Key Takeaways
- Nike will leave the S&P 100 after nearly 18 years.
- The sportswear company’s shares have fallen nearly 80% since 2021.
- Nike’s fiscal 2026 revenue declined to $46.4 billion.
Nike S&P 100 changes are set to take effect after nearly 18 years, following a sharp decline in its market value and share price.
S&P Dow Jones Indices will remove Nike from the S&P 100 on September 21 as part of its quarterly rebalancing. Nike will remain part of the broader S&P 500, while its market capitalization stands at about $57 billion.
Nike shares fall nearly 80% from record high
Nike shares closed at $38.40 on September 4, 2026. The stock was about 50% below its 52-week high of $76.97 and was trading at its lowest level in about 12 years.
The shares have fallen nearly 80% from their record high of $179.10, reached on November 5, 2021. The decline has reduced Nike’s market capitalization by roughly $230 billion.
The stock has also declined 39.3% since the beginning of 2026 and 48.2% over the past year. Nike remains one of the largest sportswear companies, but its financial results show weaker growth.
Revenue declined from $51.2 billion in fiscal 2023 to $46.4 billion in fiscal 2026. Operating margin also narrowed from 15.6% in fiscal 2021 to 8.2% in fiscal 2026.
Nike’s fiscal fourth quarter ended May 31, 2026, and recorded revenue of $11 billion, down 1% from a year earlier. On a currency-neutral basis, revenue declined 4%.
Wholesale revenue increased 4% to $6.6 billion during the quarter. Nike Direct revenue, however, fell 7% to $4.1 billion.
For the full fiscal year, revenue remained broadly flat on a reported basis at $46.4 billion. On a currency-neutral basis, revenue declined 2%.
Nike S&P 100 exit brings technology companies into index
Nike is one of four companies leaving the S&P 100 during the latest quarterly rebalancing. Honeywell Aerospace, Simon Property Group, and Colgate-Palmolive will also be removed.
Dell Technologies, Palo Alto Networks, Arista Networks, and SanDisk will move from the S&P 500 into the S&P 100 to fill the four vacancies.
The changes will increase the representation of technology companies within the index. Nike, meanwhile, will continue trading as a member of the S&P 500.
Nike has faced weaker performance across parts of its footwear business and direct sales operations. Greater China has also remained a weaker market, while competitors including On, Hoka, and New Balance have expanded their presence in performance footwear.
The company expects fiscal 2027 first quarter revenue to decline by low to mid single digits. Excluding tariff-related benefits, earnings per share are expected to remain broadly flat over the following three quarters.
Nike CEO Elliott Hill has said the company is working on product innovation, brand strength, marketplace execution, and cost efficiency.
Nike returned about $2.5 billion to shareholders during fiscal 2026. This included $2.4 billion in dividends and $123 million in share buybacks.
The Nike S&P 100 change comes as the company continues to operate within the broader S&P 500. Its removal reflects the decline in market value that has followed several years of weaker revenue growth and lower profitability.
The company now enters a new fiscal period with revenue of $46.4 billion and an operating margin of 8.2%. Its shares remain well below their 2021 peak as Nike works to restore growth across its business.
