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Nike, Inc.
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=== '''2023 Performance Highlights''' === NIKE's annual revenue for 2023 reached $51.22 billion, reflecting a 9.65% increase compared to 2022, or 16% when adjusted for currency fluctuations. The notable growth in revenue was primarily propelled by a surge in sales in the North American region. However, the company's gross margin for the fiscal year experienced a decline of 250 basis points, settling at 43.5%. This decrease was predominantly influenced by higher product costs, increased markdowns, and unfavourable shifts in foreign currency exchange rates. These effects were partially mitigated by strategic pricing actions. In 2023, the normalized EBITDA amounted to $5.92 billion, marking an 11% reduction from the previous year. This decline in EBITDA was driven by demand creation expenses totalling $4.1 billion, indicating a 5% rise compared to the prior year. These expenses primarily encompass advertising, marketing, and sports marketing. Additionally, operating overhead expenses increased by 12%, reaching $12.3 billion. This increase was primarily attributed to wage-related expenditures, NIKE Direct variable costs, and higher investments in strategic technological advancements. In fiscal year 2023, Nike distributed $7.5 billion to shareholders, comprising a $2.0 billion dividend increase and a substantial $5.5 billion share repurchase program, retiring 50.0 million shares. This encompassed $0.7 billion for 6.5 million shares from the 2018 program and $4.8 billion for 43.5 million shares from the 2022 program. {| class="wikitable" |''All figures in USD billions'' | | | |- | |2022 |2023 |2023 |- |'''Income Statement''' | | | |- |Revenue |44.5 |46.7 |51.2 |- |Operating Income |6.9 |6.7 |5.9 |- |Net Income |5.7 |6.1 |5.1 |- |EBITDA |7.7 |7.5 |6.8 |- |Diluted EPS |3.6 |3.8 |3.2 |- | | | | |- |'''Balance Sheet''' | | | |- |Total Assets |37.7 |40.3 |37.5 |- |Total Liabilities |25.0 |25.0 |23.5 |- |Total Debt |12.8 |12.6 |12.1 |- |Total Equity |12.8 |15.3 |14.0 |- |Cash |13.5 |13.0 |10.7 |- |Working Capital |16.6 |17.5 |16.0 |- | | | | |- |'''Cash Flow''' | | | |- |Operating |6.7 |5.2 |5.8 |- |Investing |<nowiki>-3.8</nowiki> |<nowiki>-1.5</nowiki> |0.6 |- |Financing |<nowiki>-1.5</nowiki> |<nowiki>-4.8</nowiki> |<nowiki>-7.5</nowiki> |- |Capital Expenditure |<nowiki>-0.7</nowiki> |<nowiki>-0.8</nowiki> |<nowiki>-1.0</nowiki> |- |Free Cash Flow |6.0 |4.4 |4.9 |}
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