An 18-year run ends
Nike is set to leave the S&P 100 on September 21 after almost 18 years in the index, following a prolonged fall in its share price and market value. The sportswear company will remain a member of the broader S&P 500, but its removal from the narrower benchmark marks a significant change in its standing among large US companies.
Fortune reported that Nike's market capitalization had fallen from about $264 billion at its November 2021 peak to roughly $57 billion, a decline of about 78%. Its shares, which traded at $179.10 at that peak, were around $38 when the report was published. The company's market value had fallen a further 36% during 2026.
The change is part of a wider quarterly rebalancing intended to keep S&P indexes representative of their targeted market-capitalization ranges. Honeywell Aerospace, Simon Property Group and Colgate-Palmolive are also due to leave the S&P 100. Dell Technologies, Palo Alto Networks, Arista Networks and Sandisk will take the four available places, increasing the presence of technology and data-infrastructure businesses in the benchmark.
Turnaround remains unfinished
The index decision follows several years of weakening business performance. Nike reported fiscal 2026 revenue of $46.4 billion, down 2% on a currency-neutral basis. Greater China remained a particular pressure point: fourth-quarter sales in the market fell 17% in constant-currency terms, extending a run of eight consecutive quarters of decline there. Nike has warned that group revenue is likely to keep falling during the first half of fiscal 2027.
The mix of sales channels also shifted. Direct-to-consumer revenue declined 6% to $17.7 billion for the fiscal year, while wholesale revenue rose 6% to $27.5 billion. That movement comes as the company rebuilds relationships with wholesale partners, reduces excess inventory and tries to restore greater emphasis on performance products.
Chief executive Elliott Hill's turnaround effort is therefore being tested on several fronts at once. In China, Nike has sought more control over online distribution and faces competition from domestic brands including Anta and Li Ning. International rivals such as Hoka and On have also added pressure in athletic footwear.
Leaving the S&P 100 does not itself change Nike's operations or remove it from the widely followed S&P 500. It does, however, reflect the scale of the valuation reset since 2021. The incoming companies also illustrate how the largest-company benchmark has moved further toward businesses tied to servers, networking, cybersecurity and data storage. For Nike, a return to stronger sales and profitability will matter more than the index label, but the September reshuffle provides a visible measure of how much ground the company has lost.
