Nike’s main competitors, named in its own 10-K, are adidas, Anta, ASICS, Deckers (HOKA, UGG), Li Ning, lululemon, New Balance, On, Puma, Under Armour and V.F. Corporation. Nike remains the largest seller of athletic footwear and apparel in the world, with $46.4 billion of revenue in fiscal 2026 (year to 31 May 2026), flat on fiscal 2025. Its best-known rival, adidas, reported record revenue of โฌ24.8 billion in 2025.
Athletes, teams, leagues, influencers and digital experiences build affinity. Sponsorship costs rise as competition increases, Nike warns.
03
Sourcing and the shelf
Rivals compete on sourcing, distribution and how products are shown in stores and online, where wholesale partners decide space.
04
Low barriers to entry
Nike's 10-K says lower barriers to starting new footwear and apparel companies, some able to react more nimbly, are a significant risk factor.
What changed in 2025-26
Nike goes back to wholesale
In fiscal 2026 Nike Brand wholesale revenue rose to $27.5 billion from $25.9 billion, while Nike Direct fell to $17.7 billion from $18.8 billion on lower traffic. Rival brands now meet Nike on the same retailer shelves again.
adidas has momentum
adidas reported record 2025 revenue of โฌ24.8 billion, with 13% currency-neutral growth for the adidas brand and double-digit growth in all markets and channels, and guided to further market share gains.
Specialists keep growing
At Deckers, HOKA net sales rose 15.9% to $2.59 billion in the year to 31 March 2026. lululemon’s revenue rose 5% to $11.1 billion in its 2025 fiscal year. Puma’s fell 13.1% in euros during a strategic reset of its wholesale business, and Under Armour’s fell 3.8%.
AI changes the shop window
Nike’s fiscal 2026 10-K warns that shoppers’ growing use of AI-enabled search, comparison shopping and agentic shopping could hurt its ability to drive traffic, and says it may need to scale AI-enabled search, personalisation and recommendation to stay competitive.
Nike's main rivals, latest full-year revenue from their own reports
Period and trendFiscal 2026 (to 31 March 2026); down 3.8%
What it means for you
Compare rivals on the same basis: fiscal years end in different months and adidas and Puma report in euros.
Watch the wholesale shelf: Nike's return to wholesale puts it next to adidas, HOKA and On again in the same stores.
For brand builders, focus wins: specialists grew by owning one category, such as running or yoga apparel.
Make product data easy for AI shopping assistants to read; Nike itself names agentic shopping as a risk.
For investors, separate brand momentum from scale: compare growth rates and absolute revenue side by side.
The Business Engineer lens
In sportswear the fight is moving from owned apps to whoever controls discovery: the retailer shelf and, increasingly, the AI assistant that compares brands. The Business Engineer reads Nike’s 2025-26 reset as a scale leader adjusting to a market where focused challengers and new shopping interfaces set the pace.
Nike's 10-K names adidas, Anta, ASICS, Deckers, Li Ning, lululemon, New Balance, On, Puma, Under Armour and V.F. Corporation, among others.
Is adidas bigger than Nike?
No. adidas reported โฌ24.8 billion of revenue in 2025; Nike reported $46.4 billion in fiscal 2026 and calls itself the largest seller of athletic footwear and apparel in the world.
Which Nike rivals are growing fastest?
In their latest reports, the adidas brand grew 13% currency-neutral in 2025 and HOKA 15.9% in the year to 31 March 2026, while Puma and Under Armour shrank.
How does AI affect Nike's competition?
Nike's 10-K warns that AI-enabled search, comparison shopping and agentic shopping could reduce traffic to its own platforms, and says it may need to scale its own AI-enabled tools.
The complete explainer, cleaned up and reformatted for mobile.
How we source: figures on this page come from the company’s own filings (SEC 10-K, 10-Q and earnings releases, or its annual report), with the period stated next to each number. Last refreshed October 2026. Our methodology.
Correction (11 Oct 2026): an earlier section on this page, “Nike Competitors in the AI Era”, made unsourced claims and predictions; it has been removed.
Nike is an American multinational company involved in the designing and manufacturing of sports footwear, apparel, equipment, and other accessories. Nike began as Blue Ribbon Sports in 1964, opening its first retail outlet in 1966 and launching the Nike shoe brand six years later.
Nike's main competitors are global athletic brands that compete for market share in footwear, apparel, and sporting goods.
Competitor
Description
Key Insights
Competitive Overlap
Differentiation
Adidas
A global sportswear and athletic footwear company known for its athletic apparel, footwear, and accessories. Adidas competes with Nike in the sportswear and athletic gear market.
Adidas offers a wide range of athletic apparel, shoes, and accessories, focusing on sports performance and style.
Both compete in the sportswear and athletic gear market, providing apparel, footwear, and accessories for athletes and active individuals.
Adidas’ emphasis on sports performance and its distinct design aesthetics.
Under Armour
An American sportswear and performance apparel brand that specializes in athletic clothing, shoes, and accessories. Under Armour competes with Nike in the sportswear and athletic gear market.
Under Armour offers performance-oriented sportswear, footwear, and accessories designed for athletes and fitness enthusiasts.
Both operate in the sportswear and athletic gear market, targeting athletes and individuals seeking high-performance apparel.
Under Armour’s focus on advanced fabric technologies and innovation.
Puma
A multinational sportswear and athletic footwear company that designs and manufactures athletic apparel, footwear, and accessories. Puma competes with Nike in the sportswear and athletic gear market.
Puma offers sportswear, athletic shoes, and accessories with a focus on sports lifestyle and fashion-forward designs.
Both compete in the sportswear and athletic gear market, providing athletic apparel, footwear, and accessories with an emphasis on style.
Puma’s sporty and fashion-forward design aesthetic.
Reebok
An American sportswear and athletic footwear company known for its athletic shoes, clothing, and accessories. Reebok competes with Nike in the sportswear and athletic gear market.
Reebok offers athletic apparel, footwear, and accessories, emphasizing fitness and training products.
Both operate in the sportswear and athletic gear market, providing apparel, footwear, and accessories for sports and fitness enthusiasts.
Reebok’s focus on fitness and training products.
New Balance
An American sportswear and athletic footwear company known for its athletic shoes, particularly in running and walking categories. New Balance competes with Nike in the sportswear and athletic footwear market.
New Balance specializes in athletic footwear for running, walking, and sports, with a reputation for comfort and fit.
Both compete in the athletic footwear market, especially in running and walking categories, offering shoes known for comfort and fit.
New Balance’s emphasis on comfort and its reputation for fit and support.
ASICS
A Japanese sportswear and athletic footwear brand that focuses on running and athletic shoes, apparel, and accessories. ASICS competes with Nike in the sportswear and athletic footwear market.
ASICS offers a wide range of athletic footwear, apparel, and accessories with a strong focus on running and sports performance.
Both operate in the athletic footwear market, with ASICS specializing in running shoes and sports performance gear.
ASICS’ emphasis on running technology and sports performance products.
Fila
An Italian-South Korean sportswear and footwear brand known for its athletic and lifestyle apparel, shoes, and accessories. Fila competes with Nike in the sportswear and athletic gear market.
Fila offers athletic and lifestyle apparel, footwear, and accessories with a blend of sporty and retro styles.
Both compete in the sportswear and athletic gear market, providing athletic and lifestyle products with a focus on style.
Fila’s combination of sporty and retro design elements.
Converse
An American shoe company known for its iconic Chuck Taylor All Star sneakers and casual footwear. Converse competes with Nike in the casual and lifestyle footwear market.
Converse offers a range of casual and lifestyle sneakers and footwear, including the iconic Chuck Taylor All Star.
Both operate in the casual and lifestyle footwear market, with Converse specializing in classic and iconic sneakers.
Converse’s timeless and iconic Chuck Taylor All Star sneakers.
Columbia Sportswear
An American sportswear and outdoor apparel company known for its outdoor clothing, outerwear, and gear. Columbia Sportswear competes with Nike in the outdoor and sportswear market.
Columbia Sportswear offers outdoor apparel, outerwear, and gear designed for outdoor enthusiasts and adventurers.
Both operate in the sportswear and outdoor apparel market, providing clothing and gear for outdoor activities.
Columbia Sportswear’s focus on outdoor-specific products and technologies.
Skechers
An American lifestyle and athletic footwear company known for its casual and performance footwear styles. Skechers competes with Nike in the casual and athletic footwear market.
Skechers offers a wide range of casual and athletic footwear, emphasizing comfort and lifestyle appeal.
Both compete in the casual and athletic footwear market, targeting consumers seeking comfort and a blend of style and performance.
Skechers’ focus on comfort and lifestyle-oriented footwear.
Adidas
Adidas was founded by Adolf Dassler in Germany in 1949, but the company now has a significant presence in the North American market.
Like Nike, Adidas enjoys several high-profile sponsorships as part of an aggressive marketing strategy.
In an increasingly green world, Adidas has many strengths.
Favoring research and development into sustainability, the company also uses organic cotton in its plastic-free products.
Nike in charts
Nike at a glance: $46.4B of revenue and $3.1B of net income in fiscal 2026. Source: Nike Form 10-K for fiscal 2026 (year to 31 May 2026, SEC EDGAR); Nike Q1 fiscal 2027 earnings release (Form 8-K, SEC EDGAR). YoY calculated. Analysis by The Business Engineer.North America +5%; Greater China โ11%, Converse โ31%. Source: Nike Form 10-K for fiscal 2026 (year to 31 May 2026, SEC EDGAR). Analysis by The Business Engineer.
Reebok
The company has a reputation for innovation in sports footwear design, releasing products such as Reebok Zig, Reebok Gym, and Reebok Pump.
It also has long-standing associations with professional sports, including football and cricket.
Reebok has also invested heavily in creating a consistent ambiance across its international stores.
This has created a brand identity that consumers associate with comfort, fashion, and trend-setting.
Asics
While Asics sells in the USA and the UK, it has a focus on the Asian and Australasian markets where it has been a mainstay for decades.
The core focus of Asics is research and development, with a company vision of “creating quality lifestyle through intelligent sports technology”.
Indeed, it has a dedicated facility where innovation is driving products that promote healthy and fulfilling lifestyles for consumers.
Nike founder Phil Knight once applied to be a sales agent for Asics USA.
However, the relationship between Nike and Asics has deteriorated over the years with several litigation suits.
Under Armour
Under Armour was founded in the USA in 1995 by Kevin Plank.
Originally, Plank designed comfortable and lightweight sports apparel using innovative fabrics that dried quickly.
The Under Armour moisture-wicking system was so successful that Nike, Adidas, and Reebok would soon release their own versions.
Like the major players, it has secured several high-profile endorsements and affiliations securing deals with Major League Baseball, NBA, and PGA golf stars.
Adidas is well placed to take advantage of the green revolution with a focus on sustainability and organic cotton clothing.
Relatively newcomer Under Armour is attracting attention in the sports apparel market because of its innovative moisture-wicking sportswear. The company has also moved quickly to secure several high-profile endorsements.
Key Competitors of Nike:
Adidas:
Founded in Germany in 1949, Adidas has a significant presence in the global sports apparel market.
Engages in aggressive marketing and enjoys high-profile sponsorships.
Focuses on sustainability and uses organic cotton in plastic-free products.
Reebok:
Known for innovative sports footwear design, including products like Reebok Zig and Reebok Pump.
Associated with professional sports like football and cricket.
Invests in creating a consistent brand ambiance across international stores.
Asics:
Focuses on the Asian and Australasian markets, emphasizing research and development for intelligent sports technology.
Dedicated innovation facility for creating products that promote healthy lifestyles.
Previously had a relationship with Nike founder Phil Knight but has faced litigation suits over the years.
Under Armour:
Founded in the USA in 1995 by Kevin Plank.
Initially known for moisture-wicking sports apparel with innovative fabrics.
Secures high-profile endorsements and affiliations with major sports leagues and athletes.
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Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
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