Walmart Inc. (NYSE: WMT) shares pushed to a new record high on Wednesday, November 26, 2025, as investors piled into the retail giant ahead of Black Friday and Cyber Monday, encouraged by strong third‑quarter results, aggressive holiday promotions and a fast‑growing AI‑driven advertising business. The surge comes just weeks before Walmart transfers its stock‑market listing from the New York Stock Exchange to the Nasdaq Global Select Market, a move management says reflects its “people‑led, tech‑powered” strategy. [1]
At the time of writing, Walmart stock is trading around $109 per share, up roughly 2% on the day, after touching an intraday all‑time high near $109.58. That leaves WMT up about 19% year‑to‑date and values the company at roughly $870–$875 billion in market capitalization, putting it among the best‑performing large consumer defensive names in 2025. [2]
Snapshot: What’s Moving Walmart Stock on November 26, 2025
- New record high: WMT hit a fresh all‑time high around $109.58 as optimism over holiday spending lifted retail names and helped fuel a more than 400‑point rally in the Dow, where Walmart was one of the top points contributors. [3]
- Earnings momentum: Q3 FY26 results beat expectations on both revenue and earnings, and Walmart raised its full‑year guidance, supported by 5.8% revenue growth, 27% global e‑commerce growth and a 53% surge in advertising revenue. [4]
- AI and ads: Walmart is testing ads inside its new AI shopping agent “Sparky” and is integrating with ChatGPT, signaling a push to monetize conversational commerce and expand higher‑margin advertising income. [5]
- Nasdaq listing ahead: The company will move its stock listing to Nasdaq on December 9, 2025, while keeping the ticker WMT, highlighting its tech‑centric pivot. [6]
- Heavy insider sale, mixed flows: The Walton Family Holdings Trust disclosed a roughly $439 million sale (4.15 million shares), while some institutions, including Richmond Investment Services LLC, have recently added WMT shares, and others such as Financial Advocates Investment Management trimmed positions. [7]
- Split views on valuation: Simply Wall St estimates a fair value near current levels and calls the stock “about right,” but notes a P/E above 37x, while some traders at DailyForex argue the stock looks overextended in a bearish channel and are positioning for a pullback. [8]
Walmart Stock Price Today: WMT at All‑Time High
Based on real‑time market data, Walmart shares are changing hands around $109, after opening near $107 and trading between roughly $106.7 and the record high of $109.58 during Wednesday’s session. [9]
Investing.com’s latest note highlights:
- Intraday all‑time high: $109.58
- YTD share price gain: about 19%
- YTD total return estimate: about 19.3%
- Market capitalization: approximately $872.5 billion [10]
Analyst target data varies slightly by provider, but several sources put the average 12‑month price target in the mid‑$110s to high‑$110s, implying mid‑single‑digit to low‑double‑digit upside from today’s price. DailyForex cites an average target around $118 per share, while MarketBeat’s compilation suggests a consensus closer to $114–$115 with a “Moderate Buy” rating based on roughly 30 Buy calls and 1 Hold. [11]
In other words, after the run‑up into new highs, Wall Street still sees room for gains, but not dramatic upside, which makes near‑term moves sensitive to holiday sales data and macro headlines.
Fundamentals Behind the Rally: Q3 FY26 Earnings and Guidance
Walmart’s latest leg higher rests heavily on its Q3 FY26 performance, reported on November 20:
- Total revenue:$179.5 billion, up 5.8% year‑over‑year (or 6.0% in constant currency). [12]
- Reported EPS: around $0.77;
- Adjusted EPS:$0.62, beating consensus of about $0.60. [13]
- Global e‑commerce: +27%, led by store‑fulfilled pickup and delivery and marketplace growth.
- Global advertising: +53%, including Vizio; Walmart Connect in the U.S. grew 33%. [14]
- Comparable sales (ex‑fuel):
- Walmart U.S.: +4.5%
- Sam’s Club U.S.: +3.8%
- Walmart International net sales: +11.4% (constant currency). [15]
On guidance, Walmart nudged its fiscal 2026 outlook higher:
- Adjusted EPS: now $2.58–$2.63 (up from $2.52–$2.62), modestly ahead of Street expectations.
- Constant‑currency revenue growth: lifted to 4.8–5.1%, from a prior 3.75–4.75% range. [16]
The quarter and upgraded guidance reinforced a narrative that Walmart is gaining share while leveraging technology—automation, advertising, and digital membership—to nudge margins higher over time, even as groceries (a lower‑margin category) remain the sales backbone. [17]
Holiday Season Tailwind: Black Friday, Cyber Monday and Price Leadership
The timing of WMT’s breakout is not coincidental. The stock is rallying into a holiday season where Walmart is leaning hard into deals and value messaging.
Aggressive Black Friday and Cyber Monday strategy
Walmart’s 2025 holiday campaign promises “more Black Friday deals, more Cyber Monday steals”, with promotions running November 25–30 in stores and online, followed by fresh Cyber Monday specials on December 1. [18]
Highlights from Walmart and independent coverage:
- Reuters notes that while some U.S. retailers are pulling back on promotions, Walmart is advertising “aggressive price cuts” on big‑ticket items, such as an 85‑inch TCL Roku TV discounted from $678 to $498 and a Blackstone grill knocked down from $224 to $157. [19]
- Investopedia, citing Salesforce, estimates U.S. shoppers will spend roughly $78 billion between Thanksgiving and Cyber Monday, with total holiday retail sales expected to top $1 trillion for the first time, underscoring why investors are so focused on Walmart’s holiday execution. [20]
Against a backdrop of pressured consumers and mixed sentiment, Walmart’s ability to use its scale to keep prices low is a key part of the bull case. CNBC’s Jim Cramer has repeatedly argued that Walmart has “kept a lid on prices” better than almost any other institution and called the company “one of the best in the business,” suggesting the stock could still climb further from here. [21]
AI, Ads and the Nasdaq Switch: Walmart’s Tech Story Comes Into Focus
Beyond short‑term holiday sales, the market is also rewarding Walmart’s push into technology and higher‑margin digital lines of business.
Sparky, ChatGPT and sponsored prompts
A Benzinga report today highlights that Walmart is quietly testing advertisements inside its AI shopping agent, Sparky, which lives inside the Walmart app and works like a retail‑focused version of ChatGPT—summarizing reviews, comparing items and making tailored suggestions. [22]
Key points from the report and related coverage:
- Walmart has piloted a “Sponsored Prompt” ad format inside Sparky, where a branded prompt triggers a conversation plus a click‑to‑buy ad. Early tests reportedly saw modest engagement, but the format could scale as AI shopping agents become more mainstream. [23]
- Walmart is also working with OpenAI so that U.S. ChatGPT users can purchase Walmart products directly within the chatbot, further blurring the line between search, conversation and commerce. [24]
- These efforts build on Walmart’s 53% year‑over‑year growth in global advertising, with management clearly positioning ads, data and digital media as a key margin lever alongside its vast physical footprint. [25]
From NYSE to Nasdaq
On November 19, Walmart announced it will transfer its common‑stock listing to the Nasdaq Global Select Market, effective December 9, 2025, while keeping its familiar “WMT” ticker. [26]
CFO John David Rainey framed the move as a natural fit with Walmart’s tech‑forward, omnichannel strategy, emphasizing automation, AI and digital platforms across its stores, supply chain and online ecosystem. The practical impact on investors is limited (trading mechanics will be similar), but the symbolism bolsters the narrative that Walmart belongs in the conversation with mega‑cap tech‑enabled “platform” companies.
Valuation Check: Is Walmart Stock Expensive at These Levels?
With WMT at an all‑time high, valuation is front‑and‑center in today’s debate.
Fundamental and DCF views
A fresh Simply Wall St analysis published today notes:
- Walmart’s stock is up 6.4% over the past week and 18.9% year‑to‑date, mirroring the broader rally.
- Using a Discounted Cash Flow model, they estimate a fair value around $112.93 per share, implying the stock trades at only a modest discount to intrinsic value—essentially “about right” given current assumptions. [27]
- On simple multiples, Walmart’s P/E around 37x stands well above the consumer retailing industry average near 20x and a peer group around 25x. Their proprietary “Fair Ratio” suggests a somewhat lower fair P/E near 34x, but still not wildly out of line with the current market price. [28]
In short, fundamental models no longer paint WMT as a classic bargain, but many still see the shares as reasonably valued for a dominant, durable franchise with improving mix and digital growth.
Technical and short‑term trading perspective
Not everyone is convinced the rally has legs.
A DailyForex technical note published today argues Walmart’s price is:
- Trading inside a bearish price channel and between key Fibonacci retracement fan levels, even as it participates in the broader S&P 500 rebound.
- Supported by bullish momentum indicators, but with average bearish trading volume still higher than bullish volume, suggesting buying pressure may be fragile.
- Expensive relative to the S&P 500, with a highlighted P/E of about 37.4 vs. roughly 29.9 for the index, and subject to macro headwinds such as weakening retail sales and consumer confidence. [29]
The author is explicitly short‑term bearish, outlining a tactical short idea between roughly $106–$108 with take‑profit levels in the low‑$90s and stops in the low‑$110s, based on the view that excessive valuation, rising input costs and a stretched consumer could pressure margins after the holidays. [30]
This is one of the more cautious voices today and underscores that, while Walmart is fundamentally strong, short‑term traders see real downside risk if sentiment or holiday data disappoint.
Insider and Institutional Activity: Big Walton Sale, Ongoing Demand
Ownership flows are also drawing attention on November 26.
Walton Family Holdings Trust sale
A new SEC filing highlighted by Benzinga shows Walton Family Holdings Trust, a 10% owner, recently sold 4,145,744 Walmart shares at a total value of about $439.3 million. The sale, disclosed on November 25, was executed near current price levels. [31]
While insider selling sometimes unnerves investors, large family‑office transactions in WMT are not unusual and can reflect diversification or estate‑planning motives rather than a specific view on near‑term performance. The article itself stresses that insider sales can occur “for a variety of reasons” and should be considered alongside fundamentals and broader trends. [32]
Other institutional moves
- Richmond Investment Services LLC disclosed a new position of 7,419 WMT shares, according to MarketBeat’s instant alert today—small in absolute terms but a sign that some institutional investors are still initiating exposure at current levels. [33]
- Financial Advocates Investment Management reduced its WMT stake by roughly 46.7% in Q2, trimming its exposure but keeping Walmart among its holdings. [34]
Alongside earlier data showing large institutions like State Street, Amundi and AQR increasing positions over recent quarters, the picture that emerges is one of continued broad institutional support, even if some managers are locking in profits after the rally. [35]
How Today Fits the Bigger Picture for Walmart Stock
Taking all of today’s developments together, several themes stand out for Walmart Inc. stock on November 26, 2025:
- Defensive growth at a premium price
Walmart continues to deliver solid top‑line growth and modest margin improvement in a tough consumer environment, with strong cash flow, a 53‑year dividend track record and growing digital businesses. Investors are willing to pay a premium multiple for that resilience. [36] - Holiday execution will be critical
The stock’s breakout comes as Walmart leans aggressively into Black Friday and Cyber Monday with eye‑catching deals and heavy advertising. Strong holiday results could validate the move to new highs; a disappointing season could reinforce the bears’ argument that expectations and valuation ran too far. [37] - AI and advertising are becoming real profit centers
Sparky, Sponsored Prompts and the ChatGPT integration may still be in early stages, but they sit atop a rapidly growing ad business that already delivers 50%+ year‑over‑year growth. If Walmart can materially monetize conversational commerce at scale, it strengthens the long‑term bull case. [38] - Nasdaq move reinforces the long‑term “tech‑enabled retailer” story
Shifting the listing to Nasdaq is more about signaling than fundamentals, but it’s consistent with the company’s push to be seen not just as a grocer or discounter but as a data‑rich, AI‑driven platform with global reach. [39] - Risk‑reward is more finely balanced
With WMT at record highs and trading around mid‑30s to high‑30s P/E, upside now depends on continued execution, robust holiday numbers and macro stability. Valuation‑focused analysts and tactical traders are increasingly cautious, even as long‑term bulls point to the company’s scale, digital momentum and disciplined capital allocation. [40]
What to Watch Next for WMT
Looking beyond today’s price action, key near‑term catalysts for Walmart stock include:
- Black Friday and Cyber Monday sales data: early read‑throughs on traffic and spending patterns, especially among lower‑ and middle‑income shoppers.
- Holiday quarter updates: any commentary from management, industry data, or third‑party trackers on how promotions are impacting margins and inventory.
- December 9 Nasdaq relisting: potential inclusion or weighting changes in certain tech‑heavy indices and ETFs, plus any messaging from Walmart leadership around the event. [41]
- Macro data and Fed policy: consumer confidence, retail sales and interest‑rate expectations, which influence how investors value defensive, cash‑generative businesses like Walmart. [42]
Bottom Line
On November 26, 2025, Walmart stock is on the front foot: printing new all‑time highs, benefiting from holiday enthusiasm, and showcasing a long‑term story built on omnichannel retail, AI, and advertising. At the same time, valuation is no longer cheap, insider selling headlines are back in focus, and some traders are openly betting on a near‑term pullback.
For investors, the key questions now are whether Walmart can:
- Deliver a better‑than‑feared holiday quarter,
- Continue to scale higher‑margin digital businesses, and
- Justify its premium multiple with sustained earnings and cash‑flow growth.
If the answer is “yes,” today’s record high could be a stepping stone rather than a ceiling; if not, the stock’s 2025 rally may make it more sensitive to any disappointment.
Disclosure: This article is for informational 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.
References
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