Fiscal Period: May	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	44,538	46,710	51,217	51,362	46,309	46,781	49,160	51,691
Change	-	4.88%	9.65%	0.28%	-9.84%	1.02%	5.09%	5.15%
EBITDA ¹	7,681	7,392	6,774	7,107	4,477	3,619	5,166	6,146
Change	-	-3.76%	-8.36%	4.92%	-37.01%	-19.17%	42.76%	18.96%
EBIT ¹	6,937	6,675	5,915	6,311	3,702	3,083	4,498	5,346
Change	-	-3.78%	-11.39%	6.69%	-41.34%	-16.73%	45.9%	18.86%
Interest Paid ¹	-262	-205	6	161	107	-102	-115.2	-114.7
Earnings before Tax (EBT) ¹	6,661	6,651	6,201	6,700	3,885	3,124	4,571	5,363
Change	-	-0.15%	-6.77%	8.05%	-42.01%	-19.58%	46.3%	17.34%
Net income ¹	5,727	6,046	5,070	5,700	3,219	2,500	3,705	4,411
Change	-	5.57%	-16.14%	12.43%	-43.53%	-22.33%	48.19%	19.04%
Announcement Date	6/24/21	6/27/22	6/29/23	6/27/24	6/26/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: May	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	11,243	10,357	12,344	12,248	11,357	10,871	12,234	12,687	13,315	12,390	12,825	12,939	13,388	12,429	12,606	11,589	12,354	11,269	11,097	11,720	12,208	11,415	11,412	12,239	12,904	12,100	12,055
Change	-	-7.88%	19.19%	-0.78%	-7.27%	-4.28%	12.54%	3.7%	4.95%	-6.95%	3.51%	0.89%	3.47%	-7.16%	1.42%	-8.07%	6.6%	-8.78%	-1.53%	5.61%	4.16%	-6.49%	-0.02%	7.24%	5.44%	-6.23%	-0.37%
EBITDA ¹	1,765	1,860	2,114	2,301	1,638	1,812	1,647	1,864	1,760	1,586	1,457	1,790	2,023	1,543	1,753	1,397	1,579	1,030	520	1,117	920.5	1,008	746.2	1,489	1,265	1,389	999.3
Change	-	5.38%	13.66%	8.85%	-28.81%	10.62%	-9.11%	13.18%	-5.58%	-9.89%	-8.13%	22.86%	13.02%	-23.73%	13.61%	-20.31%	13.03%	-34.77%	-49.51%	114.81%	-17.59%	9.47%	-25.96%	99.56%	-15.07%	9.83%	-28.05%
EBIT ¹	1,580	1,678	1,913	2,124	1,454	1,629	1,468	1,695	1,587	1,412	1,221	1,604	1,825	1,336	1,546	1,209	1,384	788	321	927	696.1	871.7	597.3	1,295	1,183	1,257	893.7
Change	-	6.2%	14%	11.03%	-31.54%	12.04%	-9.88%	15.46%	-6.37%	-11.03%	-13.53%	31.37%	13.78%	-26.79%	15.72%	-21.8%	14.47%	-43.06%	-59.26%	188.79%	-24.9%	25.21%	-31.48%	116.75%	-8.63%	6.24%	-28.89%
Charge d'intérêts ¹	-70	-64	-63	-57	-55	-53	-40	-13	-16	7	28	34	22	-	53	-43	24	18	22	18	-25.33	-28.33	-24.78	-	-4	-5	-13
Earnings before Tax (EBT) ¹	1,456	1,636	1,854	2,106	1,501	1,670	1,374	1,828	1,650	1,477	1,246	1,648	1,922	1,404	1,726	1,307	1,416	844	318	922	716.3	881.1	609.5	1,300	1,146	1,229	900.3
Change	-	12.36%	13.33%	13.59%	-28.73%	11.26%	-17.72%	33.04%	-9.74%	-10.48%	-15.64%	32.26%	16.63%	-26.95%	22.93%	-24.28%	8.34%	-40.4%	-62.32%	189.94%	-22.31%	23.01%	-30.82%	113.33%	-11.84%	7.18%	-26.72%
Net income ¹	1,251	1,449	1,509	1,874	1,337	1,396	1,439	1,468	1,331	1,240	1,031	1,450	1,578	1,172	1,500	1,051	1,163	794	211	727	558.5	704.3	487.8	1,092	954.3	1,024	742.8
Change	-	15.83%	4.14%	24.19%	-28.66%	4.41%	3.08%	2.02%	-9.33%	-6.84%	-16.85%	40.64%	8.83%	-25.73%	27.99%	-29.93%	10.66%	-31.73%	-73.43%	244.55%	-23.18%	26.1%	-30.74%	123.83%	-12.59%	7.31%	-27.46%
Announcement Date	12/18/20	3/18/21	6/24/21	9/23/21	12/20/21	3/21/22	6/27/22	9/29/22	12/20/22	3/21/23	6/29/23	9/28/23	12/21/23	3/21/24	6/27/24	10/1/24	12/19/24	3/20/25	6/26/25	9/30/25	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Nike, Inc.

Fiscal Period: May	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-4,061	-3,567	-1,742	-2,673	-1,185	2,435	3,203	3,497
Change	-	12.16%	51.16%	-53.44%	55.67%	305.49%	31.54%	9.18%
Announcement Date	6/24/21	6/27/22	6/29/23	6/27/24	6/26/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Nike, Inc.

Fiscal Period: May	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	695	758	969	812	430	912.7	943.4	968.3
Change	-	9.06%	27.84%	-16.2%	-47.04%	112.25%	3.36%	2.65%
Free Cash Flow (FCF) ¹	5,962	4,430	4,872	6,617	3,268	2,078	3,358	4,300
Change	-	-25.7%	9.98%	35.82%	-50.61%	-36.42%	61.6%	28.06%
Announcement Date	6/24/21	6/27/22	6/29/23	6/27/24	6/26/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Nike, Inc.

Fiscal Period: May	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	17.25%	15.83%	13.23%	13.84%	9.67%	7.74%	10.51%	11.89%
EBIT Margin (%)	15.58%	14.29%	11.55%	12.29%	7.99%	6.59%	9.15%	10.34%
EBT Margin (%)	14.96%	14.24%	12.11%	13.04%	8.39%	6.68%	9.3%	10.38%
Net margin (%)	12.86%	12.94%	9.9%	11.1%	6.95%	5.34%	7.54%	8.53%
FCF margin (%)	13.39%	9.48%	9.51%	12.88%	7.06%	4.44%	6.83%	8.32%
FCF / Net Income (%)	104.1%	73.27%	96.09%	116.09%	101.52%	83.1%	90.62%	97.48%
Profitability
ROA	16.58%	15.5%	13.02%	15.07%	8.62%	6.34%	9.68%	12.84%
ROE	55.01%	43.11%	34.63%	40.09%	23.29%	18.5%	27.79%	32.94%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	0.67x	0.62x	0.57x
Debt / Free cash flow	-	-	-	-	-	1.17x	0.95x	0.81x
Capital Intensity
CAPEX / Current Assets (%)	1.56%	1.62%	1.89%	1.58%	0.93%	1.95%	1.92%	1.87%
CAPEX / EBITDA (%)	9.05%	10.25%	14.3%	11.43%	9.6%	25.22%	18.26%	15.76%
CAPEX / FCF (%)	11.66%	17.11%	19.89%	12.27%	13.16%	43.93%	28.1%	22.52%
Items per share
Cash flow per share ¹	4.14	3.221	3.721	4.856	2.486	2.079	2.954	3.112
Change	-	-22.2%	15.52%	30.52%	-48.81%	-16.37%	42.08%	5.37%
Dividend per Share ¹	1.07	1.19	1.325	1.45	1.57	1.565	1.737	1.872
Change	-	11.21%	11.34%	9.43%	8.28%	-0.29%	10.95%	7.76%
Book Value Per Share ¹	8.09	9.679	9.141	9.433	8.882	8.7	9.028	8.986
Change	-	19.64%	-5.56%	3.2%	-5.84%	-2.05%	3.78%	-0.46%
EPS ¹	3.56	3.75	3.23	3.73	2.16	1.691	2.539	3.053
Change	-	5.34%	-13.87%	15.48%	-42.09%	-21.74%	50.19%	20.23%
Nbr of stocks (in thousands)	1,579,967	1,573,767	1,536,989	1,509,359	1,475,990	1,478,201	1,478,201	1,478,201
Announcement Date	6/24/21	6/27/22	6/29/23	6/27/24	6/26/25	-	-	-