A broader hiring slowdown across tech and corporate America is now becoming visible in visa data, and Walmart is the latest example. The company filed 312 certified H-1B visa applications in the final three months of 2025, a steep fall from previous years, according to data from the U.S. Department of Labor.
This period, which marks the first quarter of the federal fiscal year, gives an early look at how recent changes to the visa program are affecting hiring. Walmart’s numbers are down by more than half compared to around 860 filings in the same period a year earlier, and about 40% lower than two years ago.
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Other retailers such as Target, Home Depot, and Lowe’s have seen more stable H-1B filing numbers over the past two years. However, even they reported fewer applications at the end of 2025 compared to the end of 2024. Walmart’s trend mirrors what is happening across big tech companies like Amazon, Google, Meta, and Microsoft. These firms have reduced their use of the H-1B program after changes announced by Donald Trump made visas more expensive and harder to obtain.
Amazon, which had the highest number of filings in the dataset, saw its quarterly certified applications fall to 3,057 from 4,647 the year before, a drop of about one-third. The slowdown is not limited to tech. Major financial firms such as Goldman Sachs and JPMorgan Chase also reduced their H-1B filings last year. At the same time, others like Citi increased their applications compared to the previous year.
Data from the Department of Labor shows that top financial firms filed about 10% fewer certified H-1B applications in the first quarter of fiscal year 2026 compared to the same period a year earlier. This quarter runs from October to December. The tech sector also saw a broad decline during this time, with most major companies cutting filings except for Nvidia.
Among banks, JPMorgan Chase recorded one of the biggest drops, with filings falling from 724 between October and December 2024 to 516 a year later, a decline of nearly 29%. This shift pushed it from the top user of the program in that quarter last year to the second spot this year. Its H-1B hiring continues to focus largely on tech roles. Goldman Sachs saw the steepest fall, with filings dropping by more than 60% from 256 to 101, covering a mix of financial and technical positions.
Not all banks followed the same path. Citi’s filings rose by nearly 20%, Barclays saw an increase of almost two-thirds, and Morgan Stanley reported a rise of more than a quarter. These filings include a mix of finance and tech roles, though some companies did not disclose detailed job categories.
Capital One also reported a modest 4% increase in filings, with many roles focused on data science and machine learning, including senior and director-level positions.
The changes come after the Trump administration introduced new rules to the H-1B program. These include a $100,000 fee announced in late September, stricter social media checks, and a wage-based lottery system that gives higher-paid applicants a better chance of selection.
The H-1B lottery, which took place last month, is usually when most applications are filed. Once that data is released, the full impact of these policy changes will become clearer. Immigration lawyers have earlier said that frequent rule changes and uncertainty are pushing companies to scale back visa sponsorship.
Recent H-1B data shows how sharply demand has shifted over the past few years. Registrations rose rapidly from 274,237 in FY 2021 to a peak of 780,884 in FY 2024, before dropping to 479,953 in FY 2025 and further down to 358,737 in FY 2026.
A similar trend is visible in eligible registrations, which declined to 343,981 in FY 2026 from 758,994 just two years earlier. One of the biggest changes is in multiple registrations for the same beneficiary, which had surged to over 408,000 in FY 2024 but fell drastically to just 7,828 in FY 2026, suggesting tighter rules and reduced duplicate filings.
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Meanwhile, selected registrations have also edged lower, from 188,400 in FY 2024 to 120,141 in FY 2026. Overall, the data points to a cooling in H-1B demand after years of aggressive filing, likely driven by policy changes and increased scrutiny in the system.
Here’s the list as per FY 2025:
H-1B sponsorship in the United States is still heavily led by tech companies, but the latest FY 2025 data shows a much wider hiring landscape.
- Amazon tops the list with 12,391 approvals, making it the largest H-1B sponsor across all industries. Its scale is unmatched, with tens of thousands of filings and strong salary packages.
- Microsoft Corporation follows with 5,189 approvals, maintaining steady demand for global talent.
- Meta Platforms is close behind at 5,123 approvals and remains one of the highest-paying employers.
- Apple Inc. and Google LLC round out the top tier, each crossing the 4,000 mark.
- Tata Consultancy Services recorded 5,505 approvals, keeping it among the top sponsors.
- Cognizant Technology Solutions followed with 2,493 approvals.
- Infosys Limited reported 2,004 approvals.
- JPMorgan Chase saw a major jump to 2,440 approvals, one of the sharpest increases this year.
- Goldman Sachs, Morgan Stanley, and Citigroup continue steady H-1B hiring.