Walmart Inc. (WMT) is set to redefine exchange allegiances on December 9, 2025, transferring its $852 billion market cap listing from the storied New York Stock Exchange to Nasdaq Global Select Market—the largest such shift on record—while retaining its WMT ticker and relocating nine bond series. This audacious pivot, announced November 20, aligns Walmart’s “people-led, tech-powered” ethos with Nasdaq’s innovation vanguard, spotlighting AI agents, automation, and a 27% e-commerce surge in Q3 FY26.
Q3 results fueled the fanfare: revenue climbed 5.8% to $179.5 billion (beating $177.4 billion estimates), with adjusted EPS at $0.62—up from $0.58—and guidance hiked to 4.8-5.1% sales growth and $2.58-2.63 EPS for FY26. Over 60% of U.S. freight now courses through automated centers, with Walmart Connect advertising up 53% (including VIZIO), positioning the retailer as an omnichannel behemoth. CFO John David Rainey framed the switch as a “next chapter,” potentially unlocking tens of billions in passive inflows via Nasdaq-100 inclusion, per Wall Street Journal analysis.
Nasdaq’s coup over NYSE—historically the bastion of industrials—bolsters its 2025 IPO dominance, with Walmart’s move quintupling prior records like Linde’s $180 billion transfer. Shares hover near $111, up 20% YTD and outpacing the S&P, with Zacks’ Bryan Hayes noting Walmart’s value appeal in a bifurcated consumer arena. As Doug McMillon’s 12-year tenure winds down, this tech rebrand—cheaper fees aside—heralds Walmart’s evolution, eyeing $37 trillion global retail by 2030.
