Nike ($NKE) spent approximately $12.1 billion to repurchase 124.4 million shares at an average price of $97.57, but with the stock now trading around $40, those shares are worth only about $5 billion. The company aggressively bought shares above $90 while mostly stopping repurchases as the stock collapsed below $50, ultimately pausing the program entirely after spending just $122 million during fiscal 2026.