Walmart

May 15, 2025 Walmart, Inc. (WMT) Q1 2026 Earnings Call CORPORATE PARTICIPANTS Stephanie Schiller Wissink – Senior Vice President & Head-Investor Relations, Walmart, Inc. C. Douglas McMillon – President, Chief Executive Officer & Director, Walmart, Inc. John David Rainey – Chief Financial Officer & Executive Vice President, Walmart, Inc. John R. Furner – President & Chief Executive Officer-Walmart US, Walmart, Inc. Chris Nicholas – President & Chief Executive Officer-Sam’s Club, Walmart, Inc. OTHER PARTICIPANTS (Analysts) Paul Lejuez – Citigroup Global Markets, Inc. Simeon Ari Gutman – Morgan Stanley & Co. LLC Christopher Horvers – JPMorgan Securities LLC Peter Sloan Benedict – Robert W. Baird & Co., Inc. Bradley Thomas – KeyBanc Capital Markets, Inc. Michael Lasser – UBS Securities LLC Edward Kelly – Wells Fargo Securities LLC Kate McShane – Goldman Sachs & Co. LLC Scot Ciccarelli – Truist Securities, Inc. Robert F. Ohmes – BofA Securities, Inc. Rupesh Parikh – Oppenheimer & Co., Inc. David Bellinger […]

Walmart (WMT) reported “solid” fiscal Q4 results despite the change in schedule of Flipkart’s Big Billion Days sale as China and Canada units’ performance remained strong, Deutsche Bank said in a note Friday. The company’s Q4 same store sales and total sales in China jumped 23.1% and 27.7%, respectively, while Canada posted 5.8% same store sales growth and 5.5% increase in net sales, according to the note. “SSS, by our calculation, accelerated to +8.3% vs. +6.1% in Q3, driven by successful festive events across markets and robust general merchandise growth,” Deutsche Bank said. The retail giant’s fiscal 2025 guidance had “some noise,” with a bigger-than-anticipated 80 basis points profitability growth drag from Vizio, the note said, adding that Walmart’s initial 2025 earnings before interest and taxes growth range of 5% to 7% is “solid.” Deutsche Bank lowered Walmart’s price target to $113 from $115, and maintained a buy rating on

Walmart (WMT) continues to gain market share and expand its alternative revenue streams despite a slight slowdown in sales growth during Q4, UBS Securities said in a report emailed Friday. Walmart (WMT) reported fiscal Q4 adjusted earnings Thursday of $0.66 per diluted share, up from $0.60 a year ago, with revenue rising to $180.55 billion from $173.39 billion. The retail giant reported a 4.6% increase in US comparable sales, though eCommerce growth moderated to 20% from 22% in recent quarters. Walmart still exceeded the mid-point of its EPS guidance by about 11%, reinforcing investor confidence in its long-term strategy, UBS said. The company’s transformation efforts, including growth in advertising, marketplace sales, and store-fulfilled delivery, are driving profitability, with alternative revenue streams adding over $250 million to operating income and global advertising revenue rising 29% in Q4, UBS said. Walmart projected 2025 EPS between $2.50 and $2.60, below the consensus estimate

Walmart’s (WMT) long-term profitability is improving, supported by gains from high-margin digital advertising and seller fees in its third-party marketplace online channel, BofA Securities said Friday in a report. The retail store chain is also experiencing broad-based market share gains, offering “strong value and digital convenience,” the report said after the company posted a “strong” fiscal Q4. BofA reiterated its buy recommendation on the stock and $120 price target. The firm trimmed its earnings per share estimates for fiscal years 2026 to 2028 in line with Walmart’s long-term algorithm. In fiscal 2026, BofA expects EPS of $2.65, down from $2.70, with 2027 at $2.90, down from $3, and 2028 at $3.10, down from $3.30. Walmart’s gross margin expansion is expected to continue “as growth in higher-margin ancillary businesses including digital advertising, 3P Marketplace and Fulfillment Services help offset sales mix headwinds,” BofA said.

Walmart’s high-flying stock slipped Thursday, falling more than 5% after the company reported earnings. But there were also some positive signs in the results. The retailer beat Wall Street’s expectations on both the top and bottom line, but guidance for the current fiscal year didn’t quite clear analysts’ high bar. Walmart expects net sales to grow 3% to 4%, and operating income to rise 5% to 7%, excluding some one-off costs. However, there is good reason to think Walmart’s guidance is conservative. That’s partly because high-margin sources of revenue are still growing at a healthy clip and have room to grow. At Walmart U.S., advertising revenue grew 24% in the quarter ended Jan. 31 compared with a year earlier. That marks the 10th straight quarter of 20%-plus growth since the retailer started disclosing that metric. Membership income from the Walmart+ paid subscription program rose by a double-digit percentage. Revenue from

$Walmart (WMT.US)$ topped expectations for the fiscal fourth quarter, but the stock was dropping in premarket trading Thursday after the world’s largest retailer’s guidance fell short. Walmart’s revenue for the quarter ended Jan. 31 rose 4.1% year over year to $180.6 billion, just about topping expectations for $180 billion, according to FactSet. Adjusted earnings per share for the quarter were 66 cents, narrowly coming in ahead of predictions for 65 cents. “We have momentum driven by our low prices, a growing assortment, and an eCommerce business driven by faster delivery times,” CEO Doug McMillon said in the earnings release. “We’re gaining market share, our top line is healthy, and we’re in great shape with inventory.” Yet shares were roughly 8% lower at $95.72 ahead of the opening bell Thursday because Walmart’s outlook for fiscal 2026, the year ending next January, missed the mark. For the full year, Walmart sees net sales

Walmart’s (WMT) fiscal Q4 comparable sales growth will decelerate from the previous quarter but there is a potential for upside based on credit & debit card data from Bloomberg Second Measure, BofA Securities said in an earnings preview of Friday. Walmart’s earnings are scheduled for Feb. 20. The company is strengthening its market share across various income groups and product categories due to its strong value proposition, high digital convenience, store remodels, an expanded online stock-keeping unit portfolio and improved express delivery capabilities, the firm added. BofA said that growth in digital advertising, third-party marketplace fees, and fulfillment services is providing Walmart with significant margin support by offsetting challenges from a shifting sales mix. Continued improvements in e-commerce profitability, such as a 40% reduction in US net delivery costs per order, are expected to further expand gross margins, the firm said. BofA raised its price objective on the company’s stock

Walmart, a 62-year-old retailer, looks sharper than it has in a long time. How long can it keep the spark going? After years of lagging behind the retail stars Costco Wholesale and Amazon.com, Walmart is catching up quickly. Its shares rose 72% in 2024, and are up another 16% so far this year. Walmart has become an e-commerce heavyweight, and it is gaining share with both low- and high-income shoppers. For some time, America’s largest retailer — for better or worse — was best known for its corporate motto: Every Day Low Prices. Target and Costco were the places where higher-earning consumers went for exciting products and a fun store experience, while Amazon was light years ahead on e-commerce. Over the past few years, though, Walmart has started encroaching on those competitors’ territory. To begin with, more of the well-to-do are shopping at Walmart. In February, 89% of households surveyed

Walmart is well positioned to increase profits faster than sales as its ecommerce business remains on track to achieve profitability in the next one to two years, BofA Securities analysts say after meeting with the retail giant’s CFO John David Rainey. Walmart continues to see consumers being consistent, discerning and price conscious, and in some instances trading down. Still, the consumer is still buying, according to Rainey. “As Walmart’s strong value and convenience continue resonating with consumers, we expect share gains to continue across product categories and income cohorts,” the analysts say. BofA Securities raises its target price to $110 a share from $105 previously. Shares fall 0.5% to $92.67.

Ed Lin Companies can show confidence in their prospects in many ways, but $1 billion of stock repurchases certainly trumps a “cautiously optimistic” outlook. Among retailers, that’s a breathtaking amount of buyback activity. That’s how much Walmart laid out to buy back shares in the fiscal second quarter ended July 26. What’s even more impressive is that the retailer didn’t significantly curb buying as the share price rose. Walmart paid $363 million in May for 5.8 million shares, an average price of $62.19 each, according to a form the company filed with the Securities and Exchange Commission. Then it paid $292 million in June for 4.4 million shares, an average price of $67.12 each, and paid $339 million in July for 4.9 million shares, an average price per share of $69.66. At the end of July, Walmart had $14.5 billion allocated for share repurchases. Walmart stock has only climbed since

Walmart’s (WMT) Q2 results confirmed its ability to perform well across various economic conditions by taking advantage of special events, UBS said in a note emailed Friday. July was a tough month for retailers, but Walmart saw strong sales during Independence Day holiday and a good response to the start of back-to-school season. The company saw a 26% increase in overall advertising revenue, primarily driven by a 30% rise in the US Connect segment. The company’s global e-commerce segment had a 21% growth, the investment firm said. Walmart’s cost of delivery fell by 40% year over year, attributed to improved density and a rise in fees for expedited shipping options, UBS analysts noted. Walmart’s outlook for Q3 includes a modest increase in sales, with expectations of continued momentum in back-to-school sales and a conservative H2 guidance for operating income growth of 4% to 5%. UBS retained the buy rating for