Key Highlights

  • Index addition: Walmart formally joined the Nasdaq 100 on January 20, 2026, replacing AstraZeneca in a scheduled reshuffle.
  • Slowing store sales: U.S. comparable sales growth hit its slowest pace in six years in fiscal Q2 2027, reported in August 2026.
  • Online acceleration: E-commerce sales grew by around a quarter earlier in the year, driven by delivery, marketplace, and advertising.
  • Margin mix shift: Growing Advertising and delivery Revenue gives Walmart higher-margin income that looks more like a technology company's Business mix.

Walmart (NASDAQ:WMT) is sending investors two very different signals at once: growth in its physical shops has slowed markedly, while its online business is expanding at a brisk pace. For followers of the Nasdaq 100, that divergence matters more than ever, because Walmart only joined the index in January 2026, giving the benchmark fresh exposure to the American consumer.

What Walmart Does

Walmart is the world's largest retailer, operating supercentres, Warehouse clubs and a fast-growing E-commerce and advertising business. It sits in the consumer-staples sector, selling groceries and everyday essentials that people buy regardless of the economic weather. That defensive quality is why its inclusion in a technology-heavy index is notable: it brings a different kind of business to the Nasdaq 100.

A Recent and Notable Index Addition

On 20 January 2026 Walmart formally joined the Nasdaq-100, replacing AstraZeneca in a scheduled reshuffle. Its arrival broadens the index beyond its concentration in technology and communications, adding a giant retailer whose fortunes track household spending rather than corporate technology budgets.

Two Stories in One Set of Results

The most recent figures capture the tension. In its second quarter of fiscal 2027, reported in August 2026, Walmart recorded its slowest pace of United States comparable sales growth in six years, a sign that shoppers are becoming more careful. Yet its online sales have been growing quickly, with e-commerce rising by around a quarter earlier in the year, driven by delivery, marketplace and advertising. A word on the calendar: Walmart's financial year ends in late January, so its fiscal 2027 covers most of calendar 2026, which can confuse readers comparing it with peers.

Why it Matters for the Nasdaq 100

Walmart is now a window into the health of the everyday consumer for anyone tracking the index. When its shop sales slow but online orders climb, it suggests households are still spending but hunting harder for value and convenience. Its growing advertising and delivery businesses also give it higher-margin revenue that looks a little more like a technology company, which is part of why it earned its place in the benchmark.

The Risks to Weigh

Walmart operates on thin margins, so even small changes in costs, wages or theft can affect profits. It is exposed to consumer confidence, to tariffs on imported goods and to intense competition from other retailers and online rivals. Its heavy Investment in automation, delivery and technology must pay off to justify the effort. And because it is a defensive stock, it may lag in a rising market even as it cushions declines.

A Different Kind of Index Member

Walmart's arrival also changes the character of the index in a subtle way. For years the Nasdaq-100 has been defined by fast-growing, high-margin technology firms; a low-margin retailer with steady demand pulls in the opposite direction. That is healthy for investors who worry about concentration, because it means the benchmark is no longer quite so dependent on a single theme. Walmart's own reinvention, from a chain of shops into a business with delivery, advertising and technology at its core, is part of what made it eligible, and it is that blend of old and new that investors are really buying.

What to Watch Next

Readers should track United States comparable sales, the cleanest measure of underlying demand, and watch whether the slowdown deepens or stabilises. E-commerce growth and the profitability of that channel matter, since online has historically been less profitable than shops. The expansion of Walmart's advertising and membership income is worth following, as these higher-margin streams increasingly drive profit growth. Commentary on tariffs and pricing will reveal how the company is managing cost pressures without alienating value-seeking shoppers. Finally, watch how Walmart guides on full-year profit, because as a newly added index member its results feed directly into the many funds that track the Nasdaq 100.

Old Retailer, New Revenue Mix

Walmart's addition to the Nasdaq 100 reflects a genuine transformation, not just scale. A retailer once defined purely by shop traffic now earns a growing share of profit from advertising, membership and delivery, the very qualities that made it eligible for a technology-heavy index. Whether that shift continues to offset softer store sales will determine how comfortably it fits among its faster-growing neighbors.