Nike Stock Slides to $40 as Hoka and On Keep Winning Runners

July 1, 2026

Nike’s stock has fallen to around $40 after its fourth-quarter results, marking another decline as the brand continues to lose ground in the running category to faster-growing competitors like Hoka and On Running. The article frames this as part of a longer trend in which Nike’s dominance among serious runners has eroded, with Hoka and On winning market share through strong innovation, community appeal, and performance-focused shoe lines that many athletes now prefer over traditional Nike models. While Nike is still making promotional moves—such as free shoe giveaways and new store openings—its financial weakness reflects deeper struggles to keep runners from switching to these rising rivals. Marathon Handbook