Eddy current (EC) measurements have shown promise toward becoming a nondestructive method of residual stress characterization, particularly for nickel-base superalloys. However, previous studies on shot-peened materials have shown apparent discrepancies between directly measured residual stress profiles and those determined from EC data. Here, we report a study of the inter-relationship among electrical conductivity deviation, residual stress and texture of shot peened materials, in order to improve understanding of the piezoresistivity effect that is essential to the on-going efforts to make EC measurements a viable technique for residual stress assessment. Specifically, we develop a macroscopic piezoresistivity theory for polycrystalline materials influenced by texture. The theory was applied to analyze the swept high frequency eddy current data obtained from a shot peened Inconel 718 sample, which was found to exhibit shot-induced texture in the near surface region using X-ray diffraction (XRD) and orientation imaging microscopy (OIM). The residual stress profile of the peened sample was inverted from EC data using a physics model-based approach, and was found to agree with the residual stress profiles measured independently using the standard layer removal XRD technique.