Nike generated $46.4 billion in fiscal 2026 revenue, roughly $5 billion below the $51.4 billion it produced at its fiscal 2024 peak.
That is a decline of almost 10%, even though revenue was essentially flat versus fiscal 2025.
Nike’s official fiscal 2026 results show a company that has stabilized, but not fully recovered. Wholesale revenue rose 6% to $27.5 billion, while Nike Direct fell 6% to $17.7 billion and digital sales dropped 12%.
Nike Is Rebuilding Its Distribution Strategy
The shift in sales mix is one of the biggest parts of Nike’s turnaround.
The company spent years prioritizing direct-to-consumer sales through its own apps and stores. Under CEO Elliott Hill, it is rebuilding wholesale relationships and putting more emphasis back on retail partners.
That is starting to show in the numbers. Wholesale improved, while direct and digital sales remained weak.
Our earlier Nike earnings coverage showed how investors have increasingly focused on weaker digital demand and China even when headline earnings beat expectations.
China Is Still the Main Weak Spot
Greater China remains one of Nike’s biggest problems.
Fourth-quarter sales in the region fell 17%, while management has been working to reduce discounting and regain control of the brand.
The weakness has contributed to a sharp stock decline. Nike shares have traded near a 12-year low, and Coinpaper previously covered both the drop below $40 and Nike’s removal from the S&P 100.
Nike closed around $35.75 on Sept. 25, leaving the stock down roughly 44% in 2026.
The company has stopped the steep revenue decline, but the next stage is harder: proving that wholesale growth, new products and North America can offset weak digital sales and China.
