Key Takeaways
- Nike’s market value has fallen about 78% from its November 2021 peak, from $264 billion to roughly $57 billion, according to Fortune.
- The sportswear company leaves the S&P 100 after nearly 18 years but keeps its seat in the broader S&P 500.
- Direct-to-consumer revenue shrank 6% in fiscal 2026 while wholesale grew 6%, reversing the channel mix Nike spent years building.
- Sales in Greater China have now declined for eight consecutive quarters, including a 17% constant-currency drop last quarter.
Nike Inc. was removed from the S&P 100 effective Sept. 21, ending a run of nearly 18 years in the blue-chip index, Fortune reported. The Nike S&P 100 removal follows a collapse in market value from $264 billion in November 2021, when shares traded at $179.10, to about $57 billion today, with the stock near $38. That is a decline of roughly 78%, or more than $200 billion, according to Fortune.
What Drove the Nike S&P 100 Removal?
The exit reflects a multiyear slide rather than a single bad quarter. Nike’s market cap fell 36% in 2026 alone, Fortune reported.
S&P Dow Jones Indices rebalances its benchmarks quarterly so each index represents its intended market-cap range, according to the report. Nike’s shrinking valuation moved it out of the top tier, though the company remains in the S&P 500.
Nike was not the only name cut on Sept. 21. Honeywell Aerospace, Simon Property Group and Colgate-Palmolive also left the S&P 100, Fortune reported. Their replacements are technology companies: Dell Technologies, Palo Alto Networks, Arista Networks and Sandisk.
How Nike’s Revenue Mix Is Shifting Back to Wholesale
Nike reported $46.4 billion in fiscal 2026 revenue, down 2% on a currency-neutral basis, according to the company’s investor report as cited by Fortune.
The split between channels tells the sharper story. Direct-to-consumer revenue fell 6% to $17.7 billion, while wholesale revenue rose 6% to $27.5 billion, per Nike’s results. Wholesale, which covers the retailers that stock Nike product, now accounts for roughly 59% of total revenue.
That shift lines up with the turnaround plan under CEO Elliott Hill. According to Fortune, Hill’s strategy centers on repairing wholesale partnerships, clearing excess inventory and putting performance products back at the center of the brand. Hill said in the report that the company remains “encouraged by progress in performance product,” while acknowledging continued pressure on revenue growth.
For retailers and team dealers that carry Nike, the wholesale figures are the most direct measure of how much of the company’s business still runs through third-party partners.
China Sales Fall for an Eighth Straight Quarter
Greater China remains Nike’s most persistent weak spot. Sales in the region fell 17% on a constant-currency basis in the fourth quarter of fiscal 2026, which ended May 31, according to Fortune.
That marks eight consecutive quarters of declining China sales. In response, Nike is taking more direct control of online distribution in the country, including pulling online sales rights from major retail partners, Fortune reported.
Competition in the market has intensified on two fronts. Nike faces pressure from Chinese brands Anta and Li Ning, as well as global running brands Hoka and On, according to the report.
Nike Guides to Further Declines Through Early Fiscal 2027
Investor skepticism was already visible before the index change. Reuters reported in June that Nike shares were down about 35% for 2026 following the company’s latest results, as doubts grew over whether the turnaround would deliver a meaningful recovery.
Nike has not signaled a near-term reversal. The company warned that revenue will keep declining into the first half of fiscal 2027, according to Fortune. With Nike’s fiscal year ending May 31, that guidance covers the six months running through November 2026.
Source: Fortune, Joshua Hong, September 8, 2026, https://fortune.com/2026/09/08/nike-stock-plummets-sp500-market-cap-index/
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Youth Sports Business Report (YSBR) is the largest and most trusted media platform covering the business of youth sports worldwide. YSBR delivers youth sports news, market intelligence, and original analysis daily across facilities, sponsorships, private equity, NIL, sports technology, and league operations. With more than 50,000 followers, YSBR is the leading source of youth sports industry news for the investors, owners, operators, and brands shaping the future of youth sports.
How big is the youth sports market?
American families spend approximately $54 billion annually on kids’ sports and recreation, according to the YSBR and Kinetica Group Youth Sports TAM & Parent Spending Report, with organized sports alone representing a $40 billion-plus market. The average family spent $1,016 on a child’s primary sport in 2024, up 46 percent since 2019, per the Aspen Institute’s Project Play, and market research projects the global youth sports market will reach approximately $114 billion by 2032 (Business Research Insights).
How many kids play youth sports in the United States?
Approximately 27.3 million children ages 6 to 17, or about 54.6 percent, played organized sports in 2022-2023, according to the National Survey of Children’s Health as reported by the Aspen Institute’s Project Play. High school sports participation reached a record 8.26 million athletes in 2024-25, per the NFHS.
Who founded Youth Sports Business Report?
Youth Sports Business Report was founded by Cameron Korab, a sports marketing veteran with more than a decade in the industry and an MBA from Northwestern University’s Kellogg School of Management. Korab also co-founded Vertical Sports, a sports marketing advisory serving brands across youth, college, and pro sports.
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Hosted by Cameron Korab, founder of Youth Sports Business Report, Jr. Sports Marketing features candid 1-on-1 conversations with the brands, athletes, leagues, and innovators building the future of youth sports. Each episode breaks down how the smartest brands are activating, building equity, and winning with youth sports families. If you’re an operator, founder, investor, or marketer trying to understand where this space is headed, this is your show.
Youth Sports Marketing Questions, Answered
Where can brands sponsor youth sports? Brands can sponsor youth sports through local leagues and clubs, tournaments and events, facilities and complexes, governing bodies, and national platform programs. Sponsoring a child’s own program is the most powerful entry point: 81 percent of parents say it captures their attention, outperforming TV, social media, and pro sports sponsorship, per a 2026 Priority Partnerships study conducted by YouGov Sport.
How much does youth sports sponsorship cost? Youth sports sponsorship costs range from a few thousand dollars for a local league or team sponsorship to six and seven figures for regional facility naming rights and national platform programs. The environment is welcoming at every level: 84 percent of parents hold net positive sentiment toward brands sponsoring youth sports, with negative sentiment under 5 percent, per YouGov Sport research. Most brands start with a pilot activation, measure engagement, then scale.
What is the ROI of youth sports marketing? The data is striking: 80 percent of parents say they would choose the brand that sponsors their child’s youth sports program when comparing two similar products, per a 2026 Priority Partnerships study by YouGov Sport. A 2026 EMARKETER and DICK’S Media survey found 84 percent of sports parents say that role influences their purchase decisions, and 60 percent spend more on game and practice days, driving loyalty across categories from dining to travel to automotive.
Ready to build a youth sports strategy? Vertical Sports is an Advisory+ delivering integrated expertise across all levels of sport. Youth, College, Pro. Every Fan, Every Level. Brands and youth sports organizations can reach the team at info@verticalsports.us.
