As of Q2'26 (2025-11-30), Nike reported Cash & Short-term Investments of $8.35B and Debt of $11.28B. This marks a continued gap between cash reserves and outstanding debt, with cash levels declining to their lowest point in the observed period. Over the period from Q3'23 to Q2'26, Nike's cash position has shown a downward trend, falling from $10.8B to $8.35B, while debt levels have remained relatively stable, fluctuating within the $11B–$12.5B range. Notably, cash peaked at $11.58B in Q4'24 before declining steadily, whereas debt saw a modest reduction after Q4'24 but remained consistently above cash holdings. This pattern suggests ongoing pressure on liquidity, with the company maintaining a higher debt load relative to its cash position throughout the period.