Nike Stock Plunges to 12-Year Low on Weak On Holding Report

Nike's stock price has plummeted to a 12-year low after a weak revenue report and cautious guidance from competitor On Holding. The company's second-quarter sales of $1.076 billion fell short of analyst expectations, coming in at $34 million below the consensus of $1.110 billion.

On Holding's full-year 2026 revenue guidance of $4.39 billion to $4.50 billion also disappointed investors, raising concerns about softening demand across the premium sportswear category that Nike occupies.

JPMorgan downgraded Nike's stock rating to Underweight from Neutral, citing concerns about how the company's 'Win Now' strategic initiatives could weigh on future profitability.