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Walmart
Walmart (WMT) investor relations material
Walmart Q4 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2026 earnings summary19 Feb, 2026
Executive summary
Q4 revenue grew 5.6% to $190.7 billion, with e-commerce sales up 24% globally and strong growth in advertising and membership income.
Adjusted operating income rose 10.5% to $8.6 billion, outpacing sales growth, driven by omnichannel strategy and technology investments.
Adjusted EPS for Q4 was $0.74, up 12.1% year-over-year, excluding investment losses.
Inventory management improved, with inventory up 2.6%–4.3%, below the rate of sales growth.
Customer spending remains resilient, with notable share gains among higher-income households.
Financial highlights
Full-year revenue surpassed $700 billion, up 4.7%–5% in constant currency.
Adjusted operating income increased 5.4%–10.5% year-over-year, despite headwinds from claims and tariffs.
Free cash flow for the year was $14.9 billion, up $2.3 billion; operating cash flow reached $41.6–$42 billion.
Advertising income grew 37% in Q4, with U.S. advertising up 41%.
Membership income rose over 15% globally, with strong growth in Sam's Club China and Walmart+ in the U.S.
Outlook and guidance
FY27 net sales expected to grow 3.5%–4.5% in constant currency; adjusted operating income to rise 6%–8%; EPS guidance of $2.75–$2.85.
Q1 FY27 net sales projected to increase 3.5%–4.5%, with adjusted EPS of $0.63–$0.65.
Guidance assumes continued e-commerce momentum, margin expansion, and productivity gains from automation.
Capital expenditures projected at approximately 3.5% of sales, with peak spending on supply chain automation and store remodels.
What is the automation status of fulfillment centers?
What was PhonePe's impact on ROI decline?
How will new overhead allocation impact segments?
What contributed to 46% FY26 ad business growth?
Explain the FY26 ROI decline drivers.
Detail improved eCommerce economics in FY26.
How will Sparky evolve beyond current AOV gains?
What drives sustained eCommerce incremental margins?
How will global platforms reduce marginal cost?
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Next Walmart earnings date
Morgan Stanley Technology, Media & Telecom Conference 20263 Mar, 2026
Walmart
Next Walmart earnings date
Morgan Stanley Technology, Media & Telecom Conference 20263 Mar, 2026
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Frequently asked questions
One of the largest retailers in the world
Walmart is a multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores. The company was founded in 1962 by Sam Walton and has grown to become one of the largest retailers in the world.
A popular shopping destination for consumers around the world
Walmart generates revenue primarily through its retail sales. The company's hypermarkets and discount department stores offer a wide variety of products, including groceries, electronics, clothing, and household items. Walmart's low prices and vast selection have made it a popular shopping destination for consumers around the world.
An evolving e-commerce platform
Walmart has made significant investments in its e-commerce platform, allowing customers to shop online and have items delivered to their doorstep. The company's e-commerce segment has seen significant growth in recent years, particularly during the COVID-19 pandemic, where online shopping has become increasingly popular. Walmart's acquisition of online retailer Jet.com in 2016 has helped the company to expand its e-commerce capabilities further.
An ongoing global expansion
Walmart operates more than 10,500 stores in over 25 countries worldwide. Walmart has faced challenges in some international markets, particularly in Asia, where the company has struggled to compete with local retailers. However, Walmart's recent investments in India and China show the company's commitment to expanding its global footprint.
Further reading: The Walton Family: The Dynasty Behind the Walmart Empire
Walmart’s main competitors
Walmart operates in a highly competitive industry, with other public companies such as Amazon, Target, and Costco also competing for market share. Amazon is Walmart's primary competitor in the e-commerce space, while Target and Costco compete with Walmart's hypermarkets and discount department stores. These companies all offer a similar range of products to Walmart and are continually looking for ways to differentiate themselves and attract customers.
Interesting facts about Walmart
Walmart has a rich history and has had a significant impact on the retail industry. The company's founder, Sam Walton, was known for his innovative approaches to retail and his focus on providing customers with low prices.
Walmart's supply chain management is also impressive, with the company using advanced technology to track inventory and improve efficiency.
In addition to its retail operations, Walmart is also involved in philanthropy, with the Walmart Foundation donating billions of dollars to charitable causes around the world.
The company is also known for its role in shaping the economy of small towns and rural areas, with many Walmart stores serving as the primary source of employment and shopping for local residents.
Despite facing criticism over issues such as labor practices and worker compensation, Walmart remains one of the largest and most influential retailers in the world.
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