Walmart Inc. stock (WMT) is back in focus on Dec. 15, 2025 as investors weigh a rare combination of near-term retail catalysts and longer-term strategic shifts: a completed move to the Nasdaq, a major CEO transition set for early 2026, and holiday-season momentum following a “beat-and-raise” earnings report last month.
As of 15:50 UTC on Monday, Walmart shares were trading at about $116.19, slightly lower on the day after opening near $117.00.
Below is a full roundup of the most relevant news, forecasts, and analyst commentary shaping the Walmart stock narrative heading into year-end.
What’s happening with Walmart stock on Dec. 15, 2025
Walmart stock’s near-term setup is defined less by a single “headline pop” and more by a steady stream of supportive developments:
- Exchange change completed: Walmart has finished its long-telegraphed shift from the NYSE to the Nasdaq—an unusual move for a legacy retailer, and one that management has framed as aligning with Walmart’s increasingly tech-forward identity. [1]
- Leadership handoff approaching: CEO Doug McMillon is scheduled to retire at the end of January, with Walmart U.S. CEO John Furner taking the top job on Feb. 1, 2026. [2]
- Raised full-year outlook: In the most recent quarter, Walmart delivered strong revenue growth and raised its FY26 guidance—important context as the market tries to handicap holiday performance and 2026 profit drivers. [3]
- Analyst targets moving higher: Multiple firms have issued bullish notes in recent days and weeks, with some price targets now reaching the mid-$130s. [4]
For investors, the key question is whether WMT is simply “holding up well” into year-end—or whether the stock still has room to re-rate higher as Walmart’s higher-margin businesses (ads, membership, marketplace) expand.
Major Walmart stock news: the move to Nasdaq is complete
Walmart now trades on the Nasdaq under the same ticker, WMT, after completing the listing transfer of its common stock and certain bonds. [5]
Why it matters for the stock:
- Positioning, not operations: The move doesn’t change Walmart’s stores, customers, or cash flows. It does change perception—placing Walmart more squarely in conversations about tech-enabled platforms rather than only “defensive retail.” Barron’s described the shift as a milestone in Walmart’s tech transformation and tied it to investor interest in Walmart’s digital ecosystem. [6]
- Index implications: Bulls argue the Nasdaq listing increases the odds of Walmart eventually joining the Nasdaq-100, which could increase passive fund demand over time. [7]
That said, Walmart missed the 2025 Nasdaq-100 reshuffle window because the annual reconstitution uses data as of the end of November—before the listing switch. MarketWatch reported Walmart was “too late” for this year’s cut, even as other names were added and removed. [8]
Bloomberg also pointed to the same theme—suggesting the potential Nasdaq-100 “boost” may have to wait, with analysts estimating substantial inflows if inclusion happens in the future. [9]
CEO transition: Doug McMillon retires, John Furner takes over Feb. 1, 2026
A defining “soft catalyst” for Walmart stock into 2026 is leadership continuity—with a new CEO who has deep operational experience inside the company.
Walmart has officially announced:
- Doug McMillon will retire on Jan. 31, 2026
- John Furner will become President and CEO effective Feb. 1, 2026
- McMillon is expected to remain on the board until the next annual shareholders’ meeting and help with the transition [10]
Investor angle:
- The market typically dislikes uncertainty, but this is not an “outside hire” situation. Furner has led Walmart U.S. and is widely seen as a leader aligned with Walmart’s ongoing push into automation, faster delivery, and digital monetization. [11]
- Business Insider highlighted McMillon’s remarks about stepping down after decades with the company, underscoring that the transition is planned rather than abrupt. [12]
Earnings and guidance: Walmart’s Q3 “beat-and-raise” still drives the narrative
Walmart’s latest quarterly results remain the foundation for most analyst optimism in mid-December.
From Walmart’s third-quarter FY26 earnings release:
- Revenue:$179.5 billion, up 5.8% (6.0% in constant currency) [13]
- Global eCommerce: up 27% [14]
- Walmart U.S. comp sales (ex-fuel): up 4.5% [15]
- Global advertising business: up 53%, including VIZIO; Walmart Connect U.S. up 33% [16]
- Adjusted EPS:$0.62 [17]
The forecast investors care about most: FY26 guidance was raised again
Walmart raised its FY26 outlook to:
- Net sales growth:4.8% to 5.1% (constant currency) [18]
- Adjusted operating income growth:4.8% to 5.5% (constant currency) [19]
- Adjusted EPS:$2.58 to $2.63 (including a small currency headwind) [20]
Notably, the company’s guidance table shows how expectations improved over the year—from earlier FY26 assumptions to the current, higher range. [21]
Reuters added color on what’s driving performance, including continued strength in delivery and signs that higher-income shoppers have been spending more at Walmart—an important datapoint for investors watching category mix and margin potential. [22]
Holiday season read-through: Walmart says Black Friday and Cyber Monday were bigger and faster
Holiday demand is always the retail stock swing factor, and Walmart has published encouraging signals.
In a Dec. 2 update, Walmart said it saw consistently strong sales growth during the key shopping stretch between Nov. 25 and Dec. 1, led by digital demand across categories like electronics, toys, fashion, and home. The company also highlighted faster fulfillment metrics, including a significant rise in orders delivered from stores and orders delivered in under three hours compared with last year. [23]
For WMT stock, this matters because:
- Faster delivery and higher digital penetration tend to reinforce the “omnichannel moat” narrative.
- Strong holiday execution can support confidence in the raised FY26 guidance.
Analyst forecasts and price targets: where Wall Street sees Walmart stock heading
Recent high-profile target increases
Several recent notes have pushed Walmart’s upside targets higher:
- TD Cowen: raised its price target to $136 from $125, maintaining a Buy rating, and pointed to Walmart’s store footprint, delivery convenience, and an ecosystem expected to drive profit growth faster than sales growth (including marketplace, retail media, membership, and AI-enabled supply chain improvements). [24]
- Tigress Financial: raised its price target to $130, with commentary tied to AI growth and the broader transformation narrative. [25]
What consensus forecasts suggest
Consensus target data varies by provider and update timing, but the broad takeaway is that analysts generally expect modest upside from current levels unless earnings estimates rise further.
- MarketBeat reported an average 12‑month price target around $119 with a high end around $130 (at the time of its snapshot). [26]
- Benzinga’s compilation also showed a consensus target in the high‑$110s with a recent high target of $130. [27]
The dispersion here is itself a signal: more bullish firms are increasingly underwriting the “Walmart as a platform” thesis, while consensus aggregates can lag fast-moving upgrades.
The “Walmart-as-a-tech-platform” bull case: ads, membership, marketplace, and AI
The strongest pro-WMT argument in late 2025 is that Walmart is no longer just a low-margin retailer—it’s building higher-margin layers on top of its scale.
1) Advertising is growing at a tech-like pace
Walmart reported 53% global advertising growth in Q3 (including VIZIO), with Walmart Connect U.S. up 33%. [28]
Adweek also emphasized the same acceleration and contextualized it against other key Q3 metrics. [29]
2) Membership revenue is rising
Walmart reported membership and other income growth, including 16.7% growth in membership income in Q3. [30]
3) Automation and AI are becoming measurable
Reuters reported Walmart has said a significant share of new software code is AI-generated or AI-assisted, and that automation is increasingly embedded in logistics. [31]
This narrative is also central to why the Nasdaq listing matters psychologically for investors—even if the underlying business remains rooted in everyday value.
The cautious case: valuation, competition, and the “defensive premium”
Even with strong execution, investors still debate what Walmart stock is worth at this stage of the cycle.
Key pushbacks include:
- Valuation sensitivity: With Walmart guiding FY26 adjusted EPS of $2.58 to $2.63, and shares around $116, the stock trades at roughly 44–45x that adjusted EPS range (simple division using the company’s guidance and today’s price). [32]
- Competitive pressure: Walmart continues to compete with Amazon in delivery, Costco in value/traffic, and other retailers across general merchandise. MarketWatch recently noted a day where Walmart underperformed several peers during broad market weakness. [33]
- Macro uncertainty: Consumer spending can shift quickly if inflation, employment, or interest-rate expectations move. Walmart’s scale can be defensive, but not immune.
In short: Walmart can be both a “safe” stock and an “expensive” stock at the same time—meaning the next leg higher may require either (a) further upward revisions to earnings expectations, or (b) a fresh catalyst such as index inclusion.
Dividend and buybacks: what the filings show about shareholder returns
Walmart continues to return capital through dividends and repurchases:
- Walmart’s fiscal 2026 annual dividend was approved at $0.94 per share, paid in quarterly installments of $0.235 (with one installment showing a December record date and early-January payable date). [34]
- The company disclosed ongoing buybacks under a $20 billion share repurchase program, with remaining authorization reported as of Oct. 31, 2025. [35]
At today’s price, the annual dividend implies a yield of roughly 0.8% (again, a straightforward calculation using the dividend level disclosed in filings and the current share price). [36]
“Today’s” smaller headlines: institutions keep adjusting positions
A stream of 13F-related summaries published Monday highlights that institutions continue to adjust Walmart exposure—some increasing, others trimming—based on filings covering earlier quarters. [37]
Investors generally treat this as background noise rather than a trading signal, since 13F data is backward-looking. But it does reinforce that Walmart remains a core holding across many portfolios.
What to watch next for Walmart stock
Here are the biggest upcoming inflection points investors are tracking into early 2026:
- Holiday-quarter results and FY26 finish: Walmart’s raised guidance sets a higher bar—and investors will want to see that holiday execution and margin trends can support it. [38]
- CEO transition on Feb. 1, 2026: Leadership changes can be catalyst events, especially if new strategic priorities (AI, delivery economics, retail media) are emphasized. [39]
- Nasdaq-100 timing: Walmart missed the 2025 reconstitution, but the debate over future inclusion—and potential passive inflows—likely continues into 2026. [40]
Bottom line
On Dec. 15, 2025, Walmart stock sits at the intersection of defensive retail strength and tech-like optionality. The latest earnings report delivered not just growth but another guidance raise, holiday season updates point to solid demand, and Wall Street continues to lift price targets—especially for analysts who believe Walmart’s advertising, membership, marketplace, and AI-driven efficiency gains can expand profits faster than sales. [41]
References
1. www.nasdaq.com, 2. corporate.walmart.com, 3. www.sec.gov, 4. www.tipranks.com, 5. www.nasdaq.com, 6. www.barrons.com, 7. www.barrons.com, 8. www.marketwatch.com, 9. www.bloomberg.com, 10. corporate.walmart.com, 11. corporate.walmart.com, 12. www.businessinsider.com, 13. www.sec.gov, 14. www.sec.gov, 15. www.sec.gov, 16. www.sec.gov, 17. www.sec.gov, 18. www.sec.gov, 19. www.sec.gov, 20. www.sec.gov, 21. www.sec.gov, 22. www.reuters.com, 23. corporate.walmart.com, 24. www.tipranks.com, 25. www.investing.com, 26. www.marketbeat.com, 27. www.benzinga.com, 28. www.sec.gov, 29. www.adweek.com, 30. www.sec.gov, 31. www.reuters.com, 32. www.sec.gov, 33. www.marketwatch.com, 34. stock.walmart.com, 35. stock.walmart.com, 36. stock.walmart.com, 37. www.marketbeat.com, 38. www.sec.gov, 39. corporate.walmart.com, 40. www.marketwatch.com, 41. www.sec.gov
