Walmart Stock: What to Know Before Monday’s Open on November 24, 2025 (WMT)

Published: November 23, 2025

Walmart shares will trade again on Monday with investors still digesting a big week of news: a strong earnings beat, a higher outlook, a looming switch to the Nasdaq, a fresh push into Africa, and new legislation that could affect how its stores take your money.

Here’s a concise look at what Walmart stock watchers should know before the bell on Monday, November 24, 2025.

Quick takeaways before Monday’s open

Share price & trend: Walmart closed around $105.32 on Friday, leaving the stock up double‑digits so far in 2025 and just below a recent 52‑week high near $109.58. ^[1]
Earnings momentum: Fiscal Q3 revenue climbed 5.8% to $179.5 billion, with global e‑commerce up 27% and U.S. comparable sales up 4.5%, all ahead of Wall Street estimates. ^[2]
Guidance raised (again): Management now expects full‑year net sales growth of 4.8%–5.1% and adjusted EPS of $2.58–$2.63, marking the second outlook hike this year and signaling confidence going into the holidays. ^[3]
Nasdaq switch coming: Walmart plans to move its listing from the NYSE to the Nasdaq on December 9, 2025, in what will be the largest exchange transfer by market value and a clear nod to its tech‑forward ambitions. ^[4]
Holiday outlook: Executives say holiday is off to a pretty good start”, with strong early seasonal demand and ongoing strength from middle‑ and upper‑income shoppers, even as lower‑income customers remain under pressure. ^[5]
New growth lever: Walmart just opened its first store in South Africa, marking its debut on the African continent with a store in Roodepoort and rapid‑delivery services to compete with local players. ^[6]
Policy watch: An Ohio CASH” bill would require retailers like Walmart and Costco to accept physical cash at at least one checkout, while maximum fair pricing” rules coming in January are expected to weigh slightly on pharmacy margins. ^[7]
Analyst sentiment: Wall Street remains positive: Bernstein, Baird, Morgan Stanley and others recently raised price targets into roughly the $118–$125 range, with consensus around the low‑$120s and an overwhelmingly Buy/Outperform” stance. ^[8]

Below is a deeper dive into each of those themes and what they could mean for WMT as trading resumes.

Where Walmart stock stands now

After a sharp pop on earnings day, Walmart stock has cooled slightly but remains near record territory.

Last close: Around $105.32 as of Friday’s session.
52‑week range: Approximately $79.81–$109.58, putting shares closer to the upper end of that band. ^[9]
Year‑to‑date performance: Reuters reports the stock is up about 11% in 2025, beating the S&P 500 Consumer Staples index, underscoring Walmart’s role as a defensive winner in a choppy consumer environment. ^[10]

For Monday’s open, traders will be weighing whether the recent run‑up has fully priced in the good news on earnings and the Nasdaq move, or whether continued strength in holiday data and analyst upgrades can power another leg higher.

Q3 results: strong beat, stronger message

Walmart’s latest quarter was not just good”; it was better than already‑high expectations.

Key Q3 numbers (three months ended October 31, 2025): ^[11]

Revenue: $179.5 billion, up 5.8% year‑on‑year (about 6.0% in constant currency).
GAAP EPS: $0.77 per share.
Adjusted EPS: $0.62 per share.
U.S. comparable sales: +4.5%, above roughly 3.8% consensus estimates. ^[12]
Global e‑commerce: +27%, driven by pickup, delivery, and marketplace. ^[13]
Global advertising business: +53%, with Walmart Connect in the U.S. up 33%. ^[14]
Membership & other income: +9%, including nearly 17% growth in membership income (think Walmart+ and related services). ^[15]

Profitability also improved: net income jumped more than 30% year‑over‑year, and operating income rose on an adjusted basis despite a one‑off share‑based compensation charge linked to PhonePe. ^[16]

For Monday, this earnings backdrop means:

Momentum is on Walmart’s side. The company is gaining share in groceries and health essentials while still driving double‑digit online growth, a combination many competitors would love to have. ^[17]
The bar is higher now. With guidance raised and the stock near all‑time highs, markets may demand continued outperformance in holiday and early‑2026 data to justify further upside.

Guidance and the holiday season: Walmart vs the macro picture

Walmart is heading into the core holiday period with higher expectations, not lower.

After Q3, management:

Raised net sales growth guidance to 4.8%–5.1% for the current fiscal year (from 3.75%–4.75%).
Increased adjusted EPS guidance to $2.58–$2.63 (from $2.52–$2.62). ^[18]

On the earnings call, CFO John David Rainey said early seasonal trends — back‑to‑school, Halloween and early Thanksgiving shopping — suggest holiday is off to a pretty good start”, and he expects Q4 trends to look broadly similar to Q3. ^[19]

At the same time, the National Retail Federation (NRF) expects U.S. holiday sales to cross the $1 trillion mark for the first time, with growth of around 3.7%–4.2% versus 2024, reinforcing the idea that consumers are still spending, even if more selectively. ^[20]

What matters for Walmart:

Higher‑income shoppers are driving growth. Walmart continues to see increased traffic from middle‑ and upper‑income households trading down for value, a key driver of its online and delivery growth. ^[21]
Lower‑income customers remain fragile. Executives and outside analysts have flagged ongoing stress for lower‑income shoppers, who are more exposed to persistent inflation in food, rent and essentials. ^[22]

Going into Monday, investors will be watching for:

Any weekend anecdotal data on Black Friday‑adjacent traffic and online order volumes.
Macro headlines on inflation and interest‑rate expectations, which could influence the spending outlook for Walmart’s core customer base.

Nasdaq listing switch: a tech‑powered rebrand with index implications

One of the biggest structural changes on the horizon for WMT is its planned move from the NYSE to the Nasdaq Global Select Market on December 9, 2025, while keeping the WMT” ticker. ^[23]

Why this matters:

Tech alignment & narrative
Executives and Nasdaq’s own commentary frame the move as a way to spotlight Walmart’s transformation into a people‑led, tech‑powered omnichannel retailer” — with heavy investments in AI, automation, fulfillment tech, and digital advertising. ^[24]
Potential index flows
Being listed on Nasdaq opens the door for inclusion in the Nasdaq‑100, which could draw passive inflows from index funds and ETFs tracking that benchmark. Analysts have highlighted this as a possible tailwind for WMT’s trading volume and valuation over time, even though it is already a major component of the Dow Jones Industrial Average and the S&P 500. ^[25]
Near‑term trading impact
In the short run, expect some portfolio rebalancing as NYSE‑focused funds and Nasdaq‑tracking strategies adjust holdings around the December 9 switch date. That won’t affect Monday’s open directly, but it’s increasingly part of the medium‑term story investors will be pricing in.

International expansion: Africa debut with a South African store

Another fresh headline ahead of Monday: Walmart has formally entered Africa as a branded retailer, opening its first Walmart‑branded store in Roodepoort, near Johannesburg. ^[26]

Key details from the launch: ^[27]

The store opened on November 22, 2025, attracting long queues of shoppers looking for both value and imported products.
Offerings include popular U.S.‑style items — for example, designer countertop air fryers, Labubu toys and Dr Pepper — that have been harder to find locally.
Walmart is offering 60‑minute online delivery, putting it in direct competition with Shoprite’s Sixty60 on‑demand service.
The location created around 80 new jobs and partners with 15 local small and medium‑sized enterprises, underscoring Walmart’s stated goal of blending global scale with local supply chains.

For investors, the African debut is still small in absolute dollars but symbolically important:

It shows Walmart is willing to expand beyond its existing international footprint, even as it leans harder into digital and U.S. omnichannel strategies.
It adds incremental growth and brand visibility in an emerging market where modern retail penetration and e‑commerce are still developing.

On Monday, watch for any follow‑up commentary about how aggressively Walmart plans to scale the brand in South Africa and potentially elsewhere on the continent.

Policy and regulation: cash laws and pricing rules on the radar

Two policy stories intersect with Walmart’s operations as trading resumes:

Ohio CASH” bill – mandatory cash acceptance
- Ohio legislators are considering the Currency Access to Spend Here (CASH) bill, which would require businesses and government offices to accept cash for payments up to $500 and to provide at least one point‑of‑sale that accepts cash, without charging more for cash users. ^[28]
- For retailers like Walmart and Costco, which have leaned heavily into self‑checkout and card‑heavy flows, this could mean tweaks to checkout strategies — though the bill allows the cash lane” to be automated or staffed. ^[29]
While Ohio alone won’t move Walmart’s earnings needle, similar laws (or federal legislation like the Payment Choice Act) could ripple out, nudging big retailers to keep cash more central to store operations. ^[30]
Maximum fair pricing law impacting pharmacy
- On Walmart’s Q3 earnings call, management flagged maximum fair pricing” legislation that takes effect in January, saying it will impact the health and wellness (pharmacy) business. ^[31]
- Details are still emerging, but the implication is some pressure on pharmacy margins, which Walmart is likely to offset with volume, cost controls, and growth in higher‑margin areas like advertising and membership. ^[32]

For Monday’s session, these items are more of a background risk factor than an immediate catalyst, but they’re worth keeping on the longer‑term regulatory watchlist for WMT.

Leadership transition: Doug McMillon out, John Furner in

Amid all the financial and strategic news, Walmart is also undergoing a major leadership change at the very top:

CEO Doug McMillon is set to retire in January, after roughly a decade leading the company through its omnichannel transformation.
John Furner, currently president and CEO of Walmart U.S., is slated to take over, bringing deep experience in the core domestic business. ^[33]

Markets often pay close attention to succession at companies of Walmart’s size. So far, commentary from analysts has framed the change as evolution rather than revolution, with Furner expected to maintain the company’s emphasis on:

Everyday low prices
Omnichannel convenience (stores + app + delivery)
Profit pools in advertising, fintech‑adjacent services, and membership

Any new strategic color from Furner — especially around tech partnerships, automation, and international expansion — could become a bigger talking point in coming months, though it’s unlikely to be a major swing factor for Monday’s open by itself.

Analyst sentiment and valuation heading into Monday

Recent research notes paint a broadly bullish picture:

Bernstein maintained an Outperform” rating and lifted its target price to about $122, underscoring confidence in Walmart’s post‑earnings trajectory. ^[34]
Baird raised its target to $121 while keeping an Outperform” rating. ^[35]
Morgan Stanley, Guggenheim and others boosted their price targets into roughly the $120–$125 range, all with Overweight/Buy stances. ^[36]
Data aggregators report an overwhelming majority of analysts rate WMT as Buy or Outperform, with a consensus target around the low‑$120s, implying mid‑single to high‑single‑digit upside from Friday’s price. ^[37]

In plain terms:

Wall Street sees more room to run, but not the kind of deep discount you’d expect from a turnaround story.
Walmart is being treated as a premium defensive compounder — a relatively steady grower with some tech‑like upside from advertising and automation, rather than a hyper‑growth stock.

For Monday, pay attention to how the stock trades relative to these targets. Sustained strength above $105–$110 would signal investors are comfortable with the elevated expectations; a pullback might suggest some short‑term profit‑taking after the earnings‑driven rally.

Key risks to keep in mind

Even with the positive story, there are real risks that could shape how WMT trades from Monday onward:

Consumer fatigue at the low end
- Lower‑income shoppers are still under pressure from higher costs in housing, food and utilities. If this group pulls back more sharply, it could weigh on discretionary categories like general merchandise and apparel. ^[38]
Margin pressure from regulation and mix
- New pricing rules in pharmacy, wage inflation, and a heavier mix of value‑oriented shoppers could limit margin expansion, putting more pressure on Walmart to grow higher‑margin revenue streams like ads and membership. ^[39]
Competitive intensity
- Target, Costco, Amazon and regional grocers are all fighting for share, especially in grocery delivery and quick‑commerce segments. Any stumble in Walmart’s e‑commerce operations or pricing strategy could show up quickly in traffic data. ^[40]
Execution on tech & international bets
- The Nasdaq move, Africa expansion and heavy investment in automation and AI are all upside levers — but they also carry execution and capex risk if returns don’t materialize as planned. ^[41]

What to watch on Monday, November 24, 2025

As markets re‑open, here are the practical checkpoints for Walmart stock watchers:

Pre‑market moves vs. retail peers
- See whether WMT trades in line with or ahead of other big box names (Target, Costco) and the broader consumer staples sector. That will show whether investors are still rewarding Walmart’s relative strength post‑earnings.
Newsflow on weekend traffic and holiday promos
- Any fresh data points on store traffic, online orders, or promotional intensity during the weekend could push sentiment either way, especially around perceived pricing aggressiveness.
Macro headlines on rates and inflation
- Fed commentary and bond‑yield swings can influence defensive names like Walmart. A renewed push higher in yields could pressure valuation multiples, even for high‑quality earners.
Commentary on Africa and regulatory developments
- Look for analyst notes or follow‑up stories clarifying how material the South African store rollout and cash‑acceptance laws might be to Walmart’s long‑term earnings profile.

Bottom line

Heading into Monday’s open on November 24, 2025, Walmart stock sits at the intersection of:

Solid fundamentals (earnings beat, raised guidance, strong e‑commerce growth),
Structural change (Nasdaq re‑listing, tech‑forward positioning, leadership transition), and
New growth vectors and risks (African expansion, holiday spending bifurcation, cash and pricing regulation).

For investors and traders watching WMT, the question now isn’t whether Walmart is executing — the recent quarter answers that clearly — but how much of that execution is already priced into a stock near its highs. Monday’s trading session will give an early read on whether markets think there’s more room to run into the heart of the holiday season.

Important note: This article is for information and news purposes only and does not constitute financial or investment advice. Always do your own research or consult a licensed financial adviser before making investment decisions.

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