Nike SWOT Analysis 2026: Q3 Revenue $11.3B Beats Estimates, But Stock Down 24%

Nike Q3 FY2026 beat estimates with $11.3 billion in revenue and $0.35 EPS (+13% vs consensus), but the stock remains down roughly 24% from 2024 highs. CEO Elliott Hill's "Win Now" turnaround is showing results — North America wholesale surged 11%, running grew 20%+ for three consecutive quarters, and Nike Mind sold out globally. Yet Greater China fell 10%, EMEA dropped 7%, gross margin compressed 130 bps to 40.2%, and $1.5 billion in tariff costs are forcing $2-$10 price increases across categories.In this episode, we break down Nike's complete SWOT analysis: the five pillars of Hill's "Win Now" strategy, the innovation pipeline (Nike Mind, Project Amplify, Aero-FIT), the DTC strategy fallout that opened the door for On Running and Hoka, the Converse revenue collapse (-30%), the Dick's-Foot Locker merger opportunity, running gear competitive positioning against Hoka and On Running, and whether peak sportswear spending threatens the entire recovery. Plus: Nike sneakers strengths and weaknesses, tariff escalation risks, and the strategic verdict on this turnaround.Full written analysis: https://swotpal.com/blog/nike-swot-analysis-2026Generate your own SWOT analysis: https://swotpal.com