Athletic apparel and footwear maker Nike (NKE) is scheduled to announce its results for the third quarter of Fiscal 2026 after the market closes on Tuesday, March 31. NKE stock has declined about 20% year-to-date, reflecting concerns about the company’s lackluster sales, persistent weakness in China, and margin woes amid increased competition. Also, macro uncertainty is expected to impact consumers’ discretionary spending, weighing on retail companies like Nike. According to TipRanks’ Options Tool, options traders expect an 8.33% move in either direction in NKE stock in reaction to Q3 FY26 earnings.
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This implied move is lower than Nike stock’s average post-earnings move (in absolute terms) of 9.4% over the past four quarters.
Wall Street expects Nike to report Q3 FY26 earnings per share (EPS) of $0.29, reflecting a year-over-year decline of 46.3%. Revenue is estimated to fall by 0.3% to $11.23 billion.
Under the leadership of CEO Elliott Hill, Nike is implementing several turnaround initiatives to regain its growth and market share, optimize inventory, and revive wholesale partnerships. However, tariffs, intense competition, and weakness in key markets, such as China, are making the company’s turnaround challenging.
Notably, Nike’s revenue from China has declined for six consecutive quarters. As seen in the chart below, Nike’s sales from Greater China fell 17% in Q2 FY26 (December quarter). Investors will pay attention to management’s commentary about any improvement in demand in this key region.
Analysts’ Views Ahead of Nike’s Q3 Earnings
Ahead of Q3 FY26 earnings, BTIG analyst Robert Drbul reiterated a Buy rating on Nike stock but lowered the price target to $90 from $100. Drbul expects the company to report revenue of $11.28 billion on EPS of $0.26. The 4-star analyst noted that while Nike’s revenue profile still looks “muted,” he sees incremental underlying progress, particularly in North America and in the Sport Offense. He believes that management is making harder, faster decisions to revive the business, with a focus on innovation.
While there is much to do to clean up classic franchise inventory and fight ongoing headwinds in China, Drbul believes the company is making progress in both these areas. The analyst contends that investors are underappreciating the extent to which Nike is making “tough calls” to enhance its business, such as corporate role layoffs at Converse, distribution and automation-related efforts in Memphis, and leadership changes. Overall, Drbul remains bullish, with recent initiatives reinforcing his belief that “Nike is prioritizing speed, accountability, and efficiency, which should all aid margin recovery.”
Meanwhile, Evercore analyst Amit Daryanani reaffirmed a Buy rating on NKE stock but cut his price target to $69 from $77. The 5-star analyst lowered his Fiscal 2027 EPS estimate to $2.00 from $2.30. He noted the year-to-date pullback in Nike stock, which reflects concerns about slowing China trends, a lack of impactful innovation, and gross margin pressures. The analyst agrees that Nike’s turnaround is slower than anticipated, with China continuing to be the “key swing factor” for shares over the near term.
Daryanani expects North America to reflect ongoing signs of stabilization and Europe to be essentially in line with Nike’s December commentary about excessive promotions in the market. That said, the analyst expects the company’s World Cup strategy to boost confidence in these markets over the near term.
AI Analyst Is Cautious on Nike Stock
TipRanks’ AI Analyst has a Neutral rating on Nike stock with a price target of $60, indicating 17.1% upside potential. The AI Analyst noted weaker profitability and cash flow compared to recent years and a bearish technical backdrop, with the stock trading below major moving averages. Also, valuation remains demanding at about 30x earnings despite a supportive dividend yield. NKE stock offers a dividend yield of about 3%.
What Is the Price Target for Nike Stock?
Ahead of Q3 FY26 earnings, Wall Street has a Moderate Buy consensus rating on Nike stock based on 14 Buys and six Holds. The average NKE stock price target of $73.33 indicates 43.1% upside potential.
