Walmart to Shift Listing to Nasdaq, Bolstering Tech Exchange's Clout

Walmart Inc. (WMT) announced Thursday that it will transfer its stock listing from the New York Stock Exchange (NYSE) to the Nasdaq. The move is set to take effect on December 9, 2025, with its shares continuing to trade under the same ticker symbol, "WMT." The company cited a "people-led, tech-powered approach" as a key reason for the switch, emphasizing its long-term strategy of integrating automation and artificial intelligence in its operations according to Bloomberg.

The announcement came alongside Walmart's third-quarter earnings report, which showed stronger-than-expected revenue and a raised fiscal year outlook. The retail giant reported $179.5 billion in revenue for the three months ending October 31, a 5.8% increase from the previous year. The company also raised its full-year sales growth forecast, now expecting a 4.8% to 5.1% increase, up from a prior range of 3.75% to 4.75%.

Walmart's decision to switch exchanges has drawn attention as one of the largest transfers in stock market history. It marks a significant victory for Nasdaq in its ongoing competition with the NYSE for major listings, particularly as the tech-heavy exchange continues to attract companies from a variety of sectors.

Strategic Shift and Market Implications

Walmart said the move aligns with its long-term strategy of becoming a more tech-driven omnichannel retailer. The company has been investing heavily in automation, AI, and logistics improvements. CEO Doug McMillon noted in an earnings call that "Walmart is setting a new standard for omnichannel retail" and that the company is "resisting upward pressure on the cost of goods." The transition also positions Walmart for potential inclusion in the Nasdaq 100 Index, a move that could boost institutional demand for its shares.

The shift is also expected to bring nine of Walmart's bonds to Nasdaq, further strengthening the exchange's ties with the retail giant. Nasdaq's recent success in drawing listings from major companies-such as Shopify, Kimberly-Clark, and Thomson Reuters-has positioned it as a growing alternative to the NYSE. This transition could intensify the rivalry between the two exchanges, especially as the NYSE has historically been home to large industrial and financial companies.

Earnings Beat and Consumer Insights

Walmart's earnings report showed broad-based strength across its business segments. The company saw gains in groceries, general merchandise, and e-commerce, with the latter growing 27% globally.

. CFO John Rainey said the company is benefiting from "a customer value proposition with everyday low prices and increased convenience," which is resonating with a wide range of shoppers.

The report also highlighted a shift in consumer behavior. Upper- and middle-income households are driving much of the growth, with lower-income shoppers under more pressure due to inflation and rising living costs. Walmart's CEO said the company is seeing "less tariff impact than initially expected earlier in the year," and noted that inflation is now running in the low-1% range.

Analyst Reactions and Market Response

The news of Walmart's stock transfer sent shares up 2.64% in pre-market trading to $103.25, reversing a prior decline in Wednesday's session. Analysts and investors are watching closely to see whether the move will lead to increased institutional investment, particularly from funds tracking the Nasdaq 100. Brian Jacobsen of Annex Wealth Management said the inclusion of Walmart in the index would "attract a different type of investor," especially those focused on growth-oriented tech firms according to Reuters.

The move has also sparked debate about the broader shift in stock listing preferences. The NYSE has long been the home of traditional retail and industrial firms, while Nasdaq has become the go-to exchange for technology companies. Walmart's decision blurs this line, signaling that even "old economy" firms are looking to align with tech-focused platforms according to Investing.com. The transition could set a precedent for other large retailers to follow suit, further reshaping the competitive landscape between the two exchanges.

Future Outlook and Risks

Walmart's raised outlook is a sign of confidence in its ability to navigate current economic headwinds. The company expects adjusted earnings per share (EPS) for fiscal 2026 to range between $2.58 and $2.63, up from a previous range of $2.52 to $2.62. It also lifted its revenue growth expectations to 4.8% to 5.1%, and raised its adjusted operating income growth forecast to 4.8% to 5.5%.

Despite the strong numbers, risks remain. Consumer spending has been a key driver of the U.S. economy, but signs of a cooling job market and higher import costs have raised concerns about the sustainability of current growth. Walmart has yet to see a sharp inflation surge from Trump-era tariffs, but policymakers have warned that the full impact of those duties is still to come.

Walmart's move to Nasdaq and its updated earnings outlook highlight the company's ongoing efforts to adapt to a rapidly changing retail landscape. As the transition date approaches, investors and analysts will be watching how the move impacts the stock's performance and broader market dynamics.