Nike will leave the S&P 100 before trading begins on September 21, ending 18 years in the large-cap U.S. index, while Dell Technologies, Palo Alto Networks, Arista Networks and SanDisk will be added. The company remains in the S&P 500, but its shares closed at $38.40 on September 4, about 79% below their November 2021 record high of $179.10, reducing its market capitalization to roughly $57 billion from about $264 billion at the end of 2021. Fiscal 2026 revenue fell to $46.398 billion from $51.362 billion two years earlier, while net income dropped to $3.108 billion from $5.7 billion. Nike’s earlier direct-to-consumer strategy weakened relationships with wholesale retailers as Hoka, On and New Balance expanded, while Greater China revenue declined and local brands intensified competition. The stock is also the worst performer in the Dow Jones Industrial Average in 2026, as analysts assess the cost and pace of Chief Executive Officer Elliott Hill’s turnaround.