Nike's earnings vs the resale market: Jordans fell, Air Max and Converse rose

On October 1, Nike reported its first quarter of fiscal 2027, the three months from June through August. Revenue was $11.2 billion, down 4% from a year earlier. Nike Direct fell 8%, digital sales fell 13%, Greater China fell 22%, and Converse fell 28%. CEO Elliott Hill said the company has "more work to do in NIKE Sportswear, Jordan Brand and Greater China."

Jordan 4 Retro Military BlackPhoto: StockXNike Air Max Plus Triple BlackPhoto: StockXConverse Chuck 70 Vintage Canvas High 'Black'Photo: GOAT

An earnings report shows what Nike sold to stores and to its own customers. It can't show what those shoes are worth once they're out in the world. The resale market can. So we took the same three months, June 1 to August 31, and compared each Nike, Jordan and Converse listing that sold in both summers on GOAT and StockX with itself in the same months of 2025.

On resale, the line Hill drew shows up clearly. The same Jordan shoes sold for 4.0% less than a year earlier, and Air Jordan 4s for 10.5% less. Nike's own brand went the other way: the same shoes sold for 3.3% more, led by the Air Max line. And Converse, whose revenue fell by more than a quarter, saw the same shoes resell 16% higher.

Jordan Brand is where resale prices fell

Jordan is the clearest match between Nike's report and the resale data. Across 4,774 Jordan listings that sold at least five pairs in both summers, 2,763 sold for less this year and 1,939 for more.

The Air Jordan 4 fell furthest: three of every four AJ4 listings sold for less than in summer 2025. The Air Jordan 1 fell 5.2% across more than 2,000 listings. Our data can't say why. Resale prices fall when more pairs reach the market than people want at last year's price, which can come from bigger releases, weaker demand, or both.

Nike says Jordan Brand needs work. On resale, three in four Air Jordan 4s sold for less than a year earlier.

Air Max, not the Dunk, carried Nike's own brand

The Nike brand overall rose 3.3% on the same shoes (10,016 listings, 5,494 higher vs 4,392 lower). The gain wasn't spread evenly.

The running-shaped shoes did best: Air Max Plus, Air Max 1 and 90, the P-6000 and the Vomero 5 all rose 5% to 20%, and the Kobe 6 rose 11.0% on just 34 listings. The Dunk, the shoe of the last resale boom, was flat, and SB Dunks fell. These are lifestyle versions of running designs, not the performance products Hill says the "Sport Offense" is lifting, so they say more about what people want to wear than about Nike's running business.

Converse: fewer sales, higher resale prices

Converse revenue fell to $263 million, down 28%, with declines in every territory, according to Nike's release. On resale, the same Converse shoes sold for 16.2% more than a year earlier (248 listings, 155 higher vs 89 lower), and the Chuck 70 rose 20.5%.

These two facts can both be true. Nike's figure counts new pairs sold. Resale prices measure what existing pairs are worth, and fewer new pairs can go along with higher prices for the ones already out there. Converse resale is also a small slice of our data (about 15,000 resale sales recorded in the last 90 days, against 572,000 for Nike). Comme des Garçons Play collabs make up about a fifth of it, and the single best seller is Shai Gilgeous-Alexander's SHAI 001. Take it as a sign that the shoes people resell kept their value, not as a verdict on the whole Converse business.

September: everything fell, Nike less than most

The quarter ended on August 31. In September, the first month of Nike's second quarter, the same shoes fell almost everywhere, in step with the whole resale market. Our market post found the same shoes sold for 6.7% less than in September 2025.

Measured the same way as the quarter, Jordan fell 9.3% in September, adidas 9.0%, New Balance 10.0% and ASICS 8.6%. The Nike brand fell 3.8%, the smallest drop of the big brands. Converse rose 16.1% again, and the Air Max 1 held a gain of 8.4%. Air Force 1, Air Max 90 and Air Max Plus showed no clear change in September (all q above 0.05), so their summer gains did not carry over. September figures are as of October 6 and can move slightly as late sales load.

What it means

This isn't a forecast for Nike's next quarter, and resale isn't Nike's revenue. Resale is where the shoes Nike already sold get their second price, and that second price is a running check on how much people still want them. Over Nike's first quarter, it lined up with what Hill said: Jordan is the soft spot. It also pointed at something the earnings call didn't dwell on: Nike's running-inspired lifestyle shoes and Converse held or gained value while Jordan slipped.

You can check any of these on its model page: the Air Jordan 4, Air Jordan 1, Air Max 1 and Air Force 1 pages show the current median, the price range and the year-over-year change. Or look up a single pair in the price checker.