NEW YORK — Nike (NYSE: NKE) stock fell 2.24% to $36.22 on September 15, extending its steep 2026 decline as investors weighed weakness in Greater China, falling digital sales and uncertainty over the pace of CEO Elliott Hill’s turnaround.
NKE lost $0.83 from its previous $37.05 close and traded between $36.17 and $36.88. The session low marked a new 52-week low, while roughly 29.6 million shares changed hands.
Nike is now down about 43% in 2026 and roughly 53% below its $76.97 52-week high. The shares have fallen to levels not seen in around 12 years, putting greater pressure on management to show that improvements in running and wholesale can spread across the business.
Nike stock key numbers
- Ticker: NKE
- Exchange: NYSE
- September 15 close: $36.22
- Daily change: -2.24%, or -$0.83
- Day’s range: $36.17-$36.88
- 52-week high: $76.97
- 2026 performance: about -43%
- Fiscal 2026 revenue: $46.4 billion
Nike (NKE): how far the stock has fallen
September 15 price compared with Nike’s 52-week high.
China and digital sales remain major problems
Nike generated $46.4 billion in fiscal 2026 revenue, roughly flat on a reported basis and down 2% currency-neutral. Greater China remained a major drag, with Nike Brand revenue there falling 11% to $5.85 billion.
Greater China footwear revenue dropped 13% to $4.19 billion, while apparel declined 5% to $1.54 billion. Digital weakness was particularly pronounced, with Nike Direct digital sales in Greater China falling 29% on a currency-neutral basis.
Converse also remained under pressure. Full-year revenue fell 31% to about $1.17 billion.
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Wholesale is improving as Nike Direct retreats
The contrasting performance of Nike’s sales channels is central to Elliott Hill’s “Win Now” turnaround.
Fiscal 2026 Nike Direct revenue fell 6% to $17.7 billion, including weakness in digital sales. Wholesale revenue, however, increased 6% to $27.5 billion.
Nike’s official fiscal 2026 results highlight the shift as management rebuilds retailer relationships and puts greater emphasis on athletes, sport and product innovation.
Running is one of the brighter spots, with five consecutive quarters of double-digit growth. Nike has refreshed franchises including Pegasus, Vomero and Structure while investing more heavily in performance footwear.
Wall Street is questioning how quickly Nike can recover
Morgan Stanley recently resumed coverage with an Underweight rating and a $31 price target, citing concerns about earnings expectations, China and an increasingly competitive sportswear market.
Other analysts maintain considerably higher targets, highlighting the divide over whether Nike’s depressed valuation represents an opportunity or reflects a recovery that could take longer than expected.
Nike nevertheless retains substantial financial resources. It finished fiscal 2026 with approximately $9.0 billion in cash, equivalents and short-term investments and about $7.5 billion in inventories.
Nike’s next earnings could be crucial for NKE
Nike is scheduled to report fiscal first-quarter 2027 results on October 1 after the U.S. market closes. Investors will focus on Greater China, digital traffic, wholesale growth, margins and whether Running momentum is spreading to other categories.
The pressure surrounding Nike reflects a wider market focus on whether corporate turnarounds can translate into earnings growth. Investors have seen similar sensitivity around Oracle (ORCL) following its latest earnings and AI cloud update.
Broader market conditions remain relevant too, with Nasdaq and U.S. stock futures recently pressured as oil prices climbed.
For Nike, the next test is straightforward: investors want evidence that wholesale and Running gains can become large enough to offset persistent weakness in China and Nike Direct. With NKE at $36.22 and roughly 43% lower in 2026, the October earnings report could provide the next important signal on the pace of that recovery.
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