Nike exits the S&P 100 after 18 years and a $200 billion market-cap wipeout | FortuneSearchSubscribeHomeLatestFortune 500FinanceTechLeadershipLifestyleRankingsMultimediaTrendingnow1Amazon workers on food stamps have tripled despite its record revenue—and it’s just the latest evidence of the new economy of shrinking labor shares2Former CIA official found with $40 million in gold bars for 'work-related expenses' reaches tentative plea deal 3The trade deficit with Canada that's upset Trump so much is due to crude the U.S. buys at a discount for the Midwest. 'It’s the only oil they can use'1Amazon workers on food stamps have tripled despite its record revenue—and it’s just the latest evidence of the new economy of shrinking labor shares2Former CIA official found with $40 million in gold bars for 'work-related expenses' reaches tentative plea deal 3The trade deficit with Canada that's upset Trump so much is due to crude the U.S. buys at a discount for the Midwest. 'It’s the only oil they can use'RetailNikeNike exits the S&P 100 after 18 years and a $200 billion market-cap wipeoutBy Joshua HongJoshua HongNews FellowDown Arrow Button IconBy Joshua HongJoshua HongNews FellowDown Arrow Button IconSeptember 8, 2026, 2:35 PM ETNike used to race to the top of the S&P 500—now it's running in the opposite direction.Michael Nagle/Bloomberg via Getty ImagesGoogle source logoAdd Fortune on Google for similar content.Add us on GoogleAdd us on GoogleOne of the largest sports and athletic-wear companies of the modern day may be disappointing its namesake. Nike, the sportswear company named after the Greek goddess of victory, is losing its spot in the top 100 U.S. companies for the first time in nearly two decades. The athletic apparel giant lost over $200 billion in market cap since its all-time high in 2021, a near 80% drop in just the five years that have passed, and a plummet so severe that the once mighty company is no longer listed on the S&P 100.Recommended Video
From the company’s $264 billion peak in Nov. 2021 (when Nike shares traded at $179.10), the company is currently worth roughly $57 billion today, down 78%, as shares for the company are currently trading at around $38 apiece.  
After almost 18 years on the S&P 100—and after a 36% drop in market cap in 2026 alone—Nike will exit the benchmark on Sept. 21. It was a slow burn: The reshuffling is a consequence of a multiyear decline for the company. Current S&P Dow Jones Indices rules posit that quarterly changes are designed to make the indexes more representative of their respective market-capitalization ranges. Nike will still remain in the S&P 500. 

Nike isn’t the only company to lose its seat in the benchmark:  Honeywell Aerospace, Simon Property Group and Colgate-Palmolive also leave on the same date. Instead, information technology sector companies will take their place, likeDell Technologies, Palo Alto Networks, Arista Networks and Sandisk, marking a trend towards servers and data infrastructure in the blue-chip index.
Why is Nike dropping?
According to Nike’s investor report, the company’s underlying business deteriorated as it reported $46.4 billion in fiscal 2026 revenue, down 2% on a currency-neutral basis. Greater China remained a problem for the company, with sales falling 17% on a constant-currency basis in the company’s fourth quarter, which ended May 31 of this year. Nike warned that revenue would continue declining into the first half of fiscal 2027. 
The company’s direct-to-consumer business has also struggled, with FY2026 direct-to-consumer revenue falling 6% to $17.7 billion—and wholesale revenue increased 6% to $27.5 billion according to Nike’s results. The company’s turnaround under CEO Elliott Hill has increasingly focused on rebuilding wholesale relationships, reducing excess inventory and returning the brand’s emphasis on performance products.
“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,” Hill said in the report. “While we continue to face top-line headwinds, we’re encouraged by progress in performance product and are focused on consistent execution, improved profitability and scaling our wins to realize our full potential.”
China has also become particularly important to the turnaround. Nike has endured eight consecutive quarters of declining sales in the country and is moving to take greater control over online distribution, including pulling online sales rights from major retail partners. The company is also facing competition from Chinese brands such as Anta and Li Ning as well as international rivals including Hoka and On.
Reuters reported in June that Nike shares were already down about 35% for 2026 after the company’s latest results, while the stock had fallen sharply over the preceding years as investors grew skeptical that the turnaround would produce a meaningful recovery.
Nike did not immediately respond to a request for comment from Fortune.
Exclusive: In a new sit-down interview with Fortune, OpenAI CEO Sam Altman explains safety standards are "not at a place" to push AI capabilities much further and warns AI beyond human control is "absolutely" possible. Watch or listen here.About the AuthorBy Joshua HongNews FellowJoshua Hong is a News Fellow at Fortune covering data, AI, cybersecurity, energy, and retail.
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Nike has exited the S&P 100 index after eighteen years, experiencing a market capitalization decrease of over $200 billion since its all-time high in 2021, reflecting a substantial decline. From its peak valuation of $264 billion in November 2021, the company is currently valued at approximately $57 billion, representing a 78 percent drop. This significant decline, which includes a 36 percent market capitalization drop in 2026 alone, led to its removal from the benchmark on September 21. Current S&P Dow Jones Indices rules dictate that quarterly changes are intended to ensure indexes accurately reflect their respective market-capitalization ranges, and Nike will remain listed on the S&P 500.

This divestment is not an isolated event; several other corporations have also left the index on the same date, including Honeywell Aerospace, Simon Property Group, and Colgate-Palmolive. The shift in the benchmark is creating a trend where information technology sector companies, such as Dell Technologies, Palo Alto Networks, Arista Networks, and Sandisk, are replacing these companies, signaling a broader migration towards the focus on servers and data infrastructure within the blue-chip index.

The deterioration in Nike's performance stems from underlying business challenges. According to the company's investor report, the business experienced contraction, reporting fiscal 2026 revenue of $46.4 billion, which represented a 2 percent decrease on a currency-neutral basis. A significant impediment was the performance in Greater China, where sales fell by 17 percent on a constant-currency basis in the fourth quarter ending May 31 of the current year, with the company forecasting continued revenue decline into the first half of fiscal 2027. Furthermore, the direct-to-consumer segment faced difficulties, with direct-to-consumer revenue shrinking by 6 percent to $17.7 billion for fiscal year 2026, whereas wholesale revenue increased by 6 percent to $27.5 billion.

Under the leadership of CEO Elliott Hill, the company has focused its turnaround strategy on rebuilding wholesale relationships, mitigating excess inventory, and reasserting the brand's emphasis on performance products. Hill noted that the company has made structural improvements across its team culture, innovative products, brand strength, and consumer service methods.

The situation in China has also been a critical factor in the turnaround efforts. Nike faced eight consecutive quarters of declining sales in the country and is actively seeking greater control over online distribution by withdrawing online sales rights from major retail partners. The company is simultaneously navigating intense competition from domestic Chinese brands like Anta and Li Ning, alongside international rivals such as Hoka and On. Investor skepticism regarding the success of the turnaround was already present, as Reuters reported in June that Nike shares had already dropped about 35 percent for 2026 following the latest results.