Walmart Stock Near Record Highs: Nasdaq Switch, New CEO, and an AI Holiday Boom

Walmart Stock (WMT) December 2025 Update: Nasdaq Switch, New CEO, and an AI-Powered Holiday

As of December 1, 2025, Walmart trades near $111 per share with a market value around $880-$885 billion. The stock sits near record highs after a strong Black Friday and a clean Q3 beat, with guidance raised into the holidays.

The storylines that matter now: a record-scale move to Nasdaq on December 9, an orderly CEO handoff in early 2026, and an AI push that is already driving e-commerce growth and higher-margin revenue streams.

Key takeaways for executives

• Price and momentum: Up about 22% year-to-date, outpacing the S&P 500. Shares hover near a 52-week high.
• Q3 outperformance: Revenue ~$179.5B (+5.8% y/y), global e-commerce up ~27-28%, and adjusted operating income growing faster than sales.
• Raised outlook: FY26 net sales growth now 4.8-5.1%; adjusted EPS guided to $2.58-$2.63.
• Nasdaq move (Dec 9): Largest exchange transfer ever by market value; potential path to Nasdaq-100 inclusion over time.
• Leadership: Doug McMillon retires Jan 31, 2026; John Furner becomes CEO Feb 1. Continuity, not a reset.
• Valuation: ~38-40× earnings, 0.8-0.9% dividend yield. Premium multiple reflects confidence in AI, ads, and omnichannel scale.

Walmart stock today: price, performance, and momentum

Intraday on December 1, shares trade around $111, essentially at all-time highs. The move follows strong holiday kickoff data and a perception shift: Walmart's tech and online capabilities now stand toe-to-toe with leading competitors.

• 2025 YTD: ~+22% vs. ~+16% for the S&P 500.
• 1-year / 3-year TSR: ~18% and ~108% respectively.
• Market cap: ~$870-$885B, among the ~15 most valuable companies globally.

Q3 FY26: what the numbers say

• Revenue: ~$179.5B (+5.8% y/y; ~+6% constant currency)
• U.S. comps (ex-fuel): +4.5%
• Global e-commerce: ~+27-28%
• Adjusted operating income: ~+8%
• Adjusted EPS: ~$0.62 vs. ~$0.58 a year ago

Strength was broad: grocery and essentials drove steady traffic, while apparel and home improved, especially among higher-income shoppers. Walmart Connect (ads) and membership income grew double digits, with some estimates pointing to 50%+ growth in global ad sales and mid-teens growth in membership.

Updated FY26 guidance

• Net sales growth: 4.8-5.1%
• Adjusted operating income growth: ~4.8-5.5%
• Adjusted EPS: $2.58-$2.63

Management is leaning into a solid holiday, sustained e-commerce gains, and share capture among higher-income households.

Holiday 2025: AI, phased promotions, and a split consumer

Black Friday traffic looked strong across big-box peers, and Walmart hit a record share price on the day. Cyber Monday U.S. online spending is expected around $14.2B (~+6% y/y), with AI-driven personalization lifting conversion.

Walmart's "Sparky" assistant, launched in June, now supports discovery with party planning, 3D showrooms, and audio descriptions. The October partnership with OpenAI enables ChatGPT shopping with Instant Checkout-turning conversational queries into completed baskets.

The consumer is split. Upper- and middle-income shoppers are resilient and buying more with Walmart for convenience and price. Lower-income households remain under pressure and continue to trade down to essentials and private label. Walmart is countering with aggressive rollbacks, private-label expansion, and tight store-to-online integration for same-day pickup and delivery.

Nasdaq switch: why it matters

Trading on the Nasdaq Global Select Market is set to begin December 9 under ticker WMT. This is the largest exchange transfer ever by market value and underscores Walmart's "people-led, tech-powered" positioning.

Potential upside: eventual Nasdaq-100 inclusion could bring incremental passive inflows, though timing is uncertain. For reference, you can track the symbol here: Nasdaq: WMT.

Leadership transition: McMillon to Furner

Doug McMillon retires January 31, 2026, after more than a decade as CEO. John Furner, head of Walmart U.S. and a 30-year veteran, takes over February 1.

Market reaction was muted, signaling confidence in continuity. The focus for 2026: keep scaling higher-margin growth engines, sustain e-commerce momentum, and execute on automation without margin slippage.

Analyst sentiment, models, and valuation

• Sell-side targets: Consensus clusters around $119-$121 (mid- to high-single-digit upside), with most ratings in Buy/Strong Buy territory.
• Model dispersion: Some DCF/fair-value models land near ~$118-$119; others argue fair value is closer to ~$60, citing valuation stretch despite a wide moat.

• P/E: ~38-41×
• Price-to-sales: ~1.2×
• Dividend yield: ~0.8-0.9% (Dividend King, 50+ years of raises)
• Earnings yield: ~2.5-2.6%, below many risk-free bond yields

Translation: the stock is priced as a growth-tilted defensive. Execution needs to stay clean to maintain the multiple.

The bull case

• Scale advantage: Purchasing, logistics, and a store base that doubles as a same-day fulfillment network.
• Omnichannel strength: High-20% e-commerce growth plus steady store traffic.
• Higher-margin layers: Ads (Walmart Connect), marketplace, and memberships slowly lifting profitability.
• AI and automation: Front-end assistants and back-end robotics drive better experience and lower cost to serve.
• Defensive demand: Value wins share in mixed macro conditions, including among higher-income shoppers.

The bear case

• Valuation risk: A premium multiple leaves limited margin of safety if growth cools or markets rotate.
• Cost pressures: Wages, transportation, and automation build-out can cap margin expansion.
• Low-income stress: Essentials mix supports traffic, but discretionary units can lag.
• AI execution: Fast-moving and expensive; missteps could dilute ROI.
• Leadership shift: Any drift in priorities or pace would get noticed quickly.

What to watch next

• Holiday sell-through, especially discretionary mix and return rates.
• Ad revenue traction and marketplace take-rate into Q4.
• E-commerce contribution margin and fulfillment efficiency gains.
• Nasdaq-100 eligibility and timing of any index flows.
• FY26/27 commentary on automation capex, wage inflation, and membership attach.

Strategy notes for executives

• Build high-margin layers: Ads, marketplace, memberships, and data products can shift profit mix faster than store growth alone.
• Use stores as infrastructure: Treat locations as last-mile nodes; tie them tightly to app and delivery.
• Operational AI: Apply AI where it shortens time to value-search, recommendations, dynamic promos, and supply chain planning.
• Private label as a lever: Cushion low-income pressure while protecting basket and margin.
• Succession and comms: Plan leadership transitions early; signal continuity around what's working.

If you're upskilling teams on practical AI for commerce, explore role-based programs here: AI courses by job. For a broader catalog of current programs, see Latest AI courses.

For primary company updates, see Walmart's newsroom: corporate.walmart.com/news.

Bottom line

Operationally strong, strategically clear, and priced for continued execution. If you want durable exposure to AI-enabled retail with scale advantages, Walmart fits. If you need a bargain or yield, it doesn't.

This article is for information and education only and is not personalized investment advice. Consider consulting a licensed financial advisor before making any investment decisions.