BAF NEWS

Here’s the twist: the beat wasn’t the headline. The combination of a guidance hike, an exchange switch, and speedier delivery stole the show.

Q3 FY26 Financial Performance

Walmart kept its foot on the gas. Revenue rose 5.8% to $179.5 billion, with adjusted EPS of $0.62. U.S. comparable sales increased 4.5% for the quarter. Meanwhile, global e‑commerce sales jumped about 27%, underscoring the digital engine behind the growth. These figures came as the retailer leaned on grocery strength and faster fulfillment, according to available reports. ^{[Walmart and several outlets detailed the beats and comps.]}

By the numbers, the outperformance looked broad. The U.S. business continued to grow traffic and ticket, while online remained a standout. And crucially, momentum in e‑commerce was consistent, not a one‑off surge.

Raised Full‑Year Guidance

You might be surprised that management raised the bar again this close to peak season. The company now expects full‑year net sales growth of 4.8%–5.1%. It also lifted its adjusted EPS outlook to $2.58–$2.63 for fiscal 2026. That’s a material nudge higher into year‑end.

Why it matters: guidance is the real tell. It signals management confidence in holiday demand, the stickiness of digital gains, and the payoff from operational tweaks. And it narrows the scenario range investors were modeling.

Stock Listing Transfer to Nasdaq

What no one is mentioning loudly enough: this is not just a routine exchange shuffle. Walmart will transfer its stock listing from the NYSE to the Nasdaq Global Select Market, with trading expected to begin on December 9, 2025. The ticker will remain WMT. Bloomberg called it the largest exchange transfer by market value, and the company plans to move certain bonds as well.

So why now? The company didn’t frame it as a strategy pivot, and we won’t speculate. However, the move plants Walmart alongside a cohort of faster‑growing, tech‑tilted peers. And it lands just as the company’s digital flywheel is spinning faster.

Customer Trends: Value‑Seeking and Income Dynamics

Here’s the context shoppers are living in. Value remains king, but the mix shifted. Higher‑income households continued to drive growth. Meanwhile, spending among lower‑income shoppers moderated. That divergence shaped the quarter’s basket and likely the mix within general merchandise versus grocery.

This pattern tracks with the broader macro pulse. As prices stay sticky, trade‑down behavior persists, but deal‑hunting is now universal. And Walmart still appears to be gaining share across cohorts, according to available reports.

Market Reaction

Investors didn’t wait for the closing bell. Shares rose about 6% in early trading on November 20, 2025, after the results and outlook hit. The bounce reflected both the earnings resilience and the guidance bump. But it also hinted at enthusiasm for the Nasdaq switch narrative.

Still, enthusiasm must meet execution. Holiday sell‑through and margins will do the talking next. Yet the setup heading into December looks firmer than it did a quarter ago.

Operational Metrics and E‑Commerce Acceleration

Here’s the twist that will matter beyond the holiday quarter: speed. About 35% of store‑fulfilled orders were delivered in under three hours. ‘Expedited deliveries’ rose roughly 70% in the quarter. And Q3 marked the seventh straight quarter of e‑commerce growth above 20%.

Those are not vanity metrics. Faster delivery shrinks the convenience gap with pure‑play platforms. It also improves customer stickiness and lifts the online basket. Moreover, the cadence of >20% e‑commerce growth suggests the flywheel is durable, not merely promotional.

Follow the money: faster last‑mile and tighter operations can unlock margin levers. As delivery density improves, unit economics tend to follow. And as Walmart deepens marketplace and advertising, the mix shift can protect profitability while scaling volume.

The upshot

Walmart delivered a clean beat. But the bigger story is a company pressing its advantage in speed, scale, and guidance credibility. The Nasdaq move adds a symbolic, if not operational, layer to the growth narrative.

If those delivery and e‑commerce trends hold, the model gets sturdier. And if the guidance proves conservative, the setup into fiscal 2026 looks even better. For now, the numbers, and the market reaction, say momentum is real.