Fiscal 2025 brought a hard landing for the Nike brand. The global leader in athletic apparel and footwear faced slowing demand, structural challenges in digital distribution, and margin pressure, which weighed heavily on fourth quarter and full year results. Total annual revenue fell 10% to $46.3 billion, with the fourth quarter seeing an even sharper 12% decline. While the company continued to generate positive cash flow and maintain profitability, the 86% decline in net income in the quarter signals that a business model transformation and new strategy will be necessary to return to past performance.

In response to these results, management has initiated a major internal reorganization under the "Win Now" initiative to help streamline operations and strengthen the relationship with the consumer. A key element of the new strategy is the "Sport Offense" concept, which emphasizes the brand's sporting DNA, expanded product portfolio and stronger connections with the sports communities. At…