Nike exits the S&P 100 after 18 years and a $200B market-cap wipeout

Nike's market value has fallen by over $200 billion since 2021, leading to its removal from the S&P 100 index.

Nike is being removed from the S&P 100 index after an 18-year tenure, a consequence of a significant market capitalization decline. The sportswear giant's market value has plummeted by approximately $200 billion from its peak in November 2021, representing a nearly 80% drop. As of September 8, 2026, the company's market capitalization stands at around $57 billion, with shares trading at approximately $38, down from a high of $179.10. This exit from the S&P 100, effective September 21, follows a 36% decrease in market cap within 2026 alone. The S&P Dow Jones Indices quarterly rebalancing aims to keep the indexes representative of their market-cap ranges. Nike will still be included in the broader S&P 500 index. Other companies exiting the S&P 100 include Honeywell Aerospace, Simon Property Group, and Colgate-Palmolive, with information technology companies like Dell Technologies, Palo Alto Networks, and Arista Networks set to take their places.

Nike's exclusion from the S&P 100 signifies a major shift in its market standing, driven by persistent business headwinds. The company reported a 2% revenue decline on a currency-neutral basis for fiscal year 2026, with a substantial 17% drop in sales in Greater China during its fourth quarter. This ongoing struggle in a key market, coupled with a 6% decrease in direct-to-consumer revenue while wholesale revenue grew, indicates a challenging business environment. Nike has warned of continued revenue declines into the first half of fiscal year 2027, prompting a strategic pivot towards rebuilding wholesale relationships and managing inventory.

The reshuffling within the S&P 100, with tech companies replacing consumer brands like Nike, underscores a broader market trend favoring infrastructure and data-related sectors. This transition suggests a recalibration of investor sentiment, moving away from traditional retail giants towards areas perceived as having greater future growth potential. For Nike, the focus now is on executing its turnaround strategy under CEO Elliott Hill, emphasizing performance products and navigating increasing competition from both domestic Chinese brands and other international sportswear companies.