What guidance did Walmart's management provide for the next earnings period?

What does Walmart do and what are its main business segments?

What were the key takeaways from Walmart's earnings call?

What were the key takeaways from Walmart’s earnings call?

Did Walmart beat or miss consensus estimates last quarter?

What factors drove the changes in Walmart's revenue and profit?

What is Walmart's latest dividend and current dividend yield?

What is the market's earnings forecast for Walmart next quarter?

- **Revenue Growth**: 5.9% constant currency sales growth, 8% adjusted operating income growth, driven by e-commerce (27% global) and strong U.S. comps (4.5%).
- **AI and Tech**: Expanding AI in supply chain and customer experience; Flipkart's BBD event saw 87 orders/sec, reducing e-commerce losses by 50%.
- **Financial Strength**: Non-GAAP EPS of $1.08, operating income up 8%, with advertising (53% growth) and membership (17% growth) driving diversification.
- **Tariff Resilience**: 7,400 active price rollbacks, 2,000 becoming permanent EDLP; disciplined mix management offsets tariff pressure.
- **Leadership Transition**: John Furner succeeds Doug McMillon, with focus on AI, omnichannel retail, and global expansion (e.g., China e-commerce at 50% penetration).
- **Risks**: U.S. max fare pricing law may cap pharmacy sales growth in 2026; low-income households face cost pressure, but Walmart's value proposition remains strong.

**【CEO Summary Section】**
- **Revenue Growth**: Overall sales grew 5.9% in constant currency, with adjusted operating income up 8%. U.S. comps rose 4.5%, driven by e-commerce (28% growth) and strong performance in fashion, grocery, and health categories.
- **Leadership Transition**: John Furner succeeds Doug McMillon as CEO, with confidence in his ability to lead through AI and omnichannel strategies.
- **Segment Highlights**: International segment led growth with 11.4% sales increase, Flipkart's Big Billion Days event driving record sales. Sam's Club U.S. saw 3.8% comp growth, with e-commerce up 22%.
- **AI and Tech Investments**: Expanding AI in supply chain, e-commerce, and customer experience; partnership with OpenAI for seamless shopping via ChatGPT.

**【CFO Financial Commentary】**
- **Financial Performance**: GAAP net income of $420 million, Non-GAAP EPS of $1.08 (vs. $0.95 prior). Operating income grew 8% in constant currency, outpacing sales.
- **E-commerce Momentum**: Global e-commerce sales up 27%, with U.S. e-commerce contributing 1/3 of adjusted operating income. Advertising revenue rose 53%, membership income 17%.
- **Guidance Update**: Full-year sales growth revised to 4.8-5.1% (prev. 3.75-4.75%), operating income growth 4.8-5.5%. Q4 EPS expected $0.67-0.72.
- **Tariff Management**: Despite tariffs, disciplined pricing and mix management maintained margins; 7,400 active rollbacks in U.S., 2,000 becoming permanent EDLP.

**【Q&A Highlights】**
- **Agentic AI**: Walmart's digital agent (Sparky) enhances personalization, with 20% of Chilean e-commerce orders generated by AI recommendations. Global e-commerce losses reduced by 50%.
- **Consumer Trends**: Consistent Q3 performance across income cohorts, with higher-income households driving growth. Low-income households face pressure, but Walmart's value proposition mitigates risk.
- **Tariff Impact**: Tariffs on key categories (e.g., electronics) offset by cost control and business mix shifts. Pharmacy business may face $100M+ impact from U.S. max fare pricing law in 2026.
- **International Strength**: China e-commerce penetration at 50%, with 80% of digital orders delivered in under an hour. Flipkart's BBD event drove 87 orders/sec, 34% growth in international advertising.
- **Membership Growth**: Walmart+ net adds strongest on record, Sam's Club U.S. membership income up 7%. OnePay credit card and streaming benefits drive engagement.


Walmart Inc. (WMT) Q3 2026 Earnings Call Transcript

- **Revenue Surge**: 5.6% Q2 growth, 25% e-commerce expansion, and 10.5% international sales boost highlight Walmart's resilience. China and Flipkart drove 30% and 20% e-commerce growth, respectively.
- **AI Breakthrough**: New Chief AI Officer and Sparky assistant signal transformative tech investment, targeting 2026 growth acceleration through personalized shopping and inventory optimization.
- **Tariff Mitigation**: 7,400 price rollbacks and claims expense management preserved 0.4% operating income growth despite $450M headwind. Holiday season expected to benefit from competitive pricing and AI-driven delivery speed.
- **Financial Flexibility**: Raised sales guidance to 3.75%-4.75% and maintained profit targets, reflecting confidence in navigating tariff uncertainty with flexible pricing and AI innovation.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 revenue increased 5.6% in constant currency, driven by 25% global e-commerce growth (26% in U.S. and Sam's Club). International sales rose 10.5%, led by China (30%), Walmex (6%), and Flipkart.
- **AI Acceleration**: Hired Daniel Denkers as Chief AI Officer to lead AI product management and change management. Introduced Sparky, a customer-facing AI assistant, and 4 super agents for associates, suppliers, and developers. AI initiatives aim to enhance inventory management, delivery speed, and customer experience.
- **Tariff Management**: Merchants managed 560 basis points of claims expense headwind, maintaining profit growth. Tariffs caused gradual cost increases, with 7,400 price rollbacks (30% growth in grocery rollbacks). Back-to-school sales exceeded expectations with 20%+ unit growth.
- **Holiday Outlook**: Confident in strong holiday performance, with store managers previewing competitive pricing and assortments. E-commerce delivery speed (30% of orders under 30 minutes) and expanded AI capabilities position Walmart for growth.

**【CFO Financial Commentary】**
- **Financial Results**: Adjusted operating income grew 0.4% in constant currency, despite $450M incremental claims expense. GAAP net income was $420M, with Non-GAAP EPS of $0.68 (up 1.5%).
- **E-commerce Profitability**: U.S. e-commerce profitability improved, driven by net delivery cost reductions and 31% growth in advertising (excluding VIZIO). Global advertising rose 46%, and membership income increased 15%.
- **Guidance Update**: Raised FY26 sales growth guidance to 3.75%-4.75% (from 3%-5%) and maintained operating income guidance of 3.5%-5.5%. Q3 operating income expected at 3%-6% growth, reflecting flexibility amid tariff uncertainty.
- **New Initiatives**: Launched OnePay Cash Rewards credit card offering 3%-5% cash back, enhancing Walmart+ value proposition.

**【Q&A Highlights】**
- **AI Impact**: Early-stage AI adoption focused on inventory management and delivery speed. Sparky and super agents aim to personalize shopping and streamline operations, with potential to accelerate top-line growth in 2026.
- **Inventory Health**: Global inventory up 3.8% (2.2% in U.S.), with clean sell-through and 7,000+ rollbacks. E-commerce delivery speed (30% under 30 minutes) and store fulfillment (50% of Sam's Club e-commerce) drive convenience.
- **Gross Margin Dynamics**: Lower-than-expected markups absorbed tariff costs, but merchandise mix (grocery, health) remains a headwind. Q3-Q4 cost inflation expected to moderate, with focus on maintaining price leadership.
- **Competitive Strategy**: Differentiated by omni-channel speed, assortment breadth, and AI-driven personalization. Holiday season poised for strong performance with competitive pricing and expanded AI capabilities.

Walmart Inc. (WMT) Q2 2026 Earnings Call Transcript

- **Record Q1 Growth**: 4% revenue, 3% profit in constant currency; 22%+ eCommerce across all regions
- **ECommerce Breakthrough**: U.S. & global eComm profitability achieved for first time
- **Tariff Resilience**: 2/3 U.S. sales domestically sourced; 22% replenishable assortment
- **Profit Diversification**: 50% ad growth, 15%+ membership fee growth
- **Share Buybacks**: $4.6B in Q1 vs. $4.6B full year 2025
- **Risks**: 120bps FX headwind; wide Q2 guidance range due to tariff timing


**【CEO Opening Remarks】**
- Q1 FY26 revenue grew 4% in constant currency, driven by 22% eCommerce growth across all segments. U.S. comps: Walmart U.S. +4.5%, Sam's U.S. +6.7% (ex-fuel). International sales +7.8%.
- Key achievements: 91% YoY growth in U.S. 3-hour deliveries; 22%+ eCommerce GMV in all regions; 81% of associates in share purchase plan are hourly.
- Tariff impact: 2/3 of U.S. sales domestically sourced; 22% of assortment replenishable. Focus on controlling food prices, managing inventory mix, and diversifying profit streams (advertising, membership).

**【CFO Financial Highlights】**
- Q1 adj. operating income +3% vs. flat guidance, driven by: 
  - U.S. eCommerce profitability (first time global eComm profitable)
  - 25bps U.S. GM expansion (better inventory mgmt, business mix)
  - 50% advertising growth (Walmart Connect + VIZIO)
  - 15%+ membership fee growth (Sam's China +40%, U.S. +9.6%)
- Key challenges: 120bps FX headwind; $4.6B share buybacks (vs. $4.6B full year 2025)
- Q2 outlook: "Wide range of outcomes" due to tariff timing, RIM accounting, and LIFO impacts. Full year guidance maintained but Q2 swings possible.

**【Q&A Key Themes】**
1. **Tariff Navigation**: 
 - 2/3 U.S. sales domestically sourced; 22% assortment replenishable
 - Tariff impact on 1/3 imported goods (China 30%, others 10%)
 - 3-month lag between tariff increases and shelf price changes
 - Focus on food price stability, inventory mix mgmt, and replenishable items

2. **ECommerce Profitability**: 
 - U.S. eComm net delivery costs down via denser routes, fee collection
 - 21%+ quarterly eComm growth; 35%+ same-day delivery growth
 - 1/3 customers paying for 1-3 hour delivery
 - Global eComm profit driven by U.S. & Sam's

3. **Capital Allocation**: 
 - FY26 CapEx 3-3.5% of sales (autos, remodels)
 - Q1 buybacks ($4.6B) > 2025 full year ($4.6B)
 - Share repurchases will continue if prices dislocate

4. **Customer Trends**: 
 - Stronger upper-income household penetration
 - 50%+ digital engagement (Scan & Go, app usage)
 - Health & wellness sales +high-teens (prescriptions, OTC)
 - General merchandise deflation but unit growth


Walmart (WMT)-15 May 25-2026 Q1 Earnings call transcript

- **Revenue Growth**: Q4 revenue up 5.2% YoY, with operating income growing 9.4% in constant currency, outpacing expectations.
- **AI & Efficiency**: AI tools saved 4 million developer hours, with plans to expand to North America and India, driving operational speed and cost savings.
- **E-commerce Profitability**: E-commerce incremental margins hit 11%, supported by 20% reduction in U.S. delivery costs per order.
- **Dividend Increase**: 13% dividend hike, largest in over a decade, reflecting cash flow strength and shareholder returns.
- **PhonePe IPO**: Fintech business in India preparing for IPO, highlighting digital financial services growth.
- **ROI Expansion**: Return on investment at 15.5%, highest since 2016, driven by automation and digital business scale.


**【CEO Summary Section】**
- Q4 revenue grew 5.2% YoY, with adjusted operating income up 9.4% in constant currency, driven by strong U.S. and international performance.
- Emphasized low prices, convenience, and AI-driven efficiency, with same-day pharmacy delivery and expanded e-commerce fulfillment.
- PhonePe, a fintech business in India, announced plans for an IPO, reflecting growth in digital financial services.

**【CFO Financial Commentary】**
- Full-year revenue increased 5.6% in constant currency, with adjusted operating income up 10% and adjusted EPS up 13%.
- E-commerce economics improved, with U.S. net delivery cost per order down 20% in Q4.
- Capital expenditures totaled $23.8 billion, focused on stores, clubs, and supply chain automation.
- Raised dividend by 13%, the largest increase in over a decade.

**【Q&A Key Highlights】**
- **Consumer Resilience**: U.S. comp sales up 4.6%, with mid-single-digit growth in grocery and mid-teens in health & wellness (driven by GLP-1 sales).
- **E-commerce Profitability**: Incremental margins in e-commerce reached 11%, twice the rate of overall margin growth.
- **VIZIO Integration**: Expected to be accretive in FY26, with new advertising channels and smart home solutions.
- **ROI Improvement**: Return on investment rose 50 bps to 15.5%, highest since 2016, driven by supply chain automation and digital business expansion.
- **International Momentum**: China e-commerce grew double digits, and Sam's Club China membership income up 35%.


Walmart Inc. (WMT) Q4 2025 Earnings Call Transcript

Walmart (WMT)-19 Nov 24-2025 Q3 Earnings call transcript

- **Revenue Growth**: Q2 sales +4.9% (constant currency), operating income +7.4%, EPS $0.67 (vs. $0.62-$0.65 guidance). 
- **AI-Driven Efficiency**: Generative AI improved 850M catalog data points, enabling 50% faster store-fulfilled delivery. 
- **ECommerce Profitability**: Core U.S. eCommerce losses narrowed, Flipkart contribution margin expanded. 
- **Membership Surge**: Walmart+ memberships +double digits, Sam's Club U.S. member count record high. 
- **Updated Guidance**: FY25 sales 3.75%-4.75%, operating income 6.5%-8%, EPS $2.35-$2.43. 


**【CEO Summary Section】**
- **Revenue and Profit Growth**: Fiscal Year 2025 Q2 saw total net sales grow 4.9% (constant currency), with operating income up 7.4% and EPS exceeding expectations at $0.67. 
- **Global Expansion**: International markets (Walmex, Flipkart, China) drove strong sales and profit growth, with China's Sam's Club achieving double-digit sales growth and half of sales digital. 
- **AI and Tech Integration**: Generative AI improved product catalog accuracy by 850 million data points, enabling faster order fulfillment and customer experience enhancements like AI-powered shopping assistants. 
- **Category Strengths**: General merchandise comp sales growth returned after 11 quarters, driven by Marketplace expansion (32% growth) and private brands like Better Goods. Health and wellness sales were boosted by GLP-1 drug sales. 
- **Customer Engagement**: Walmart+ memberships grew double digits, Sam's Club U.S. set record member count, and global advertising revenue rose 26% (Walmart Connect up 30%). 

**【CFO Financial Commentary】**
- **Financial Highlights**: Q2 GAAP net income was $4.2B, with adjusted EPS of $0.67 (vs. guidance $0.62-$0.65). Operating income grew 7.4% vs. 5% sales growth, reflecting margin expansion. 
- **ECommerce Progress**: Global eCommerce sales grew 21%, with U.S. core eCommerce losses narrowing due to 40% reduction in delivery costs per order. Flipkart's contribution margin expanded significantly. 
- **Profit Drivers**: Advertising (global +26%), membership (+23%), and Marketplace (U.S. +32%) led operating income growth. Automation investments (e.g., 45% of U.S. eCommerce fulfillment centers automated) improved efficiency. 
- **Guidance Update**: Full year FY25 sales growth raised to 3.75%-4.75% (prev. 3%-4%), operating income 6.5%-8% (prev. 4%-6%), and EPS $2.35-$2.43 (prev. $2.23-$2.37). 

**【Q&A Key Highlights】**
- **Consumer Trends**: No signs of weakness; upper-income households drove gains but growth across all income levels. General merchandise recovery attributed to improved assortment and AI-driven cross-category sales. 
- **Membership Growth**: Walmart+ memberships up double digits, Sam's Club U.S. member count record high (Gen Z/millennials 50% of new members). Membership+ advertising combo drove 50% of operating income growth. 
- **Automation Impact**: 45% of U.S. eCommerce fulfillment centers automated, reducing delivery costs and improving speed (store-fulfilled delivery +50%). Global supply chain investments expected to yield annual ROI improvements. 
- **Holiday Outlook**: Optimistic for strong back-to-school and holiday performance, with 2M school lists uploaded and 50% of customers still shopping. 


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