Nike Just Can’t Do It – The Turnaround Story Stumbles

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Rich Duprey

Wed, April 1, 2026 astatine 9:33 AM CDT 4 min read

Nike (NKE) posted Q3 FY2026 EPS of $0.35, beating estimates by 24%, but nett income plunged 34.51% twelvemonth implicit twelvemonth arsenic operating income fell 19.42% contempt level $11.28B revenue, with gross borderline contracting 130 bps to 40.2% from tariff-driven costs and wholesale gross stabilizing astatine $6.50B portion nonstop integer income declined 9%.
CEO Elliott Hill admitted the turnaround is taking longer than expected, and CFO Matthew Friend warned that restructuring disruption volition proceed done year-end, colliding with anemic user sentiment and persistent China weakness that fell 10% currency-neutral.
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Nike (NYSE:NKE) reported its fiscal 3rd 4th 2026 results aft the markets closed yesterday, and the banal is paying for it. Shares are down 13.41% successful greeting trading today, contempt a 24.25% net beat. CEO Elliott Hill acknowledged the turnaround is taking "longer than I would like," and investors heard precisely that. The marketplace isn't buying the communicative anymore, adjacent erstwhile the numbers technically wide the bar.

There were genuine agleam spots. Wholesale gross roseate 5% to $6.50B, showing the accepted retail transmission is stabilizing. North America grew 3% to $5.03B, driven mostly by that wholesale strength. Footwear, Nike's halfway business, posted $7.35B, up 2% twelvemonth implicit year. EMEA besides contributed positively, rising 2% to $2.87B.

Running continues to pb the athletics discourtesy strategy. It was the archetypal class to participate Nike's performance-first repositioning, and it's showing results. Management pointed to moving arsenic impervious the playbook works, adjacent if execution crossed the remainder of the portfolio is lagging.

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Greater China gross fell 7% connected a reported ground and 10% connected a currency-neutral ground to $1.62B. That's a persistent problem, not a one-quarter blip. With Middle East tensions pushing lipid prices sharply higher (WTI precocious deed $98.71 per tube earlier pulling backmost to $89.33), elevated shipping and logistics costs adhd different furniture of unit connected an already strained planetary business.

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