Nike memo reassures executives it remains in S&P 500

Nike memo reassures executives it remains in S&P 500

Thu, September 10, 2026 at 3:12 PM GMT+3 2 min read

Nike sent an internal memo to executives clarifying that the company remains in the S&P 500, after its impending removal from the smaller S&P 100 index generated confusion, according to Bloomberg.

The memo, which was reviewed by Bloomberg, was distributed by Nike's investor relations and communications team. "You have likely seen headlines or social media commentary about Nike Inc.'s removal from the S&P 100 Index," the memo said. "Because some of the coverage may be confusing, we wanted to provide a few facts and talking points for discussions with your teams." Nike "remains a member of the S&P 500, and this change does not affect our business, strategy, operations, or public listing," the memo said. Nike declined to comment.

S&P Dow Jones Indices announced last week that Nike will be removed from the S&P 100 effective Sept. 21, along with Honeywell Aerospace, Simon Property Group, and Colgate-Palmolive. Dell Technologies, Palo Alto Networks, Arista Networks, and Sandisk will take their places in the index. Nike has been a member of the S&P 100 since the end of 2008, according to Bloomberg.

Nike stock has dropped over 40% in 2026 and is tracking toward a fifth consecutive yearly loss. The company's current market capitalization of roughly $55 billion to $57 billion is a fraction of its peak, which stood near $264 billion to $281 billion in November 2021, according to Bloomberg and Fortune.

Nike's declining stock reflects a prolonged deterioration in its underlying business. The company posted $46.4 billion in fiscal 2026 revenue, a 2% drop on a currency-neutral basis, and cautioned that sales would keep falling through the first half of fiscal 2027. Greater China remained a drag on results, with quarterly revenue shrinking 17% in constant-currency terms during the company's most recent fiscal period, according to Fortune.

Nike has been restructuring its China distribution, severing ties with thousands of online distributors and consolidating sales toward its owned digital properties and dedicated storefronts. Nike has also contended with intensifying competition, both from domestic Chinese brands like Anta and Li Ning and from global challengers such as Hoka and On. CEO Elliott Hill, who returned to lead the company's turnaround, has focused on rebuilding wholesale relationships and returning emphasis to performance products.

For passive funds that track the S&P 100, the index change will trigger buying and selling activity. Nike's position in the iShares S&P 100 ETF is valued at roughly $19 million, a small fraction of the more than $700 million exposure carried by the Vanguard S&P 500 ETF.