Walmart Stock Today, November 28, 2025: WMT Hits Fresh 52‑Week High on Black Friday Rally

Walmart Inc. (NYSE: WMT) extended its post‑earnings rally in today’s shortened Black Friday session, with the stock pushing to a new 52‑week high as investors continue to reward the retail giant’s strong third‑quarter results, upgraded outlook and tech‑driven strategy.

Shares finished around $110.5 after the early 1 p.m. ET close, up roughly 1.3% from Wednesday’s close near $109.10. That move came as the Dow Jones Industrial Average, S&P 500 and Nasdaq all traded higher in thin holiday volumes, with major indexes on track for their best week since June. ^[1]

With today’s gain, Walmart has climbed almost 10% since the eve of its November 20 earnings report and is now trading at its highest level of the year, after tagging an intraday peak around $110.7. ^[2]

Walmart stock today: WMT price snapshot for November 28, 2025

Key figures for Walmart stock in today’s Black Friday session:

Last price: about $110.52 per share, up $1.42 (+1.3%) versus Wednesday’s close. ^[3]
Intraday range: roughly $109.05 – $110.69, setting a new 52‑week high during the session. ^[4]
52‑week range: approximately $79.81 – $110.7, underscoring how far the stock has run from its spring lows. ^[5]
Market capitalization: around $875–880 billion, making Walmart one of the world’s largest companies and the second‑largest listed retailer after Amazon. ^[6]
Index membership: Walmart remains a Dow Jones Industrial Average component, with a weight of about 1.4% as of today’s close. ^[7]
12‑month performance: roughly high‑teens percentage gains over the past year, outpacing the broader consumer‑staples sector. ^[8]

Today’s move also aligned with broader retail strength: in midday trading, shares of Walmart, Target and Amazon were each up about 1–1.5% as investors watched early Black Friday spending trends. ^[9]

Earnings beat and upgraded outlook keep buyers in control

The main driver behind Walmart’s recent strength is its fiscal Q3 2026 (quarter ended October 31, 2025) earnings report, released on November 20.

Headline numbers

According to Walmart and multiple market reports:

Revenue:$179.5 billion, up 5.8–5.9% year‑over‑year and ahead of Wall Street estimates around $177–175 billion. ^[10]
Adjusted EPS:$0.62, beating consensus by $0.02 and up from $0.58 a year ago. ^[11]
U.S. comparable sales:+4.5%, excluding fuel, versus expectations of about 3.8%. ^[12]
Global e‑commerce growth: about 27%, with Walmart U.S. e‑commerce up 28%, marking the seventh straight quarter of 20%+ online growth. ^[13]
Advertising: global advertising revenue surged 53%, helped by the integration of Vizio, while Walmart Connect in the U.S. grew 33%. ^[14]
Membership income: up 17% globally, driven by Sam’s Club and Walmart+ membership gains. ^[15]

While reported operating income dipped slightly, adjusted operating income rose about 8%, reflecting better profitability in higher‑margin businesses like ads, marketplace, and membership. ^[16]

Guidance raised into the holidays

On the back of this performance, Walmart raised its full‑year outlook for the second time this year:

Net sales growth: now expected at 4.8–5.1%, up from 3.75–4.75%.
Adjusted EPS: new range $2.58–$2.63, versus $2.52–$2.62 previously. ^[17]

Management said the “holiday is off to a pretty good start,” citing strong Halloween and early Thanksgiving sales and expecting Q4 trends broadly in line with earlier quarters despite a still‑uneven consumer backdrop. ^[18]

The market reaction was swift. Walmart shares spiked roughly 6% on the day of the release and have continued to grind higher, leaving the stock up nearly 10% from its November 19 close around $100.61 to today’s Black Friday finish near $110.5. ^[19]

Black Friday bounce and the holiday backdrop

Today’s session was shortened for the Black Friday holiday, but risk appetite remained healthy across Wall Street. With less than an hour to go before the 1 p.m. ET close, the Dow was up about 0.6%, the S&P 500 0.4%, and the Nasdaq 0.4%, putting the major indices on pace for their best week since June. ^[20]

For Walmart, Black Friday and Cyber Monday mark the unofficial start of the crucial holiday quarter, and investors are watching three things in particular:

Consumer bifurcation
Walmart’s Q3 commentary and independent analysis both underscore a split U.S. consumer:
- Upper‑income households are increasingly driving growth in delivery, general merchandise and “expedited” orders, with deliveries completed in under three hours up about 70% year‑over‑year. ^[21]
- Lower‑income shoppers, by contrast, remain under pressure from persistent inflation, a slowing job market and financial stress, leading to more cautious discretionary spending. ^[22]
This environment tends to favor Walmart’s “everyday low price” model: the company is picking up share in essentials while also attracting wealthier customers trading down from specialty and department stores. ^[23]
E‑commerce and omnichannel execution
Q3 was another proof point that Walmart’s strategy of leveraging stores as logistics hubs is working. About 35% of store‑fulfilled orders in the U.S. are now delivered in under three hours, and automated distribution centers and fulfillment centers handle more than half of U.S. e‑commerce volume. ^[24] For Black Friday and the broader holiday period, investors will be watching for:
- Pickup and delivery volumes
- Continued growth in third‑party marketplace and advertising
- Any signs of margin pressure from heavy discounting
Macro “alarm bells” vs. defensive appeal
Some analysts have noted that while Walmart is trading near all‑time highs, management has also flagged ongoing economic uncertainty, particularly for lower‑ and middle‑income households. ^[25] That tension—between macro caution and Walmart’s status as a defensive, value‑oriented retailer—is central to how the stock trades through the holiday season.

Leadership transition and Nasdaq move: what it means for WMT stock

Beyond quarterly numbers, two structural stories are shaping investor sentiment: a CEO transition and a stock‑exchange switch.

New CEO: John Furner to succeed Doug McMillon

On November 14, Walmart announced that John Furner, currently President and CEO of Walmart U.S., will become President and CEO of Walmart Inc. effective February 1, 2026, succeeding longtime chief Doug McMillon, who will retire on January 31, 2026 but remain on the board through the next shareholder meeting. ^[26]

Key points about the transition:

Furner started at Walmart as an hourly associate in 1993 and has led both Sam’s Club and Walmart U.S., giving him deep operational and international experience. ^[27]
The move is widely described as an orderly, internally driven succession rather than a strategic pivot, suggesting continuity in Walmart’s focus on omnichannel, automation and AI‑enabled efficiency. ^[28]

For shareholders, the main takeaway is stability: Furner has been one of the architects of Walmart’s digital push and is expected to continue the current strategy rather than rewrite it.

Moving the listing from NYSE to Nasdaq

Walmart also announced that it will transfer its stock listing from the New York Stock Exchange to the Nasdaq on December 9, 2025, while keeping its “WMT” ticker. ^[29]

Management framed the move as symbolic of how deeply technology now runs through the business:

More than 40% of new software code at Walmart is now AI‑generated or AI‑assisted, according to executives.
Over 60% of U.S. freight now flows through automated distribution centers, and more than half of e‑commerce volume is handled in automated facilities. ^[30]

From a stock‑market plumbing perspective, the Nasdaq move also opens the door to future inclusion in the Nasdaq‑100 index, although this year’s reconstitution uses today’s market caps and Walmart’s transfer likely came too late for December’s update. ^[31]

If and when Walmart does join the Nasdaq‑100, it could attract additional passive inflows via index funds and ETFs like QQQ, but that would be an incremental technical tailwind rather than a fundamental shift.

How Wall Street values Walmart stock now

Walmart’s strong execution and defensive profile don’t come cheap.

Valuation snapshot

Across several data providers, Walmart currently trades at roughly:

Trailing P/E: high‑30s to low‑40s (around 38–42x earnings). ^[32]
Forward P/E: mid‑30s (about 35–37x based on next year’s projected earnings). ^[33]
Price‑to‑sales: roughly 1.2–1.3x annual revenue, which is elevated for a big‑box retailer but reflects Walmart’s size, resilience and increasingly tech‑driven mix. ^[34]

Some valuation models argue that Walmart now trades above its “fair” P/E, with one analysis pegging fair value around 34.5x, versus an actual P/E closer to 38x. ^[35]

In other words, the market is clearly paying a premium for Walmart’s combination of steady growth, scale, and defensive characteristics.

Analyst sentiment and price targets

Analysts have largely cheered the Q3 report:

A Benzinga roundup highlights a wave of price‑target hikes, with firms including Morgan Stanley, BMO, Telsey, KeyBanc, Guggenheim, Piper Sandler, Wells Fargo and others lifting targets into the $120–$130 range, mostly with “Overweight,” “Outperform” or “Buy” ratings. ^[36]
MarketBeat notes that 31 analysts rate Walmart a Buy and one a Hold, with a consensus target around $118–119 per share. ^[37]
TipRanks’ AI‑driven stock model recently reiterated an “Outperform” stance on WMT with an indicative price target near $122, implying mid‑teens upside from recent levels when the analysis was run. ^[38]
By contrast, Zacks still classifies Walmart as a Rank #3 (Hold), citing the need for a more compelling trend in EPS revisions to argue for further near‑term upside from here. ^[39]

Some commentators, including The Motley Fool, have cautioned that Walmart’s P/E—recently cited around 37x—is rich for a retailer, even one with Walmart’s track record and digital momentum, suggesting the bar for future performance is now quite high. ^[40]

Key risks and what to watch next

Even as the stock trades at record territory, several risks remain on investors’ radars:

Consumer strain and trade‑down dynamics
Reuters and others have highlighted that lower‑income households remain under pressure, and there is no guarantee that Walmart can keep growing discretionary categories if macro conditions worsen. ^[41]
Margin pressure from price investment
Walmart is aggressively using rollbacks and price cuts, particularly in groceries, to hold or grow share. That’s good for traffic, but if deflationary trends strengthen in key categories, it can weigh on top‑line growth even as volumes rise. ^[42]
Execution risk in automation and AI
The company is betting heavily on automation, robotics and AI‑driven software, including partnerships with firms like warehouse‑automation specialist Symbotic, which itself has rallied sharply on Walmart‑related demand. ^[43]
These investments can boost long‑term margins but require large, sustained capex and flawless execution.
Leadership transition uncertainty
While the CEO handoff to John Furner is being framed as smooth and internally driven, any missteps in strategy or communication during the transition could unsettle investors, especially with the stock priced for continued outperformance. ^[44]
Index and listing effects
The upcoming Nasdaq move and potential future Nasdaq‑100 inclusion could create short‑term flows—both inflows from index trackers and volatility around rebalancing dates. But these are more about trading dynamics than fundamentals. ^[45]

Bottom line: Walmart heads into the holidays with momentum

Heading into December, Walmart is firing on multiple cylinders:

Strong, above‑consensus Q3 results
Raised full‑year sales and earnings guidance
Rapid e‑commerce, advertising and membership growth
Heavy investment in AI and automation
A clearly mapped CEO succession and higher‑profile Nasdaq listing on the way

At the same time, the stock’s premium valuation means expectations are high. For investors tracking WMT stock today, the next few weeks will be about whether Walmart can:

Convert Black Friday and Cyber Monday traffic into sustained holiday momentum
Maintain margins while investing in price and convenience
Demonstrate that its tech‑driven transformation can continue to justify a valuation at the upper end of retail peers

For now, the market’s verdict is clear: on November 28, 2025, Walmart has earned its place near the top of the market’s leaderboard, sitting at fresh 52‑week highs as one of the most important—and closely watched—stocks in global retail.

Note: This article is for informational and news‑analysis purposes only and does not constitute financial advice or a recommendation to buy or sell any securities.

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