Nike signaled a potential 2026 revenue decline, causing its stock to plunge in after-hours trading. 2 to 4 per cent lower fiscal fourth-quarter revenue is expected, driven by 20 per cent drops in greater China and Europe/Middle East markets. This undermines the company's multiyear turnaround efforts, despite North America resilience. Nike's greater China business remains a key challenge, with management pledging continued cleanup actions there. The forecast also implies a flattish 2026 earnings outlook, contrasting with the recent third-quarter beat. Chief executive Elliott Hill acknowledged dissatisfaction but expressed confidence in priority areas like running and football.