Investors are losing patience with Nike’s recovery as new trading and market share data reveal that the gap with fast-moving rivals is widening, not closing – raising questions about how much longer CEO Elliott Hill has to demonstrate results.
Nike’s turnaround is drawing increased investor scrutiny, as new data point to continued share losses and a sharp rise in bearish bets against the company.
Euromonitor International figures cited by Reuters show that Nike’s global sports footwear share fell to 22.9 percent in 2025, down three percentage points and marking a third straight year of decline. Adidas, by contrast, gained ground, lifting its share to 12.2 percent from 11.7 percent in 2024.
| Nike — Global sports footwear market share | ||
| Annual snapshot, January (share of global market, %) | ||
| Year | Market share | Change (pp) |
| 2022 | 29.2% | – |
| 2023 | 28.8% | -0.4 |
| 2024 | 25.9% | -2.9 |
| 2025 | 22.9% | -3.0 |
Source: Euromonitor International, via Reuters, May 5, 2026. Percentage point change calculated year on year. Data reflect January snapshots.
Market pressure is also evident in trading data. S&P Global Market Intelligence figures reported by Reuters indicate that 4.67 percent of Nike’s outstanding shares were on loan as of May 1, compared with 0.41 percent when Elliott Hill became CEO in October 2024.
The operational picture remains challenging. Reuters reported that Nike’s inventory-to-revenue ratio stood at 16.1 percent in the latest quarter, broadly unchanged since the start of Hill’s tenure, while operating margins remained below 6 percent. Nike has had some product wins, including the Vomero 18, which the company said reached $100 million in sales within three months. Investors, however, remain cautious.
Nike told Reuters that Hill’s early months were focused on diagnosing the company’s problems and that its new core-sports strategy only began to execute in late 2024, arguing that the turnaround should be judged against that timeline rather than Hill’s full 18 months in the role.
