The overview: Walmart is preparing to enter 2026 under new leadership, with incoming CEO John Furner taking charge of a company that is operating from a position of strength.

• The retailer continues to gain share as it attracts more higher-income consumers and a larger portion of middle- and lower-income household budgets.
• Its ecommerce business is thriving, and is expected to account for over 10% of US online sales for the first time next year.
• Walmart is successfully expanding profits faster than sales, thanks to higher-margin businesses like advertising and its third-party marketplace, as well as investments in automation and other technologies that are helping to lower operating costs.

Walmart’s rebranding efforts: Throughout 2025, Walmart has burnished its tech credentials, with the aim of establishing itself as a more potent rival to Amazon in digital commerce.

• Unlike Amazon, Walmart is embracing AI commerce with (mostly) open arms: The retailer partnered with OpenAI to enable customers to shop via ChatGPT’s Instant Checkout, a marked contrast to its rival’s more guarded stance with AI platforms.
• At the same time, Walmart is embedding AI throughout its organization, both in the form of consumer-facing tools (like chatbot Sparky) and internal super agents for sellers, suppliers, and employees.
• In the clearest sign of its ambitions, Walmart switched its stock listing from the New York Stock Exchange to Nasdaq, a move that “aligns with the people-led, tech-powered approach to our long-term strategy,” CFO John David Rainey wrote in a press release.

Walmart’s flywheel: To compete more effectively with Amazon in ecommerce, Walmart is copying its competitor’s playbook.

• The company is investing in automation throughout its fulfillment network to improve efficiency and speed. That includes initiatives like drone delivery, which Walmart now offers in five states.
• It is leaning on its Walmart+ membership program and expanded marketplace to draw more ecommerce dollars and increase stickiness with consumers. The retailer added Peacock to the list of member benefits in September, which helped attract a record number of Walmart+ sign-ups in Q3.
• Walmart is taking every opportunity to boost its advertising business. We expect Walmart Connect to be the only retail media network we track to gain share through 2027, helped by its Vizio acquisition, off-site partnerships, and growing share of ecommerce sales.

What to watch in 2026: Walmart is unlikely to change its strategy much in 2026, given how well the company is executing. Key developments we’ll keep an eye on include:

• Future AI partnerships. The deal with ChatGPT could set the stage for tie-ups with Perplexity and other AI platforms as Walmart looks to ensure discoverability as search patterns shift.
• More marketplace deals. Walmart has used partnerships with the likes of Rebag and StockX to increase the range of products and brands available on its marketplace, which has bolstered its attractiveness among higher-income shoppers. That strategy is likely to continue in 2026 as the retailer looks for ways to grow its ecommerce influence.
• Honing its pitch to nonendemic advertisers. With Vizio now integrated into Walmart’s retail media network, the retailer has a better shot at getting brands that don’t sell with it to advertise on its platforms—but it will have to show that it can deliver measurable results.