NIKE (NKE) 10-K Summary — Year Ended May 31, 2023
NIKE, Inc. reported revenue growth for the fiscal year ended May 31, 2023, with net income and operating cash flow both positive. The company continues to invest in digital capabilities and infrastructure to support future growth.
Key takeaway
Year ended May 31, 2023 · FY2025 10-K
NIKE, Inc. reported revenue growth for the fiscal year ended May 31, 2023, with net income and operating cash flow both positive. The company continues to invest in digital capabilities and infrastructure to support future growth.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$51.2B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$5.1B
Net income reported for the year.
Operating cash flow
$5.8B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| May 31, 2021 | $44.5B | n/a |
| May 31, 2022 | $46.7B | +4.9% |
| May 31, 2023 | $51.2B | +9.6% |
Business overview
NIKE designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories. The company operates globally, with a focus on product innovation, brand marketing, and direct-to-consumer sales. Manufacturing is primarily outsourced to independent contractors, and the company holds significant trademarks and patents.
Financial performance
Revenue increased compared to the prior year, reaching the reported level. Net income was reported as a positive figure. Operating cash flow was an inflow, reflecting strong cash generation from operations.
Material risks
The filing identifies risk factors in Item 1A, though specific details are not provided in the supplied context. General risks include supply chain constraints, which impacted inventory availability in the prior year, and changes in working capital components such as accounts payable and inventory.
Liquidity and capital
Operating cash flow was an inflow for the fiscal year, driven by net income adjusted for non-cash items. The company invested in infrastructure, particularly digital capabilities, and managed working capital changes including reduced inventory purchases.
What to watch
Monitor the trend in working capital changes, particularly inventory and accounts payable, as they impacted cash flow in the current period.