Just lost it — Nike axed from S&P 100 following a $200 billion freefall

This fall is so bad that S&P Global is now dropping Nike from its most prestigious roster. After an 18-year streak, S&P Dow Jones Indices says Nike will no longer be in the S&P 100, which tracks the leading 100 companies in the U.S. The removal will take effect on Sept. 21.

In a sign of the times, S&P Down Jones Indices is now welcoming businesses tied to the AI boom to replace former blue-chip names. As companies like Nike, Colgate-Palmolive, Honeywell Aerospace and Simon Property Group get the boot, red-hot tech stocks like SanDisk, Palo Alto Networks, Dell Technologies and Arista Networks will join the S&P 100.

Although this recent rejection highlights the magnitude of Nike’s decline, the Beaverton-based brand will still be part of the S&P 500.​

Moneywise reached out to Nike for comment on this news, but we didn’t hear back by the time of publication.​

Just how bad are Nike’s numbers?​

At Nike’s multinational scale, it’s tough to pinpoint just one reason for its underperformance over recent years. However, Nike’s 2026 fourth-quarter earnings report sheds light on where the company is hurting most.​

One of Nike’s biggest failures in recent years has been its bet that direct-to-consumer sales would outperform traditional wholesale. In fiscal year 2026, revenue from the Nike Direct division was noticeably weak, down 8% on a currency-neutral basis. The biggest loser in this division was Nike Brand Digital, which fell 12%. Nike-owned stores also weren’t so hot with a 4% dip.​

Data compiled by Statista shows how Nike’s DTC revenues have been trending in the wrong direction, falling from a peak of about $21 billion in 2024 to $17.7 billion in 2026.​

Another area that’s been concerning is weaker-than-expected international sales, particularly in China. Excluding currency changes, total sales in China were down 13% year over year for fiscal year 2026.​

Even more troubling, these depressing sales come at a time when Chinese shoppers seem to be more willing to splurge on sportswear. CNBC reported that China’s athletic apparel market grew 51% between 2020 and 2025, up to $85 billion last year.​

That’s partly due to a resurgence of interest in domestic brands across the region, a phenomenon called “China Chic.” As the consumer research agency ApertureChina’s founder Yaling Jiang told CNBC, “In a way, Nike has just become irrelevant.”​

One Nike-owned brand that has really become “irrelevant” recently is Converse. Sales for these sneakers are a major drag on the company, plummeting 32% over the past 12 months on a currency-neutral basis.

​Despite these challenges, company leaders are still hopeful their turnaround strategy is working — although more slowly than they’d like. As Nike’s CEO Elliott Hill told investors, “While we continue to face top-line headwinds, we’re encouraged by progress in performance product and are focused on consistent execution, improved profitability and scaling our wins to realize our full potential.”

Sportswear stocks are struggling​

Nike’s decline has been spectacular, but it isn’t singular. Many other companies once thought to be long-term sportswear winners have shown signs of weakness.​