Nike (NKE) reported D&A of $185M in Q4 2025.

How has Nike's D&A changed year-over-year?

Nike's D&A decreased by 6.6% year-over-year, from $198M to $185M.

What is the long-term trend for Nike's D&A?

Over 2 years (2023 to 2025), Nike's D&A has grown at a 5.0% compound annual growth rate (CAGR), from $703M to $775M.

Total non-cash depreciation of tangible assets and amortization of intangible assets — the largest add-back to net income in the operating cash flow reconciliation.

Nike NKE D&A

D&A at other companies

V.F. CorporationVFC

$67.48M-7.7%

Wolverine World WideWWW

$5.2M-14.8%

Deckers Outdoor CorporationDECK

$18.63M+1.0%

Columbia Sportswear CompanyCOLM

$13.69M+1.7%

CrocsCROX

$20.24M+9.2%

Under Armour, Inc.UA

——

Segments

By segment

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NIKE Brand$156M-4.9%

Converse$2M-33.3%

Other financials

Income statement

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Revenue$11.0B-1.1%

Gross profit$5.4B+20.7%

Net income$1.1B+407%

EPS (diluted)$0.72+414%

Balance sheet

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Cash & equivalents$7.6B+519%

Total debt$5.9B-46.1%

Total equity$14.9B+12.5%

Total assets$38.4B+5.0%

Cash flow

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Operating cash flow$430.0M-76.0%

CapEx$146.0M+80.2%

Free cash flow$284.0M-83.4%

Valuation

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Market cap$63.35B-43.9%

Enterprise value$61.73B-49.7%

P/E20.4×-14.7×

P/S1.4×-1.1×

Profitability

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Gross margin42.9%+0.2pp

Net margin6.7%-0.3pp

FCF margin2.3%-8.9pp

Returns & leverage

See full

Return on equity22.1%-1.2pp

Debt / equity0.4×-0.4×

Current ratio2×-0.3×

Where this comes from

Reported directly by Nike in its filing.

Tagged under the XBRL concept us-gaap:DepreciationDepletionAndAmortization.

The official record: Nike’s 10-Q, filed April 1, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Nike's D&A?: Nike (NKE) reported D&A of $185M in Q4 2025.
How has Nike's D&A changed year-over-year?: Nike's D&A decreased by 6.6% year-over-year, from $198M to $185M.
What is the long-term trend for Nike's D&A?: Over 2 years (2023 to 2025), Nike's D&A has grown at a 5.0% compound annual growth rate (CAGR), from $703M to $775M.
What does D&A mean?: Total non-cash depreciation of tangible assets and amortization of intangible assets — the largest add-back to net income in the operating cash flow reconciliation.