Full Breakdown
Nike Exits S&P 100 After 18-Year Tenure
9/10/2026, 1:30:06 AM
The Index Removal
S&P Dow Jones Indices announced on September 4 2026 that Nike Inc. will be removed from the S&P 100 before the market opens on September 21 2026. The company remains in the S&P 500, the Dow Jones Industrial Average, and the NYSE. The vacancy will be filled by Dell Technologies, Palo Alto Networks, Arista Networks and SanDisk, while Honeywell Aerospace, Simon Property Group, Colgate-Palmolive and Nike exit the index.
Market-Cap Decline and Financial Snapshot
Nike’s market capitalization has fallen from an all-time high of $281 billion in November 2021 to roughly $57 billion as of September 4 2026, a decline of about 78 %. Shares trade near $38, about 79 % below the $179.10 record on November 5 2021.
For the fiscal year ended May 31 2026, Nike reported revenue of $46.4 billion, flat on a reported basis and down 2 % on a currency-neutral basis. Direct-to-consumer revenue fell 6 % to $17.7 billion, while wholesale revenue rose 6 % to $27.5 billion. Greater China sales declined 17 % in the fourth quarter and 13 % for the full fiscal year on a constant-currency basis.
Company Response and Turnaround Plan
At the annual shareholder meeting, CEO Elliott Hill reiterated a “Win Now” strategy focused on rebuilding wholesale relationships, reducing excess inventory and centering product development on the athlete. He described the “Sport Offense” operating model that has moved 8,000 staff into vertical sport teams and noted momentum in global football. Hill also said more than a dozen new footwear styles are slated for the second half of fiscal 2027.
Analyst Perspectives
Analysts differ on the practical impact of the index removal. Nick Egelanian, president of SiteWorks, called the move “more symbolic than problematic,” noting that the S&P 100’s $20 billion-plus tracking fund held only 0.11 % of Nike, translating to an estimated mechanical sell of roughly $22 million (about 573,000 shares).
Conflicting Reports & Gaps
There is no consensus on whether the index change will materially move Nike’s share price. One analysis quantifies the forced sale from the iShares S&P 100 ETF at under 3 % of a typical trading day, suggesting limited price impact. Other commentary warns that certain institutional mandates may permanently exclude Nike, a risk that cannot be measured by a single trading session. Data on the broader pool of index-linked mandates remains unavailable.
Verbatim Quotes
- “A year ago, I shared that we needed to put the athlete back at the center of everything we do because everything starts and ends with the athlete,” — Elliott Hill, CEO
- “When I toured retail this summer, it was clear that the macro environment has added pressure on traffic and discretionary spending, but I’m fully confident we have the right approach to change that trajectory of those businesses,” — Elliott Hill, CEO
- “We made meaningful structural improvements to lay the groundwork for our Sport Offense across our team culture, innovative product, brand strength, and how we serve consumers in our countries and cities,” — Elliott Hill, CEO
What’s Next
Nike is scheduled to report its fiscal 2027 first-quarter results on October 1 2026. The company will also present its dividend proposal in November, which could mark the 25th consecutive year of dividend increases if approved. Ongoing efforts to restructure the Greater China business and expand the “Sport Offense” product pipeline are expected to shape the next reporting period.
