Nike will leave the S&P 100 index on September 21, 2026, due to a significant decline in its market value. The stock will remain in the S&P 500 and continue trading normally. This exit reflects a period of strategic struggle and lost market share, placing pressure on CEO Elliott Hill to deliver a successful turnaround.
S&P Dow Jones Indices has announced that Nike will be removed from the S&P 100 index effective before the market opens on September 21, 2026. It is important for investors to understand that this is not a delisting from the stock exchange. Nike will continue to trade on the New York Stock Exchange and will remain a member of the broader S&P 500 index. The S&P 100 is a specialized list of the largest, most stable blue-chip companies, and Nike’s removal indicates that the stock no longer meets the size and stability criteria required to stay in that group.
This demotion is the result of a massive decline in the company’s market capitalization over the past few years. At its peak in 2021, Nike was valued at roughly $280 billion. By early September 2026, this value has fallen to approximately $57 billion. The stock price has seen a drop of nearly 79% from its 2021 high, a slide that has persisted through multiple fiscal quarters of disappointing revenue growth and margin pressure.
Strategic Challenges and Competition
The company’s recent struggles are tied to a shift in how it sells its products. In previous years, management prioritized selling directly to consumers through its own digital channels while cutting ties with many wholesale retail partners. This created a gap in physical retail presence that allowed newer, agile competitors such as Hoka and On Running to gain significant market share. Furthermore, in major international markets like China, Nike has struggled to maintain its dominance against strong local competitors like Anta and Li-Ning, which have successfully captured local demand.
CEO Elliott Hill is now managing a complex, multi-year turnaround strategy aimed at fixing these issues. The company is actively working to repair its relationships with wholesale retailers and refocus on product innovation. However, this recovery faces significant execution risk. Changing business models at this scale is difficult and costly, and there is no guarantee that these efforts will quickly reverse the recent trends in revenue and market share.
Risks and Investor Monitorables
Beyond the business turnaround, investors should be aware of technical selling pressure. When a company leaves an index like the S&P 100, passive index funds that are required to track that specific index must sell their holdings of the stock to adjust their portfolios. This can create additional downward pressure on the share price in the short term, regardless of the company's long-term potential.
The most important factor for investors to track next is the company's ability to execute its turnaround plan. Future quarterly financial reports will be crucial to see if revenue in the Greater China region stabilizes and if the renewed focus on wholesale partnerships leads to improved profitability. The market will be looking for clear evidence that the strategy to regain competitive ground is actually working.