Dec. 25, 2025 — A rare open-market buy from one of Nike’s most influential directors is giving investors something they haven’t had much of in 2025: a clear, high-profile vote of confidence.
Apple CEO Tim Cook, who has served on Nike’s board since 2005 and has been its lead independent director since 2016, disclosed that he purchased 50,000 shares of Nike Class B stock at an average price of $58.97—a transaction worth about $2.95 million that nearly doubled his holdings. [1]
The filing, made public this week, quickly became one of the most talked-about corporate governance and retail-stock stories circulating globally on Dec. 25 (after the original U.S. market reaction on Dec. 24). [2]
What Tim Cook’s Nike stock purchase shows in the SEC filing
Cook’s trade is documented in an SEC Form 4 listing:
- Transaction date:Dec. 22, 2025
- Shares purchased:50,000 (Class B common stock)
- Average price:$58.97 (a weighted average; trades ranged from $58.96 to $58.97)
- Shares owned after purchase:105,480 [3]
The form also includes a notable governance detail: Nike policy permits market transactions by directors and officers only during a defined window after earnings (unless using an approved 10b5-1 trading plan). In other words, this wasn’t a random impulse trade—it happened during a period specifically set aside for permitted insider transactions. [4]
Why Nike stock jumped on the news
The purchase surfaced publicly during a holiday-shortened Christmas Eve trading session (Dec. 24). Nike shares finished the day up about 4.6%, after having sold off heavily following its latest quarterly report. [5]
That bounce mattered because it came after a sharp stretch of weakness:
- Reuters reported Nike shares had fallen nearly 13% since its Dec. 18 earnings release before the Cook-driven rebound. [6]
- The stock has been on track for a fourth straight annual decline, a painful narrative for a company that historically traded like a consumer-brand blue chip. [7]
The broader market backdrop amplified the move. With thin holiday volume, company-specific headlines carried extra weight. On Dec. 24, Reuters noted Nike’s surge alongside record closes for the Dow and S&P 500 as the “Santa rally” period began—while also reminding readers U.S. markets would be shut on Dec. 25 (Christmas Day). [8]
A “vote of confidence” — but also a signal of urgency
Cook isn’t just any Nike director. He is the board’s lead independent director, a role designed to provide oversight and counterbalance management—especially when a company is under pressure. Reuters also reported that Cook remains “extremely close” to Nike co-founder Phil Knight, and that he has advised the company through key strategic decisions, including CEO Elliott Hill’s appointment. [9]
That context is why markets treated the buy as more than a celebrity headline. According to Reuters, Baird analyst Jonathan Komp called Cook’s purchase a positive signal for progress under CEO Elliott Hill and Nike’s “Win Now” actions, and described it as potentially the largest open-market stock purchase by a Nike director or executive in more than a decade. [10]
Tim Cook’s purchase was unusual—and that’s part of the story
Several outlets focused on how uncommon this move is for Cook.
MarketWatch reported that Cook’s Nike purchase was an uncharacteristic step—describing it as his first open-market Nike stock buy, contrasting it with prior acquisitions tied to grants or option-related activity. [11]
That distinction matters to investors because open-market buying often carries a different signal than equity compensation. It’s voluntary, funded with personal capital, and—right or wrong—frequently interpreted as an insider’s belief that the market is mispricing the company.
Nike’s turnaround under CEO Elliott Hill: “Win Now,” margins, and China
Cook’s buy arrives as Nike tries to stabilize results under CEO Elliott Hill, who has framed fiscal 2026 as a year of action through “Win Now.”
Nike’s own earnings release (for fiscal Q2 2026, ending Nov. 30, 2025) shows a company that is not in freefall—but is still wrestling with profitability and channel strategy:
- Revenue:$12.4 billion, up 1%
- Wholesale revenue:$7.5 billion, up 8%
- NIKE Direct revenue:$4.6 billion, down 8%
- Gross margin:40.6%, down 300 basis points (Nike cited higher tariffs in North America as a primary driver)
- Diluted EPS:$0.53 [12]
Hill described Nike as being in the “middle innings” of its comeback and emphasized efforts including realigning teams, strengthening partner relationships, and rebalancing the portfolio. [13]
Reuters framed the challenge more bluntly: Nike is dealing with weak margins, sluggish sales in China, and the strain that comes with reworking its product and distribution mix while facing tough competition. [14]
One practical element of the turnaround is channel strategy. Reuters noted Hill has worked to mend ties with wholesalers such as Dick’s Sporting Goods, seeking greater visibility and momentum at retail. [15]
Another insider buy added fuel: Director Robert Swan also bought shares
Cook wasn’t the only Nike director buying into the dip.
Nike director Robert Holmes Swan—a former Intel CEO—also disclosed an open-market purchase on Dec. 22, 2025, according to his own SEC Form 4:
- Shares purchased:8,691
- Average price:$57.54
- Directly owned after purchase:43,293 shares (plus additional shares held indirectly via a trust) [16]
Reuters described Swan’s purchase as about $500,000, reinforcing the narrative that multiple board members were willing to add personal capital after the post-earnings slump. [17]
What major outlets highlighted on Dec. 25, 2025
Even though the market reaction hit on Dec. 24 in the U.S., the story remained “live” on Dec. 25 across international publishers and finance platforms, often timed to local markets and time zones.
Here’s what the day’s coverage emphasized:
- Reuters (global syndication): Cook’s purchase as support for Hill’s turnaround; the move as potentially the biggest open-market insider buy at Nike in more than a decade; and ongoing pressure from China and margins. [18]
- The Economic Times (timestamped Dec. 25 IST): Reuters’ report carried into Christmas Day coverage in Asia, reflecting the story’s global traction. [19]
- Barron’s: Positioned the trade as a notable “insider” signal following Nike’s disappointing earnings reaction and highlighted Swan’s buy alongside Cook’s. [20]
- The Wall Street Journal: Framed the purchase as a confidence boost during a critical turnaround moment for Nike. [21]
- Seeking Alpha: Emphasized the “buy the dip” angle and the fact that Cook is not only a director but also the lead independent director (a governance-heavy lens). [22]
In short: on Dec. 25, the “new” development wasn’t a second purchase—it was the way the trade evolved into a broader conversation about Nike’s turnaround credibility, governance, and whether the stock’s multi-year slide may be closer to a bottom.
What to watch next for Nike investors and retail industry watchers
Cook’s buy doesn’t fix Nike’s fundamentals overnight, but it sharpens the checklist investors will watch in early 2026:
Progress in China demand and brand heat
Reuters has repeatedly pointed to China as a weak spot in Nike’s recent performance narrative, and the company’s recovery case will be tested there. [23]
Margins versus marketing and channel reset
Nike is spending to rebuild demand while also dealing with tariff pressure on margins. Its Q2 release explicitly tied margin pressure to higher tariffs in North America. [24]
Wholesale relationships and visibility
Nike’s renewed push with key partners (like Dick’s) is meant to rebuild presence and improve sell-through—an operational lever that can show up in revenue quality and inventory health. [25]
Product focus: running and sport vs. lagging lifestyle lines
Reuters reported Hill is leaning into innovation focused on running and sports while phasing out underperforming lifestyle brands—an approach that could take several quarters to translate into cleaner growth. [26]
The bottom line
On a calendar that’s usually quiet for markets, Tim Cook’s $3 million Nike stock purchase became a headline that cut through the Christmas-week lull—because it combined governance, turnaround stakes, and a bruised mega-brand searching for momentum.
The move is straightforward in dollars and shares, but complicated in meaning: it’s both a confidence signal and a reminder that Nike’s reset is still in progress, with China performance, tariff-driven margin pressure, and channel strategy all under scrutiny heading into 2026. [27]
References
1. www.sec.gov, 2. m.economictimes.com, 3. www.sec.gov, 4. www.sec.gov, 5. www.reuters.com, 6. www.reuters.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.marketwatch.com, 12. investors.nike.com, 13. investors.nike.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.sec.gov, 17. www.reuters.com, 18. www.reuters.com, 19. m.economictimes.com, 20. www.barrons.com, 21. www.wsj.com, 22. seekingalpha.com, 23. www.reuters.com, 24. investors.nike.com, 25. www.reuters.com, 26. www.reuters.com, 27. www.reuters.com
