Nike, Inc., Oregon's largest company and a major employer near the Bethany and Cedar Mill corridor, will be removed from the S&P 100 index on Sept. 21.

S&P Dow Jones Indices announced the change Friday, Sept. 4, saying the reshuffling would make the index "more representative of its market capitalization range." Nike shares have fallen 39% in 2026, dropping from $63 at the start of the year to roughly $38 as of Tuesday, Sept. 8. The company remains in the broader S&P 500 and the Dow Jones Industrial Average.

The removal ends a nearly 18-year run on the S&P 100, which tracks the largest U.S. companies by market value. Nike joined the index in December 2008.

For Washington County, the numbers hit close to home. Nike employs about 10,500 workers at its Beaverton headquarters, according to The Oregonian. The company's most recent annual report lists 77,800 employees worldwide.

Those ranks have been shrinking. Nike cut roughly 800 jobs at U.S. distribution centers in January and announced another 1,400 layoffs in April, mostly in operations and technology. That brought total 2026 job cuts to about 2,200. The Oregonian reported the April round marked the fourth consecutive year of significant layoffs at the company.

Nike's technology team is being consolidated to the Philip H. Knight Campus in Beaverton and the Nike India Technology Center, KOIN reported in April.

Nike shares peaked at $179.10 in November 2021, when the company was valued at roughly $264 billion. By early September 2026, that market capitalization had fallen to about $57 billion, Fortune reported. That is a loss of more than $200 billion in less than five years.

Much of the decline traces to a direct-to-consumer strategy under former CEO John Donahoe, which cost Nike retail partnerships and market share. The company replaced Donahoe with Elliott Hill, a longtime Nike executive. Hill has branded his restructuring effort "Win Now," focused on rebuilding wholesale relationships, cutting excess inventory and returning the brand's emphasis to performance products.

Fiscal year 2026 revenue came in at $46.4 billion, flat in dollars and down 2% on a currency-neutral basis, according to Fortune. Direct-to-consumer revenue fell 6% to $17.7 billion, while wholesale revenue rose 6% to $27.5 billion.

In an interview with the Financial Times reported by Benzinga in June, Hill acknowledged the turnaround is taking longer than he expected. "What I didn't realize until I got in is the amount of work that needed to be done and the amount of time [it would take] to get us to where we are and, more importantly, where we want to go," Hill told the Financial Times.

Two dates loom for Nike watchers. The company reports fiscal first-quarter 2027 earnings on Oct. 1 after the market close. Then on Nov. 16 and 17, Nike will hold an investor day where Hill is expected to outline what comes after the Win Now plan sunsets at the end of 2026.