NIKE, INC.

 TEN YEAR FINANCIAL HISTORY
(1)(2)
(in millions, except per share data and financial ratios)

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Year Ended May 31,
Revenues $                39,117 $                36,397 $                34,350 $                       32,376 $           30,601 $           27,799 $           25,313 $           23,331 $           20,117 $           18,324
Gross profit                   17,474                   15,956                   15,312                          14,971              14,067              12,446              11,034              10,148                 9,202                 8,498
Gross margin % 44.7% 43.8% 44.6% 46.2% 46.0% 44.8% 43.6% 43.5% 45.7% 46.4%
Net income from continuing operations(3)                      4,029                      1,933                      4,240                            3,760                 3,273                 2,693                 2,451                 2,257                 2,163                 1,916
Net income (loss) from discontinued operations                          ‐                          ‐                          ‐                                ‐                     ‐                     ‐                      21                     (46)                     (39)                     (16)
Net income(3)                      4,029                      1,933                      4,240                            3,760                 3,273                 2,693                 2,472                 2,211                 2,124                 1,900
Earnings per common share from continuing operations(3):
Basic                        2.55                        1.19                        2.56                              2.21                   1.90                   1.52                   1.37                   1.23                   1.14                   0.99
Diluted                        2.49                        1.17                        2.51                              2.16                   1.85                   1.49                   1.34                   1.20                   1.11                   0.97
Earnings per common share from discontinued operations:
Basic                          ‐                          ‐                          ‐                                ‐                     ‐                     ‐                   0.01                 (0.03)                 (0.02)                 (0.01)
Diluted                          ‐                          ‐                          ‐                                ‐                     ‐                     ‐                   0.01                 (0.02)                 (0.02)                 (0.01)
Total NIKE, Inc. earnings per common share(3):
Basic                        2.55                        1.19                        2.56                              2.21                   1.90                   1.52                   1.38                   1.20                   1.12                   0.98
Diluted                        2.49                        1.17                        2.51                              2.16                   1.85                   1.49                   1.35                   1.18                   1.09                   0.96
Weighted average common shares outstanding                  1,579.7                  1,623.8                  1,657.8                         1,697.9             1,723.5             1,766.7             1,794.6             1,839.9             1,902.1             1,942.0
Diluted weighted average common shares outstanding                  1,618.4                  1,659.1                  1,692.0                         1,742.5             1,768.8             1,811.6             1,832.9             1,879.2             1,942.6             1,975.7
Cash dividends declared per common share                        0.86                        0.78                        0.70                              0.62                   0.54                   0.47                   0.41                   0.35                   0.30                   0.27
Cash flow from operations, inclusive of discontinued operations(4)                      5,903                      4,955                      3,846                            3,399                 4,906                 3,158                 3,032                 1,932                 1,796                 3,167
At May 31,
Cash and equivalents $                  4,466 $                  4,249 $                  3,808 $                         3,138 $             3,852 $             2,220 $             3,337 $             2,254 $             1,877 $             3,026
Short‐term investments                         197                         996                      2,371                            2,319                 2,072                 2,922                 2,628                 1,503                 2,661                 2,120
Inventories                      5,622                      5,261                      5,055                            4,838                 4,337                 3,947                 3,484                 3,251                 2,630                 1,953
Working capital                      8,659                      9,094                   10,587                            9,667                 9,255                 8,319                 9,391                 7,271                 7,275                 7,518
Total assets(5)(6)(7)                   23,717                   22,536                   23,259                          21,379              21,590              18,579              17,531              14,800              14,398              13,852
Long‐term debt(5)                      3,464                      3,468                      3,471                            1,993                 1,072                 1,191                 1,201                    228                    276                    446
Capital lease obligations                           60                           75                           27                                  15                        5                      74                      81                     ‐                     ‐                     ‐
Redeemable preferred stock                          0.3                          0.3                          0.3                                 0.3                     0.3                     0.3                     0.3                     0.3                     0.3                     0.3
Shareholders' equity(7)                      9,040                      9,812                   12,407                          12,258              12,707              10,824              11,081              10,319                 9,793                 9,713
Year‐end stock price 77.14 71.80 52.99                            55.22                 50.84                 38.46                 30.83                 27.05                 21.12                 18.10
Market capitalization                 120,951                 114,983                   87,084                          92,867              87,044              66,921              55,124              49,546              39,523              35,032
Financial Ratios:(8)
Return on equity(3)(7) 42.7% 17.4% 34.4% 30.1% 27.8% 24.6% 23.1% 22.0% 21.8% 20.7%
Return on assets(3)(5)(6)(7) 17.4% 8.4% 19.0% 17.5% 16.3% 14.9% 15.3% 15.1% 15.0% 14.3%
Inventory turns                          4.0                          4.0                          3.8                                 3.8                     4.0                     4.1                     4.2                     4.5                     4.8                     4.7
Current ratio at May 31                          2.1                          2.5                          2.9                                 2.8                     2.5                     2.7                     3.4                     3.0                     2.9                     3.3
Price/Earnings ratio at May 31(3)                        31.0                        61.4                        21.1                              25.6                   27.5                   25.9                   22.8                   23.0                   19.3                   18.8

(1) 
All share and per share information are reflective of the two‐for‐one stock splits that began trading at split‐adjusted prices on December 24, 2015 and December 26, 2012.
(2) 
Amounts presented for 2013, 2012, 2011 and 2010 have been adjusted to exclude the results of discontinued operations, unless otherwise noted.
(3) 
Fiscal 2018 reflects the impact from the enactment of the Tax Cuts and Jobs Act. Refer to Note 9 — Income Taxes of our fiscal 2018 Annual Report on Form 10‐K for additional information.
(4)
 During the first quarter of fiscal 2018, NIKE, Inc. adopted Acccounting Standards Update (ASU) No. 2016‐09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share‐Based Payment Accounting,  which changed how companies account 
for certain aspects of share‐based payment awards to employees. Amounts presented for 2017, 2016, 2015 and 2014 have been updated to reflect these changes. Refer to Note 1 — Summary of Significant Accounting Policies of our fiscal 2018 Annual Report on 
Form 10‐K for additional information.
(5)
 During the first quarter of fiscal 2017, NIKE, Inc. adopted Acccounting Standard Update No. 2015‐03,  Interest — Imputation of Interest (Subtopic 835‐30): Simplifying the Presentation of Debt Issuance Costs , which required all debt issuance costs to be presented 
as a direct deduction from the carrying amount of the corresponding debt liability in the balance sheet. Amounts presented for 2016, 2015, 2014, and 2013 have been updated to reflect these changes. Refer to Note 1  Summary of Significant Accounting Policies of 
our fiscal 2017 Annual Report on Form 10‐K for additional information.
(6)
 Fiscal 2019 reflects the impact from the adoption of ASU No. 2014‐09, Revenue from Contracts with Customers (Topic 606) , which replaced existing revenue recognition guidance. Refer to Note 1 — Summary of Significant Accounting Policies of our fiscal 2019 
Annual Report on Form 10‐K for additional information.
(7)
 Fiscal 2019 reflects the impact from the adoption of ASU No. 2016‐16, Income Taxes (Topic 740): Intra‐Entity Transfers of Assets Other Than Inventory) , which requires the Company to recognize the income tax consequences of intra‐entity transfer of an asset 
other than inventory when the transfer occurs. Refer to Note 1 — Summary of Significant Accounting Policies of our fiscal 2019 Annual Report on Form 10‐K for additional information.
(8)
 For 2013, 2012, 2011 and 2010, financial ratios have been calculated using continuing operations results.