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S&P 500 Additions and Removals in 2025 (So Far): Full List of Index Changes

Creatix / December 9, 2025


The S&P 500 is the reference point for the U.S. stock market. Trillions of dollars are indexed or benchmarked to it, so every time a company is added or removed, billions of dollars move. (Wikipedia)

This article explains:

  • What the S&P 500 is and how it’s constructed

  • The 11 official S&P / GICS sectors

  • Every company added to and dropped from the S&P 500 in 2025 so far

  • A quick look at already-announced changes still coming in December 2025

What is the S&P 500?

The S&P 500 is a market-capitalization-weighted index of 500 leading U.S.-listed companies and is designed to represent about 80% of total U.S. equity market value. It actually holds slightly more than 500 individual stocks because some companies have multiple share classes (for example, Alphabet). (Wikipedia)

Key features:

  • U.S.-domiciled, exchange-listed stocks (NYSE, Nasdaq, Cboe)

  • Float-adjusted market cap weighting: only freely traded shares count, not insider or government holdings (Investopedia)

  • Large-cap focus: as of July 1, 2025, new entrants generally must have an unadjusted market cap of at least $22.7 billion (Stock Titan)

Unlike fully rules-based indices (like the Russell 1000), the S&P 500 is committee-selected. A committee at S&P Dow Jones Indices decides which companies best represent the large-cap U.S. market, using both quantitative rules and judgment. (Wikipedia)

When you invest in an ETF that tracks the S&P 500, you’re buying a stake in what are considered the 500 best large public companies in the United States—as selected by the S&P Dow Jones Indices Committee, the group responsible for determining which firms merit inclusion. This index is not simply a list of the biggest companies by size; it is a carefully curated representation of America’s most influential, profitable, and liquid corporations across all major sectors of the economy. Historically, the S&P 500 has been one of the most successful investment benchmarks in the world, compounding wealth for decades and consistently outperforming most active managers over long horizons. The trend continues in 2025: as of early December, the S&P 500 is up roughly 17–18% year-to-date, driven by strong earnings, falling interest-rate expectations, and outsized gains in AI-related technology companies. For millions of investors, owning an S&P 500 ETF remains the most reliable, diversified, and time-tested path to building long-term wealth.

How Does a Company Get Into (or Fall Out of) the S&P 500?

To be considered, a company must meet several criteria: (Bankrate)

Typical inclusion requirements:

  • U.S. company, listed on a major U.S. exchange

  • Market cap ≥ $22.7 billion (as of July 2025, for new additions)

  • High liquidity and a sufficient public float

  • Positive GAAP earnings in the most recent quarter and positive cumulative GAAP earnings over the last four quarters

  • Sector & index balance: the committee also considers sector representation and overall index structure

Reasons a company can be removed:

  • It gets acquired or goes private

  • It no longer meets size, liquidity, or profitability guidelines

  • A spin-off reshapes the business and the parent or child company shifts indices (between S&P 500 / MidCap 400 / SmallCap 600) (S&P Global)

Because index funds must track the S&P 500 precisely, additions usually see a buying surge, while deletions often face forced selling.

The 11 Official S&P / GICS Sectors

The S&P 500 uses the Global Industry Classification Standard (GICS), which organizes companies into 11 top-level sectors: (MSCI)

  1. Information Technology (IT) – Software, semiconductors, hardware (e.g., Nvidia, Microsoft)

  2. Health Care – Drug makers, biotech, medical devices, health insurers

  3. Financials – Banks, asset managers, insurers, capital markets, payment processors

  4. Consumer Discretionary – “Wants”: autos, online retailers, luxury, entertainment

  5. Communication Services – Telecom, media, streaming, social platforms, ad-tech

  6. Industrials – Aerospace, defense, transportation, machinery, engineering services

  7. Consumer Staples – “Needs”: food, beverages, household & personal products

  8. Energy – Oil & gas producers, refiners, pipelines, energy services

  9. Utilities – Electric, gas, water utilities, multi-utilities

  10. Real Estate – Equity REITs and real-estate management & services

  11. Materials – Chemicals, metals & mining, construction materials, packaging

Knowing the sectors matters because many 2025 changes are effectively sector trades: adding high-growth tech/fintech names while dropping more mature industrial and materials names.

S&P 500 Additions and Removals in 2025 (Effective So Far)

Below, dates are effective dates for index changes (when index funds actually switch).

1. March 24, 2025 – Big Multi-Stock Rebalancing

On March 24, 2025, S&P Dow Jones Indices made a cluster of changes, all classified as market-cap-driven adjustments. (Wikipedia)

Added to the S&P 500:

  • DoorDash (DASH) – Consumer Discretionary

  • TKO Group Holdings (TKO) – the UFC/WWE parent, Communication Services

  • Williams-Sonoma (WSM) – home furnishings retailer, Consumer Discretionary

  • Expand Energy (EXE) – Energy

Removed from the S&P 500:

  • BorgWarner (BWA) – auto components, Consumer Discretionary

  • Teleflex (TFX) – medical devices, Health Care

  • Celanese (CE) – chemicals, Materials

  • FMC Corporation (FMC) – agricultural chemicals, Materials

Theme:
This rebalance tilted the index a bit more toward consumer platforms and services (DoorDash, TKO, Williams-Sonoma) and away from traditional industrial/materials names (BorgWarner, Celanese, FMC).

2. May 19, 2025 – Coinbase Replaces Discover

Effective May 19, 2025: (Wikipedia)

  • Added: Coinbase Global (COIN) – Financials (capital markets / crypto platform)

  • Removed: Discover Financial Services (DFS) – Financials

Discover was removed because Capital One Financial moved to acquire it; post-deal, Discover no longer met the criteria as a standalone large-cap index component. (Wikipedia)

Theme:
This marks a notable symbolic shift in financials: a traditional card-issuer giving way to a major crypto trading platform.

3. July 9 & July 18, 2025 – Cloud, Ad-Tech & M&A

July 9, 2025

  • Added: Datadog (DDOG) – cloud monitoring & observability, Information Technology

  • Removed: Juniper Networks (JNPR) – networking hardware, Information Technology

Juniper was acquired by Hewlett Packard Enterprise (HPE), prompting its removal. (Wikipedia)

July 18, 2025

  • Added: The Trade Desk (TTD) – digital advertising platform, Communication Services

  • Removed: ANSYS (ANSS) – engineering simulation software, Information Technology

ANSYS was acquired by Synopsys, consolidating engineering software into a larger design-software player. (Wikipedia)

Theme:
These changes increased exposure to software-driven, digital advertising and cloud infrastructure while removing companies that were absorbed via M&A.

4. July 23 & August 28, 2025 – Fintech & Brokerage

July 23, 2025

  • Added: Block, Inc. (XYZ – new ticker) – payments & fintech, Information Technology / Financials-adjacent

  • Removed: Hess Corporation (HES) – energy producer, Energy

Hess was acquired by Chevron, so it left the index. (Wikipedia)

August 28, 2025

  • Added: Interactive Brokers Group (IBKR) – online brokerage, Financials

  • Removed: Walgreens Boots Alliance (WBA) – drugstore chain, Consumer Staples

Walgreens was taken private by Sycamore Partners, taking it out of the public large-cap universe. (Wikipedia)

Theme:
The index is swapping legacy energy and brick-and-mortar retail for digital payments and electronic brokerage, deepening its tilt toward financial technology and capital-markets infrastructure.

5. September 22, 2025 – Robinhood, AppLovin, and Emcor Join

A high-profile rebalance on September 22, 2025 brought in three new names: (Wikipedia)

Added:

  • AppLovin (APP) – mobile app marketing & ad-tech, Information Technology

  • Robinhood Markets (HOOD) – retail brokerage app, Financials

  • Emcor Group (EME) – specialty construction & engineering services, Industrials

Removed:

  • MarketAxess Holdings (MKTX) – electronic bond trading platform, Financials

  • Caesars Entertainment (CZR) – casinos & gaming, Consumer Discretionary

  • Enphase Energy (ENPH) – solar technology, Information Technology / Energy-adjacent

Bankrate summarized this round as a showcase of Robinhood, AppLovin, and Emcor in; MarketAxess, Caesars, and Enphase out. (Bankrate)

Theme:
Here the committee leaned further into younger, app-centric platforms (Robinhood, AppLovin) and non-residential construction (Emcor), while dialing back exposure to some prior high-flyer names in solar and gaming.

6. Autumn 2025 – Spin-offs, Re-entries, and Technical Adds

Late 2025 also saw more technical moves—spin-offs and index-family reshuffling.

October 30, 2025 – Honeywell Spin-Off

  • Added: Solstice Advanced Materials (SOLS) – Materials

  • Removed: none directly from S&P 500; SOLS was spun off from Honeywell International, which remains a constituent. (Wikipedia)

Spin-offs often result in both parent and child temporarily joining the S&P 500 if both meet size and trading criteria.

October 31, 2025 – CarMax

  • Added: CarMax (KMX) – used-car retailer, Consumer Discretionary (Wikipedia)

This was recorded as a market-cap-driven adjustment; CarMax had previously been in the index in earlier years, so this is effectively a re-entry after rising back into large-cap territory.

November 3, 2025 – DuPont Spin-Off

  • Added: Qnity Electronics (Q) – Information Technology / Industrials

  • Removed: none directly; this is a spin-off from DuPont de Nemours, which stays in the S&P 500. (Wikipedia)

November 4, 2025 – Eastman Chemical

  • Added: Eastman Chemical Co. (EMN) – Materials

  • Classified as a market-cap change; effectively a materials sector reshuffle. (Wikipedia)

November 28, 2025 – SanDisk Replaces Interpublic

  • Added: SanDisk (SNDK) – Information Technology / storage

  • Removed: Interpublic Group (IPG) – advertising holding company, Communication Services

Interpublic was acquired by Omnicom Group, another existing S&P 500 constituent, so the combined entity remained but IPG’s separate listing exited the index. (Wikipedia)

Theme:
These later-year changes are primarily corporate-action clean-up—spin-offs being listed, acquisitions closing, and sector weights being fine-tuned.

Announced but Not Yet Effective (As of December 9, 2025)

There are two important sets of changes that have been announced but are scheduled to take effect later in December 2025.

1. December 11, 2025 – Ares Management Replaces Kellanova

Effective before the open on December 11, 2025: (News Release Archive)

  • Added: Ares Management (ARES) – alternative asset manager, Financials

  • Removed: Kellanova (K) – global snack company, Consumer Staples

Kellanova is being acquired by Mars Inc., which is private. Once the deal closes, Kellanova will no longer trade publicly, so Ares steps in as the new S&P 500 constituent.

Theme:
This continues the trend of alternative asset managers (Blackstone, KKR, etc.) gaining representation in the index, reflecting the rise of private credit and private equity as core parts of modern finance. (Investopedia)

2. December 22, 2025 – CRH, Carvana & Comfort Systems Join

S&P Dow Jones Indices has also announced a major quarterly rebalance effective December 22, 2025: (News Release Archive)

Will be added:

  • CRH (CRH) – building materials, Materials

  • Carvana (CVNA) – online used-car platform, Consumer Discretionary

  • Comfort Systems USA (FIX) – mechanical and HVAC contracting, Industrials

Will be removed from the S&P 500 (moving down to the SmallCap 600):

  • LKQ Corporation (LKQ) – auto parts distributor, Consumer Discretionary

  • Solstice Advanced Materials (SOLS) – Materials

  • Mohawk Industries (MHK) – flooring & building products, Consumer Discretionary

Even though these changes are not yet effective on December 9, 2025, they are part of the 2025 calendar-year reshuffle and are already being priced in by investors.

What 2025’s S&P 500 Changes Are Telling Us

Putting it all together, 2025’s additions and deletions point to a few clear themes:

  1. Rise of Platforms & Fintech:
    Coinbase, Robinhood, Interactive Brokers, Block, and The Trade Desk all deepen the index’s exposure to digital trading, payments, and ad-tech ecosystems.

  2. M&A and Private Equity Power:
    Many deletions—Discover, Hess, Walgreens, Interpublic, Kellanova—are driven by acquisitions, including private-equity or corporate buyers taking public companies off the market.

  3. Ongoing Sector Rotation:
    The committee continues to tweak sector weights, nudging the index toward growth-heavy technology and financial platforms, while trimming more cyclical materials, traditional auto suppliers, and legacy retailers.

  4. Profitability Still Matters:
    Some large, popular names (like Snowflake and other high-growth software firms) remain outside the S&P 500 because they still don’t meet the GAAP profitability requirement – a reminder that the index is not just about size, but also about sustained earnings. (Barron's)


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