Nike, Inc. (NYSE: NKE) stock was steady in Tuesday trading, hovering around $57.34 in the latest quote available on December 23, 2025, after a bruising post-earnings slide that has refocused investors on three familiar pressure points: China, margins, and tariffs.
But today’s story isn’t just “Nike shares down.” It’s about a global consumer icon trying to rebuild momentum—while analysts debate whether the turnaround is a slow grind or a multi-year reset that still offers meaningful upside from depressed levels.
Below is a complete, publication-ready roundup of the latest Nike stock news and forecasts as of 23.12.2025, including the key headlines from today, what Nike just reported, why China remains the biggest swing factor, and where analysts’ price targets sit now.
Nike stock price today (NKE): where shares trade on Dec. 23, 2025
Nike shares traded around $57.34 on Tuesday, with an intraday range of roughly $57.02 to $57.58.
That relatively quiet tape masks the bigger context: Nike’s stock is still digesting a sharp repricing after the company’s latest quarterly report—one that beat on headline revenue and EPS but reinforced that the comeback is still “costing real money,” as one analyst put it in post-earnings commentary. [1]
What changed on Dec. 23: new price-target cuts hit the tape
Two notable analyst actions posted today (Dec. 23, 2025) added to the cautious tone around Nike’s near-term setup:
- Argus cut its price target on Nike to $70 from $85 (rating maintained). [2]
- Daiwa Securities cut its price target to $61 from $75. [3]
These moves matter less as isolated calls than as confirmation of the dominant Wall Street narrative right now: the turnaround may work, but it may take longer than investors hoped—and the path could remain volatile as Nike resets product, promotions, and channel strategy.
Nike’s latest earnings: the numbers that drove the sell-off
Nike’s most recent results (fiscal 2026 second quarter, quarter ended Nov. 30, 2025) showed a business that is resilient in North America and wholesale, but still pressured by a weaker mix and margin headwinds.
Key reported highlights:
- Revenue:$12.4 billion (up 1% reported; flat currency-neutral) [4]
- Gross margin: down 300 basis points to 40.6% [5]
- Net income:$0.8 billion, down 32%; EPS:$0.53, down 32% [6]
- Inventory:$7.7 billion, down 3% [7]
Channel mix (a major theme for the stock):
- Wholesale revenue:$7.5 billion, up 8% [8]
- NIKE Direct revenue:$4.6 billion, down 8% (Nike Brand Digital down 14%) [9]
Regional performance sharpened the “two-speed Nike” debate:
- North America:$5.63B, up 9% [10]
- Europe, Middle East & Africa (EMEA):$3.39B, up 3% reported [11]
- Greater China:$1.42B, down 17% [12]
- Asia Pacific & Latin America (APLA):$1.67B, down 4% [13]
- Converse:$300M, down 30% [14]
Nike’s message to investors was consistent: the company is making “Win Now” changes, but fiscal 2026 is still a repositioning year, not a clean return to high-growth normal. [15]
Guidance and outlook: why the holiday quarter is a pressure test
The forward view—especially into the holiday quarter—helped explain why the stock reacted so negatively despite the top-line beat.
Nike’s outlook for the next quarter (fiscal Q3) included:
- Revenue expected down “low single digits”
- Gross margin expected down ~175–225 basis points [16]
Management and analysts continue to frame the margin reset as a combination of:
- Tariff-driven product cost inflation
- Discounting to clear older inventory
- Channel shift back toward wholesale, which typically carries lower margins than direct-to-consumer sales [17]
This is why so much of the Nike stock debate now comes down to one question:
Can Nike stabilize demand fast enough to stop sacrificing margin for cleanup?
The tariff shock: Nike says it’s a “significant headwind”
Tariffs have become a concrete, quantified risk in Nike’s near-term earnings power.
Nike’s CFO reiterated that steep U.S. tariffs affecting Southeast Asian manufacturing are expected to cost the company about $1.5 billion in 2025, according to Reuters reporting from Nike’s earnings coverage. [18]
Even if Nike partially offsets these costs through pricing, product mix, and sourcing, the market is signaling that it wants proof—especially because Nike is simultaneously investing more in marketing and trying to restore brand heat.
China remains Nike’s biggest swing factor—and the hardest to “model”
If tariffs explain the margin pressure, China explains the investor impatience.
Reuters reporting after earnings underscored just how persistent the downturn has been:
- Nike’s China sales fell for the sixth consecutive quarter. [19]
- Footwear sales in China dropped 21%, and CEO Elliott Hill said Nike needs to reset its approach in the China marketplace. [20]
- Reuters also reported pressure in digital performance in China, citing online sales down 36% amid intensifying competition from local brands like Anta and Li-Ning. [21]
Why investors care: China has historically been one of Nike’s most important growth engines—and it’s difficult to “financial-engineer” a recovery there if consumer preference and brand momentum are moving against you.
Even the turnaround-friendly interpretations sound cautious right now. The Reuters analysis noted that Nike’s cleanup in China is at least “partly by design” (less promotion, fewer sales events) as Nike tries to improve full-price selling and reduce obsolete inventory—helpful long term, painful short term. [22]
Nike’s comeback plan: marketing spend rises, wholesale ties rebuild
Nike’s strategy under CEO Elliott Hill is increasingly visible in the numbers:
- North America grew strongly in the quarter while China lagged.
- Wholesale grew while Nike Direct declined.
- Demand creation expense rose as Nike leaned back into marketing. [23]
Reuters reported that Nike’s marketing investment is expected to be over $5 billion in 2026 (LSEG data), up from $4.68 billion in fiscal 2025—evidence the company is paying to rebuild brand momentum and product storytelling. [24]
Hill’s broader “Win Now” operational reset has also included leadership changes and a renewed effort to repair wholesale relationships—an area Business Insider noted has supported wholesale revenue growth, even as Nike tries to protect premium brand positioning. [25]
The “product reboot” is part of the same thesis. Reuters pointed to Nike’s push in running (including updated Pegasus and Vomero lines) and a pullback in legacy lifestyle emphasis (such as reducing focus on classics like the Air Force 1). [26]
Nike stock forecast: what Wall Street expects now (price targets and ratings)
Analyst views on Nike stock have become more divided—but not uniformly bearish.
The latest cuts (Dec. 23)
Recent post-earnings revisions (Dec. 19 wave)
Investing.com reported a cluster of target adjustments immediately after earnings, including:
- Piper Sandler: target $75 (from $84) while maintaining Overweight [29]
- Bernstein SocGen Group: target $85 (from $90) while maintaining Outperform [30]
These notes broadly echo the same core framing: Nike is progressing, but the recovery may be slower and less linear than investors had priced in.
Consensus targets: still higher than today’s stock price
MarketScreener’s consensus snapshot (39 analysts) shows:
- Mean consensus: Outperform
- Average target price: $77.24
- Based on a last close around $57.22, that implies roughly +35% upside to the average target [31]
MarketBeat’s compilation similarly lists:
- Average price target around $78.14
- Consensus analyst rating: Moderate Buy [32]
The key takeaway for readers: the “upside” exists in the targets, but the confidence interval is wide, and analysts are actively adjusting models as new information arrives on China, tariffs, and the pace of Nike’s margin repair.
Dividend watch: Nike lifts payout again heading into 2026
For income-focused investors, Nike’s dividend remains a stabilizing part of the story even as earnings face near-term pressure.
Nike’s board declared a quarterly dividend of $0.41 per share, payable January 2, 2026, to shareholders of record as of December 1, 2025—a 3% increase over the prior quarterly rate. [33]
Nike also reported returning about $598 million to shareholders through dividends in the quarter. [34]
What to watch next for Nike stock (NKE): the catalysts that matter in 2026
Nike stock’s next sustained move is likely to hinge on whether the company can convert operational actions into measurable demand and margin traction. Based on the latest reporting and company disclosures, these are the key catalysts investors are tracking:
- China stabilization signals
Watch for any improvement in China revenue trends—and clarity on how Nike will rebuild channel strategy, store experience, and digital performance. [35] - Margin trajectory vs. guidance
The market is focused on whether the projected margin declines (down ~175–225 bps next quarter) prove conservative—or if pressures linger longer than expected. [36] - Tariff mitigation playbook
Investors will look for evidence Nike can offset tariff impacts via pricing, sourcing, product mix, and operational efficiency—without damaging demand. [37] - Channel mix: wholesale rebound vs. Nike Direct rebuild
Wholesale growth is helping revenue, but long-term margin structure typically benefits from a healthy direct business. The balance—and Nike’s ability to reduce discounting—will be critical. [38] - Marketing effectiveness and product “heat”
Nike is spending more to reassert cultural relevance. The question: does that spend translate into sell-through at full price, especially in performance categories like running? [39]
Bottom line on Nike stock today
As of December 23, 2025, Nike stock is trading near the lows reached after its post-earnings drop, while analysts continue to lower targets and recalibrate timelines. [40]
The bull case is still recognizable—global brand strength, North America resilience, a rebooted wholesale strategy, and a heavier marketing and innovation push. [41]
But the bear case is equally clear—China weakness is persistent, margins are under stress, and tariffs add a real, quantifiable cost hurdle at the same time Nike is investing more to rebuild momentum. [42]
For now, Nike remains one of the market’s most closely watched “turnaround-in-progress” mega-brands—meaning NKE stock will likely continue to move on incremental signs of progress (or setbacks) in China demand, inventory cleanup, and gross margin repair.
This article is for informational purposes and is not financial advice.
References
1. www.reuters.com, 2. www.marketscreener.com, 3. www.marketscreener.com, 4. investors.nike.com, 5. investors.nike.com, 6. investors.nike.com, 7. investors.nike.com, 8. investors.nike.com, 9. investors.nike.com, 10. investors.nike.com, 11. investors.nike.com, 12. investors.nike.com, 13. investors.nike.com, 14. investors.nike.com, 15. investors.nike.com, 16. www.reuters.com, 17. www.reuters.com, 18. www.reuters.com, 19. www.reuters.com, 20. www.reuters.com, 21. www.reuters.com, 22. www.reuters.com, 23. investors.nike.com, 24. www.reuters.com, 25. www.businessinsider.com, 26. www.reuters.com, 27. www.marketscreener.com, 28. www.marketscreener.com, 29. www.investing.com, 30. www.investing.com, 31. www.marketscreener.com, 32. www.marketbeat.com, 33. investors.nike.com, 34. investors.nike.com, 35. www.reuters.com, 36. www.investing.com, 37. www.reuters.com, 38. investors.nike.com, 39. www.reuters.com, 40. www.marketscreener.com, 41. investors.nike.com, 42. www.reuters.com
