Slide 1: Q4 FY26 Financial presentation
Walmart Q4 FY26 Financial presentation
Slide 2: Guidance
First quarter Guidance The Company’s first quarter fiscal 2027 guidance is based on the following Q1 FY26 figures: Net sales: $164.0 billion, operating income: $7.1 billion, and adjusted EPS1: $0.61. Consolidated metric Q1 FY27 The following forward-looking statements reflect the Company’s expectati
Slide 3: Total revenues
Total revenues Total revenues (cc)1 $189.3 billion, up +4.9% Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. • Total revenues grew 5.6% to $190.7 $190.7 billion, up 4.9% (cc)1 excluding a $1.3 billion impact from currency $180.6 $179.5 fluctuations $177.4 •
Slide 4: Gross profit rate
Gross profit rate Gross profit rate +13 bps to 24.0% • Led by improvements in Walmart U.S. 24.5% 24.2% 24.2% • Continued benefits from strong inventory management in the U.S. 24.0% and improved business mix; 23.9% partially offset by merchandise category mix • International reflects timing of Flipka
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, -19 bps to 20.3% Operating expenses as a Adjusted operating expenses as • Operating expenses on a reported percentage of net sales a percentage of net sales1 basis leveraged 13 bps, primarily d
Slide 6: Operating income
Operating income Adjusted operating income (cc)1 of $8.6 billion, up +10.5% Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. Operating income Adjusted operating income (cc)1 • Reported operating income increased +10.8% relative to $8.7 $8.6 +5.6% net sales gr
Slide 7: EPS
EPS Adjusted EPS1 of $0.74, up 12.1% EPS Adjusted EPS1 $0.88 $0.77 • Adjusted EPS1 of $0.74; an $0.74 $0.66 $0.68 increase of 12.1% $0.65 $0.61 $0.62 $0.56 $0.53 • Adjusted EPS excludes the effects, net of tax, of a net loss of $0.21 on equity and other investments Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4
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 • Operating cash flow increased $41.6 $5.1 billion primarily due to cash $36.4 $14.9 provided by operating income, $12.7 lower cash tax payments, and timing of cert
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. $4.6 • Share repurchases1 during the quarter totaled $1.1 billion $1.6 representing 9.7 million $1.4 $1.1 shares, at an average price of $0.8 $111.36 per
Slide 10: Returns
Returns Return on assets (ROA) Return on investment (ROI)1 8.3% 8.4% • ROI1 at 15.1% 8.2% 15.5% 7.9% 15.3% 7.5% 15.1% 15.1% • ROI declined 40 bps primarily driven 14.8% by ~35 bps impact from discrete items3 during the year, including 25 bps from a non-cash share-based compensation charge at PhonePe
Slide 11: Walmart U.S. revenues
Walmart U.S. revenues Net sales $129.2 billion, +4.6%; eCommerce +27% • Broad-based growth across merchandise categories as well as share gains across income tiers led by upper-income households Walmart U.S. comp sales1 • Comp sales +4.6% reflects increased customer transactions and unit volumes ◦ T
Slide 12: Walmart U.S.
Gross profit $34.8 billion, +5.3% Gross profit rate 26.9%, +17 bps Walmart U.S. • Increase reflects continued benefits from strong inventory management • Improved business mix primarily from growth of digital advertising During Q4, opened 4 new Supercenters and 1 • Partially offset by category mix a
Slide 13: Walmart U.S. merchandise category performance details
Walmart U.S. Merchandise category performance details Category Comp Comments • Sales strength led by pantry and fresh food; reflects strong growth in unit volumes and share gains as customers value low prices and delivery convenience • eCommerce sales grew double-digits Grocery + mid single-digit •
Slide 14: Walmart International revenues
Walmart International revenues Net sales (cc)1 $34.6 billion, +7.5% Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. Walmart International net sales • Sales growth (cc)1 led by China, Walmex, and Flipkart, with strong $35.9 performance across all categories $
Slide 15: Walmart International
Gross profit $7.8 billion, +12.3% Walmart Gross profit rate 21.8%, +14 bps International • Increase benefited by timing shift of BBD2 and business mix changes • Partially offset by format mix changes Opened Opened 128 128new newstores stores during duringQ4 Q4 Operating expenses $6.3 billion, +6.9%
Slide 16: Walmex
Walmex1,2 Net sales (cc): $14.2 billion, +4.5% Comparable sales growth Sales • In Mexico, comp sales grew 3.3%, led by Bodega and Sam’s Club • eCommerce growth of 14%, driven by 4.4% store-fulfilled pickup & delivery 4.1% • Same-store sales growing faster than 3.3% ANTAD for the 11th consecutive qua
Slide 17: Canada
Canada1 Net sales (cc): $6.3 billion, +5.0% Comparable sales growth Sales • Strong eCommerce sales growth of 31%, led by store-fulfilled pickup & delivery 5.8% • Growth across festive events 5.0% • Continued strength in food & 4.4% consumables, with growth in general 4.0% merchandise Gross profit ra
Slide 18: China
China1 Net sales (cc): $6.1 billion, +19.3% Comparable sales growth Sales • Strong eCommerce growth of 28%, with 23.1% digital mix more than 50% of total sales, 21.5% up 360 bps vs LY • Continued strength in Sam’s Club, with 16.8% double-digit growth in transactions 13.8% • Opened 10 new clubs in th
Slide 19: Sam's Club U.S. revenues
Sam’s Club U.S. revenues Net sales $23.8 billion, +2.9%, Net sales without fuel +4.0%, eCommerce +23% Sam's Club U.S. comp sales1 • Sales growth and share gains led by grocery and general merchandise 6.8% 6.7% • Comp sales driven by increased transactions and unit volumes 5.9% 5.3% ◦ Transactions ex
Slide 20: Sam's Club U.S.
Membership and other income +6.9% Sam's Club U.S. • Membership fee revenue +6.1% driven by increased counts, renewal rates, and Plus members • Growth in member counts reflects strength among Gen Z and Millennials In FY26, opened 1 new club and Gross profit $2.7 billion, +1.4% completed 14 club remod
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 fresh meat, produce & floral, and deli, + mid single-digit partially offset by cooler Grocery and Beverage Grocery • Led by dry grocery, drinks and snacks + mid single-digit Consumables • Strength i
Slide 22: Supplemental information: New allocation methodology for corporate overhead allocations
Supplemental information: New allocation methodology for corporate overhead allocations beginning in Fiscal 2027 In February 2026, the Company updated its allocation methodology for certain corporate overhead cost allocations (within operating, selling, general and administrative expenses) across it
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 Securi
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: 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) 2025 2025 2025 2025 2026 Numerator C
Slide 26: 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) 2025 2025 2025 2025 2026 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 $41.6 billion for the fiscal year ended January 31, 2026, which represents
Slide 28: 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: 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 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 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: adjusted EPS (cont.)
Non-GAAP measures – adjusted EPS (cont.) Percent Three Months Ended October 31, 2025 Three Months Ended October 31, 2024 Change Diluted earnings per share: Reported EPS $0.77 $0.57 +35.1% Pre-Tax Tax NCI Net Pre-Tax Tax NCI Net Adjustments: Impact Impact Impact Impact Impact Impact Impact Impact Unr
Slide 35: adjusted EPS (cont.)
Non-GAAP measures – adjusted EPS (cont.) Percent Three Months Ended April 30, 2025 Three Months Ended April 30, 2024 Change Diluted earnings per share: Reported EPS $0.56 $0.63 (11.1%) Pre-Tax Tax NCI Net Pre-Tax Tax NCI Net Adjustments: Impact Impact Impact Impact Impact Impact Impact Impact Unreal
Slide 36: 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