Nike to exit S&P 100 index following a 78% drop in market capitalization
Nike will be removed from the S&P 100 index on September 21, 2026, ending a nearly 18-year run in the blue-chip index. The company's market capitalization has plummeted from a peak of approximately $281 billion in November 2021 to roughly $57 billion today, representing a nearly 80% decline. S&P Dow Jones Indices announced the move as a result of the company's deteriorating business performance, including a 2% drop in currency-neutral revenue for fiscal 2026. The company is currently undergoing a turnaround under CEO Elliott Hill, who is focusing on rebuilding wholesale relationships and emphasizing performance products. Nike's performance in Greater China has been a significant drag on results, with sales falling 17% in the most recent fiscal quarter. To address this, the company is restructuring its distribution and facing competition from domestic brands like Li Ning and international rivals such as Hoka. Despite the removal from the S&P 100, Nike remains a member of the S&P 500.
Sources
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