As U.S. markets head into a holiday-shortened week, Walmart Inc. (WMT) remains one of the most closely watched bellwethers for the consumer economy—especially after a headline-heavy December that mixed strong operating momentum with legal and regulatory headlines and a major leadership transition.
Below is what investors should know before the U.S. stock market opens on Monday, December 22, 2025, including the latest company updates, current news flow, consensus forecasts, and the biggest catalysts that could move the stock.
WMT stock snapshot: where Walmart shares stand heading into Monday’s open
Walmart last traded around $114.36, down about 0.37% from the previous close, after a session that saw an intraday range of roughly $113.59 to $115.46 on volume near 50.0 million shares.
Key near-term calendar items and shareholder return details:
- Next scheduled earnings:February 19, 2026 (expected, before market open), per Yahoo Finance’s earnings calendar listing for WMT. [1]
- Dividend (current annual rate):$0.94 per share annually, paid as quarterly installments of $0.235; Walmart’s next payment date is January 5, 2026, per Nasdaq Trader’s notice tied to the listing transfer. [2]
- Holiday trading-week context: U.S. markets are scheduled for an early close (1:00 p.m. ET) on Wednesday, December 24, 2025, and closed Thursday, December 25 (Christmas Day), per FINRA’s holiday calendar. [3]
Why this matters: holiday weeks can bring thinner liquidity and sharper, headline-driven moves, especially in large-cap consumer names like Walmart.
The fundamental backdrop: Walmart’s Q3 FY26 results raised the bar
The most important “anchor” for WMT heading into late December is still the company’s fiscal Q3 2026 update (released November 20, 2025), which delivered strong topline growth and a raised full-year outlook.
Highlights from Walmart’s Q3 FY26 earnings release:
- Revenue:$179.5 billion, up 5.8% (6.0% constant currency) [4]
- Global eCommerce sales: up 27% [5]
- Global advertising business: up 53% (including VIZIO); Walmart Connect U.S.: up 33% [6]
- Membership and other income: up 9.0%, including 16.7% growth in membership income [7]
- Guidance raised (FY26): net sales growth now 4.8%–5.1% (cc) and adjusted operating income 4.8%–5.5% (cc); adjusted EPS expected $2.58–$2.63 [8]
One nuance investors continue to parse: Walmart said operating income was pressured by a non-cash share-based compensation charge at PhonePe tied to anticipation of a potential IPO, while adjusted operating income was stronger. [9]
Why it matters for Dec. 22 trading: into year-end, the market typically rewards large caps that can show durable growth + margin discipline, and Walmart’s release reinforced the narrative that it is gaining share while scaling higher-margin revenue streams (advertising, membership, marketplace).
Capital returns: buybacks remain a meaningful support (but watch the pace)
Walmart’s earnings release noted it had repurchased 75.3 million shares year-to-date, totaling about $7.0 billion. [10]
In its Form 10‑Q for the quarter ended October 31, 2025, Walmart disclosed that $5.1 billion of authorization remained under the share repurchase program as of that date. [11]
This matters for investors because buybacks can provide a baseline bid under the stock—particularly during volatile tape conditions—though the market will also judge whether repurchases are attractive relative to valuation.
Leadership transition: John Furner set to become CEO on Feb. 1, 2026
One of the biggest company-specific overhangs (and potentially a catalyst) is the coming CEO change:
- John Furner is set to succeed Doug McMillon as President and Chief Executive Officer, effective February 1, 2026.
- McMillon is expected to retire January 31, 2026, remain on the board until the next annual shareholders’ meeting, and assist with the transition. [12]
Markets often treat CEO transitions in mega-caps as “low drama” if the successor is an internal operator with a long track record—but it still matters because leadership can influence capital allocation priorities, technology investment pace, and messaging around margins and growth.
Walmart’s Nasdaq move: why the exchange change is still part of the story
Walmart completed a high-profile stock listing transfer:
- The company announced it would transfer its listing to Nasdaq, with trading expected to begin on the Nasdaq Global Select Market on December 9, 2025, while keeping the ticker WMT. [13]
- Nasdaq and Walmart framed the move as aligned with Walmart’s “tech-powered” strategy and digital transformation narrative. [14]
In practical terms, most long-term investors won’t care which exchange hosts the listing. But the move has kept attention on Walmart’s effort to be valued not only as a defensive retailer, but as a scaled omnichannel + advertising + data platform.
Holiday execution: delivery speed and convenience remain the “quiet catalyst”
Walmart has kept holiday messaging focused on convenience and speed—important because the holiday quarter (Walmart’s fiscal Q4) tends to shape expectations for the following year.
In early December, Walmart said it was offering Express Delivery in as fast as one hour on orders placed up to 5 p.m. local time on Christmas Eve, and cited momentum coming out of Black Friday/Cyber Monday. [15]
This isn’t a “hard-number” catalyst like earnings, but it supports the bull case that Walmart is continuing to improve customer experience and capture last-minute demand—especially among time-constrained shoppers.
Current news flow: legal and regulatory headlines investors are watching now
Several late-December headlines may not change Walmart’s long-term thesis, but they can affect sentiment—especially during a thin holiday tape.
1) PepsiCo and Walmart hit with a consumer class action alleging price-fixing
Reuters reported that PepsiCo and Walmart were accused in a proposed class action of a decade-long scheme that allegedly inflated soft drink prices at other retailers, with the suit seeking class status for consumers who bought Pepsi products outside Walmart since January 2015. [16]
Market read: early-stage litigation headlines rarely move Walmart on fundamentals, but they can create short-term noise, especially if they draw political or regulatory attention.
2) Walmart and other retailers object to a Visa/Mastercard swipe-fee settlement
Reuters also reported that Walmart and other retailers urged a federal judge to reject a proposed antitrust settlement with Visa and Mastercard, arguing the deal offers limited benefit to large merchants and doesn’t meaningfully address key network rules. [17]
Why investors care: interchange fees are a real cost line for merchants, but the investment relevance is mainly about the long arc—whether payments economics and network rules become more favorable to large retailers over time.
3) FDA warning letters tied to recalled baby formula still on shelves
Reuters reported the FDA sent warning letters to Walmart and other retailers over continued sales of recalled baby formula linked to a nationwide outbreak, according to the regulator’s website. [18]
Market read: this is more “reputational/regulatory” than “earnings-impact,” but it’s the kind of headline that can trend and create volatility if follow-up actions occur.
Analyst forecasts and price targets: what Wall Street expects for WMT
Into Dec. 22, sell-side sentiment remains broadly constructive, but the debate has shifted toward valuation vs. quality.
Consensus targets cluster in the low $120s
MarketWatch’s analyst summary lists stock price targets with an average around $122.54, with a high near $136 and a low near $108. [19]
MarketBeat’s compilation shows an average target around $120.54 (with a range from $91 to $135). [20]
Recent notable target moves
- TipRanks/TheFly reported Truist raised its price target on Walmart to $127 (from $119) while maintaining a Buy rating. [21]
- Investing.com reported Tigress Financial raised its target to $130, highlighting AI-driven opportunities and growth themes. [22]
How to interpret this for Monday: when a mega-cap is trading near consensus targets, the market often needs either (1) fresh fundamental upside (sales/margin revision) or (2) a macro risk-off/risk-on impulse to break out meaningfully.
Valuation debate: Walmart’s quality is prized, but the multiple is a battleground
One reason WMT can be sensitive to rate moves and “style” shifts is that investors increasingly treat it as a premium compounder (not just a defensive grocer).
Yahoo Finance’s key statistics page lists Walmart’s forward P/E in the high 30s (around 37.6). [23]
That valuation has prompted pushback in some corners of the market, including commentary arguing Walmart’s multiple looks stretched relative to growth expectations. [24]
The practical takeaway: on a day-to-day basis, WMT can trade like a defensive name. But at today’s valuation levels, it can also behave like a “quality growth” stock—meaning it may react more sharply to rates, macro growth expectations, and any sign that consumer spending is rolling over.
Technical levels to watch before the bell (no charts—just the levels)
Using the latest trading session’s range as a guide:
- Near-term resistance: around $115.46 (recent intraday high)
- Near-term support: around $113.59 (recent intraday low)
- Psychological zone:$115 is an obvious “round-number” area where profit-taking often shows up in holiday weeks.
If WMT opens above the recent high on meaningful volume, it suggests buyers are still leaning into the “holiday strength + structural growth” narrative. If it loses the lower end of the range, traders will likely look for whether the move is idiosyncratic (company/legal headline) or macro-driven (rates/indices pulling back).
What could move Walmart stock specifically on Monday, Dec. 22?
Here are the most realistic Monday drivers—ranked by likelihood and impact:
- Macro tape and index moves (rates, futures, risk sentiment)
Walmart is defensive, but at a premium multiple it’s not immune to factor rotations. - Any follow-up headlines on the three December legal/regulatory stories
(Visa/Mastercard settlement fight, PepsiCo litigation, FDA warning letters). [25] - Holiday-week liquidity effects
With the week shortened by the Dec. 24 early close and Dec. 25 holiday, price moves can be exaggerated. [26] - Positioning into the Feb. 19 earnings event
The next major fundamental reset is the Q4/FY print (expected Feb. 19, before open). [27]
Bottom line: the “Dec. 22 setup” for WMT investors
Before the market opens on December 22, 2025, Walmart stock sits at the intersection of three narratives:
- Execution story (bullish): strong Q3 momentum, fast-growing eCommerce, rapidly scaling advertising and membership income, and ongoing buybacks. [28]
- Transition story (watch closely): CEO succession to John Furner on Feb. 1 and continued emphasis on Walmart as a tech-powered, omnichannel leader (reinforced by the Nasdaq move). [29]
- Headline risk (near-term noise): late-December legal/regulatory headlines that could create volatility in a low-liquidity holiday week. [30]
For Monday specifically, the cleanest “investor checklist” is:
- Watch whether WMT holds above ~$114 and how it trades around $115.
- Monitor headline flow (especially Reuters updates on the legal/regulatory items).
- Keep an eye on the holiday trading schedule and the possibility of exaggerated moves. [31]
Sources (selected)
- Walmart Q3 FY26 earnings release (SEC filing / Exhibit 99.1) [32]
- Walmart CEO transition press materials [33]
- Walmart Nasdaq transfer announcement (8‑K press release) and Nasdaq/BW debut release [34]
- Reuters coverage on Visa/Mastercard settlement objection, PepsiCo lawsuit, and FDA warning letters [35]
- Analyst target compilations (MarketWatch / MarketBeat) and selected target changes (TipRanks, Investing.com) [36]
- Trading-week holiday schedule (FINRA) [37]
- Latest available WMT quote snapshot
References
1. finance.yahoo.com, 2. www.nasdaqtrader.com, 3. www.finra.org, 4. www.sec.gov, 5. www.sec.gov, 6. www.sec.gov, 7. www.sec.gov, 8. www.sec.gov, 9. www.sec.gov, 10. www.sec.gov, 11. www.sec.gov, 12. corporate.walmart.com, 13. stock.walmart.com, 14. www.nasdaq.com, 15. corporate.walmart.com, 16. www.reuters.com, 17. www.reuters.com, 18. www.reuters.com, 19. www.marketwatch.com, 20. www.marketbeat.com, 21. www.tipranks.com, 22. www.investing.com, 23. finance.yahoo.com, 24. seekingalpha.com, 25. www.reuters.com, 26. www.finra.org, 27. finance.yahoo.com, 28. www.sec.gov, 29. corporate.walmart.com, 30. www.reuters.com, 31. www.finra.org, 32. www.sec.gov, 33. corporate.walmart.com, 34. stock.walmart.com, 35. www.reuters.com, 36. www.marketwatch.com, 37. www.finra.org
