Nike to leave S&P 100 after 18 years as market value plunges

Nike, the iconic one outlet-apparel company, is set to lose its spot in the S&P 100 on Sept. 21, ending an almost two-decade tenure after a steep market-cap erosion of roughly 78% since its 2021 high. Valued at about $57 billion now, down from $264 billion, the firm also suffered a 36% drop in market capitalisation during 2026. The index adjustment will see other long-time constituents—Honeywell Aerospace, Simon Property Group and Colgate-Palmolive—removed, while IT firms like Dell Technologies, Palo Alto Networks, Arista Networks and Sandisk are slated to join, highlighting a tilt toward server and data-infrastructure businesses.

Nike’s FY 2026 revenue fell 2% on a currency-neutral basis to $46.4 billion, with a 17% decline in Greater China sales and a 6% dip in direct-to-consumer revenue, even as wholesale grew 6%. CEO Elliott Hill attributes the downturn to weakening demand and competition from Chinese brands, and outlines a turnaround focused on wholesale relationships, inventory reduction and a renewed emphasis on performance products. The company also plans to tighten control over its online sales in China to counter persistent sales weakness.