Nike's year of flux is continuing. Just a few weeks after CEO John Donahoe stepped down to make way for brand veteran Elliot Hill, the Swoosh reported its Q1 numbers for the 2025 fiscal year — and they're a mixed bag.

The overall brand revenue of $11.1B USD was a 10% decline on a reported basis and a 9% decline on a currency-neutral basis. This drop was fueled by sales declines across all regions as the brand's product range — chided for being too lifestyle-heavy and lacking innovation — ceded ground to longtime rival adidas and growing brands like HOKA and On. Other notable numbers from the report included a 15% reported/14% currency-neutral revenue drop for Converse (which is under the greater Nike umbrella) and a slight increase in overall gross margin. The brand has also postponed its "investor day," which was set for November, likely so Hill can become fully immeshed in his role beforehand.

"[These] results largely met our expectations," Nike CFO Matthew Friend said in a statement, also noting that the company is "energized" ahead of Hill's start as CEO on October 14. “A comeback at this scale takes time, but [we're seeing] early wins.”

Though Friend is optimistic about the numbers, Wall Street is slightly more lukewarm. Shares of Nike stock fell slightly in overnight trading following the announcement. However, financial firm Jeffries raised Nike's estimated stock price from $80 USD to $85 USD due to investor optimism about the leadership change, though the company noted the effects of the leadership swap may not be seen until FY2026.

You can check out the whole report on Nike's investor relations page.

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