Oregon-based Nike is losing its place in one of Wall Street’s most closely watched stock indexes after a nearly 80% collapse in its share price from its 2021 record high.

Nike’s removal from the S&P 100

According to S&P Dow Jones Indices, Nike is set to leave the S&P 100 before U.S. trading opens September 21, according to S&P Dow Jones Indices.

The change was announced September 4 as part of the index provider’s quarterly rebalancing and comes as the sportswear giant continues trying to reverse years of weakening sales, declining market share and changing consumer preferences.

Importantly, the move does not mean Nike is leaving the broader S&P 500 or that its shares will stop trading. Nike will remain an S&P 500 company. But its removal from the S&P 100 is another indication of the company’s diminished standing among America’s largest publicly traded businesses.

Nike’s Stock Collapse

Forbes reported that Nike’s stock has fallen to its lowest level since 2014, roughly 78% below the record high it reached in November 2021, according to Forbes.

The decline reflects concerns extending beyond the share price. Nike has faced growing competition from brands such as Hoka and On, while sales in China have weakened and the company has struggled to regain momentum.

CEO Elliott Hill has been attempting to rebuild wholesale relationships and strengthen Nike’s product pipeline, but investors increasingly want evidence that the company’s competitive advantage is returning.

Nike Faces Continued Pressure

Nike’s latest financial results show why that recovery remains difficult. For the fiscal year ended May 31, 2026, revenue was $46.4 billion, essentially flat from the previous year and down 2% on a currency-neutral basis. NIKE Direct revenue fell 6%, while net income declined 3% to $3.1 billion.

The Oregon giant remains enormously profitable and globally powerful. But its fall from the S&P 100 illustrates just how dramatically the market’s assessment of Nike has changed.