Nike exits S&P 100 after nearly 18-year run

Nike will drop out of the S&P 100 before trading opens Sept. 21, ending a nearly 18-year run in the index as the company’s stock trades near a 12-year low.

S&P Dow Jones Indices announced the change Sept. 4 as part of its quarterly rebalance, which will also add Dell Technologies, Palo Alto Networks, Arista Networks and Sandisk to the S&P 100. Nike will exit alongside Honeywell Aerospace, Simon Property Group and Colgate-Palmolive. Nike will remain in the broader S&P 500.

The removal follows a five-year decline in Nike’s market value, from roughly $264 billion at its November 2021 peak, when shares traded at $179.10, to about $57 billion today, with shares near $38 — a drop of nearly 80% and more than $200 billion in market capitalization. The company reported $46.4 billion in fiscal 2026 revenue, flat on a reported basis and down 2% on a currency-neutral basis. Nike Direct revenue fell 6% for the year, while wholesale revenue rose 6%. Chief Executive Elliott Hill said in the company’s earnings report that Nike remains encouraged by progress in performance product as it works through the broader sales decline.

Nike’s turnaround efforts under Mr. Hill have focused on rebuilding wholesale relationships and reducing excess inventory, according to the company’s fiscal 2026 results. In Greater China specifically, Nike’s revenue has fallen from $8.29 billion in 2021 to $5.85 billion, a decline of nearly 30% over five years.

Nike has also drawn attention over the past decade for a series of marketing decisions tied to social and political issues. In 2018, the company made former 49ers quarterback Colin Kaepernick the face of its 30th-anniversary “Just Do It” campaign, several years after he began kneeling during the national anthem to protest what he called a flag for a country that oppresses black people and people of color. In 2019, Nike pulled a Fourth of July-themed sneaker featuring the Betsy Ross flag after Mr. Kaepernick raised concerns about the design, with the company saying it could unintentionally offend and detract from the nation’s patriotic holiday. In 2020, Nike launched an ad campaign supporting Black Lives Matter messaging, and in 2023, transgender influencer Dylan Mulvaney partnered with the company to model women’s leggings and sports bras.

Nike also faced scrutiny over its business ties to China. In 2021, after the company raised concerns about forced-labor practices involving Uyghurs in Xinjiang and faced a consumer boycott threat in China, then-CEO John Donahoe told analysts on an earnings call that Nike was a brand of China and for China.

The S&P 100 removal does not affect Nike’s listing on the New York Stock Exchange or its membership in the S&P 500. S&P Dow Jones Indices said the changes are intended to keep each index representative of its market-capitalization range.