Nike NKE Q3 2025 Earnings Preview: Analyst Reactions [Video]

Analysts are cautiously optimistic about Nike ahead of the brand’s third quarter earnings report on Thursday.

Nike, which has been led by company veteran Elliott Hill since October, has made several moves in recent months to turnaround the business, which was struggling under its previous leadership.

Baird senior research analyst Jonathan Komp expects Nike to reach third quarter estimates on Thursday and will maintain a cautious sales and margin outlook for Q4.

“While we have been encouraged by the leadership transition, early signs of successful new product introductions (in running, healthier Jordan releases), and more impactful branding and marketing, we now are modeling fiscal 2026 more conservatively given potential reinvestments and broader macro uncertainties (including tariffs),” Komp wrote in a note to investors last week. “Still, we believe the stock can work as investors gain confidence in the turnaround progress and pathway to much higher multi-year earnings potential.”

Williams Trading analyst Sam Poser agreed, …