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Nike Faces Revenue Declines Despite Beating Q3 2025 Expectations

The sportswear giant's turnaround under CEO Elliott Hill shows early progress, but challenges persist with falling sales in key regions and tariff pressures.

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Two women walk past a Nike store featuring its large illuminated swoosh logo and interior displays of sportswear and accessories on January 18, 2025 in Chongqing, China.
Nike sneakers are seen on display at the newly renovated JD Sports store at Westfield Stratford City in London, Britain, July 30. REUTERS/Mina Kim/File Photo
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Overview

  • Nike's Q3 2025 revenue of $11.27 billion exceeded analyst expectations of $11.01 billion, despite a 9% year-over-year decline.
  • Earnings per share (EPS) reached $0.54, nearly doubling predictions of $0.28, but gross margins fell 330 basis points to 41.5%.
  • Sales in Greater China plummeted 17%, contributing significantly to overall revenue challenges, while North America sales declined 4%.
  • The 'Win Now' strategy under CEO Elliott Hill focuses on inventory management, sports innovation, and expanding appeal to women through partnerships like NikeSKIMS.
  • Nike forecasts a Q4 2025 revenue decline in the low end of the mid-teens range, with gross margin pressure from tariffs and inventory liquidation continuing to weigh on performance.