Apparel and footwear giant Nike Inc (NYSE:NKE) could shine a light on a continuing rebound, China sales improvements and tariffs when the company reports third-quarter financial results Tuesday after market close.

Here are the earnings estimates, what experts are saying about the company ahead of the report and key items to watch.

Nike Q3 Earnings Estimates

Analysts expect Nike to report 28 cents in earnings per share for the third quarter, down from 54 cents per share in last year's third quarter, according to data from Benzinga Pro.

The company has beaten analyst estimates for earnings per share in 10 straight quarters.

Analysts expect Nike to report third-quarter revenue of $11.23 billion, down from $11.27 billion year-over-year.

The company has beaten analyst estimates for revenue in five straight quarters.

Nike has posted year-over-year gains for revenue in each of the last five quarters, with analysts now predicting a decline in the third quarter.

What Experts Are Saying About Nike

Nike stock comes into the third-quarter earnings report with shares at a nine-year low. Freedom Capital Markets Chief Market Strategist Jay Woods says shares have failed to show a prolonged turnaround.

"Shares of the Dow component are lower by -19.7% year-to-date and have failed to bounce under new CEO Elliot Hill," Woods said in a weekly newsletter.

Woods said Nike’s stock has rallied after two of its last three earnings reports.

"Maybe there is hope."

The market expert said the Nike daily chart shows shares trading at new 52-week lows and failing to hold support at the key $60 level.

"Technically, we have a textbook downtrend over multiple time frames."

Woods said there is danger that Nike stock could crack below the $50 mark, highlighting this as a potential floor with earnings and the potential for the stock to run to $60 on strength.

"Shares need to put in some work and break this downtrend on all time frames before investors get the all clear that has finally found its way again."

Nike analysts have been lowering their price targets ahead of the earnings report.

BTIG analyst Robert Drbul maintained a Buy rating on Nike stock and lowered the price target from $100 to $90.

Dr. Bul said Nike has made some progress in North America, and management is building momentum for the company, but there remains work to be done.

The analyst warned that Nike faces strong competition and a softer market in China.

Here are other recent analyst ratings on Nike stock and their price targets:

• Telsey: Maintained Market Perform rating, lowered price target from $72 to $65
• Deutsch Bank: Maintained Hold rating, lowered price target from $67 to $54
• UBS: Maintained Neutral rating, lowered price target from $62 to $58
• Barclays: Upgraded from Equal-Weight to Overweight rating, raised price target from $64 to $73

Key Items to Watch in Nike's Q3 Report

With a recent history of beating analyst estimates, Nike stock could get another pop on a double beat and strong guidance. As mentioned by Woods, the question will be whether Nike can maintain momentum or whether shares will continue to mark new lows.

Nike stock hit a new multi-year low of $51.20 recently, the lowest level for the stock since October 2017. Nike shares are down 18% year-to-date in 2026.

In the second quarter, overall revenue was up 1% year-over-year, with North America strength helping to offset international declines, including a 17% year-over-year decline in China.

With analysts expecting revenue to decline year-over-year, a miss on this figure could be drastic to already weak expectations for the company's third quarter.

Other items to watch include commentary on tariffs after the recent Supreme Court ruling and layoffs with Nike among the companies cutting jobs.

Commentary on China will also be closely watched, with that key region previously weighing on guidance.

Investors have weighed the odds of a turnaround for Nike and with shares hitting new multi-year lows, some investors are getting restless. Commentary that supports a slower-than-expected recovery could continue to weigh on shares.

Nike Stock Price Action

Nike stock is up 1% to $51.87 on Monday versus a 52-week trading range of $51.20 to $80.16.

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