Nike Is Down 77% From Its Peak. Should You Buy Before It Reports Earnings on Oct. 1?

Nike shares have plummeted 77% from their 2021 peak and are down 44% in 2026, primarily due to a 12% revenue decline in China as local brands gain market share. The company is executing a turnaround strategy including wholesale relationship rebuilding and inventory reduction. With a strong balance sheet ($9B in cash) and continued dividend payments, long-term investors may consider small positions while the stock is undervalued, though patience will be required as the recovery unfolds.