Nike CEO Hill Sees Turnaround Spreading Across the World
Watch on YouTube ↗  |  February 11, 2026 at 16:15 UTC  |  3:45  |  Bloomberg Markets
Speakers
Elliott Hill — CEO, Nike

Summary

  • Nike CEO claims the turnaround is validating, citing North America returning to growth and the "Running" category hitting double-digit growth.
  • Acknowledges Wall Street's concern over flat top-line sales and margins but argues the "sport offense" and improved wholesale relationships are the fix.
  • Strategic pivot back to Wholesale (up ~20% in North America) to regain market share, explicitly moving away from the previous Direct-to-Consumer (DTC) exclusive focus.
Trade Ideas
Ticker Direction Speaker Thesis Time
FL /DKS /AMZN /M
LONG Elliott Hill
CEO, Nike 		"Wholesale business... is critically important... North America [wholesale] was up roughly about 20%." (Hill also affirmatively responds to working with partners like Macy's and Amazon). Nike previously pulled inventory from these partners (2020-2023), which hurt their foot traffic and sales. The reversal of this strategy—flooding the channel with fresh Nike inventory and "repairing relationships"—directly boosts revenue per square foot for these retailers. LONG. These retailers regain their anchor tenant product. Nike demands lower margins from retailers; consumer preference has permanently shifted to other brands. 2:58
ONON /DECK
AVOID Elliott Hill
CEO, Nike 		"Running back to double digit growth" and the explicit goal is "taking back market share." The bull case for On Running (ONON) and Hoka (DECK) was largely predicated on Nike abandoning the specialty running category. If Nike effectively counter-attacks with its massive scale, distribution, and "newness" in running, the premium growth multiples on these competitors face compression. AVOID. The competitive moat for challengers is narrowing as the incumbent wakes up. Nike's new product innovation fails to resonate; ON/Hoka brand loyalty proves stickier than expected. —
NKE
LONG Elliott Hill
CEO, Nike 		"North America being back to growth... Running back to double digit growth... Wholesale business... also back to growth." These three areas (NA geography, Running category, Wholesale channel) were the specific structural weaknesses that caused the stock's drawdown. If the core geography and product category are inflecting positive simultaneously, the fundamental bear case is breaking. LONG. The turnaround is showing quantitative proof points in the most critical segments. Global consumer spending slowdown; "flat" sales growth persists longer than expected. 0:11