Nvidia may be the stock story of the day, but Walmart shares are rising even higher

Walmart shares jumped Thursday, making them among the biggest gainers on the S&P 500, after the company reported quarterly results that beat Wall Street estimates and boosted its outlook.

Walmart (WMT) earned adjusted earnings of $0.62 per share in Q3 fiscal 2026, 2 cents higher than the analyst consensus compiled by Visible Alpha. Revenues rose 5.8% from the same period last year to $179.5 billion, $2 billion more than analysts expected. Walmart’s comparable sales rose 4.2%, slightly above analyst estimates. Walmart’s e-commerce sales rose 27%, and the company’s advertising revenue grew 53%.

The company also raised its full-year sales forecasts and adjusted earnings per share. 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 expected to be in a range of $2.58 to $2.63, up slightly from the previous range of $2.52 to $2.62.

These numbers indicate that US consumers are continuing to spend as the holiday sales season grows stronger. Walmart shares rose 6% in recent trading, moving back toward recent highs after a late October decline. Since the beginning of the year, their gains have increased by approximately 15%.

JPMorgan analysts said that despite some concerns — such as grocery sales and what they viewed as a cautious outlook — they “don’t see a lot of change from what WMT posted” over the past few quarters.

Last week, Walmart announced that CEO Doug McMillon will step down at the end of January after serving as CEO since February 2014. John Forner, CEO of Walmart US, 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, while keeping the ticker WMT, and expects to make the move by December 9. “The move to Nasdaq is consistent with the people-led, technology-enabled approach to our long-term strategy,” CFO John David Rennie said in an announcement Thursday.

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 steady capital inflows, which could boost the stock higher,” Aptus Capital Advisors portfolio manager David Wagner said.