Nike Exits S&P 100 After 18 Years Due to Significant Market Cap Decline

Nike Removed from S&P 100

Nike, the athletic apparel company, is being removed from the S&P 100 index, effective September 21. This marks the first time in nearly two decades that the company will not be listed among the top 100 U.S. companies by market capitalization. The decision follows a substantial decline in Nike's market value.

Market Capitalization Decline

Since its peak of $264 billion in November 2021, Nike's market capitalization has fallen to approximately $57 billion, a 78% decrease. This represents a loss of over $200 billion in market value. The company's shares, which traded at $179.10 in 2021, are now around $38 apiece.

Underlying Business Challenges

Nike's investor report indicates a deterioration in its underlying business. Fiscal year 2026 revenue was $46.4 billion, a 2% decline on a currency-neutral basis. Sales in Greater China fell 17% on a constant-currency basis in the fourth quarter, and the company projects continued revenue decline into the first half of fiscal 2027.

The direct-to-consumer business also struggled, with FY2026 revenue falling 6% to $17.7 billion. In contrast, wholesale revenue increased 6% to $27.5 billion. The company's strategy under CEO Elliott Hill focuses on rebuilding wholesale relationships, reducing inventory, and emphasizing performance products.

Index Reshuffling Trend

Nike is not the only company exiting the S&P 100; Honeywell Aerospace, Simon Property Group, and Colgate-Palmolive are also being removed. Their places will be taken by information technology companies such as Dell Technologies, Palo Alto Networks, Arista Networks, and Sandisk, indicating a shift towards servers and data infrastructure within the blue-chip index. Nike will remain listed on the S&P 500.