Slide 1: Financial presentation to accompany management commentary FY25 Q4
Financial presentation to accompany management commentary FY25 Q4
Slide 2: Guidance
First quarter Guidance The Company’s first quarter fiscal 2026 guidance is based on the following Q1 FY25 figures: Net Sales: $159.9 billion, adjusted operating income1: $7.1 billion, and adjusted EPS1: $0.60. The following guidance reflects the Consolidated metric Q1 FY26 Company’s expectations for
Slide 3: Total revenues
Total revenues Total revenues (cc)1 $182.6 billion, up +5.3% Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. $180.6 $173.4 $169.3 $169.6 • Total revenues reached $180.6 billion, including a negative $161.5 impact of $2.1 billion from currency fluctuations •
Slide 4: Gross profit rate
Gross profit rate Gross profit rate +53 bps to 23.9% 24.4% 24.2% • Led by improvements in 24.1% Walmart U.S. 23.9% • Reflects strong inventory management and lower markdowns, which enabled 23.3% managing pricing to maintain competitive price gaps, as well as improved business mix; partially offset b
Slide 5: Operating expenses as a percentage of net sales
Operating expenses as a percentage of net sales Adjusted operating expenses as a percentage of net sales1, +52 bps to 20.5% Operating expenses as a Adjusted operating expenses as percentage of net sales a percentage of net sales1 21.2% 21.2% • Operating expenses deleveraged 20.8% 20.6% 20.6% 20.6% o
Slide 6: Operating income
Operating income Adjusted operating income (cc)1 of $7.9 billion, up +9.4% Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. Operating income Adjusted operating income1 $7.9 $7.9 $7.9 • Operating income grew $7.8 $7.3 $7.3 +8.3% , relative to +4.0% $7.1 $6.8 $
Slide 7: EPS
EPS Adjusted EPS2 of $0.66, up 10.0% EPS1 Adjusted EPS1,2 $0.68 $0.67 $0.63 $0.65 $0.66 • Adjusted EPS2 of $0.66 includes $0.60 $0.60 $0.58 $0.01 headwind for currency $0.56 $0.57 and nearly $0.01 for costs related to the acquisition of VIZIO • Adjusted EPS excludes the effects, net of tax, of $0.02
Slide 8: Cash flow
Cash flow Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. Operating cash flow Free cash flow1 $35.7 $36.4 • Operating cash flow increased $15.1 $0.7 billion primarily due to an increase in cash provided by $12.7 operating income and lapping $22.9 the payment
Slide 9: Returns to shareholders
Returns to shareholders Dividends and share repurchases Amounts in billions, except as noted. Dollar amounts may not recalculate due to rounding. • Share repurchases during the quarter totaled $1.4 billion representing 15.9 million $1.1 $1.0 $1.0 $1.4 shares, at an average price of $1.5 $91.09 per s
Slide 10: Returns
Returns Return on assets (ROA) Return on investment (ROI)1 15.5% • ROI1 increased +50 bps primarily 7.9% 7.8% 7.9% as a result of an increase in 15.1% 15.1% operating income, driven by 15.0% 15.0% strong business performance 6.6% 6.4% • Partially offset by an increase in average invested capital pri
Slide 11: Walmart U.S. revenues
Walmart U.S. revenues Net sales $123.5 billion, +5.0%; eCommerce +20% • Broad-based sales strength; strong seasonal sales despite compressed holiday shopping season Walmart U.S. comp sales1 • Comp sales +4.6% driven by growth in transactions and unit volumes across both stores and eCommerce channels
Slide 12: Walmart U.S.
Gross profit $33.1 billion, +7.0% Gross profit rate 26.8%, +51 bps Walmart U.S. • Growth reflects disciplined inventory management and lower markdowns, which enabled managing of pricing to maintain competitive price gaps to the retail market • Improved business mix from growth of advertising and dat
Slide 13: Walmart U.S. merchandise category performance details
Walmart U.S. Merchandise category performance details Category Comp Comments • Strong comps driven by increased transactions, units and share gains; eCommerce growth was strong • Like-for-like inflation was ~170 bps due primarily to eggs + mid single-digit • Broad-based sales strength across food ca
Slide 14: Walmart International revenues
Walmart International revenues Net sales (cc)1 $34.3 billion, +5.7% Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. • Sales growth (cc)1 led by China, Walmart International net sales Walmex, and Canada • Currency rate fluctuations negatively $32.4 $32.2 affe
Slide 15: Walmart International
Walmart Gross profit $7.0 billion, +3.0% Gross profit rate 21.6%, +78 bps International • Increase due to timing shift of BBD, partially offset by channel and format mix changes • Benefited by business mix changes We bring Walmart to Operating expenses $5.9 billion, +4.3% the world, and the Operatin
Slide 16: Walmex
1,2 Walmex Net sales (cc): $15.2 billion, +5.6% Sales Comparable sales growth • Balanced growth across categories with positive growth in general merchandise 9.2% • Double-digit eCommerce growth during annual "El Fin Irresistible" festive event • In Mexico, comp sales grew 4.3%, led by 6.3% Sam's Cl
Slide 17: Canada
1 Canada Net sales (cc): $6.3 billion, +5.5% Sales Comparable sales growth • Growth across all channels including strong festive event performance in stores and eCommerce 5.8% • eCommerce sales grew 30% led by store-fulfilled pickup and delivery • Continued strength in food and 3.8% consumables with
Slide 18: China
1 China Net sales (cc): $5.1 billion, +27.7% Sales Comparable sales growth • Continued strength in Sam’s Club and eCommerce, with eCommerce sales growth of 34% 23.1% • Opened 6 new clubs in the past 12 months, including 4 new clubs in the quarter 15.0% • Growth positively affected by earlier 13.8% L
Slide 19: Sam's Club U.S. revenues
Sam’s Club U.S. revenues Net sales $23.1 billion, +5.7%, Net sales without fuel +7.1%, eCommerce +24% Sam's Club U.S. comp sales1 • Comp sales strength driven by increases in transactions and unit volumes 7.0% 6.8% ◦ Transactions ex fuel: +5.4% ◦ Average ticket ex fuel: +1.3% 5.2% 5.3% 4.6% 4.4% • S
Slide 20: Sam's Club U.S.
Gross profit $2.6 billion, +7.7% Gross profit rate 11.3%, +21 bps; without fuel +6 bps • Increase driven by improved operational efficiency related to merchandise flow, partially offset Sam's Club U.S. by product mix Scan & Go penetration up 500 bps Operating expenses $2.6 billion, +12.3% Members sh
Slide 21: Sam's Club U.S. category comparable sales
Sam’s Club U.S. Category comparable sales Category Comp Comments Fresh / Freezer Cooler • Driven by cooler, fresh meat, produce & floral and deli + low teens Grocery and Beverage • Grocery Led by drinks, dry grocery and snacks + low single-digit Consumables • Strength in laundry & home care, health
Slide 22: Supplemental Information - FY25 and FY26 Comparable Sales 4-5-4 Reporting Calendars
Supplemental Information - FY25 and FY26 Comparable Sales 4-5-4 Reporting Calendars We report U.S. comparable sales on a 13-week and 52-week retail calendar — commonly referred to as a "4-5-4" calendar — which uses 364 days in a year. In certain years, it becomes necessary to add a 53rd week to our
Slide 23: Safe harbor and non-GAAP measures
Safe harbor and non-GAAP measures This presentation and related management commentary contains statements that may be "forward-looking statements" as defined in, and are intended to enjoy the protection of the safe harbor for forward- looking statements within the meaning of Section 21E of the Secur
Slide 24: Non-GAAP measures – ROI
Non-GAAP measures – ROI We include return on assets ("ROA") and return on investment (“ROI”) as metrics to assess our return on capital. ROA is the most directly comparable measure based on our financial statements presented in accordance with GAAP, while ROI is considered a non-GAAP financial measu
Slide 25: Non-GAAP measures – ROI (cont.)
Non-GAAP measures – ROI (cont.) The calculation of ROA and ROI, along with a reconciliation of ROI to the calculation of ROA, is as follows: CALCULATION OF RETURN ON ASSETS Trailing Twelve Months Ended Jan 31, Apr 30, Jul 31, Oct 31, Jan 31, (Dollars in millions) 2024 2024 2024 2024 2025 Numerator C
Slide 26: Non-GAAP measures – ROI (cont.)
Non-GAAP measures – ROI (cont.) The calculation of ROA and ROI, along with a reconciliation of ROI to the calculation of ROA, is as follows: CALCULATION OF RETURN ON INVESTMENT Trailing Twelve Months Ended Jan 31, Apr 30, Jul 31, Oct 31, Jan 31, (Dollars in millions) 2024 2024 2024 2024 2025 Numerat
Slide 27: Non-GAAP measures – free cash flow
Non-GAAP measures – free cash flow We define free cash flow as net cash provided by operating activities in a period minus payments for property and equipment made in that period. Net cash provided by operating activities was $36.4 billion for the fiscal year ended January 31, 2025, which represents
Slide 28: Non-GAAP measures – free cash flow (cont.)
Non-GAAP measures – free cash flow (cont.) The following table sets forth a reconciliation of free cash flow, a non-GAAP financial measure, to net cash provided by operating activities, which we believe to be the GAAP financial measure most directly comparable to free cash flow, as well as informati
Slide 29: Non-GAAP measures – constant currency
Non-GAAP measures – constant currency In discussing our operating results, the term currency exchange rates refers to the currency exchange rates we use to convert the operating results for countries where the functional currency is not the U.S. dollar into U.S. dollars. We calculate the effect of c
Slide 30: Non-GAAP measures – constant currency (cont.)
Non-GAAP measures – constant currency (cont.) The table below reflects the calculation of constant currency for total revenues, net sales and operating income for the trailing five quarters. Three Months Ended Consolidated (Dollars in millions) Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Total revenues:
Slide 31: Non-GAAP measures – adjusted operating expenses as a percentage of net sales
Non-GAAP measures – adjusted operating expenses as a percentage of net sales Adjusted operating expenses as a percentage of net sales is considered a non-GAAP financial measure under the SEC’s rules because it excludes certain charges included in operating, selling, general and administrative expens
Slide 32: Non-GAAP measures – adjusted operating income
Non-GAAP measures – adjusted operating income Adjusted operating income is considered a non-GAAP financial measure under the SEC’s rules because it excludes certain charges included in operating income calculated in accordance with GAAP. Management believes that adjusted operating income is a meanin
Slide 33: Non-GAAP measures – adjusted EPS
Non-GAAP measures – adjusted EPS Adjusted diluted earnings per share attributable to Walmart (Adjusted EPS) is considered a non-GAAP financial measure under the SEC’s rules because it excludes certain amounts included in the diluted earnings per share attributable to Walmart calculated in accordance
Slide 34: Non-GAAP measures – adjusted EPS (cont.)
Non-GAAP measures – adjusted EPS (cont.) Percent Three Months Ended October 31, 20241 Three Months Ended October 31, 20231 Change Diluted earnings per share: Reported EPS $0.57 $0.06 +850.0% Pre-Tax Tax NCI Net Pre-Tax Tax NCI Net Adjustments: Impact Impact Impact Impact Impact Impact Impact Impact
Slide 35: Non-GAAP measures – adjusted EPS (cont.)
Non-GAAP measures – adjusted EPS (cont.) Percent Three Months Ended April 30, 20241 Three Months Ended April 30, 20231 Change Diluted earnings per share: Reported EPS $0.63 $0.21 +200.0% Pre-Tax Tax NCI Net Pre-Tax Tax NCI Net Adjustments: Impact Impact Impact Impact Impact Impact Impact Impact Unre
Slide 36: Non-GAAP measures – adjusted EBITDA and adjusted EBITDA margin
Non-GAAP measures – adjusted EBITDA and adjusted EBITDA margin The calculation of net income margin and adjusted EBITDA margin, along with a reconciliation of adjusted EBITDA margin to the calculation of net income margin, is as follows: We include net income and net income margin, which are calcula