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Nike store exterior as the company exits the S&P 100 after an 18-year run
Photo: Fortune

Nike Shares Sink 42% in 2026 as Post-Tariff Earnings Due Thursday

Yahoo Finance2 min read4 sources

Why is Nike stock down in 2026?

Nike (NKE) stock has sunk 42% in 2026 to near $36, hurt by tariff costs, China losses, and fading lifestyle demand ahead of Thursday's earnings.

Key numbers

NKE YTD Return-42%vs S&P 500 +16% YTD
NKE Q1 Consensus EPS$0.44–$0.45vs $0.72 GAAP in Q4 (incl. $986M tariff refund)
NKE Q1 Revenue Estimate$11.38Bflat YoY; Wall Street consensus
FDX FY2027 Adj. EPS Guidance$16.90–$18.10first guidance issued as standalone parcel co.
ACN Q4 Consensus EPS$3.20+5.3% YoY from $3.03
ACN YTD Return-33%Guggenheim removed Buy; Wells Fargo moved to Equal Weight [3]

What happened

Nike (NKE) stock has sunk 42% in 2026 to near $36, hurt by tariff costs, China losses, and fading lifestyle demand ahead of Thursday's earnings. On Thursday September 25, Nike, FedEx (FDX), and Accenture (ACN) all report quarterly results in the week's busiest cross-sector earnings day. Nike's Q1 is the first quarter stripped of the $986 million one-time tariff refund that inflated Q4 profits, making it the first clean read of whether the turnaround is working. FedEx delivers its first results as a pure parcel company after spinning off its Freight division on June 1, while Accenture — down 33% this year — must show whether its AI consulting bookings are converting into actual revenue.

Why it matters

Nike is the world's biggest sportswear brand and a real-time gauge of global consumer health — if its first honest post-tariff quarter shows continued margin pressure, it signals broader pain for American companies that rely on Asian manufacturing. FedEx's first standalone report rewrites how investors model the parcel business now that Freight is gone, resetting every margin and cost benchmark. Accenture's bookings are an early signal for what corporations plan to spend on AI and software in the coming year, making Thursday a read on the entire technology-services industry.

Who this affects

Marketmixed
High impact
Nike's drop tests consumer-sector confidence heading into Thursday.
Companybearish
High impact
Nike needs margin proof without its one-time tariff-refund boost.
Competitorsmixed
Medium impact
Adidas gains China share; UPS watches FedEx standalone volumes.
Industryneutral
Medium impact
Accenture bookings set the tone for IT and AI budgets.

Nike vs Adidas, Under Armour, Lululemon

NikeNKE:NYSE$52.5B-42%20.7x$46.4B
AdidasADS:XETRA——11.5x$27.3B
Under ArmourUA:NYSE———$5.3B
LululemonLULU:NASDAQ—-52%10x$10.4B

As of 2026-09-23

How we got here

  1. FedEx completed Freight spinoff; FDXF began trading as an independent company.

  2. Accenture Q3 FY2026 results sent ACN shares down 18% after guidance cut.

  3. Nike removed from S&P 100 after 18 years and a $200 billion market-cap loss.

  4. Guggenheim downgraded Accenture to Neutral after a 50%-plus rally since June.

  5. Nike, FedEx, and Accenture report quarterly results in Thursday's triple earnings gauntlet.

What to watch

  • Nike Q1 gross margin stripped of $986M one-time tariff refund.2026-09-25
  • FedEx stranded-cost timeline and new CFO announcement after Freight separation.2026-09-25
  • Accenture Q4 new bookings after 13% sequential drop in Q3.2026-09-25

Educational content only. Not investment advice.

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