Walmart Inc. Q4 FY2026 earnings call

Emphasizes the strength of the omnichannel model, supply chain automation on track, market share growth, and momentum in areas like marketplace, advertising, and membership. Q4 revenue up 4.9% in constant currency, adjusted operating income up 10.5%, profits of all three segments grew faster than sales. Good inventory management with inventory up 2.6% in constant currency, about half the rate of sales growth. Fashion is a bright spot, general merchandise sales in Walmart US grew low single digits. Customer spending resilient, majority of share gains from households over $100,000, lower-income households emphasize convenience. Technology and supply chain investments enable ultra-fast delivery, with US customers using under-three-hour fast delivery growing over 60% year-on-year. Sparky shows good momentum with increased customer engagement and 35% higher average order value for Sparky users. Uses platform-centric approach, leverages AI and technology to create customer solutions, simplify decision-making, locate inventory, and maintain customer trust, partners with OpenAI and Alphabet to build future commerce experiences.

Walmart US: Q4 comparable sales up 4.6%, e-commerce sales grew 27% with 35% of store-fulfilled orders delivered in under three hours; full-year revenue up ~5% in constant currency. Walmart International: Q4 operating income grew over 26% led by improved e-commerce economics and lapping last year's strategic investments; China e-commerce grew 28% and accounted for over 50% of the sales mix; Flipkart delivered orders in under fifteen minutes across more than 30 cities in India. Sam's Club US: Club-fulfilled delivery sales doubled in Q4.

Full-year constant currency sales expected to grow 3.5%-4.5%, adjusted operating income 6%-8%, EPS in range of $2.75-$2.85. Q1 constant currency sales expected to grow 3.5%-4.5%, operating income 4%-6%, EPS $0.63-$0.65. Capital expenditure expected to be ~3.5% of sales, board authorized $30 billion share repurchase program.

Includes risk factors identified in SEC filings, such as macroeconomic environment, competition, policy changes (e.g., drug pricing regulations) that could materially affect actual results from forward-looking statements.

Q: Simeon Gutman asked about Agintic Commerce customer traffic, loyalty, advertising and monetization.

A: John Furner and Dave Gagina responded on Sparky's role and advertising growth.

Q: Michael Lasser asked about unknowns affecting outlook.

A: John David Rainey responded on maintaining flexibility and long-term perspective.

Q: Greg Melich asked about deflation and drug prices.

A: John David Rainey responded on inflation situation and drug pricing regulation impact.

Q: Kate McShane asked about gross margin outlook and inventory management enhancements.

A: John Furner and John David Rainey responded on inventory management factors and business mix impact on gross margin.

Q: Chris Horvers asked about marketplace and fulfillment services profit progress and tax stimulus impact.

A: John David Rainey responded on market investment and tax stimulus assumptions.

Q: Oliver Chen asked about e-commerce profit evolution and personalization.

A: John Furner responded on omnichannel strategy and Sparky's role.

Q: Kelly Bania asked about advertising growth and outlook.

A: John David Rainey and John Furner responded on advertising business growth potential and platform expansion.

Q: Corey Tarlowe asked about store vs e-commerce trends and impact on margins.

A: John Furner and Dave Gagina responded on store role in omnichannel and store investments.

Q: Edward Kelly asked about e-commerce profit and competition.

A: John David Rainey and Latrice Watkins responded on e-commerce profitability and category growth.

Q: Joe Feldman asked about new business leaders' new perspectives.

A: Chris Nicholas, Latrice Watkins, Dave Gagina respectively responded on international business, Sam's Club, and Walmart US new feelings.

Q: Rupesh Parikh asked about membership income momentum.

A: John Furner responded on strong Walmart+ membership program and expansion.