Nike (NKE) Stock Q3 Earnings: What Analysts Expect on Tuesday

TLDR

• Nike reports fiscal Q3 results on March 31, with Wall Street expecting revenue of $11.2B and EPS of $0.28, down from $0.54 last year.
• The stock sits at $51.37, just above its 52-week low, down 25% over six months and 19% year-to-date.
• Goldman Sachs reiterated a Buy rating with a $76 price target, saying current expectations reflect near-term choppiness.
• China demand trends, margin outlook, and management commentary on product innovation are the key watch items for investors.
• Options markets are pricing in a 9% move in either direction following the report.

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Nike is set to report fiscal third-quarter results after the close on March 31. Wall Street is expecting revenue of $11.2B and EPS of $0.28 — a sharp drop from the $0.54 earned in the same period last year.

NIKE, Inc., NKE

The stock is under real pressure heading in. It’s down 25% over the past six months and off 19% year-to-date, trading just a whisker above its 52-week low of $51.20.

Options markets are pricing in a 9% move in either direction after the print. That’s a wide range, and it reflects just how uncertain the setup is.

Goldman Sachs reiterated its Buy rating and $76 price target on Sunday. The firm called Nike one of the most heavily debated in its coverage universe, though it noted conversations have quieted recently given the murky macro backdrop.

The bank said Q3 data screens as mixed. China search interest and sell-through trends have improved sequentially but remain muted, with no clear path to growth yet. U.S. brand checks are similarly patchy — search interest for key franchises is picking up, but engagement with new product and markdown depth remain soft.

Goldman said it believes current expectations already price in near-term headwinds and that management’s “Win Now” strategy is the right move toward building momentum into fiscal 2027.

What Analysts Are Watching

Oppenheimer’s Brian Nagel isn’t expecting an “all clear” report, but believes the noise around Nike’s challenges is masking real forward progress. He called Nike a top pick, saying its “historical trough-ish multiples” undervalue the longer-term recovery story.

BTIG’s Robert Drbul is more direct. He thinks management is making faster, harder decisions than the market appreciates — pointing to corporate cuts at Converse, distribution changes in Memphis, and new leadership appointments as signs the business is being rebuilt with urgency.

Jefferies holds a Buy rating with a $110 price target and flagged North America as a bright spot, where growth hit roughly 9% last quarter. Piper Sandler is more cautious at $75, citing limited visibility into China’s recovery and slow momentum in the running category.

Evercore ISI trimmed its target to $69 from $77, cutting its fiscal 2027 EPS estimate to $2.00 from $2.30. Telsey Advisory Group also pulled its target to $65 from $72, pointing to margin pressure.

China in Focus

The China update will carry weight beyond Nike itself. Starbucks (SBUX), Estee Lauder (EL), and Skechers (SKX) are among the companies investors will be cross-referencing for signals on consumer demand in the region.

On Holdings (ONON) has the closest trading correlation to Nike over the past year, making it another name to watch in the aftermath.

Nike has raised its dividend for 24 consecutive years and currently yields 3.19%.

The earnings report drops after the close on March 31.

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