Nike stock hit a 52-week low of $39.98 on August 17, 2026, as the athletic apparel giant continues to grapple with declining revenue and persistent weakness in key markets. The stock has fallen nearly 50% over the past year, reflecting mounting pressure on the company’s turnaround efforts under CEO Elliott Hill.
For fiscal 2026, Nike reported full-year revenue of $46.4 billion, down 2% on a constant-currency basis, according to the company’s June 30 earnings announcement. The decline marks a continuation of the revenue headwinds that have plagued the company throughout the fiscal year, as the company works to stabilize its business amid challenging consumer demand.
The company’s direct-to-consumer business has been a particular drag on performance. Nike Direct revenues fell 7% in the fourth quarter of fiscal 2026, driven by a 12% plunge in digital sales, according to Nike’s official earnings release. This weakness reflects broader struggles in the company’s e-commerce operations and challenges in engaging consumers through its owned channels.
Greater China, once Nike’s fastest-growing region, has become the company’s biggest headwind. Sales in Greater China fell 12% in the fourth quarter on a constant-currency basis, steepening from a 10% decline in the prior quarter, according to Reuters reporting on the company’s earnings. The region’s deterioration reflects both inventory challenges and shifting consumer preferences toward domestic athletic brands.
CEO Hill acknowledged the scale of the challenge on the company’s earnings call. “Overall, the results aren’t there yet,” Hill said, according to CNBC’s coverage of the earnings. “We know we’re not living up to our full potential, particularly in Nike sportswear and Jordan streetwear, where sell through remains challenged, impacting both current discounting and future order books.”
The company’s turnaround strategy includes operational restructuring and cost reduction. In April 2026, Nike announced layoffs of 1,400 employees across its Global Operations team, representing just under 2% of the company’s global workforce, according to CNBC. The company has also reorganized about 8,000 employees into vertical sport teams under a new operating model called the Sport Offense.
North America, Nike’s largest market, showed modest resilience. Revenue in North America climbed 3% to $4.83 billion in the fourth quarter, though it still fell short of analyst expectations of $4.88 billion, according to StreetAccount data cited by CNBC.
The stock’s decline mirrors broader retail sector weakness, though Nike’s challenges run deeper than macro headwinds. The company faces structural issues in its core sportswear business and digital operations that Hill has signaled will take time to resolve. When Cisco fell 9% despite beating earnings estimates, it highlighted how even strong quarterly results can’t offset longer-term investor concerns—a dynamic also affecting Nike as it struggles to convince markets its turnaround will deliver results.
Looking ahead, Nike has guided for flat earnings through the first two quarters of fiscal 2027 and expects gross margin for the first fiscal quarter of 2027 to be only slightly positive, signaling continued pressure on profitability. The company also announced a planned CFO transition, with David Denton from Pfizer taking over effective August 17, adding to the leadership changes underway.
Sources
- CNBC — Nike Q4 fiscal 2026 earnings results, stock reaction, and CEO commentary on turnaround efforts
- Nike official newsroom — Fiscal 2026 fourth-quarter and full-year results, including revenue, Direct segment performance, and digital sales figures
- Reuters — Greater China revenue decline and quarterly comparison data
- Investing.com — Nike stock hitting 52-week low of $39.98 on August 17, 2026, and year-to-date performance
