Nike (NKE) 10-k filed this morning. The biggest callout for me is the ramp in endorsement spending continues.

Meanwhile, UA and Adidas are pulling back. Nike? It’s got its foot on the accelerator.

As you can see below, Nike is now at $10.5 billion in off balance sheet liabilities .. double that of Adidas.

Swoosh: Nike Has Its Foot on the Endorsement Pedal - z nke

For more info on our institutional research email sales@hedgeye.com.