Nvidia Might Be the Stock Story of the Day—But Walmart’s Shares Are Rising Even More

Shares of Walmart jumped Thursday, putting them among the S&P 500’s top gainers, after the company reported quarterly results that topped Wall Street’s estimates and boosted its outlook.

Walmart (WMT) earned an adjusted $0.62 per share in the third quarter of its 2026 fiscal year, 2 cents above the analyst consensus compiled by Visible Alpha. Revenue rose 5.8% from the same time a year ago to $179.5 billion, $2 billion more than analysts had forecast. Walmart’s comparable sales rose by 4.2%, just above the analyst estimate. Walmart’s e-commerce sales rose 27%, and the company’s advertising revenue grew 53%.

The company also lifted its full-year outlook for sales and adjusted EPS. Revenue is expected to rise 4.8% to 5.1% in the full fiscal year, up from 3.75% to 4.75% previously, and adjusted EPS is now forecast at $2.58 to $2.63, up slightly from the prior range of $2.52 to $2.62.

The numbers are a sign that American consumers continue to spend as the holiday selling season picks up steam. Walmart shares were up 6% in recent trading, working their way back in the direction of recent highs after a late-October slide. Since the start of the year, they have gained nearly 15%.

JPMorgan analysts said that despite some concerns—like grocery sales and what it considered a cautious outlook—they “don’t see a lot of change from what WMT has been posting” for the last several quarters.

Last week, Walmart announced that CEO Doug McMillon will step down from his role at the end of January after serving as CEO since February 2014. John Furner, CEO of Walmart U.S., will take over the top job at the retailer.

The retail giant also said Thursday that it is moving its stock listing from the New York Stock Exchange to the Nasdaq exchange, keeping its “WMT” ticker and expecting to make the move by Dec. 9. “Moving to Nasdaq aligns with the people-led, tech-powered approach to our long-term strategy,” CFO John David Rainey said in Thursday’s announcement.

Aptus Capital Advisors portfolio manager David Wagner said Walmart could also be motivated by a potential inclusion in the Nasdaq 100, the stock index that tracks the 100 largest companies on the Nasdaq, “which continues to see consistent capital inflows, which could buoy the stock higher.”