Nike Exits S&P 100: The Story Behind the Sportswear Giant's $220B Fall

Nike's market value has plunged by more than $220 billion from its November 2021 peak, triggering its removal from the elite S&P 100 index on 21 September 2026, almost 18 years after it first joined.

Shares closed at $38.40 on 4 September, valuing the sportswear group at about $57 billion, roughly 80% below its former high of around $281 billion, as a slow recovery in sales and intensifying competition weigh on the brand.

S&P Dow Jones Indices said NIKE, Inc. will be removed from the S&P 100 before the US market opens on 21 September 2026 as part of its quarterly rebalance.

Dell Technologies, Palo Alto Networks, Arista Networks and Sandisk will join the index, replacing Nike, Honeywell Aerospace, Simon Property Group and Colgate-Palmolive. Nike will remain in the broader S&P 500.

Sales Stagnate as Competitors Advance

Fiscal 2026 results show why the repair is slow. Revenue was $46.4 billion, essentially flat from the previous year and down 2% on a currency-neutral basis. Nike Direct revenue fell 6%, Nike Brand Digital fell 12% and Converse revenue dropped 31%. Wholesale revenue rose 6% on a reported basis.

The pressure has been particularly severe in Greater China. Greater China revenue fell 11% reported and 13% currency-neutral, to $5.85 billion. Footwear fell 15% currency-neutral. NIKE Direct in the region fell 12% currency-neutral; digital sales fell 29%.

Nike's annual report said, 'declining store traffic, elevated promotional activity and higher levels of inventory across the marketplace' were weighing on revenue and profitability. The company has also been working to clear excess inventory with retail partners.

Nike has faced a more fragmented sportswear market at the same time. On and Hoka have expanded their presence in performance running, while China's Anta and Li-Ning have strengthened their positions in the domestic market, adding pressure to Nike in categories and markets that had been important sources of growth.

Direct-To-Consumer Bet Reassessed

Nike's problems have also revived scrutiny of the strategy adopted under former chief executive John Donahoe.

Massimo Giunco, a former Nike marketing executive, argued in a July 2024 essay that Donahoe's reorganisation placed greater emphasis on direct-to-consumer sales, reduced the role of wholesale and shifted marketing towards a more data-driven, digitally led model.

Giunco linked those decisions to what he described as weaker product creation and marketplace reach.

Nike's latest filings show that the company is now changing some of those priorities. It said it was repositioning Nike Brand Digital as a full-price platform and reinvesting in wholesale distribution.

It is also increasing demand creation around sport and brand while working to reduce unhealthy inventory and accelerate product innovation. The company's own account points to a broader reset rather than a single explanation for the decline.

Hill Faces Extended Turnaround

Elliott Hill returned to Nike as chief executive in October 2024 after Donahoe's departure. His turnaround plan has focused on rebuilding product momentum, strengthening wholesale relationships and restoring demand.

The recovery remains incomplete in the financial results. Fiscal 2026 revenue was below the $51.4 billion reported in fiscal 2024, while Greater China and Converse continued to weigh on the business.

Nike said the negative impacts from Greater China and Converse were expected to continue throughout fiscal 2027. It also said its product, marketplace and brand-management actions would take time to affect the business as the reset progressed.

The S&P 100 removal is a market-value snapshot, not a delisting. Nike stays in the S&P 500. The accounts still show a turnaround with ground to cover.