Filing Flows

Filing Flows › Companies › Nike › Cash flow

Nike cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$64.0M in Q1 FY27 · $2.1B over twelve months

Operating cash flow$135M
Capital spending−$199M
Free cash flow−$64.0M
Cash / net income0.2×
Cash conversion cycle-5 days

Analysis

In Q1 FY27, Nike generated $135M of operating cash flow and spent $199M on capital projects, leaving free cash flow of −$64.0M. That is $79.0M less than in Q1 FY26 ($15.0M).

Over the twelve months to Aug 31, 2026, operating cash flow was $2.8B; the largest uses were dividends ($2.4B), capital spending ($676M), other financing ($93.0M); besides operations, cash came from shares issued ($227M), other investing ($55.0M); the cash balance fell by $121M.

Operating cash flow was $135M against net income of $712M — 0.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables −$1.2B, receivables +$695M, inventory −$312M.

Its cash conversion cycle was -5 days (receivables 46 + inventory 0 − payables 50): suppliers fund its working capital.

Free cash flow

Nike: free cash flow by quarterNike: free cash flow by quarter$920MQ2 FY25$1.7BQ3 FY25$363MQ4 FY25$15.0MQ1 FY26$386MQ2 FY26$284MQ3 FY26$1.5BQ4 FY26−$64.0MQ1 FY27
Operating cash flow less capital spending.
Nike: operating cash flow against capital spendingNike: operating cash flow against capital spendingOperating cash flowCapital spending$1.0B$129MQ2 FY25$1.8B$81.0MQ3 FY25$463M$100MQ4 FY25$222M$207MQ1 FY26$579M$193MQ2 FY26$430M$146MQ3 FY26$1.6B$138MQ4 FY26$135M$199MQ1 FY27
Latest (Q1 FY27): Operating cash flow $135M, Capital spending $199M.

Capital allocation, year by year

Nike: where the cash came from (up) and went (down), by fiscal yearNike: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY22: Operating cash flow $5.2BFY22: Shares issued $1.2BFY22: Capital spending −$758MFY22: Buybacks −$4.0BFY22: Dividends −$1.8B$6.3BFY22FY23: Operating cash flow $5.8BFY23: Net borrowing −$500MFY23: Shares issued $651MFY23: Capital spending −$969MFY23: Buybacks −$5.5BFY23: Dividends −$2.0B$6.5BFY23FY24: Operating cash flow $7.4BFY24: Shares issued $667MFY24: Capital spending −$812MFY24: Buybacks −$4.2BFY24: Dividends −$2.2B$8.1BFY24FY25: Operating cash flow $3.7BFY25: Net borrowing −$1.0BFY25: Shares issued $551MFY25: Capital spending −$430MFY25: Buybacks −$3.0BFY25: Dividends −$2.3B$4.2BFY25FY26: Operating cash flow $2.9BFY26: Shares issued $354MFY26: Capital spending −$684MFY26: Buybacks −$146MFY26: Dividends −$2.4B$3.2BFY26
Over these 5 years operating cash flow totalled $25.0B; the largest uses were buybacks ($16.9B) and dividends ($10.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$6.9B
Debt$7.9B
Net debt$1.0B
Due within a year$2.0B

Nike funds itself: free cash flow was $2.1B over the last twelve months, and $6.9B of cash and investments stands against $7.9B of debt ($2.0B due within a year, 3.5× covered by cash).

Nike: debt maturities by year (FY26)Nike: debt maturities by year (FY26)$2.0BYear 1$1.5BYear 4
Principal due in each year as disclosed in the annual report, against $6.9B of cash and investments now.

Where the cash came from and went

Nike: sources (+) and uses (−) of cash, Q1 FY27Nike: sources (+) and uses (−) of cash, Q1 FY27Cash drawn (+) / kept (−)$660MDividends−$610MCapital spending−$199MOperating cash flow$135MExchange rates$15.0MOther financing−$8.0MOther investing$7.0M
Nike: sources (+) and uses (−) of cash, TTM to Q1 FY27Nike: sources (+) and uses (−) of cash, TTM to Q1 FY27Operating cash flow$2.8BDividends−$2.4BCapital spending−$676MShares issued$227MCash drawn (+) / kept (−)$121MOther financing−$93.0MOther investing$55.0MExchange rates$31.0MBuybacks−$20.0M

From profit to cash

Nike: net income to operating cash flow, Q1 FY27Nike: net income to operating cash flow, Q1 FY27Net income$712MDepreciation & amortization$193MStock-based pay$158MDeferred taxes−$67.0MImpairments$9.0MReceivables$695MInventory−$312MPayables−$1.2BPrepaid and other assets−$10.0MOperating cash flow$135M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY2746—50-5
Q4 FY2647—53-6
Q3 FY2644—440
Q2 FY2639—46-7
Q1 FY2638—49-11
Q4 FY2538—46-8
Q3 FY2539—43-4
Q2 FY2537—43-6

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27$135M−$199M—−$610M—$660M−$64.0M
Q4 FY26$1.6B−$138M—−$609M$103M−$903M$1.5B
Q3 FY26$430M−$146M—−$609M$17.0M$314M$284M
Q2 FY26$579M−$193M−$20.0M−$598M$107M$50.0M$386M
Q1 FY26$222M−$207M−$126M−$591M$127M$440M$15.0M
Q4 FY25$463M−$100M−$199M−$591M$151M$1.1B$363M
Q3 FY25$1.8B−$81.0M−$506M−$594M$55.0M−$622M$1.7B
Q2 FY25$1.0B−$129M−$1.1B−$557M$214M$506M$920M

Nike: income statement and cash flow

Nike, Q1 FY27: revenue $11.2B (-4% year over year), operating margin 8.2%. The chart follows the revenue to costs, profit and cash.

Nike: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.