• by Sarah Mahoney , December 19, 2025

Nike is still a long way from recapturing its peak momentum, but its latest results suggest its reset is starting to show tangible progress — particularly in North America and in running.

Revenue rose 1% to $12.4 billion in the fiscal second quarter, with North America up a notable 9%, easing concerns about the brand’s most pressured region. Wholesale revenue climbed 8% to $7.5 billion, reflecting improved relationships with retail partners after years of pullback.

“Nike is in the middle innings of our comeback,” said Elliott Hill, president and CEO, in the earnings announcement. “We are making progress in the areas we prioritized first and remain confident in the actions we're taking to drive the long-term growth and profitability of our brands.”

A key driver has been increased marketing investment. The Beaverton, Oregon-based company spent $1.3 billion on demand creation during the quarter, up 13%, which Nike attributed largely to higher brand marketing expenses.

Some of that spending is paying off in running apparel, where Nike has invested heavily in both product innovation and renewed storytelling. “The challenge for Nike is to replicate this success across other sporting divisions,” wrote Neil Saunders of GlobalData, adding that broader progress could begin to show later in the fiscal year.

Analysts were particularly encouraged by the North America rebound. David Swartz, who follows the company for Morningstar,  said the 9% regional gain “soared past our estimate of 2%,” noting that new product launches appear to be regaining traction with both consumers and retailers.

Still, significant challenges remain. Sales in Greater China fell 16% during the quarter, a performance Saunders described as “particularly dire,” arguing that the brand is failing to connect culturally in a highly competitive market. Problems also persist at Converse, where revenue dropped another 30% to $300 million.

Looking ahead, Nike warned that continued weakness in China and ongoing declines at Converse are likely to weigh on results in the coming quarter, underscoring that while momentum is building in pockets, the company’s turnaround remains uneven.