Walmart announced on November 20, 2025, that it has again lifted its annual outlook following robust third-quarter results. The company reported a 4.5% gain in U.S. comparable sales from August through October, exceeding estimates and reinforcing optimism ahead of the holiday season. Alongside the updated forecast, Walmart revealed plans to move its stock listing from the New York Stock Exchange to Nasdaq starting December 9, reflecting its shift toward a technology-focused strategy.

Walmart’s Third-Quarter Performance and Upward Guidance

Walmart posted a 4.5% increase in U.S. comparable sales for Q3 2025, beating the anticipated 3.8% rise. This strong showing led it to revise its annual net sales growth forecast to a range between 4.8% and 5.1%, up from the previous 3.75% to 4.75% guidance. Revenue rose 5.8% to $179.5 billion, while adjusted earnings per share reached 62 cents for the quarter.

The company’s success contrasts with recent forecast cuts by competitors such as Lowe’s and Home Depot, which attributed lower targets to consumer weakness. Target also reported softer sales figures in the same period. Persistent inflation and a cooling U.S. labor market continue to pressure consumer confidence, leading many shoppers to focus on essentials at lower prices—a trend that benefits Walmart’s broad customer base.

Strategic Nasdaq Listing and Technology Emphasis

Walmart will transfer its stock listing to Nasdaq effective December 9, 2025. Chief Financial Officer John Rainey said this move aligns with Walmart’s “people-led, tech-powered” approach, tapping Nasdaq’s appeal for tech companies and more flexible listing requirements. This decision underscores Walmart’s increased focus on innovation, including integrating artificial intelligence across supply chain management, demand forecasting, search, and advertising capabilities.

Last week, Walmart appointed John Furner as the new CEO, succeeding Doug McMillon. McMillon highlighted eCommerce as a strong performing segment, noting improvements in delivery speed, market share gains, and inventory management. About half of Walmart’s profit growth now derives from advertising revenue, marketplace sales, fee income, and the Walmart+ membership program, which costs $98 annually.

Walmart+ members, many from households earning above $100,000, have driven nearly two-thirds of recent growth. These subscribers enjoy perks like free same-day and next-day delivery. Additionally, Walmart’s global advertising revenues increased by 53% this quarter, accelerating from a 46% rise in the prior quarter.

Walmart: Market Outlook

The company raised its annual adjusted earnings per share guidance to a range of $2.58 to $2.63 from $2.52 to $2.62 previously. With healthy momentum in online sales and growing digital innovation, Walmart appears poised to maintain resilience despite economic headwinds. The transition to Nasdaq clearly signals a strategic repositioning toward technology-driven growth and enhanced shareholder value.

Investors will closely observe how Walmart leverages its expanding advertising business and Walmart+ memberships during the upcoming holiday season and beyond as it competes in a challenging retail environment.