Nike to Exit S&P 100 as It Wins $200 Million Miami Apparel Deal

TheStreet·18 Sep 2026·

3▲0 ▼0Impact / 5

Corporate Action Analyst Price Action Textiles, Apparel & Luxury Goods

Summary · why it matters

Nike will drop out of the S&P 100 on Sept. 21, ending an 18-year run in the index, even as it beat Adidas to a new 10-year, $200 million deal to remain the University of Miami's official apparel partner. The company stays in the broader S&P 500, but the exit caps a slide that has erased more than $220 billion in market value since its November 2021 peak, leaving shares roughly 78% below their record high and near a 12-year low. The Miami contract pays roughly $20 million a year, mostly in cash, with the rest split between apparel and marketing support, a figure that barely registers against the $46.4 billion in revenue Nike reported for fiscal 2026. Adidas had run Miami's athletic programs since a 2015 agreement worth roughly $90 million and was given until this week to match Nike's offer, but could not. JPMorgan analyst Matthew Boss downgraded Nike to Underweight in August, cutting his price target to $40 from $47, though twelve analysts still rate the stock a Buy against just two Sells.