Item 6. SELECTED FINANCIAL DATA

All share and per share amounts are reflective of the two-for-one stock split that began trading at the split-adjusted price on December 24, 2015.



(In millions, except per share data and financial ratios)	FINANCIAL HISTORY
2019			2018			2017			2016			2015
Year Ended May 31,
Revenues	$	39,117		$	36,397		$	34,350		$	32,376		$	30,601
Gross profit	17,474			15,956			15,312			14,971			14,067
Gross margin	44.7		%	43.8		%	44.6		%	46.2		%	46.0		%
Net income(1)	4,029			1,933			4,240			3,760			3,273
Earnings per common share:(1)
Basic	2.55			1.19			2.56			2.21			1.90
Diluted	2.49			1.17			2.51			2.16			1.85
Weighted average common shares outstanding	1,579.7			1,623.8			1,657.8			1,697.9			1,723.5
Diluted weighted average common shares outstanding	1,618.4			1,659.1			1,692.0			1,742.5			1,768.8
Cash dividends declared per common share	0.86			0.78			0.70			0.62			0.54
Cash provided by operations	5,903			4,955			3,846			3,399			4,906
At May 31,
Cash and equivalents	$	4,466		$	4,249		$	3,808		$	3,138		$	3,852
Short-term investments	197			996			2,371			2,319			2,072
Inventories	5,622			5,261			5,055			4,838			4,337
Working capital	8,659			9,094			10,587			9,667			9,255
Total assets(2)(3)	23,717			22,536			23,259			21,379			21,590
Long-term debt	3,464			3,468			3,471			1,993			1,072
Capital lease obligations	60			75			27			15			5
Redeemable preferred stock	0.3			0.3			0.3			0.3			0.3
Shareholders' equity(3)	9,040			9,812			12,407			12,258			12,707
Market capitalization	120,951			114,983			87,084			92,867			87,044
Financial Ratios:
Return on equity(1)(3)	42.7		%	17.4		%	34.4		%	30.1		%	27.8		%
Return on assets(1)(2)(3)	17.4		%	8.4		%	19.0		%	17.5		%	16.3		%
Inventory turns	4.0			4.0			3.8			3.8			4.0
Current ratio at May 31	2.1			2.5			2.9			2.8			2.5
Price/Earnings ratio at May 31(1)	31.0			61.4			21.1			25.6			27.5


(1)	Fiscal 2018 reflects the impact from the enactment of the Tax Cuts and Jobs Act. Refer to Note 9 — Income Taxes in the accompanying Notes to the Consolidated Financial Statements for additional information.


(2)	Fiscal 2019 reflects the impact from the adoption of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606). Refer to Note 1 — Summary of Significant Accounting Policies in the accompanying Notes to the Consolidated Financial Statements for additional information.


(3)	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. Refer to Note 1 — Summary of Significant Accounting Policies in the accompanying Notes to the Consolidated Financial Statements for additional information.

22 NIKE, INC.

SELECTED QUARTERLY FINANCIAL DATA



(UNAUDITED)	1ST QUARTER						2ND QUARTER						3RD QUARTER					4TH QUARTER
(In millions, except per share data)	2019			2018			2019			2018			2019		2018(1)			2019			2018
Revenues	$	9,948		$	9,070		$	9,374		$	8,554		$	9,611	$	8,984		$	10,184		$	9,789
Gross profit	4,397			3,962			4,105			3,678			4,339		3,938			4,633			4,378
Gross margin	44.2		%	43.7		%	43.8		%	43.0		%	45.1 %		43.8 %			45.5		%	44.7		%
Net income (loss)	1,092			950			847			767			1,101		(921		)	989			1,137
Earnings (loss) per common share:
Basic	0.69			0.58			0.54			0.47			0.70		(0.57		)	0.63			0.71
Diluted	0.67			0.57			0.52			0.46			0.68		(0.57		)	0.62			0.69
Weighted average common shares outstanding	1,594.0			1,639.1			1,581.4			1,627.0			1,572.8		1,623.5			1,570.2			1,605.7
Diluted weighted average common shares outstanding	1,634.4			1,676.9			1,620.7			1,660.9			1,609.6		1,623.5			1,607.5			1,641.2
Cash dividends declared per common share	0.20			0.18			0.22			0.20			0.22		0.20			0.22			0.20


(1)	The third quarter of fiscal 2018 reflects the impact from the enactment of the Tax Cuts and Jobs Act. Refer to Note 9 — Income Taxes in the accompanying Notes to the Consolidated Financial Statements for additional information.

2019 FORM 10-K 23