Sportswear company Nike spent approximately $12.1 billion buying back its own shares since June 2022 at an average price of $97.57 per share, which are now worth approximately $4.2 billion, representing a $7.9 billion opportunity cost. The company’s stock has declined 71% since June 2022, with its market capitalization collapsing from $187 billion to $51 billion. Nike spent $4.3 billion on buybacks in fiscal 2024 and $3 billion in fiscal 2025 before drastically reducing purchases to $122 million in fiscal 2026. The company still has $5.9 billion remaining on its $18 billion total buyback authorization, but has not indicated it intends to resume its prior rate of repurchases.
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