Q3 2025 results showed a 9% YoY sales decline, 330 bps gross margin hit, and a 32% drop in net income, raising concerns about future performance. If we focus on Nike's fundamentals, we come to the conclusion that the stock is still overvalued.

Sportswear giant Nike has reported a 9% decrease in total revenue to $11.26bn in the third quarter (Q3) of fiscal 2025 (FY25), compared with $12.42bn achieved in the corresponding quarter of the previous year.

CEO Elliott Hill says the company’s new ‘Win Now’ strategy is underway, but warns tariffs will hit sales hard in Q4.