Overview
- Nike’s stock has fallen sharply this year, down about 28% in 2026 and roughly 66% over five years, reflecting deep investor concern.
- Revenue held roughly flat at $11.3 billion in the last quarter while gross margin fell 130 basis points to 40.2%, a decline management linked to rising tariff and other external cost pressures.
- Demand is uneven across regions, with Greater China flagged for potential double‑digit weakness and North American direct‑to‑consumer sales showing softness.
- Rivals including Adidas, On, and Hoka and lower‑price online sellers have gained share in key footwear and running categories, challenging Nike’s pricing power.
- Trading volumes and short interest have risen as analysts urge caution, and markets view the June 30 year‑end report as the decisive test for inventory trends, guidance, and the pace of the turnaround.