BENTONVILLE, Ark., February 20, 2025 – Walmart Inc. BB #:143789 announces fourth-quarter results with strong growth in revenue and operating income. Globally, eCommerce grew 16% with penetration up across all segments.
Walmart U.S. comp sales up 4.6% with positive growth in general merchandise. Looking ahead, the Company issues guidance for FY26 with net sales expected to grow 3% to 4% and adjusted operating income in constant currency to grow 3.5% to 5.5%, including a headwind of 150 basis points from the acquisition of VIZIO Holding Corp. and lapping leap year.
“Our team finished the year with another quarter of strong results. We have momentum driven by our low prices, a growing assortment, and an eCommerce business driven by faster delivery times. We’re gaining market share, our top line is healthy, and we’re in great shape with inventory. We’ll stay focused on growth, improving operating margins, and strengthening ROI as we invest to serve our customers and members even better,” said Doug McMillon, president and CEO of Walmart.
Grocery remains a standout category, said John David Rainey, executive vice president, chief financial officer, during the February 20 earnings call.
Fourth Quarter Highlights
- Revenue of $180.6 billion, up 4.1%, or 5.3% (cc)
- Gross margin rate up 53 bps, led by Walmart U.S.
- Operating income up $0.6 billion, or 8.3%, adjusted up 9.4% (cc) due to higher gross margins
and growth in membership income; also benefited from improved economics in eCommerce - Global eCommerce sales grew 16%, led by storefulfilled pickup & delivery and U.S. marketplace; growth negatively affected by timing of Flipkart’s Big Billion Days sales event (“BBD”)
- Global advertising business grew 29%, including 24% for Walmart Connect in the U.S.
- Adjusted EPS of $0.66 excludes the effect, net of tax, from a net loss of $0.02 on equity and other investments as well as $0.01 from the proceeds of an opioid-related legal settlement
- Completed acquisition of VIZIO
Full Year Highlights
- Revenue of $681.0 billion, up 5.1%, or 5.6% (cc)
- Global advertising business grew 27% to reach $4.4 billion
- Operating income up $2.3 billion or 8.6%; adjusted up 9.7% (cc), growing faster than sales
- ROA at 7.9%; ROI at 15.5%, up 50 bps
- Global inventory up 2.8%, including an increase of 3.0% for Walmart U.S.; in-stock levels healthy
- Company raises dividend 13% to $0.94 per share; largest increase in over a decade
Walmart U.S.
- Broad-based sales momentum across merchandise categories; strong seasonal sales despite compressed holiday shopping season; expedited delivery channels resonating with customers desiring speed of delivery
- Comp sales growth led by transaction counts and unit volumes; share gains primarily from upper-income households
- eCommerce sales up 20% reflects strength in store-fulfilled pickup & delivery, advertising and marketplace
- Walmart Connect advertising sales increased 24% aided by 50% growth in marketplace seller advertiser counts
- Gross profit rate increased 51 bps; membership income up double-digits; operating expense deleveraged 53 bps
- Operating income up 7.4% due in part to improved eCommerce economics, aided by improved business mix
- Inventory increased 3.0% on 5.0% sales growth while maintaining healthy in-stock levels
Sam’s Club U.S.
- Strong sales growth across club and digital channels, led by food and health & wellness categories
- Comp sales growth primarily driven by transaction counts and unit volumes
- eCommerce sales up 24%, led by club-fulfilled pickup and delivery
- Share gains in grocery and general merchandise categories, including apparel and consumer electronics
- Strong growth in membership income, up 13%
- Operating income was impacted by previously announced associate wage investments and higher incentive pay; includes ~730 bps headwind due to lapping LIFO benefit last year
About Walmart
Walmart Inc. (NYSE: WMT) is a people-led, tech-powered omnichannel retailer helping people save money and live better – anytime and anywhere – in stores, online, and through their mobile devices. Each week, approximately 270 million customers and members visit more than 10,750 stores and numerous eCommerce websites in 19 countries. With fiscal year 2025 revenue of $681 billion, Walmart employs approximately 2.1 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy, and employment opportunity. Additional
information about Walmart can be found by visiting corporate.walmart.com, on Facebook at facebook.com/walmart, on X (formerly known as Twitter) at twitter.com/walmart, and on LinkedIn at linkedin.com/company/walmart.
Investor Relations contact: Steph Wissink – ir@walmart.com
Media Relations contact: Molly Blakeman – (800) 331-0085
