Nike short interest has reached an all-time high of 87 million shares ahead of Thursday’s earnings report, up from 55 million over the past year. Short interest as a percentage of the company’s float has risen from below 3% to above 7%, according to S3 Partners. The firm said short sellers continued adding exposure as Nike shares declined, leaving them with an estimated $1.4 billion in mark-to-market paper gains in 2026. Evercore ISI analyst Michael Binetti said Nike’s outlook could deteriorate further, citing potential retailer cancellations or order revisions for Spring 2027. Nike shares are down about 27% since the May 28 earnings report, 55% from their year-ago peak and near a 52-week low. The company’s market capitalization has roughly halved since its 2021 highs, while Kylian Mbappé ended his business relationship with Nike, the stock left the S&P 100 after 18 years, and Dick’s Sporting Goods warned about discounting of slow-moving Nike products.