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.