Nike is heading into a difficult 2026, with its shares on track for their worst yearly performance.
Nike shares have fallen in 2026, putting the company on track for its worst annual performance since 1993, the year Michael Jordan first retired from professional basketball.
According to Bloomberg, Nike’s stock has dropped around 38% this year, with weaker Jordan sales adding to wider problems across the business. The company is also struggling to keep up with newer sportswear names such as On and Hoka.
Nike is also working to rebuild its China business after years of setbacks.
The company is now making changes to how it sells products online.
However, plans to cut thousands of online distributors could make it harder to win back customers.
That move could also give competitors more room to grow their presence in China.
The pressure was reflected in Nike’s share price on Wednesday, when the stock fell 2.3% for a third straight day.
Bloomberg reports that investors are questioning whether Nike is still moving fast enough.
CEO Elliott Hill, a longtime Nike executive, is leading the comeback after returning to the top job in October 2024. His return initially lifted the stock, but the gains did not last. Since he took over, Nike shares have lost about half their value, wiping out more than $60 billion in market value.Much of Hill’s challenge comes from undoing decisions made under former CEO John Donahoe, when Nike focused heavily on lifestyle sneakers like the Air Force 1 and Dunk while pulling back from third-party retailers.
This gave rival brands more shelf space, while Nike’s shares fell by about 20% during Donahoe’s tenure.
The story continues on Bloomberg.com.
