Walmart stock is in the spotlight today after the retail giant delivered a strong earnings beat, raised its full‑year forecast, confirmed a switch from the NYSE to Nasdaq, and continued to lean into AI and e‑commerce. All of this is happening just weeks before a major CEO transition at the company.
As of recent Thursday trading (November 20, 2025), Walmart (WMT) was around $106.57, up roughly 6% on the day, with heavy volume as investors digested the news.
Walmart Stock Today: Big Move on Heavy Volume
- Price: About $106.57 per share in recent trading.
- Day move: Up roughly $5.96, or about +5.9%, versus the previous close.
- Intraday range: Roughly $97.89 – $107.69, signaling strong buying interest following the earnings release.
- Context: Walmart is one of the top gainers in the Dow today, helping to lift major U.S. indexes alongside Nvidia’s AI‑driven rally. [1]
Markets more broadly are in “risk‑on” mode: the Dow, S&P 500 and Nasdaq are all higher as Nvidia’s blowout quarter and Walmart’s resilient consumer story fuel a powerful rebound in equities. [2]
Q3 FY26: Walmart Beats on Sales and Profit
Walmart reported results for its third quarter of fiscal 2026 (the three months ended October 31, 2025), and the numbers came in ahead of Wall Street expectations:
- Revenue:
- $179.5 billion, up 5.8% year over year, versus roughly $177–177.5 billion expected. [3]
- Adjusted EPS:
- $0.62 per share, beating consensus by about $0.02. [4]
- U.S. comparable sales (ex‑fuel):
- +4.5%, ahead of about +3.8% expected. [5]
- Global e‑commerce:
- Around +27–28% growth, marking the seventh consecutive quarter of 20%+ online growth, powered by grocery and store‑fulfilled delivery. [6]
- Advertising & membership:
- Global advertising revenue up 53%, with Walmart Connect U.S. up 33%.
- Membership income up ~17% globally, helped by Walmart+, Sam’s Club, and international memberships. [7]
Operationally, Walmart emphasized that transactions and units (actual stuff in baskets) are driving the top line, not just inflation. The company is also leaning hard into automation: more than 60% of U.S. stores receive some freight from automated distribution centers, and over half of e‑commerce fulfillment center volume is automated, improving productivity and lowering the cost to serve. [8]
Key takeaway: This was another “beat and raise” quarter—strong revenue growth, disciplined cost control, and accelerating higher‑margin businesses like ads and membership.
Guidance Raised Ahead of the Holiday Season
Management didn’t just clear the bar; they moved it higher:
- Net sales growth (FY26):
- New outlook: +4.8% to +5.1%, up from +3.75% to +4.75% previously. [9]
- Adjusted EPS (FY26):
- New range: $2.58 – $2.63 per share, versus $2.52 – $2.62 previously. [10]
CFO John David Rainey said the holiday season is off to “a pretty good start”, pointing to solid Halloween and early Thanksgiving trends, while still acknowledging moderation from lower‑income households facing persistent inflation and a softer job market. [11]
For investors, this higher guidance is important because it:
- Signals confidence in holiday demand, despite macro headwinds.
- Suggests Walmart believes it can expand margins over time via higher‑margin revenue streams (ads, memberships) and automation.
- Reinforces the narrative that Walmart is gaining market share from more discretionary or higher‑priced competitors. [12]
From NYSE to Nasdaq: A Symbolic Tech Pivot
One of today’s headline moves: Walmart will transfer its stock listing from the New York Stock Exchange to the Nasdaq on December 9, 2025, keeping its familiar “WMT” ticker. [13]
Key points:
- The transfer is being described as the largest exchange switch on record, given Walmart’s roughly $850‑plus billion market cap. [14]
- Management frames the move as aligned with its “technology‑forward” and “people‑led, tech‑powered” strategy, highlighting its deep investments in automation and AI. [15]
- Analysts note that listing on the Nasdaq could pave the way for inclusion in the Nasdaq‑100, which might attract additional index and ETF flows into WMT shares over time (though inclusion is not guaranteed). [16]
This is more than a branding exercise. If WMT joins the Nasdaq‑100, it effectively becomes part of a heavily owned “tech plus mega‑cap growth” benchmark, potentially shifting its shareholder base toward investors who view Walmart as a data‑ and AI‑driven platform rather than just a traditional brick‑and‑mortar retailer.
CEO Transition: Doug McMillon Out, John Furner In
Today’s earnings come against the backdrop of a major leadership change:
- Doug McMillon, Walmart’s CEO since 2014, will retire on January 31, 2026.
- John Furner, currently President and CEO of Walmart U.S., will become President and CEO of Walmart Inc. on February 1, 2026. [17]
A few details investors are watching:
- Furner is a 30‑plus‑year Walmart veteran who started as an hourly associate in 1993 and has led Sam’s Club and Walmart U.S. He’s widely seen as a continuity candidate with deep operations experience. [18]
- McMillon will remain on the board into 2026 to smooth the transition. [19]
- The leadership shift comes just as Walmart leans harder into AI, automation, marketplace governance, and global e‑commerce—areas where Furner has already been heavily involved. [20]
The market reaction so far has been relatively calm; investors appear to view this as a planned, orderly succession rather than a sign of strategic upheaval.
AI, E‑Commerce and R&A Data: Walmart’s Tech Story Gets Louder
Today’s news also fits into a broader technology narrative that helps explain both the Nasdaq move and Walmart’s evolving valuation profile.
AI and Automation Inside the Business
On its earnings materials and calls, Walmart highlighted:
- Over 40% of new software code is now AI‑generated or AI‑assisted, underscoring the depth of AI adoption inside the company. [21]
- More than 60% of U.S. freight now flows through automated distribution centers, and over 50% of e‑commerce fulfillment volume is automated. [22]
- Expedited deliveries (<3 hours) grew about 70% year over year, while roughly 35% of store‑fulfilled ordersnow qualify for those faster time windows. [23]
These investments are meant to lower costs, improve delivery speed, and drive loyalty, especially among higher‑income customers who value convenience and time savings.
Marketplace Integrity and the R&A Data Talks
Another tech‑heavy storyline: Walmart is reportedly in talks to acquire R&A Data, an Israeli startup that uses AI to scan marketplace listings for signs of counterfeit goods and compliance violations. [24]
According to multiple reports:
- R&A Data already works with Walmart as a vendor, helping monitor its third‑party marketplace. [25]
- The potential deal would bring those capabilities in‑house, reinforcing Walmart’s efforts to keep its rapidly growing marketplace free of scams and unsafe products. [26]
- The talks appear strategically aligned with Walmart’s broader push into AI‑driven fraud prevention and compliance across both online and in‑store environments. [27]
Walmart itself hasn’t confirmed a finalized acquisition, so for now investors should treat this as “in discussions,” not done and dusted.
The Consumer Picture: Higher‑Income Strength, Lower‑Income Strain
Walmart’s results are also a window into the health of the American consumer:
- The company continues to attract more higher‑income shoppers, who are trading down or cross‑shopping for value and convenience. [28]
- U.S. households with lower incomes remain under pressure from persistent inflation, a slowing job market, and policy uncertainty (including tariffs and the recent government shutdown), and Walmart notes some moderation in spending from these cohorts. [29]
- Internationally, Walmart is seeing strong growth in India (Flipkart), Mexico (Walmex) and China, with International net sales up double digits in constant currency. [30]
In short: the consumer is stressed but still spending, and Walmart’s “everyday low price plus convenience” proposition is pulling in both its core lower‑income customer and a growing base of affluent shoppers.
What Today’s News Means for WMT Investors
While this article is for information only and not investment advice, a few themes stand out for people following Walmart stock:
Bullish Arguments Investors May Focus On
- Consistent execution: Another quarter of revenue and EPS beats, plus raised guidance, reinforces Walmart’s reputation for delivering in a tough environment. [31]
- Higher‑margin growth engines: Rapid growth in advertising, membership, and marketplace revenue can help gradually lift margins beyond traditional retail. [32]
- Tech and AI advantage: Heavy investment in logistics automation, AI‑assisted software, and marketplace integrity positions Walmart not just as a retailer, but as a scaled, data‑driven platform—a story investors increasingly reward. [33]
- Nasdaq listing optionality: The December 9 move could, over time, expand the buyer base for WMT via index inclusion and tech‑focused funds. [34]
- Orderly CEO succession: A veteran insider taking the helm, with McMillon staying on the board for a while, reduces governance uncertainty. [35]
Key Risks and Watch Items
- Pressure on lower‑income shoppers: Walmart is benefiting from trade‑down, but if lower‑income consumers weaken further, mix and volume in key categories could come under more pressure. [36]
- Margin trade‑offs: Competing aggressively on price while investing heavily in tech and automation can strain near‑term margins, even as higher‑margin revenue streams ramp. [37]
- Execution risk on AI and acquisitions: Integrating tools like R&A Data and fully realizing AI‑driven efficiencies is complex; missteps could dampen returns on these investments. [38]
- Valuation: After today’s rally, WMT has climbed well ahead of many consumer‑staples peers this year, meaning expectations are higher, and the company will have less room for error in future quarters. [39]
Bottom Line
On November 20, 2025, Walmart stock is rallying hard as investors reward a clean earnings beat, higher guidance, a symbolic shift to the Nasdaq, and a clear roadmap for leadership succession and AI‑driven growth.
For anyone tracking WMT, today’s news reinforces three big ideas:
- Walmart is increasingly behaving—and being valued—like a tech‑enabled, omnichannel platform, not just a discount retailer.
- The company is using its scale to navigate a bifurcated consumer landscape, capturing both value‑conscious and higher‑income shoppers.
- Between the Nasdaq move, AI investments, potential R&A Data deal, and incoming CEO John Furner, 2026 is shaping up as a pivotal phase in Walmart’s next chapter.
If you’re considering any investment decisions, it’s wise to pair today’s headlines with your own research, risk tolerance and, ideally, professional financial advice.
References
1. www.investopedia.com, 2. www.investopedia.com, 3. www.reuters.com, 4. www.reuters.com, 5. www.reuters.com, 6. corporate.walmart.com, 7. corporate.walmart.com, 8. corporate.walmart.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.reuters.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.businesswire.com, 18. corporate.walmart.com, 19. www.businesswire.com, 20. www.reuters.com, 21. www.reuters.com, 22. corporate.walmart.com, 23. corporate.walmart.com, 24. www.pymnts.com, 25. www.pymnts.com, 26. www.pymnts.com, 27. www.gurufocus.com, 28. www.reuters.com, 29. www.reuters.com, 30. corporate.walmart.com, 31. www.reuters.com, 32. corporate.walmart.com, 33. corporate.walmart.com, 34. www.reuters.com, 35. www.businesswire.com, 36. www.reuters.com, 37. corporate.walmart.com, 38. www.pymnts.com, 39. www.reuters.com
