Nike Drops Out of S&P 100 After Market Cap Decline
Nike, the global sportswear giant, is set to exit the S&P 100 index for the first time in nearly two decades. The company's market capitalization has fallen by over $200 billion since its peak of $264 billion in November 2021, marking a near-80% decline and pushing it out of the top 100 U.S. companies. The drop is attributed to years of declining sales, particularly in Greater China where revenue fell by 17% in its most recent quarter. Nike's direct-to-consumer business also struggled with a 6% decrease in FY2026 revenues while wholesale grew slightly. The company has been working on a turnaround strategy under CEO Elliott Hill that includes rebuilding relationships and focusing more on performance products. Nike will still remain part of the broader S&P 500 index, but its removal from the S&P 100 reflects ongoing challenges in regaining market confidence.
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Topics: market cap decline Nike restructuring S&P index