BENTONVILLE, Ark. — At its annual Investment Community Meeting, Walmart emphasized its long-term growth ambitions and commitment to delivering shareholder value. The company reaffirmed its Q1 and full-year 2026 guidance while spotlighting key achievements and strategic priorities.
The company outlined its “people-led, tech-powered” omnichannel strategy, focusing on enhancing customer and member experiences and reshaping its profit mix to drive long-term shareholder returns.
“The combination of a purpose-driven, people-centric culture with world-class technology is the winning formula,” said Doug McMillon, president and CEO of Walmart. “Our customers want four things: everyday low prices, a broad assortment, a convenient and enjoyable shopping experience and to do business with a company they trust. We’re changing to serve them even better.”
The meeting provided attendees a view into the company’s strategy to:
- Drive growth by improving customer and member experiences.
Walmart’s low prices and growing eCommerce assortment combined with the convenience of faster delivery, curbside pickup and in-store shopping are driving growth. - Create shareholder value by strengthening its business model.
The company’s evolving business model is designed to deliver strong returns as it better serves customers and members. Reshaping its profit mix allows the company to invest in lower prices for customers, associate wages and experience-enhancing technologies while growing profit faster than sales, strengthening cash flows and delivering higher capital returns for shareholders.
“History tells us that when we lean into these periods of uncertainty, Walmart emerges on the other side with greater share and a stronger business,” said John David Rainey, executive vice president and chief financial officer, Walmart.
“We have fundamentally changed our business model through years of thoughtful, strategic investments and now have a financial model that yields much higher returns,” he added.
Since its last investor meeting in 2023, Walmart has:
- Generated annual top-line growth over 5% and adjusted operating income growth1 of almost 10% with all business segments contributing to growth.
- Delivered eCommerce sales growth of over 20% annually for two years with eCommerce accounting for 18% of net sales.
- Expanded delivery catchment to be able to deliver food, general merchandise and prescriptions to 93% of the U.S. in less than three hours.
- Accelerated growth of membership across formats, with Sam’s Club and Walmart+ membership benefits expanding and renewals advancing higher.
- Grown global advertising to $4.4 billion; finalized the acquisition of VIZIO in the U.S. in December 2024.
- Made enhancements in assortment, improvements in omni experiences, investments in associates, new stores, automation and fast delivery which are expected to drive future growth.
- Expanded U.S. marketplace and launched marketplaces in multiple global markets.
- Invested in price, with more than 30,000 items priced lower through the company’s rollback program.
- Invested in owned brands, including the launch of bettergoods, a private brand in food; Walmart U.S. has 21 private brands with over $1B each in annual sales, five with over $5B each in sales.
- Renovated 1,930 stores and clubs, and built 373 more; invested $22 billion in capex annually including $19 billion in the U.S.
- Deployed more than $7 billion to share repurchases and raised the dividend by the largest amount in over a decade.
- Noted that PhonePe recently announced that it has begun preparatory steps for a potential IPO in India.
Walmart will release its Q1 earnings report on May 15, 2025.
Following the meeting, Walmart President and CEO Doug McMillon released the following statement:
We are excited to share what we are doing at Walmart and how we are changing as a company. We're executing our strategy to improve how we serve our customers and members, while changing the shape of our business model and driving higher returns.
I believe we’re going to be an increasingly successful company over time. We’ll earn more business due to a combination of our purpose, our culture and how we use technology to put our unique assets to work.
As I look around the world, I don’t see another company like Walmart. Our purpose, strategy and strengthened financial future are aligned. We’ve got the right business model design, and we’re executing against it. We're positioned well digitally, not just physically. We’ll be where the customers are. We can improve return on investment even as we invest in our future.
Nothing about the current environment impacts our confidence in our business or our strategy.
We’re clear on the short list of things that we want to keep and strengthen, like our purpose and culture, but we are wired for change on the rest.
We’re an “and” company: People and tech. Stores and eCommerce. Innovation and execution.
We like our position, and we like our plan. We wouldn’t trade with anyone.
1 See non-GAAP reconciliations for Adjusted Operating Income in prior fiscal years’ earnings presentations
