Nike will exit the S&P 100 on Sept. 21 after nearly 18 years, marking a dramatic fall for the sportswear giant. Since its November 2021 peak of $264 billion (shares at $179.10), Nike has lost over $200 billion in market capitalization — a 78% decline — with shares now trading around $38. The company's current valuation stands at roughly $57 billion. The removal follows a 36% market-cap drop in 2026 alone. Nike will remain in the S&P 500.

Joining Nike in departing the index are Honeywell Aerospace, Simon Property Group, and Colgate-Palmolive. They will be replaced by technology firms Dell Technologies, Palo Alto Networks, Arista Networks, and Sandisk, reflecting a shift toward data infrastructure in the blue-chip benchmark.

Nike's underlying business has deteriorated, with fiscal 2026 revenue of $46.4 billion, down 2% on a currency-neutral basis. Greater China sales fell 17% in the quarter ended May 31, marking eight consecutive quarters of decline. Direct-to-consumer revenue dropped 6% to $17.7 billion, while wholesale rose 6% to $27.5 billion. CEO Elliott Hill is focusing on rebuilding wholesale ties, cutting inventory, and emphasizing performance products. Nike also faces rising competition from Chinese brands Anta and Li Ning and rivals Hoka and On.