New York — Friday, December 26, 2025 (2:32 p.m. ET).
Walmart Inc. stock (ticker: WMT) is trading modestly higher in midday action as investors balance strong operational momentum (e-commerce, advertising, delivery speed) against a cluster of late-year headlines—ranging from a major CEO transition to ongoing legal and regulatory developments.
As of the latest available trade around mid-afternoon in New York, WMT is at about $111.82, up roughly 0.2% on the day, after trading between roughly $111.36 and $112.06.
Importantly for investors who still associate Walmart with the NYSE: Walmart now trades on the Nasdaq Global Select Market under the same ticker, WMT, following its listing transfer in December. [1]
Walmart stock price check: WMT vs. the broader market right now
Midday U.S. trading on the Friday after Christmas often features lighter liquidity, and major indexes are close to flat. The broad-market SPY is slightly down, while the tech-heavy QQQ is slightly up—an environment that can keep “defensive growth” names like Walmart in focus.
Among retail peers in today’s session:
- Target (TGT) is up more sharply (about +2.4%).
- Costco (COST) is essentially flat.
- Amazon (AMZN) is slightly higher.
That relative tape matters because Walmart is increasingly traded as a hybrid: part consumer-staples “resilience,” part logistics-and-digital platform story.
The biggest headline for Walmart stock: CEO transition set for February 2026
One of the most consequential fundamental items for Walmart investors is no longer speculative:
- Doug McMillon will retire as President and CEO on January 31, 2026
- John Furner will become President and CEO effective February 1, 2026
- McMillon is expected to remain involved during the transition (including board/service details in company disclosures). [2]
Reuters framed McMillon’s tenure as a period that helped push Walmart deeper into a tech-forward operating model, while noting that leadership transitions at megacap retailers can influence investor sentiment even when strategy is expected to remain consistent. [3]
Why it matters for WMT investors now:
Leadership changes can create near-term uncertainty around capital allocation, competitive posture, and pace of investment—especially as Walmart continues to scale higher-margin businesses like advertising and membership while defending price leadership in groceries.
Nasdaq listing transfer: what changed (and what didn’t)
Walmart’s exchange move was a late-2025 market-structure story with real investing implications:
- Walmart transferred its common stock listing to Nasdaq and began trading there on December 9, 2025, ticker unchanged (WMT). [4]
- Reuters described it as the largest-ever exchange transfer and highlighted commentary that the move could increase Walmart’s visibility among tech-oriented investors—especially given Walmart’s investments in automation and AI-enabled retail operations. [5]
The “index inclusion” angle: Reuters quoted Annex Wealth Management’s Brian Jacobsen pointing to the possibility that Walmart’s Nasdaq listing could make it eligible for Nasdaq-100 consideration over time, which—if it occurred—could drive passive inflows and short-term positioning. [6]
(Eligibility doesn’t guarantee inclusion, and index decisions depend on rules and committee outcomes. Still, it’s on many investors’ radar.)
Holiday demand signals: what the season is saying about Walmart’s core thesis
A central question for Walmart stock into year-end is whether holiday data confirms Walmart’s narrative: value + convenience + fast fulfillment.
Walmart’s own post–Black Friday/Cyber Monday update emphasized:
- Strong growth during Nov. 25–Dec. 1, led by digital demand
- Significant gains in store-fulfilled delivery, including more orders delivered in under three hours
- A broad mix of demand across categories (electronics, toys, fashion, home, essentials) [7]
In parallel, industry-level reporting suggests holiday spending rose year over year, and traffic trends have highlighted big-box winners. For example, Barron’s cited holiday forecasts and data pointing to continued growth in online spending, and the Washington Post reported Mastercard SpendingPulse data showing U.S. holiday retail sales growth in 2025 (Nov. 1–Dec. 21) and noted online strength. [8]
Investor takeaway:
If holiday demand remains solid without a sharp post-Christmas drop, it supports Walmart’s case that it can:
- gain share in essentials, and
- keep scaling “convenience economics” through delivery, marketplace, and ads.
Walmart’s latest earnings and guidance: the foundation under WMT
The most recent earnings baseline for investors is Walmart’s Q3 fiscal 2026 report (quarter ended Oct. 31, 2025). In that release, Walmart reported:
- Revenue up 5.8% (to $179.5 billion)
- Global e-commerce up 27%
- Global advertising up 53% (including VIZIO; Walmart Connect U.S. +33%)
- Raised full-year outlook for FY2026, including net sales growth and adjusted EPS guidance [9]
Walmart’s updated FY2026 outlook (as stated in its earnings materials) included:
- Net sales (constant currency): +4.8% to +5.1%
- Adjusted operating income (constant currency): +4.8% to +5.5%
- Adjusted EPS: $2.58 to $2.63 [10]
The same earnings release highlighted strong cash generation and capital returns, including year-to-date share repurchases. [11]
Why this matters now:
Walmart’s stock has been priced increasingly like a “quality compounder.” Sustaining the above guidance—especially if higher-margin lines (ads, membership, marketplace) keep expanding—helps justify that premium.
Analyst forecasts: price targets, valuation debate, and next earnings date
Street price targets (what they imply, not what they guarantee)
Analyst target ranges vary, but compiled forecasts tracked by major retail research providers show a generally bullish-to-neutral stance. For instance, Zacks’ compiled price target range cited low and high targets with an average target implying high-single-digit upside from recent levels. [12]
Valuation: the core debate for 2026
The most common caution flag on WMT is valuation. A recent Zacks analysis published on Nasdaq highlighted Walmart’s elevated forward multiple versus many traditional retailers, arguing that while Walmart’s mix shift supports a premium, it can also make the stock more sensitive to any slowdown in growth drivers or consumer softness. [13]
Separately, some independent investor commentary (e.g., Seeking Alpha contributors) has also argued that Walmart’s multiple expansion may be closer to its ceiling, implying more modest forward returns unless fundamentals accelerate again. (This is opinion, not company guidance.) [14]
Next major catalyst: Q4 earnings in February 2026
Walmart’s investor events calendar lists FY2026 Q4 earnings on February 19, 2026, with materials posted around 6 a.m. CT and the conference call at 7 a.m. CT. [15]
That date is likely to be the market’s next major “reset point” for:
- post-holiday demand read-through
- margin progress (especially delivery economics and ads)
- commentary heading into the CEO handoff.
Dividend: what income-focused investors should note before early January
Walmart is also a dividend name—and the next payment is close enough to matter for year-end planning.
Walmart previously announced a 13% annual dividend increase to $0.94 per share and provided the schedule showing a payable date of January 5, 2026 for the relevant quarter. [16]
(Investors should always confirm ex-dividend/record dates and settlement timing with their broker; the company’s release provides the authoritative schedule.)
Current legal and regulatory headlines: why they’re in the WMT narrative
Walmart is large enough that headline risk can show up in day-to-day sentiment—even when financial impact is uncertain or long-dated.
Recent Reuters reporting tied Walmart to several developments investors are watching:
- Card fees / antitrust settlement: Walmart and other retailers urged a federal judge to reject a proposed antitrust settlement involving Visa and Mastercard, arguing it offers insufficient relief for large merchants. [17]
- Pepsi pricing lawsuit: Reuters reported a proposed consumer class action alleging a long-running price-fixing arrangement involving PepsiCo and Walmart, with Pepsi disputing wrongdoing. [18]
- FDA warning letters: Reuters reported the FDA sent warning letters to major retailers including Walmart regarding continued sales of recalled infant formula after notification. [19]
- Shareholder activism: Reuters also reported that a union-aligned investment group asked Walmart (and others) to report how U.S. immigration policies could affect finances and supply chains. [20]
How to interpret this as an investor:
These stories don’t necessarily change Walmart’s multi-year thesis—but they can:
- create short-term volatility,
- increase legal costs or operational friction, and
- raise reputational risk depending on outcomes.
A non-obvious macro risk investors are discussing: GLP-1 pills and food demand
One of the more forward-looking consumer demand debates is tied to GLP‑1 weight-loss drugs—especially as pill forms expand adoption.
Reuters reported that newly approved GLP‑1 pills could accelerate food-industry product changes and cited research suggesting households using GLP‑1 medications reduced grocery and fast-food spending, on average, while using the drugs. The piece also described how food companies are working with large retailers (including Walmart) to position products toward shifting demand (protein-forward, “GLP‑1 friendly” labeling, smaller portions). [21]
Why that’s relevant to Walmart stock:
Walmart is the leading U.S. grocer by scale, so any sustained shift in basket composition (or overall food volume) could affect:
- category mix and margins,
- supplier negotiations, and
- how Walmart merchandises health-and-wellness-adjacent offerings.
What to watch for the rest of today’s session (and into the next trading day)
Because the U.S. market is open right now (regular session), investors looking at WMT into the close typically focus on a short list:
- Volume and market breadth: In post-holiday trading, smaller flows can move prices more than usual. Watching whether WMT is rising on conviction or simply drifting with the market matters.
- Retail peer sympathy moves: If big-box or value retailers (TGT, DG, DLTR) are rallying, WMT can trade in a basket—even without Walmart-specific news.
- Any late headlines on litigation/regulation: Several of the current Walmart stories are legal-process driven; incremental updates can cross the tape without warning. [22]
- Positioning ahead of key dates: The Feb. 19 earnings report and the Feb. 1 CEO start date are now “known calendar events,” which can shape year-end rebalancing and January positioning. [23]
If you’re reading this after the closing bell
Even if the stock exchange is closed when you see this, the practical checklist is the same before the next session:
- Re-check whether any after-hours filings, legal updates, or major retail read-through headlines hit late.
- Know the next hard catalysts: Feb. 1 CEO transition and Feb. 19 earnings.
- Keep valuation in mind: when a stock trades at a premium, the bar for “good enough” results rises—and even a small guidance tweak can move shares. [24]
References
1. www.nasdaqtrader.com, 2. stock.walmart.com, 3. www.reuters.com, 4. www.nasdaqtrader.com, 5. www.reuters.com, 6. www.reuters.com, 7. corporate.walmart.com, 8. www.barrons.com, 9. www.sec.gov, 10. www.sec.gov, 11. www.sec.gov, 12. www.zacks.com, 13. www.nasdaq.com, 14. seekingalpha.com, 15. corporate.walmart.com, 16. corporate.walmart.com, 17. www.reuters.com, 18. www.reuters.com, 19. www.reuters.com, 20. www.reuters.com, 21. www.reuters.com, 22. www.reuters.com, 23. corporate.walmart.com, 24. corporate.walmart.com
