Nike Is the Latest to Discover That Wokeness Doesn't Pay, As Net Sales, Revenue Nosedive

You might think that years from now, in college Econ 101 classes, the story of Bud Light will be taught as a cautionary tale for corporations to pay attention to the beliefs of their customers. If the public has strong opinions for or against the ideas you support, it can be a blessing or a curse for the success or failure of your product. 

The latest entity that appeared not to have learned the lesson of Bud Light? Nike.

Nike issues bleak forecast, plans to slash more jobs after sales disappoint https://t.co/HWsEtVn68q pic.twitter.com/CpU2cjMH7n

— New York Post (@nypost) October 1, 2026

On Thursday, Nike CEO Elliott Hill announced that the athletic apparel giant is hitting rough financial waters as several of its global divisions are struggling and expect a significant drop in full-year revenue, citing upcoming job cuts as part of a restructuring process. That's on top of the company's discouraging results earlier in 2025 and not meeting Q1 targets. In addition, RedState reported in September that Nike had been removed from the S&P 100 stock market index after an 18-year run as one of the largest blue-chip companies in the U.S. 

Also on Thursday, after Hill made the announcement, Nike shares dropped three percent after the close of the market. Net income in the first quarter of fiscal 2027 came in at $712 million, down from $727 million at the same time the previous year. Even in China, where basketball is hugely popular, sales have dropped 26 percent on a constant-currency basis in Quarter One, and shares fell 8.5 percent in extended trading. 

Nike's problems began long before anyone watched transgender influencer Dylan Mulvaney crack open a cold frosty Bud Light. After making chronically kneeling, law enforcement-bashing Colin Kaepernick its face, in 2019, Nike introduced the "Betsy Ross" shoe. It featured an American flag with 13 stars in a circle. When Kaepernick said the shoes were offensive because somehow the flag, and therefore the shoes, harkened back to slavery, Nike caved and pulled the shoe.

“Why is Nike collapsing?” pic.twitter.com/IGSRFAAa43

— TONY (@TonyMichaelX) September 6, 2026

In 2023, Nike hired the aforementioned Mulvaney, fresh off of destroying Bud Light, to do a paid social media promotion of women's sports bras and leggings. The message from consumers should have been loud and clear, but Nike has insisted on coming down on the side of wokeism. 

Then there is the silence from Nike on the issue of biological men playing in women's sports, which has been deafening. Throw in a splash of post-George Floyd, Black Lives Matter nonsense, and it becomes clear that Nike has been digging its own grave for quite some time. Right now, it is just the latest example of "go woke, go broke."

Elliott Hill recently acknowledged that any possible jump start of Nike's weaker areas of business “will take time." Maybe Nike has finally figured out that ditching wokeism might just add a few seconds onto the clock.  

Dear @Nike,

It’s a New Year.

A new administration.

And a new opportunity for you to stand up for women & girls.

You have the platform. You have means.

Will you join us?

Will you just do it? pic.twitter.com/gKTWApZoYe

— XX-XY Athletics (@xx_xyathletics) January 5, 2025

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