So Walmart just casually dropped some news that has Wall Street doing a double-take. The retail giant didn’t just beat earnings expectations—they absolutely crushed them, then announced they’re ditching the NYSE for Nasdaq like they’re upgrading from a flip phone to an iPhone.
Let’s break down what happened, because this isn’t your typical “big box store sells more stuff” story.
The Numbers Don’t Lie (And They’re Pretty Sweet)
Walmart’s Q3 earnings were basically the corporate equivalent of showing up to a potluck with homemade lasagna when everyone else brought store-bought cookies. Revenue hit $179.5 billion—up 5.8% year-over-year and beating estimates by $2 billion. Not bad for a company everyone keeps saying is “old school.”
But here’s where it gets interesting: their e-commerce sales jumped 27%. Twenty-seven percent! That’s not just growth, that’s “we’re actually figuring out this whole internet thing” growth. Meanwhile, their advertising business (yes, Walmart has an advertising business now) saw revenue climb 53%.
Same-store sales rose 4.5%, which in retail speak means people are actually choosing to shop there more, not just because they have to.
Plot Twist: New CEO, New Exchange
Current CEO Doug McMillon decided to mic-drop his way into retirement, announcing he’s stepping down at the end of January 2026. But don’t panic—they’re promoting from within. John Furner, who’s been with the company for 32 years and started as an hourly employee, is taking over. That’s the kind of succession planning that makes investors sleep better at night.
Then came the real curveball: Walmart is moving from the NYSE to Nasdaq on December 9th. After 52 years on the NYSE, they’re making the switch to hang out with all the tech companies. It’s like your dad suddenly deciding to get TikTok—unexpected, but maybe he knows something you don’t.
Why This Actually Matters
The Nasdaq move isn’t just symbolic. It signals that Walmart sees itself as a tech company that happens to sell groceries, not a grocery company trying to do tech. With their e-commerce boom, advertising platform, and Walmart Plus membership growing 16.7%, they’re building an ecosystem that looks suspiciously like… well, Amazon.
The stock jumped 6% on the news and is up 18% year-to-date. Analysts have a median price target of $115 (it’s currently around $107), suggesting there’s still room to run.
The Bottom Line
Walmart just proved that sometimes the tortoise really does win the race. While everyone was obsessing over flashy tech stocks, the world’s largest retailer quietly built a digital empire. The Nasdaq move is just them finally admitting what the numbers have been saying all along: they’re not your grandparents’ Walmart anymore.
Whether this momentum continues depends on execution, but right now, Walmart is looking less like a dinosaur and more like a phoenix with really good supply chain management.