Nike is set to leave the S&P 100 on Sept. 21, ending almost 18 years in the benchmark after a collapse in market value that has erased more than $200 billion since its 2021 peak.
The company’s market cap peaked at $264 billion in Nov. 2021, when shares traded at $179.10. It is now worth roughly $57 billion, with the stock around $38 a share. That is a 78% decline from the high, and a 36% drop in market cap in 2026 alone.
Nike will remain in the S&P 500, but it is losing its place in the top 100 U.S. companies. Honeywell Aerospace, Simon Property Group and Colgate-Palmolive will also leave the benchmark on the same date. Their replacements include Dell Technologies, Palo Alto Networks, Arista Networks and Sandisk, signaling a shift toward servers and data infrastructure in blue-chip indexes.
The company’s results explain the market’s verdict. Nike reported $46.4 billion in fiscal 2026 revenue, down 2% on a currency-neutral basis, according to its investor report. In Greater China, sales fell 17% on a constant-currency basis in the fourth quarter ended May 31. Nike warned that revenue would keep declining into the first half of fiscal 2027.
The direct-to-consumer business has also lost momentum. FY2026 direct-to-consumer revenue fell 6% to $17.7 billion, while wholesale revenue rose 6% to $27.5 billion, according to Nike’s results. The company’s turnaround under CEO Elliott Hill has centered on rebuilding wholesale relationships, cutting excess inventory and refocusing on performance products.
Hill said the company had made 'meaningful structural improvements' to support its Sport Offense across 'team culture, innovative product, brand strength, and how we serve consumers in our countries and cities.' He also said Nike still faces 'top-line headwinds' but is focused on 'consistent execution, improved profitability and scaling our wins to realize our full potential.'
China remains central to the challenge. Nike has now posted eight consecutive quarters of declining sales in the country and is taking greater control over online distribution, including pulling online sales rights from major retail partners. It also faces competition from Chinese brands Anta and Li Ning, along with international rivals Hoka and On.
Reuters reported in June that Nike shares were already down about 35% for 2026 after the company’s latest results, as investors grew skeptical that the turnaround would produce a meaningful recovery.
The market has already voted. When a company with Nike’s scale loses more than $200 billion in value, the lesson is not cosmetic. Capital rewards clear rules, durable demand and execution that holds up under pressure. Anything less gets repriced fast, and the index eventually follows.
