Walmart stock spent Friday in the spotlight but ultimately finished the regular session almost unchanged, as investors digested news that longtime CEO Doug McMillon will retire and Walmart U.S. chief John Furner will take over the top job in early 2026. Investopedia
Below is a detailed breakdown of how Walmart (NYSE: WMT) traded today, what’s driving the headlines, and what to watch ahead of next week’s earnings and the crucial holiday shopping season.
Walmart stock today: price action after the closing bell
As of just after the closing bell on Friday, November 14, 2025, Walmart shares were trading around $102.48, essentially flat on the day — a move of about ‑0.06% from Thursday’s close.
Key trading stats for today’s session:
- Intraday range: roughly $98.54 – $103.00
- Opening price: about $100.19
- Latest volume: around 23.3 million shares, notably above the stock’s recent average daily volume near 18 million. MarketBeat
The broader market saw modest pressure:
- Dow Jones Industrial Average: ‑0.7%
- S&P 500: about ‑0.1%
- Nasdaq Composite: up roughly 0.1% Investopedia
That means Walmart outperformed the Dow today despite the leadership shock, with the share price recovering from early losses to finish almost unchanged.
Pre‑market and early‑session trading told a different story. News of McMillon’s exit initially knocked Walmart shares lower by around 2–3% in pre‑market and morning trading, according to Associated Press, Reuters and other outlets. ABC News As the day went on, buyers stepped in, viewing the sell‑off as more about surprise timing than a collapse in fundamentals.
A once‑in‑a‑decade leadership change at Walmart
McMillon steps down after transforming Walmart
Walmart confirmed this morning that its Board has elected John Furner (51) to succeed Doug McMillon (59) as President and CEO of Walmart Inc., effective February 1, 2026. McMillon will retire as CEO on January 31, 2026, remain on the Board until the next annual shareholders’ meeting, and then serve as an advisor through January 31, 2027 to help with the transition. Walmart Corporate News and Information
McMillon’s departure truly marks the end of an era for the world’s largest retailer:
- He joined Walmart in 1984 as an hourly associate, rising through merchandising and international roles before becoming CEO in 2014. ABC News
- Under his leadership, annual revenue climbed from about $486 billion to $681 billion in Walmart’s latest fiscal year. ABC News
- Total shareholder return during his tenure is estimated at roughly 300–320%, outpacing the S&P 500, with Reuters putting the annualised return near 15%. Investopedia
- E‑commerce has exploded on his watch: Reuters notes Walmart’s global online sales jumped from about $10 billion to more than $120 billion. Reuters
McMillon also repositioned Walmart from a low‑wage brick‑and‑mortar giant into a tech‑powered, omnichannel retailer, raising wages, modernising the supply chain, rolling out pickup and delivery, and accelerating investments in AI and automation. CX Dive
That track record explains why several commentators, including Barron’s and MarketWatch, framed today’s announcement as Walmart “losing a big winner” and the “end of an era” for the stock. Barron’s
Who is John Furner, Walmart’s next CEO?
The board’s chosen successor, John Furner, is very much a Walmart insider:
- Started at Walmart in 1993 as a part‑time hourly associate in Bentonville, Arkansas. ABC News
- Former CEO of Sam’s Club, where he boosted performance in part by turning some clubs into distribution hubs. Reuters
- Since 2019, has been CEO of Walmart U.S., overseeing more than 4,600 stores and roughly 1.5 million employees. Reuters
- Known for pushing digital initiatives, from in‑store tech to AI‑powered tools that support associates and shoppers. Walmart Corporate News and Information
Walmart’s official press release and commentary from outlets like CoinCentral and Reuters highlight Furner’s deep knowledge of the company’s operations and culture, describing him as a continuity candidate who “understands every dimension” of Walmart’s business. Walmart Corporate News and Information
In other words, this is not an outsider shake‑up; it’s a hand‑off to a leader who helped design much of the current strategy.
Market reaction: volatility, then composure
Investors rarely love surprise CEO exits, especially when the outgoing executive is widely respected and the stock trades at a premium valuation.
- AP and CNN‑affiliated coverage note Walmart shares dropped about 3% in pre‑market trading right after the announcement. ABC News
- A Reuters round‑up cites morning losses of around 1.7%, as some investors questioned the timing of McMillon’s decision. Bilyonaryo
- CoinCentral and Benzinga reported intraday levels near $100–101, down roughly 1–2% at mid‑day. CoinCentral
By the closing bell, though, WMT had climbed back to nearly unchanged, even as the Dow finished down 0.7%. Investopedia
That intraday reversal suggests many investors view the move as more of a headline shock than a thesis‑breaker. Several factors seem to have calmed nerves:
- Furner is a long‑tenured insider rather than a wildcard hire. Reuters
- McMillon is staying on as advisor for another year, helping ensure continuity. Walmart Corporate News and Information
- Analyst commentary remained broadly positive throughout the day (more on that next).
How Wall Street is reacting to Walmart’s CEO news
UBS: still a Buy, looking for a “clean” earnings print
UBS reiterated its Buy rating on Walmart today, keeping a $122 price target that implies roughly 20–21% upside from where the stock traded around $101 earlier in the session. Investing
Key points from the UBS note, via Investing.com:
- The firm expects a relatively “clean print” from next week’s earnings, with solid comparable sales and healthy profits despite tariff and macro uncertainty. Investing
- It highlights Walmart’s ability to offer value to consumers while protecting margins, citing a gross margin near 25% and a long track record of disciplined pricing. Investing
- Walmart has paid a dividend for 53 consecutive years and raised it for 30 straight years, reinforcing its status as a defensive compounder. Investing
UBS also notes that Walmart trades at a relatively rich price‑to‑earnings (P/E) multiple around 38x, but argues that a strong consensus rating near “Strong Buy/Buy” supports that premium. Investing
Telsey Advisory Group and other brokers: bullish, but mindful of valuation
Separately, Telsey Advisory Group reaffirmed its “Outperform” rating today with a $118 price target, implying about 15% upside from current levels. MarketBeat
MarketBeat’s summary of the research landscape shows:
- 32 Buy ratings and 1 Hold, for a consensus “Moderate Buy”.
- A consensus target price around $113.50, modestly above today’s price but below the most bullish forecasts. MarketBeat
The same report flags that Walmart recently missed quarterly earnings expectations (EPS of $0.68 vs. $0.74 expected) even as revenue grew about 4.8–5.6%, underscoring that investors will be watching margins closely in upcoming results. MarketBeat
Other highlights:
- Bank of America interprets the leadership change as a sign of confidence, not crisis, and maintains a Buy rating with a $125 target, according to GuruFocus and Investopedia. GuruFocus
- GuruFocus pegs Walmart’s P/B ratio near 9x, close to a 10‑year high, and notes an overall recommendation score of 1.7 (Bullish). GuruFocus
- Benzinga reports that JPMorgan reiterated an Overweight rating, calling Furner the “clear successor” and emphasising that the transition is happening amid strong business momentum. Benzinga
The takeaway: Wall Street remains broadly positive, but the bar is high. With the stock already trading at a premium multiple and near the upper end of its 52‑week range of $79.81–$109.57, investors expect continued execution, not a reset. MarketBeat
Walmart fundamentals: a defensive giant with growth ambitions
Today’s leadership headlines sit on top of a very large, very complex machine.
Scale and business mix
Walmart today is:
- A $680+ billion‑revenue business (FY 2025).
- Operating more than 10,750 stores in 19 countries.
- Serving about 270 million customers each week.
- Employing roughly 2.1 million associates worldwide. Walmart Inc.
Within that footprint:
- About 68% of revenue comes from Walmart U.S.,
- 18% from Walmart International, and
- 14% from Sam’s Club. GuruFocus
Groceries remain the backbone of the U.S. business, accounting for nearly 60% of domestic revenue, while general merchandise and higher‑margin areas like advertising, membership and financial services provide incremental profit growth. GuruFocus
Growth and profitability
Recent data from GuruFocus and Walmart’s own releases paint the picture of a steady, if not hyper‑growth, compounder: GuruFocus
- 3‑year revenue CAGR: ~7.4%
- Operating margin: ~4.2%
- Net margin: ~3.1%
- EBITDA margin: ~6.4%
- Altman Z‑Score: ~6.2 (suggesting strong financial health)
In its most recent second‑quarter report, Walmart said:
- Revenue grew 4.8% (5.6% in constant currency) to about $177.4 billion.
- Global e‑commerce sales rose 25%, driven by store‑fulfilled pickup & delivery and marketplace.
- Its global advertising business grew 46%, including the contribution from VIZIO, and U.S. advertising (Walmart Connect) rose 31%. Business Wire
Those numbers help explain why analysts are comfortable giving Walmart a high‑teens or low‑20s price target premium even with a P/E multiple near 38x and a price‑to‑sales around 1.2x. MarketBeat
Near‑term catalysts: earnings and holiday season
Q3 FY26 earnings on November 20
Walmart’s next major catalyst arrives Thursday, November 20, 2025:
- Earnings release at 6:00 a.m. CST.
- Investor conference call at 7:00 a.m. CST, hosted by McMillon and CFO John David Rainey. Business Wire
Analysts and investors will be laser‑focused on:
- Consumer health – especially lower‑income customers, who have shown signs of stress amid inflation and tariffs. Investopedia
- Tariff and cost pressures – several recent notes stress that Walmart’s ability to absorb, pass through, or offset tariff‑driven costs is central to the investment case. Walmart Corporate News and Information
- Margin trajectory – after a small earnings miss last quarter, investors want to see that profitability is stabilising or improving, not eroding. MarketBeat
- Leadership messaging – the call will give markets a chance to hear how McMillon and Furner frame the transition and strategic priorities.
Bank of America and UBS both signal that they do not expect major strategic shifts, but they also recognise that any hint of a slower growth outlook or margin pressure could weigh on the stock, given its valuation. GuruFocus
Black Friday Event 1 kicks off today
While CEO news grabbed the headlines, Walmart quietly started something else significant for earnings: its first Black Friday Deals Event.
- Walmart’s corporate calendar and press materials show Event 1 running November 14–16, both online and in stores, with early online access for Walmart+ members beginning November 13 at 7 p.m. ET. Walmart Corporate News and Information
- Tech outlets such as MacRumors note deep discounts on TVs, headphones and other electronics as part of today’s launch. MacRumors
Holiday 2025 is also Walmart’s first peak season with a fully rolled‑out suite of AI‑powered shopping tools, including: CX Dive
- In‑store “In‑Store Savings” and enhanced search to help customers find items and deals faster.
- 3D “Deck the Halls” home decor experiences, where shoppers can click directly on virtual room items to buy.
- Smarter delivery‑time estimates powered by new AI models in the supply chain.
Those upgrades add a positive fundamental backdrop to today’s leadership news: Furner has been a key driver of these U.S. initiatives, and he’ll inherit a holiday playbook already leaning heavily on technology and omnichannel strength.
Risks and open questions
Even with a largely orderly transition, investors face several uncertainties:
- Macro and tariff risk
Walmart has benefited from consumers “trading down” into value, but tariffs and a softer labour market continue to create cross‑currents in spending patterns, especially for low‑income families. Bloomberg - Premium valuation
With a P/E near 38x and P/B near 9x, Walmart trades well above many peers in the consumer‑staples and big‑box space. GuruFocus A lot of good news is already priced in, leaving less room for error on earnings or guidance. - Execution under new leadership
While Furner is deeply experienced, he is still stepping into a role vacated by one of the most successful CEOs in Walmart’s history. Reuters data show that Walmart’s annualised total return under McMillon ranks near the top among recently departing CEOs. Reuters - Operational and reputational risks
Like all mass retailers, Walmart regularly deals with recalls and product issues. The company’s recall page today highlights, for example, a Belkin power bank and wireless charging stand recall due to fire and burn hazards at retailers including Walmart and Sam’s Club. Walmart Corporate News and Information These events are usually manageable but can become reputational flashpoints if not handled well. - Competitive pressure
Analysts at Bloomberg and others warn that the CEO change comes at a “dangerous moment,” with intensifying competition in groceries, general merchandise and e‑commerce, plus aggressive AI investments from rivals. Bloomberg
What today’s news means for Walmart shareholders
Putting it all together, here are the key takeaways from November 14, 2025 for anyone watching Walmart stock:
- The stock held up better than the headline might suggest.
After an early sell‑off, WMT finished the day nearly flat around $102.50, outperforming a declining Dow and signalling that investors see continuity, not crisis. Investopedia - This is a major leadership moment, but not a strategic reset.
Both company messaging and external analysis underscore that Furner is an insider steeped in Walmart’s current strategy, from omnichannel to AI and advertising. Investing.com - Analysts remain broadly bullish, yet cautious on valuation.
Price targets from UBS ($122), Telsey ($118), Bank of America ($125) and others cluster above today’s price but not dramatically, reflecting both confidence in the model and awareness that multiples are already rich. Investopedia - Near‑term focus shifts quickly to next week’s earnings and holiday trends.
November 20’s earnings call and the first Black Friday event running now will shape how investors judge Walmart’s guidance, consumer health and Furner’s early messaging as CEO‑in‑waiting. Business Wire - Long‑term, Walmart still looks like a defensive, tech‑enabled compounder — but execution is everything.
Strong balance‑sheet metrics, steady revenue growth, a disciplined dividend record and growing higher‑margin segments such as advertising and membership all support that view, while competition, tariffs and the CEO transition represent the main risks. Walmart Inc.
As always, this article is for informational purposes only and does not constitute financial advice. Anyone considering an investment in Walmart stock should evaluate their own risk tolerance, time horizon and diversification needs, and may want to consult a qualified financial adviser.
