Nike Dropped from the S&P 100 as Market Value Plummets

S&P Dow Jones Indices announced on September 5 that Nike (NKE) will be removed from the S&P 100 Index effective before the market opens on September 21, 2026. Nike will remain in the broader S&P 500 and continue trading on the NYSE; index-tracking funds that follow the S&P 100 will have to reduce their Nike holdings after the rebalance.

Nike to Leave S&P 100 After Nearly 18 Years as Shares Remain Nike Booted From S&P 100 for First Time as Market Value Sheds Over $220 Billion in Five Years — BigGo Finance Nike to Exit S&P 100 After 18 Years Following Market Cap Drop Nike Exits S&P 100 After 78% Stock Crash as Tech Moves In

Nike’s fiscal 2026 full-year results (June 1 2025 – May 31 2026) show revenue of $46.4 billion, down 2 % year-over-year on a currency-neutral basis, and net income of $3.108 billion, down 3 %. Inventory stood at $7.5 billion. Greater China revenue fell 11 % to $5.847 billion.

Nike Booted From S&P 100 for First Time as Market Value Sheds Over $220 Billion in Five Years — BigGo Finance

On September 4, Nike shares closed at $38.40, the lowest level in nearly 12 years, giving a market capitalization of roughly $57 billion—about a 78 % decline from the November 2021 peak of $264–$280 billion.

Nike Booted From S&P 100 for First Time as Market Value Sheds Over $220 Billion in Five Years — BigGo Finance

The company has endured eight consecutive quarters of declining sales and profits, creating pressure to address a chaotic pricing system and weak product pipelines.

Nike Booted From S&P 100 for First Time as Market Value Sheds Over $220 Billion in Five Years — BigGo Finance

Management attributed the downturn to an aggressive direct-to-consumer push that fractured wholesale relationships. In China, a new restriction starting January 2027 will bar major online retailers such as Topsports from selling Nike’s full product line; Topsports previously accounted for nearly a quarter of Greater China sales volume.

Nike Booted From S&P 100 for First Time as Market Value Sheds Over $220 Billion in Five Years — BigGo Finance

The firm is reducing discount promotions in Greater China, increasing full-price sales, and rebuilding wholesale partnerships. The turnaround plan also includes inventory cleanup and the launch of new products aimed at restoring the brand’s premium positioning.

Nike Booted From S&P 100 for First Time as Market Value Sheds Over $220 Billion in Five Years — BigGo Finance

Alongside Nike, Colgate-Palmolive, Honeywell Aerospace, and Simon Property Group are exiting the S&P 100. They are being replaced by Dell Technologies, Palo Alto Networks, Arista Networks, and SanDisk, underscoring a shift toward technology, cloud infrastructure, cybersecurity, and AI-linked data-center demand. For context, Arista Networks now carries a market value of about $244 billion—more than four times Nike’s valuation—while Palo Alto Networks is valued near $272 billion.

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When a stock leaves the S&P 100, passive funds that track the index must sell their holdings, which can generate short-term downward pressure on the share price. Nike’s continued presence in the S&P 500 and the roughly $20.5 billion of Nike held by the iShares OEF ETF limit the scale of forced selling.

Nike to Leave S&P 100 After Nearly 18 Years as Shares Remain

Analysts will monitor upcoming quarterly reports to gauge whether wholesale revenue rebounds, especially in Greater China, and whether the renewed focus on sport-centric and innovative products improves profitability.

Nike to Exit S&P 100 After 18 Years Following Market Cap Drop

The revised S&P 100 composition takes effect on September 21, 2026, before the U.S. market opens. Nike has cautioned that sales in the first half of fiscal 2027 are expected to decline by low-to-mid single-digit percentages year-over-year. Future earnings releases will be the primary gauge of the company’s ability to execute its turnaround strategy and stabilize its market valuation.

Nike to Exit S&P 100 After 18 Years Following Market Cap Drop