Nike Leaves the S&P 100 as Four Tech Names Enter

Nike will leave the S&P 100 before U.S. trading opens on September 21, 2026, S&P Dow Jones Indices said. The sportswear company is one of four deletions in a quarterly rebalance taking effect September 21, announced on September 4.

Dell Technologies, Palo Alto Networks, Arista Networks, and Sandisk join the same morning. Honeywell Aerospace, Simon Property Group, and Colgate-Palmolive leave with Nike. The stock stays in the S&P 500, and it keeps trading.

Colgate, Simon, and Honeywell Aerospace Leave Too

The loud reading of this file treats it as a Nike event. The notice is wider than that. S&P DJI is also cutting a consumer-staples name, a mall landlord, and an industrials listing that only entered the S&P 500 on June 29, 2026, when Honeywell Aerospace replaced Conagra Brands.

All four additions sit in Information Technology. S&P does not pair each new name with a specific departure. Four companies go in and four go out as separate actions, and the stated aim is to keep each index closer to its market-value range.

Nike is the famous logo on that list, so it is the name that travels. Colgate-Palmolive still sells toothpaste. Simon Property Group still owns malls. Honeywell Aerospace is a new ticker, HONA, not a culture-war prop. A story that only fits Nike cannot explain those three cuts.

THE SEPTEMBER REBALANCE CLOCK

1. June 29, 2026: Honeywell Aerospace joins the S&P 500, replacing Conagra Brands.
2. September 4, 2026: S&P Dow Jones Indices announces the September shuffle across the S&P 500, S&P 100, S&P MidCap 400, and S&P SmallCap 600.
3. September 21, 2026: Changes take effect prior to the open of U.S. trading, a Monday.

The same morning, Bloom Energy, Illumina, and Everpure join the S&P 500, replacing Molson Coors Beverage, The Trade Desk, and Builders FirstSource. Nike is not on that S&P 500 deletion list.

Who Replaces Nike in the S&P 100?

Dell Technologies, Palo Alto Networks, Arista Networks, and Sandisk take the four open seats, each classified as Information Technology. They are not a matched swap for sneakers, soap, malls, and jets. They are the names that now clear a much higher size bar.

CompaniesMarketCap put Nike at $54.59 billion in September 2026. Dell, at $360.69 billion, is 6.6 times that figure. Palo Alto Networks was $270.47 billion on StockTitan’s September 11 ranking, about 5.0 times Nike. Arista Networks was $251.72 billion, 4.6 times. Sandisk was $239.15 billion, 4.4 times.

THE S&P 100 ROSTER SHIFT

The smallest joiner is still 3.1 times the largest leaver. Simon Property Group, at $77.69 billion, is the most valuable name on the way out, and Sandisk, at $239.15 billion, is the least valuable name on the way in. That gap is the cut. It is not a referendum on the swoosh.

Sandisk closed 2025 at $34.78 billion and now prints $239.15 billion, a 2026 gain CompaniesMarketCap puts at 587.44%, with a one-year move of 1,837.54%. Dell closed 2025 at $86.61 billion and now prints $360.69 billion, up 352.49% over one year. Those rerates, tied to servers, networking, security, and memory, are what lifted the floor of a 100-name list.

The Committee Picks Large Stocks With Listed Options

The S&P 100 is a subset of the S&P 500, not a separate popularity contest run on brand fame. S&P Dow Jones Indices’ July 2026 U.S. methodology says the index measures 100 companies selected from the S&P 500. Generally it takes the largest S&P 500 stocks with listed options, and it also weighs sector mix. Selection sits with the index committee. Weights are float-adjusted market value.

The changes ensure that each index is more representative of its market capitalization range.

S&P Dow Jones Indices, September 4, 2026 announcement

That sentence is the whole theory of this shuffle. A name can be famous, profitable, and still too small for a list that is trying to look like the top of the U.S. market. Options listing is a liquidity filter, not a quality medal. Sector balance is why a committee can keep a mix of industries even while the largest 100 names, ranked cold by value, would skew harder into technology than they already do.

There is a companion index, the S&P 500 Ex-S&P 100, built from S&P 500 members that are not in the 100. Under that methodology, a company dropped from the 100 that remains in the 500 is added to the ex-100 slice at once. That is the sleeve Nike moves into on September 21, unless some later action says otherwise.

The iShares S&P 100 Fund Has to Rebalance

Index membership is not a press clipping. It is an instruction to funds that copy the list. The main exchange-traded product is iShares S&P 100 ETF, ticker OEF, which BlackRock describes as a fund that seeks to track 100 U.S. mega-cap stocks.

OEF AT A GLANCE

• Net assets: The $20.33 billion S&P 100 fund held $20,329,991,789 as of September 11, 2026.
• Price of entry: The expense ratio is 0.20%, and the fund started on October 23, 2000.
• Shape of the book: It held 101 lines as of September 10, with semiconductors and semiconductor equipment at 22.17% of market value and consumer discretionary at 6.04%.
• Top weight: NVIDIA was 11.31% of holdings in a September 9 compilation of the book.

A fund that already has more than a fifth of its weight in chips, and more than a tenth in a single stock, is not waiting on Nike to define its risk. After a 79% slide in Nike’s market value from the end of 2021, the sportswear name is a thin line in that book. The trades that matter on September 21 are the buys of Dell, Palo Alto Networks, Arista, and Sandisk, which have to be sized to much larger weights than the Nike line they help replace.

OEF is also small next to S&P 500 products. Forced selling of Nike from this one tracker will not, on its own, reset the share price. Other S&P 100 accounts, options on the fund, and model portfolios that copy the 100 will still adjust. The mechanical event is real. It is not the $208.96 billion of value that already left the stock.

Nike’s Market Value Already Left the Mega-Cap Band

CompaniesMarketCap’s year-end series puts Nike at $263.55 billion in 2021 and at $54.59 billion in September 2026. That is a $208.96 billion decline, or 79%. The one-year change in that series is -50.49%. Shares closed at $36.80 on September 11.

The index file is late to a move the market already made. Elliott Hill, president and chief executive officer, has run the company since October 2024. The year that just closed still shows a business that is holding sales only by mixing a better wholesale book against weaker owned channels and a smaller China unit.

NIKE, Inc. reported fiscal 2026 revenues of $46.4 billion for the year ended May 31, 2026, flat on a reported basis and down 2% on a currency-neutral basis. Fourth-quarter sales were $11.0 billion, down 1% reported and down 4% currency-neutral. Net income for the year was $3.1 billion, down 3%, and diluted earnings per share were $2.10, also down 3%.

In fiscal 2026, we took decisive actions to strengthen the foundation of NIKE, Inc. and reposition our business for long-term growth. We made meaningful structural improvements to lay the groundwork for our Sport Offense across our team culture, innovative product, brand strength, and how we serve consumers in our countries and cities. 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.

Elliott Hill, President and CEO, NIKE, Inc. fiscal 2026 results

Matthew Friend, executive vice president and chief financial officer, said the fourth quarter was “in line with our expectations,” in “an increasingly challenging operating environment, where sell-through remains challenged.” Inventory ended the year at $7.5 billion, flat. Cash and short-term investments were $9.0 billion. The company returned about $2.5 billion to shareholders in fiscal 2026, including $2.4 billion of dividends and $123 million of buybacks.

Greater China Cut Another $739 Million

The fiscal 2026 10-K shows Greater China sales of $5.847 billion, down from $6.586 billion, an 11% reported drop and 13% in constant currency. North America rose 5% to $20.511 billion. Europe, the Middle East, and Africa rose 3% reported, to $12.572 billion, and fell 3% currency-neutral. Footwear in Greater China was $4.188 billion, down 13% reported. Direct sales in that region fell 12% in constant currency, with digital down 29% and stores down 4%.

That is the drag Hill has been asked to fix, and it is still in the numbers after a full fiscal year in the job. Converse, reported separately, fell 31% to $1.2 billion for the year and 32% to $244 million in the fourth quarter, with declines in every territory.

Wholesale Came Back, Direct Did Not

The split inside the year is the operational tell. Wholesale sales were $27.5 billion, up 6% reported and 4% currency-neutral, the channel Hill has been rebuilding. NIKE Direct was $17.7 billion, down 6% reported and 8% currency-neutral, with NIKE Brand Digital down 12% and Nike-owned stores down 4%. In the fourth quarter, Direct was $4.1 billion, down 7% reported, while wholesale was $6.6 billion, up 4%.

FISCAL 2026 IN THE COMPANY’S OWN FIGURES

• Total sales: $46.4 billion, flat reported, down 2% currency-neutral, with the NIKE Brand at $45.2 billion.
• Two channels: Wholesale $27.5 billion, up 6%; NIKE Direct $17.7 billion, down 6%.
• China: $5.847 billion, down 11% reported and 13% currency-neutral.
• Fourth-quarter earnings: Diluted EPS of $0.72, including a $0.52 benefit from expected IEEPA tariff recovery; gross margin 49.2%, including about 900 basis points from $986 million of that recovery.

Those figures describe a reset that is incomplete, not a company that has stopped operating. They also describe a market value that no longer belongs in a club whose new members start above $239 billion. The S&P 100 action follows the value. It does not create it.

Does Nike Stay in the S&P 500 After September 21?

Yes. The September 4 notice names Nike among S&P 100 deletions and does not name it among S&P 500 deletions. Shares continue to trade under NKE. Nothing in the file takes the company off the New York Stock Exchange or off the broader large-cap index that still holds it.

WHAT CHANGES ON SEPTEMBER 21

• S&P 100 membership: Nike, Honeywell Aerospace, Simon Property Group, and Colgate-Palmolive are removed prior to the open.
• S&P 100 additions: Dell Technologies, Palo Alto Networks, Arista Networks, and Sandisk are added the same morning.
• S&P 500 membership: Nike stays. Bloom Energy, Illumina, and Everpure enter that index; Molson Coors, The Trade Desk, and Builders FirstSource leave it.
• Trading: Nike shares keep trading. The change is index membership, not a halt or a delisting.

Funds that copy the S&P 100 have to sell the four leavers and buy the four joiners. Funds that copy the S&P 500 do not have to sell Nike because of this notice. Anyone who holds Nike through a 500 tracker, a total-market fund, or a direct position is not being forced out by this file.

The deletion will still be used as a punchline, because a 79% drop in market value from the end of 2021 is a chart that invites one. The document S&P actually published is a size sort. It also removes a toothpaste maker, a mall landlord, and a new aerospace stock, and it installs four technology names whose market values start several times above Nike’s. On September 21 the S&P 100 opens with Dell, Palo Alto Networks, Arista Networks, and Sandisk on the roster. Nike still trades, and it still sits in the S&P 500.

Disclaimer: This article is news reporting and analysis of an index membership change and related company figures. It is informational only and does not constitute investment advice, a recommendation to buy or sell any security, or tax advice. Readers should consult a licensed financial adviser or other qualified professional before making investment decisions involving Nike, S&P 100 products, or any other security named here. Market values, fund assets, and index memberships reflect the cited sources as of the dates given in the article and can change with trading, later index actions, and company reports.