World Cup fever is in full swing, but that heat hasn't carried over to Nike's beleaguered stock. Expectations are low for both athleticwear and shoe maker's coming fiscal fourth-quarter results, due Tuesday afternoon.

Consensus calls for Nike to earn 12 cents a share on revenue of $10.85 billion; both mark a decline from the year-ago period.

A pandemic winner, Nike couldn't hold on to its gains and now trade at just a fraction of its 2021 highs. The stock has lost some 75% in the past five years, and has lost some 35% since the start of 2026 alone.

Nike has a low bar to clear, meaning that the stock may react positively if it can provide forward full-year guidance that shows its turnaround is finally taking hold. However recent trends suggest that might be an uphill battle, as earning growth has stalled and sales have been little better than flat in the past three quarters.

Some analysts are hopeful that a new management team will help bolster the company's turnaround: Chief Executive Officer Elliott Hill took over in October 2024, and earlier this month Nike announced it would soon have a new chief financial officer as well.

However, change has been difficult. The company faces a host of competition, from well-known competitors in the U.S. and domestic brands in China. It can't rely on the starpower of basketball players like it did in the past with Michael Jordan.

The stock's long struggle means it could be in danger of getting booted out of the Dow Jones Industrial Average. It's received a number of downgrades recently, including one from KeyBanc Capital Markets last week, in which the analyst said it didn't expect much from the stock until the company can provide more compelling detail about its turnaround, potentially at its investor day this fall.

Little wonder most investors aren't game.

Write to Teresa Rivas at teresa.rivas@barrons.com

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June 30, 2026 02:00 ET (06:00 GMT)

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