Nike CEO acknowledges frustration after disappointing earnings, turnaround slow to take hold

Nike Inc. delivered a disappointing outlook this week, sending its shares sharply lower and prompting CEO Elliott Hill to acknowledge growing internal frustration during a company-wide call.

Speaking at a Tuesday all-hands meeting, Hill told employees he is ready to move past talking about fixing the business and shift toward rebuilding momentum, Bloomberg first reported.

“For me, my leadership team, from each and every one of us in this room, we have got to respond. I’m so tired, and I know you are too, of talking about fixing this business,” Hill said. “I want to move from fixing, and I know you do too. I want to move to building. I want to move to inspiring and driving growth and having fun.”

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The remarks came after Nike reported its fiscal 2026 third-quarter results, with net income falling 35% year over year. 

The company also warned that revenue is expected to decline in the current quarter and continue falling through the rest of the year.

Shares dropped as much as 15% on Wednesday, hitting their lowest intraday level since 2014, Bloomberg reported.

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Chief Financial Officer Matthew Friend underscored the company’s cautious stance, urging employees to limit spending as Nike works to stabilize performance, according to Bloomberg.

“We’re going to be managing costs carefully as we have been doing,” Friend said. “I realize that that creates a tension inside, but I just need you to know that the reason why that tension is there is because our business is not moving in the right direction.”

Hill, who took over as CEO in October 2024 and has since reshaped parts of Nike’s strategy, also signaled the company needs to be more transparent with investors, Bloomberg reported.

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“You can’t just sit there and say everything’s great,” Hill said. “Frankly, it needed to be different.”

A Nike spokesperson told FOX Business that the company regularly holds post-earnings meetings with employees to review key messages shared with investors and to coordinate next steps.

“As we do after every earnings release, we convened our teammates to provide context on the quarter, reinforce what was shared externally, and align on the work ahead,” the spokesperson told FOX Business in an email. “It was a direct conversation about where we are seeing real progress, where we need to move faster, and what it will take to win. The discussion reflected the same reality we shared externally: urgency, transparency, focus and a determination to restore growth.”

Editor’s note: This story has been updated to clarify Nike CEO Elliott Hill’s comments during the all-hands meeting with staff.