Nike Report Another Revenue Drop for Q1 2025

While the Swoosh prepare for their to take the helm later this month, the Beaverton-based brand have released their Q1 2025 earnings results. It’s no secret that have been , and that was further realised in their report as total revenue dropped 10 per cent compared to the same , coming in at $11.6 billion on a reported basis. Net income was also down 28 per cent, coming in at $1.1 billion over the same time period. In terms of brand splits, Nike brand revenue was also down 10 per cent, coming in at $11.1 billion whereas saw a 15 per cent drop.

Given that Hill this month, Nike have opted to withdraw their full-year guidance and have also postponed their yearly investor day. Speaking on the decision, finance chief Matthew Friend explained that this would ‘provide Elliot with the flexibility to reconnect with employees and teams, evaluate the current strategies and business trends and develop plans to best position the business for fiscal ’26 and beyond’.

Hill’s return to Nike has been welcomed by Swoosh employees and shareholders alike, with the Nike veteran having a track record of delivering results. However, it’ll take some time to reposition the brand, and therefore Nike are also predicting Q2 revenues to be down between 8-10 per cent. ‘A comeback at this scale takes time, but we see early wins — from momentum in key sports to accelerating our pace of newness and innovation,’ continued Friend. ‘Our teams are energized as Elliott Hill returns to lead Nike’s next stage of growth.’

Nike also made another positive move in bringing back to the brand this month. However, there’s no denying that Hill has a big job ahead of him. All eyes are on Beaverton to see what's in store for Q2 and 2025.