December 8, 2025
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Why Is Walmart Moving to the Nasdaq?
Following success with its technology transformation efforts, Walmart announced plans to shift its stock listing to the Nasdaq stock exchange from the New York Stock Exchange, the stock’s home since founder Sam Walton took the chain public in 1970. The switch will occur Dec. 9.
On Walmart’s third-quarter analyst call, John David Rainey, EVP and CFO, said the move aligns with Walmart’s “people-led, tech-powered approach” driving its long-term strategy.
Rainey, who served on the exchange’s board of directors between 2017 and 2023, said, “Walmart is setting a new standard for omnichannel retail by integrating automation and AI to build smarter, faster and more connected experiences for customers while enabling our associates to deliver even greater value at scale. We are appreciative of our long partnership with such a [storied] institution as the New York Stock Exchange, but we’re excited about partnering with Nasdaq on this next chapter of our growth story.”
Walmart announced the change as it raised its annual forecasts for the second time this year after another strong quarter marked by a 28% jump in online sales.
The retail giant’s strong performance in recent years has been boosted by not only online growth, but also technology upgrades across the supply chain and other processes. On its analyst call, Walmart executives said that more than 60% of freight is now moving through automated distribution centers, over half of online orders fulfilled in automated facilities, and more than 40% of Walmart’s new software code is now either AI‑generated or AI‑assisted.
Walmart’s Nasdaq Move Follows a Formal Change in Leadership
The exchange transfer comes just a few days after Walmart named veteran executive John Furner its new CEO, succeeding Doug McMillon, as the retailer accelerates efforts to become more tech‑driven.
McMillon said on the call, “I wouldn’t underestimate the physical aspects that kind of underpin the advantages that we have. But at the same time, we’ve gotten so much better with technology that we have the ability to execute a vision that will be multimodal, more personalized, understand context, and it’ll help people save time and have more fun shopping.”
Being positioned as a technology stock may help Walmart earn a higher stock multiple from investors.
Tomas Jandik, corporate finance professor at the University of Arkansas, told NPR, “Walmart, by joining NASDAQ, I think, would like to signal that traders, investors should be looking at Walmart more closely as Amazon’s direct competitor rather than [an] all-time discount retailer.”
Switching exchanges also positions Walmart to be included in the tech-heavy Nasdaq 100 stock index — and absorb more investment from passive funds — Corey Tarlowe, an analyst at Jefferies, said in a note.
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Neil Saunders
Managing Director, GlobalData
Kai Clarke
CEO, President- American Retail Consultants
Scott Benedict
Founder & CEO, Benedict Enterprises LLC
Recent Discussions
Discussion Questions
What benefits may Walmart gain by shifting its stock to the Nasdaq?
Do you see the move as a potential win for investors but also for Walmart employees, management and the business overall? Why or why not?
Poll
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The move to Nasdaq sends a signal that Walmart is less of a traditional retail corporation and more of a technology firm. Given the predilection of investors for all things tech, especially AI, this should help support Walmart’s valuation. And that is what this is really about, because Walmart does not believe it is a tech firm first and foremost. Though, to be fair, the move is underpinned by Walmart’s extensive investments and innovations in the technology space. Incidentally, listing fees are also cheaper on Nasdaq than the NYSE – and saving money is a very Walmart thing to do!
It’s always an easy decision when both ambition and parsimony are on the same track, isn’t it? Things would be a lot more fun if NASDAQ was costlier than the NYSE.
My guess is it’s cheaper. NYSE listing was once a status symbol. not so much anymore; and – of course! – WalMart hardly needs to worry about impressing anyone anymore…the stock itself does that.
Moving to the NASDAQ allows Walmart’s positioning to evolve from a retailer to a tech enabler.
For decades, Walmart has been a pioneer in tech like RFID and backend systems. As retail and tech have become entwined, partnerships with Shopify, TikTok, Gatik and Wing have fortified Walmart as the most omnichannel retailer on the planet.
Tech isn’t a tacked-on afterthought; it permeates Walmart’s business strategy. From IoT leadership for trading partners to AI-powered shopping assistant Sparky helping us plan our holiday parties, Walmart’s retail tech solutions add value to stakeholders.
As companies innovate and evolve, their original business models become obsolete. For example, IBM used to sell computers. Now, the company’s focus is on software solutions. Walmart started out to be a pure brick-and-mortar company. Today they blend traditional retailing with technology. As they look to the future, they know that blend will lean toward technology. The Nasdaq is where technology companies are typically found (not all, but many), so it makes total sense for them to play in the same sandbox as other tech-focused companies. Is there an advantage for them to do so? From an investor’s viewpoint, I don’t think so. Company performance will still dictate the stock price.
Moving Walmart’s listing to Nasdaq could provide significant advantages, particularly in increasing market visibility, expanding investor access, and enhancing long-term strategic positioning. Nasdaq generally attracts a wider range of institutional and growth-focused investors, including many who may underweight traditional brick-and-mortar firms. By switching to Nasdaq, Walmart might rebrand itself in the capital markets as a digitally-savvy, omnichannel leader — not just a legacy retailer — which could boost liquidity, valuation multiples, and investor perceptions of its future growth potential.
I believe this move could be advantageous not only for outside investors but also for Walmart’s associates. Improved access to capital and stronger stock performance can enable reinvestment in technology, store upgrades, staff training, and omnichannel initiatives — all of which benefit frontline workers and customers. For management and long-term staff, a more compelling stock story and potential valuation increase help align incentives and bolster morale.
That said, the upside depends heavily on execution. Moving to Nasdaq doesn’t change fundamentals — Walmart must continue executing on cost discipline, growth strategies, digital integration, and customer value. As a former associate, I know that they will continue to do so.
Walmart is forcasting its shift as a technology company and not just a retail company. It sees what Amazon has done by repositioning itself as a technology leader and enabler, and knows that the writing is on the wall. Also, the NASDAQ is a technology leading trading platform and Walmart wants to see itself listed this way. Oh yeah, plus it will cost Walmart less to list and transact itself and we should expect to see a stock valuation change/split very soon.
While this is move to declare Walmart a tech giant just because exchange where its listed, nothing will change from consumer or employee front. Yes, company valuation with have positive ecomnic tailwind
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The move to Nasdaq sends a signal that Walmart is less of a traditional retail corporation and more of a technology firm. Given the predilection of investors for all things tech, especially AI, this should help support Walmart’s valuation. And that is what this is really about, because Walmart does not believe it is a tech firm first and foremost. Though, to be fair, the move is underpinned by Walmart’s extensive investments and innovations in the technology space. Incidentally, listing fees are also cheaper on Nasdaq than the NYSE – and saving money is a very Walmart thing to do!
It’s always an easy decision when both ambition and parsimony are on the same track, isn’t it? Things would be a lot more fun if NASDAQ was costlier than the NYSE.
My guess is it’s cheaper. NYSE listing was once a status symbol. not so much anymore; and – of course! – WalMart hardly needs to worry about impressing anyone anymore…the stock itself does that.
Moving to the NASDAQ allows Walmart’s positioning to evolve from a retailer to a tech enabler.
For decades, Walmart has been a pioneer in tech like RFID and backend systems. As retail and tech have become entwined, partnerships with Shopify, TikTok, Gatik and Wing have fortified Walmart as the most omnichannel retailer on the planet.
Tech isn’t a tacked-on afterthought; it permeates Walmart’s business strategy. From IoT leadership for trading partners to AI-powered shopping assistant Sparky helping us plan our holiday parties, Walmart’s retail tech solutions add value to stakeholders.
As companies innovate and evolve, their original business models become obsolete. For example, IBM used to sell computers. Now, the company’s focus is on software solutions. Walmart started out to be a pure brick-and-mortar company. Today they blend traditional retailing with technology. As they look to the future, they know that blend will lean toward technology. The Nasdaq is where technology companies are typically found (not all, but many), so it makes total sense for them to play in the same sandbox as other tech-focused companies. Is there an advantage for them to do so? From an investor’s viewpoint, I don’t think so. Company performance will still dictate the stock price.
Moving Walmart’s listing to Nasdaq could provide significant advantages, particularly in increasing market visibility, expanding investor access, and enhancing long-term strategic positioning. Nasdaq generally attracts a wider range of institutional and growth-focused investors, including many who may underweight traditional brick-and-mortar firms. By switching to Nasdaq, Walmart might rebrand itself in the capital markets as a digitally-savvy, omnichannel leader — not just a legacy retailer — which could boost liquidity, valuation multiples, and investor perceptions of its future growth potential.
I believe this move could be advantageous not only for outside investors but also for Walmart’s associates. Improved access to capital and stronger stock performance can enable reinvestment in technology, store upgrades, staff training, and omnichannel initiatives — all of which benefit frontline workers and customers. For management and long-term staff, a more compelling stock story and potential valuation increase help align incentives and bolster morale.
That said, the upside depends heavily on execution. Moving to Nasdaq doesn’t change fundamentals — Walmart must continue executing on cost discipline, growth strategies, digital integration, and customer value. As a former associate, I know that they will continue to do so.
Walmart is forcasting its shift as a technology company and not just a retail company. It sees what Amazon has done by repositioning itself as a technology leader and enabler, and knows that the writing is on the wall. Also, the NASDAQ is a technology leading trading platform and Walmart wants to see itself listed this way. Oh yeah, plus it will cost Walmart less to list and transact itself and we should expect to see a stock valuation change/split very soon.
While this is move to declare Walmart a tech giant just because exchange where its listed, nothing will change from consumer or employee front. Yes, company valuation with have positive ecomnic tailwind