Nike will be removed from the S&P 100 before market open on Sept. 21, 2026, ending a near 18-year run in the index while retaining its place in the broader S&P 500. The reshuffle follows a steep erosion in Nike's market value: shares closed Friday at $38.40, near a 12-year low and roughly 78% below their November 2021 record, leaving the company valued at about $57 billion versus roughly $264 billion at the end of 2021. Dell Technologies, Palo Alto Networks, Arista Networks and SanDisk will replace Nike, Colgate-Palmolive, Honeywell Aerospace and Simon Property Group, increasing the benchmark's exposure to AI-linked infrastructure, cybersecurity, networking and storage. Nike's removal is unlikely to produce the selling pressure associated with an S&P 500 deletion, as it remains in that index and the iShares S&P 100 ETF has about $20.5 billion in assets. The company's underlying turnaround remains the central issue: fiscal 2026 revenue was $46.4 billion, while fourth-quarter currency-neutral revenue declined 4% and Nike Direct sales fell 9%. Wholesale revenue rose 4% in the quarter and North America improved, but Greater China, digital sales, competition from Hoka and On, inventory management and rebuilding wholesale relationships remain major challenges.