Walmart Inc. · NASDAQ:WMT
Walmart — Investor Day (2025)
183 slides from Walmart's investor day presentation, Aug 7, 2025
Slide 1: Forward-looking statements disclaimer
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 7E of the Securities Exchange Act of 1934, as amen
Slide 2: Slide 2
Slide 3: We are driving growth by improving customer and member experiences
We are driving growth by improving customer and member experiences. We are creating shareholder value by strengthening our business model.
Slide 4: Slide 4
Slide 5: Our leadership team
Our leadership team Dan Bartlett Rachel Brand John Furner Suresh Kumar Kath McLay Donna Morris Chris Nicholas John David Rainey
Slide 6: We are a people-led, tech-powered omnichannel retailer
We are a people-led, tech-powered omnichannel retailer dedicated to helping people save money anc live better.
Slide 7: We are a people-led, tech-powered omnichannel retailer
Deople-led, dedicated to helping people save money anc live better. We area peo tech-powered omnichannel retailer
Slide 8: We are a people-led, tech-powered omnichannel retailer
We are a people-led, tech-powered omnichannel retailer dedicated to helping people save money anc live better.
Slide 9: Slide 9
Slide 10: Slide 10
Slide 11: Trend-to-Product
Trend-to-Product
Slide 12: AI that powers our associates
Al that powers our associates
Slide 13: We are a people-led, tech-powered omnichannel retailer
We are a people-led, tech-powered omnichannel retailer dedicated to helping people save money anc live better.
Slide 14: We are a people-led, tech-powered omnichannel retailer
We are a people-led, tech-powered omni T taile dedicated to helping people save money and live better.
Slide 15: Assortment
26 Assortment =, or | —__—
Slide 16: _ ip
_ ip
Slide 17: We are a people-led, tech-powered omnichannel retailer
We are a people-led, tech-powered omnichannel retailer dedicated to helping people save money 2/< live better Live our commitment to Enable people to be Every Day Low Prices healthier and build their wealth, and help strengthen communities and the planet
Slide 18: Slide 18
Slide 19: Be in good businesses
Be in good businesses Stores and clubs eCommerce Geographies Newer businesses Supercenters Membership warehouse clubs Supermarkets (e.g., NHM) Discount compact hypers (Bodega Aurrera) 1P eCommerce & 3P Marketplace U.S., Mexico and Central America, China, India, Canada, Chile and Sub-Saharan Africa M
Slide 20: We are driving growth by improving customer and member experiences
We are driving growth by improving customer and member experiences. We are creating shareholder value by strengthening our business model.
Slide 21: CFO, Walmart Inc.
CFO, Walmart Inc.
Slide 22: The building blocks of value creation
The building blocks of value creation Growth Margin Returns We serve customers We will improve our We will improve our ndt however operating margin ROI through margin they want to shop. ioe de t, pee provement and our asset turnover, a! mix of businesses. disciplined capital allocation.
Slide 23: Financial framework
Financial framework We expect sales, on average, to grow ~4% per year... And for profits to grow faster than sales ‘ecetee Ope 0% 1% 2% 3% 4% 5% 6% 7%
Slide 24: We have delivered on our commitments
We have delivered on our commitments 2-year average +5.5% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 2-year average +9.5% Note: See non-GAAP reconciliations on Adjusted Operating Income in prior earnings presentations
Slide 25: Our associates make the difference
Our associates make the difference
Slide 26: Over the last five years
Over the last five years ROI has grown 200 bps <<(sseeee We've invested in our business. Sales have grown more than $150B with over half of the growth coming from eCommerce. Op Inc growth has outpaced sales growth. ‘Note: Asset CAGR reflects invested Capital growth; See non-GAAP reconciliations for
Slide 27: Our business has structurally changed
Our business has structurally changed Investments have resulted in a strong omnichannel retail business. Improved relevance to all consumers. Highly attractive incremental margins in the growth areas of our business. An improved business model to drive increased returns over a sustained period.
Slide 28: Competitive advantages
Competitive advantages 270M weekly customers 140 Fulfillment Centers 240 Distribution Centers 2.1M tech-enabled associates
Slide 29: More for customers, more often
More for customers, more often Traffic 270M customers shop online or in-store each week for staples and discretionary items. Walmart+
Slide 30: Walmart
Walmart sams club € Data Ventures
Slide 31: FY21 FY25
FY21 FY25
Slide 32: Business mix produces higher incremental margins
Business mix produces higher incremental margins z * : PhonePe 65,5. omer: 3 Walmart $ China Data Ventures Walmart >< US Ads, Data, Int'l Markets ~e FinTech (Walmex. Canada, Chile. Africa) Sam's Club U.S. = ne ere -¢] Flipkart U.S. eCommerce NP ed iad 3 en Newre Op Inc Growth Note: graphics reflect
Slide 33: Omnichannel strength
Omnichannel Strength e ", Technology & ( Y a Marketplace & Automation o,* v Memberships als yy~ Operating (eo) 2 Ads, Data, Model FinTech International Growth
Slide 34: Capital stewardship with a long-term outlook
Capital stewardship with a long-term outlook Investing Expanding Returns Top-Tier Credit Rating Financial Flexibility 15.5% $24B x saa 21x Aa2 Aa2 14x Baa3 SmIB 13.4% | a » Grade FY20 FY25 FY20 FY25 FY20 FY25 FY20 FY25 CapEx Return on Investment Credit Rating Leverage Ratio Capital is an advantage N
Slide 35: We like our position
We like our position The design of our business allows us to invest j as well as generate higher returns |
Slide 36: Sales grow
Sales grow: i] ‘Sales | Note: graphics are illustrative, not to scale
Slide 37: Operating Income
Operating Income | ‘Sales | Planning time horizon Note: graphics are illustrative, not to scale
Slide 38: Operating Income
Operating Income Sales - Note: graphics areilustrative, not toscale
Slide 39: Note: raphis ae istrative, notto scale
Note: raphis ae istrative, notto scale
Slide 40: We like our position
We like our position ‘% Growth Free Cash Flow Operating Income Sales CapEx ‘Note: graphics are illustrative, not to scale Operating cash flow growth and stable CapEx drives increased free cash flow _ Planning time horizon Consistent CapEx investment
Slide 41: We like our position
We like our position The design of our business allows us to invest as well as generate higher returns ‘% Growth Capital return to shareholders in line with FCF growth Free Cash Flow - ——_ | Merah jetpErsion Operating Income 0 eee CapEx Consistent CapEx investment Planning time horizon ‘Note: graphi
Slide 42: We're just getting started!
re just getting started!
Slide 43: ; wo ey «
; wo ey « Sf "NTYN } fn “\\ / ‘ = wd ( = \ lie, Sl | 1 \, \ if \7 NAA VI Ne LAA Oy
Slide 44: Walmart International goals
Walmart International goals $200B Doubling Doubling GMV profits digital mix Note: Gross Merchandise Value, or "GMY,” isan operational metric used to measure the $USD value of merchandise sold or services rendered, including marketplace transactions.
Slide 45: Walmart International
Walmart International comme J MOS Re People 500k+ Brilliant associates 95M+ Customers per week Note: See non-GAAP reconciliations for constant currency net sales and operating income in the prior fiscal year earnings presentations
Slide 46: In the right markets
In the right markets Becoming more omnichannel Learning agility
Slide 47: We bring Walmart to the world, and the world to Walmart
We bring Walmart to the world, and we bring the world to Walmart.
Slide 48: Slide 48
Slide 49: Slide 49
Slide 50: Walmart International goals
Walmart International goals $200B Doubling Doubling GMV profits digital mix Note: Gross Merchandise Value, or "GMY,” isan operational metric used to measure the $USD value of merchandise sold or services rendered, including marketplace transactions.
Slide 51: Walmart International leaders
Christina Zhu Ignacio Caride Kalyan Krishnamurthy President and CEO President and CEO Group CEO Walmart China Walmex Flipkart
Slide 52: Slide 52
Slide 53: Slide 53
Slide 54: Slide 54
Slide 55: Walmex connected businesses
Walmex connected businesses
Slide 56: People-led, tech-powered omnichannel retailer
le-led, tech-powered omnichannel retailer g people save money and live better.
Slide 57: dedicated to hel
dedicated to hel
Slide 58: Slide 58
Slide 59: Slide 59
Slide 60: Be the world's best club retailer
Be the world's best club retailer Redefine the club channel
Slide 61: Slide 61
Slide 62: i
i
Slide 63: Slide 63
Slide 64: Slide 64
Slide 65: Sam's Club
ims club <>
Slide 66: Slide 66
Slide 67: CE CREAN SOP
CE CREAN SOP
Slide 68: Slide 68
Slide 69: Slide 69
Slide 70: Slide 70
Slide 71: Slide 71
Slide 72: Slide 72
Slide 73: Slide 73
Slide 74: Customer and Member Value Proposition
Customer and Member Value Proposition Value Assortment Experience Trust
Slide 75: Experience Trust
Experience ‘Trust
Slide 76: Slide 76
Slide 77: Value Assortment
Value Assortment
Slide 78: Slide 78
Slide 79: Experience
Experience
Slide 80: Slide 80
Slide 81: Slide 81
Slide 82: Slide 82
Slide 83: Slide 83
Slide 84: Slide 84
Slide 85: Slide 85
Slide 86: Slide 86
Slide 87: Slide 87
Slide 88: Slide 88
Slide 89: Slide 89
Slide 90: Slide 90
Slide 91: Slide 91
Slide 92: Slide 92
Slide 93: Slide 93
Slide 94: Slide 94
Slide 95: Slide 95
Slide 96: Slide 96
Slide 97: Slide 97
Slide 98: Slide 98
Slide 99: Slide 99
Slide 100: Slide 100
Slide 101: Slide 101
Slide 102: Slide 102
Slide 103: Slide 103
Slide 104: Slide 104
Slide 105: Slide 105
Slide 106: Slide 106
Slide 107: Slide 107
Slide 108: Slide 108
Slide 109: Slide 109
Slide 110: Slide 110
Slide 111: Slide 111
Slide 112: Slide 112
Slide 113: Slide 113
Slide 114: Slide 114
Slide 115: Slide 115
Slide 116: Slide 116
Slide 117: Slide 117
Slide 118: Slide 118
Slide 119: Slide 119
Slide 120: Slide 120
Slide 121: Slide 121
Slide 122: Slide 122
Slide 123: Slide 123
Slide 124: Slide 124
Slide 125: Slide 125
Slide 126: Slide 126
Slide 127: Slide 127
Slide 128: Slide 128
Slide 129: Slide 129
Slide 130: Slide 130
Slide 131: Slide 131
Slide 132: Slide 132
Slide 133: Slide 133
Slide 134: Slide 134
Slide 135: Slide 135
Slide 136: Slide 136
Slide 137: Slide 137
Slide 138: Slide 138
Slide 139: Slide 139
Slide 140: Slide 140
Slide 141: Slide 141
Slide 142: Slide 142
Slide 143: Slide 143
Slide 144: Slide 144
Slide 145: Slide 145
Slide 146: Slide 146
Slide 147: Slide 147
Slide 148: Slide 148
Slide 149: Slide 149
Slide 150: Slide 150
Slide 151: Slide 151
Slide 152: Slide 152
Slide 153: Slide 153
Slide 154: Slide 154
Slide 155: Slide 155
Slide 156: Slide 156
Slide 157: Slide 157
Slide 158: Slide 158
Slide 159: Slide 159
Slide 160: Slide 160
Slide 161: Slide 161
Slide 162: Slide 162
Slide 163: Slide 163
Slide 164: Slide 164
Slide 165: Slide 165
Slide 166: Slide 166
Slide 167: Slide 167
Slide 168: Slide 168
Slide 169: Slide 169
Slide 170: Slide 170
Slide 171: Slide 171
Slide 172: Slide 172
Slide 173: Slide 173
Slide 174: Slide 174
Slide 175: Slide 175
Slide 176: Slide 176
Slide 177: Slide 177
Slide 178: Slide 178
Slide 179: Slide 179
Slide 180: Slide 180
Slide 181: Slide 181
Slide 182: Slide 182
Slide 183: Slide 183