Nike to Exit S&P 100 After Shares Hit 12-Year Low

S&P Dow Jones Indices will remove Nike from the S&P 100 effective Sept. 21 after nearly 18 years on the index. The company will remain a member of the broader S&P 500.

The quarterly rebalancing will also remove Honeywell Aerospace, Simon Property Group and Colgate-Palmolive from the S&P 100. Dell Technologies, Palo Alto Networks, Arista Networks and SanDisk will be promoted from the S&P 500 to fill four vacancies, increasing the technology sector’s weight in the S&P 100.

Nike’s shares closed at $38.40 on Sept. 4, about 50% below their 52-week high of $76.97 and at their weakest level in roughly 12 years. The stock has fallen 39.3% year to date and 48.2% over the past 12 months. From a record closing high of $179.10 on Nov. 5, 2021, the company has lost nearly 80% of its value, reducing market capitalization by about $230 billion to roughly $57 billion.

Nike’s reported revenue declined from $51.2 billion in fiscal 2023 to $46.4 billion in fiscal 2026. Operating margin fell from 15.6% in fiscal 2021 to 8.2% in fiscal 2026.

In its most recent quarter, Nike reported adjusted fiscal fourth-quarter earnings of $0.20 per share, excluding a $0.52 benefit tied to an expected recovery of import tariffs. Revenue was $11.0 billion, down 1.1% year over year. Both figures were slightly above analyst projections of $0.13 per share on $10.9 billion in revenue.

Nike updated its forward guidance, saying sales are expected to continue declining through the first half of fiscal 2027. The company forecasts revenue will fall by low- to mid-single digits for the March-to-November period and that earnings will be broadly flat. Nike cited tariff pressures, geopolitical uncertainty and cautious consumer spending as factors affecting the outlook.

China has been a material contributor to the decline. Nike’s China business has contracted for eight consecutive quarters and total China revenue is down roughly 30% since 2021. Annual sales in China reached an eight-year low at the end of May. The company has faced increased competition in performance footwear from brands including On, Hoka and New Balance, and its direct-to-consumer operations have shown weakness.

According to CEO Elliott Hill, the company is focused on “rebuilding the foundations of the business through product innovation, brand strength, marketplace execution and cost efficiency.” Nike remained profitable in fiscal 2026 and returned about $2.5 billion to shareholders that year, including $2.4 billion in dividends and $123 million in share buybacks.

The S&P 100 change takes effect Sept. 21. Nike will continue to report quarterly results under its fiscal calendar and provide business updates to investors in its regular filings and earnings calls.