Walmart Set to Enter Nasdaq 100 on January 20, Replacing AstraZeneca

Walmart Set to Join Nasdaq 100, Replacing AstraZeneca

Photographer: Michael Nagle/Bloomberg

Walmart Inc. is slated to become a member of the Nasdaq 100 Index, taking the place of AstraZeneca Plc, according to an announcement from Nasdaq Global Indexes on Friday.

This adjustment will be implemented prior to the market opening on January 20. Please note that U.S. markets will be closed on January 19 in observance of a holiday.

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Walmart’s entry into the index comes after its historic move last year, when it shifted its stock listing from the New York Stock Exchange to Nasdaq—the largest such transfer ever recorded.

Analysts at Jefferies Financial Group Inc. projected in December that Walmart’s inclusion could trigger nearly $19 billion in inflows, as funds and ETFs tracking the index adjust their portfolios.

Although many anticipated Walmart would join the index during the annual December rebalancing, analysts explained that the timing of its listing change meant it missed the data cutoff for inclusion.

For more on the 2025 rebalancing: Seagate, Alnylam Among Six Companies Set to Join Nasdaq 100

Based in Bentonville, Arkansas, Walmart’s market capitalization has surged to nearly $1 trillion, fueled by consistent sales growth and increased market share as shoppers seek affordable essentials. The company has also broadened its digital footprint, with its U.S. e-commerce division expected to become profitable this year, alongside rising revenue from advertising, its marketplace, and memberships.

Walmart has recently ramped up its use of artificial intelligence for internal processes such as scheduling and supply chain management. Additionally, it has started introducing AI-driven tools for customers, developed in collaboration with OpenAI.

Over the past three years, Walmart’s total return for shareholders has climbed 146%, while AstraZeneca’s shares have risen by 42% during the same period.

AstraZeneca’s removal marks a further decline from its pandemic-era highs, when its Covid-19 vaccine propelled the company into the index. Since then, its shares have lagged as vaccine sales waned and investors shifted focus to obesity treatments offered by competitors.

The Nasdaq 100 comprises the largest non-financial companies listed on the Nasdaq exchange and serves as the foundation for hundreds of billions of dollars in investment products. As of December 2025, more than $600 billion in assets tracked the index through ETFs, including the $408 billion Invesco QQQ Trust Series 1, according to Nasdaq.

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The Nasdaq 100 delivered a total return of approximately 21% in 2025, outperforming the S&P 500’s 18% gain and the Dow Jones Industrial Average’s 16% rise.

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