Nike, Inc.: New CFO Announced; No Upside to FY4Q26

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Nike, Inc.: New CFO Announced; No Upside to FY4Q26

Equity Research

23 June 2026

Nike, Inc.

New CFO Announced; No Upside to

FY4Q26 Company Update

After the market close 6/23/26, NKE announced the NKE OVERWEIGHT

POSITIVEappointment of current Pfizer, Inc. CFO David Denton as CFO U.S.ApparelSpecialty& FootwearRetail,

effective 8/17/26. Mr. Denton brings more than 30 years of Price Target USD 67.00

experience, formerly serving as CFO of LOW and CVS. He Price (23-Jun-26) USD 42.38 Potential Upside/Downside +58.1%

Source: Bloomberg, Barclays Researchreplaces CFO Matthew Friend. FY4Q26 guidance was

reiterated with no upside.

U.S. Specialty Retail, Apparel &

Footwear

View CFO change positively. We view the CFO change as a positive development given the Adrienne Yih

stage of the turnaround that NKE is in. We believe that new strategic direction under new CEO +1 212 526 5257

leadership is often soon followed by leadership changes in the CFO seat once things are adrienne.yih@barclays.com

stabilized. The next stage of growth for a company often requires a different set of skills and BCI, US

investor communication. Under Mr. Denton, we look forward to new ideas and financial Michael Vu

management to support NKE's "Sport Offense" turnaround. Following the announcement, NKE +1 212 526 9568

shares were +1.5% in the aftermarket vs. the S&P500 flat. michael.vu@barclays.com

BCI, US

No upside to FY4Q26 is disappointing; new CFO could mean another reset to expectations.

Angus Kelleher

As with many new incoming CFOs, there could be yet another reset of expectations, especially

+1 212 526 0081

given lack of upside to FY4Q26. While we believe ~6% operating margins could be close to the angus.kelleherferguson@barclays.com

bottom, there may be one more turnaround reset of FY27 EPS.