Walmart Shifts to Nasdaq, Lifts Earnings Outlook as E-Commerce Surges

Walmart Inc. (WMT) has raised its full-year sales and earnings forecasts following a strong third quarter, driven by a 27% surge in global e-commerce and 4.5% growth in U.S. comparable sales. The world's largest retailer reported adjusted earnings per share (EPS) of $0.62, surpassing estimates of $0.60, and revenue of $179.5 billion, outpacing the $177.45 billion consensus. The performance reflects the growing share of middle- and high-income consumers turning to the discount giant amid inflationary pressures and economic uncertainty.

The company announced plans to shift its stock listing from the New York Stock Exchange (NYSE) to the Nasdaq on December 9, a move it says aligns with its tech-forward strategy. Despite the earnings beat and optimistic guidance, shares fell 2.1% in after-hours trading, as investors weighed the implications of leadership changes and ongoing margin pressures from tariffs and logistics costs.

Walmart also provided updated fiscal year 2026 guidance, now expecting net sales growth of 4.8% to 5.1% and adjusted EPS of $2.58 to $2.63, up from previous forecasts.

The revised outlook reflects growing confidence in its omnichannel capabilities, with e-commerce and Walmart+ membership driving much of the momentum. The company's advertising and marketplace businesses also saw significant growth, with global advertising revenue rising 53%.

Strategic Shifts and Market Reactions

Walmart's decision to move its stock listing to Nasdaq marks a symbolic step toward aligning with a tech-heavy exchange, underscoring its broader push into digital retail and artificial intelligence. The company emphasized that the move aligns with its long-term vision of integrating automation and AI to enhance customer experiences, a strategy it says will improve operational efficiency. The shift also positions Walmart for potential inclusion in the Nasdaq 100, a move that could attract index-tracking funds and drive increased share ownership.

Despite the positive financial results, the stock's decline highlighted investor caution. The drop followed a broader sell-off in retail stocks, with competitors like Target and Home Depot also revising their forecasts downward. Walmart's gross margin improved slightly but remains under pressure from inflation and tariffs, which have increased inventory costs and limited pricing flexibility, according to financial analysis.