Eighteen months into Elliott Hill’s tenure as CEO, Nike is facing its third consecutive annual decline in global sports footwear market share, which fell to 22.9% in 2025 — down three percentage points from 2024. Rival Adidas climbed to 12.2% after a runner broke the two-hour marathon barrier in its shoes. Investor skepticism is rising, with 4.67% of Nike’s shares on loan as of May 1, compared with 0.41% when Hill took over. Inventory of classics including Dunk and Air Jordan has piled up, and margins remain under pressure at below 6%.

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