Walmart just pulled off the retail equivalent of a power move—and honestly, it’s kind of impressive. While everyone was bracing for Q3 earnings to be a dumpster fire (thanks, tariffs, inflation, and general economic doom), the nation’s biggest retailer came out swinging with numbers that beat expectations and a strategic pivot that signals serious confidence in the future.
Let’s break down what happened. Walmart posted $179.5B in revenue, up 5.8% year-over-year, which beat analyst estimates of $177.5B. But here’s where it gets interesting: adjusted earnings per share came in at 62 cents, beating the 60-cent estimate. Same-store sales jumped 4.5%, which is solid growth in a market where consumers are supposedly tightening their belts. The company also raised its full-year guidance, now expecting net sales growth of 4.8% to 5.1%, up from the previous 3.75% to 4.75%. Translation: Walmart’s not just meeting expectations—it’s crushing them.
The real story, though, isn’t just about beating numbers. It’s about where Walmart’s growth is actually coming from. E-commerce sales globally jumped 27%, driven by store-fulfilled pickup and delivery options. That’s the kind of omnichannel integration that makes Wall Street analysts lose their minds. But wait, there’s more: the advertising business grew 53%, and Walmart Plus membership revenue climbed 16.7%. These aren’t traditional retail plays—they’re high-margin, recurring revenue streams that make the company look less like a discount retailer and more like a tech-powered platform.
Then there’s the leadership shuffle. Doug McMillon, who’s been steering the ship, is retiring at the end of the fiscal year. His replacement? John Furner, the current CEO of Walmart US, who’s been with the company for 32 years and started as an hourly employee. It’s the kind of succession plan that screams stability and continuity, which is exactly what investors want to hear.
But the real mic drop? Walmart’s moving from the NYSE to the Nasdaq, effective December 9. The company’s framing this as a reflection of its “technology-forward approach” and its mission to redefine retail through innovation. Translation: Walmart wants to be seen as a tech company that happens to sell stuff, not a retailer that dabbles in tech. It’s a symbolic move, sure, but symbols matter in the stock market.
The stock’s already up 18% year-to-date, trading around $107 per share. Analysts have a median price target of $115, which would represent about 8% upside. The P/E ratio sits at 37, which is elevated but not unreasonable given the growth trajectory and margin expansion story.
What’s remarkable here is that Walmart’s thriving in an environment where traditional retail is supposed to be dying. It’s not just surviving—it’s evolving. The company’s leveraging its massive store footprint as a logistics advantage, building high-margin digital businesses, and positioning itself as a tech innovator. Whether you’re bullish on retail or not, Walmart’s execution is worth paying attention to. This isn’t your grandmother’s Walmart anymore.
