Good morning. Walmart, the largest retailer in the world by revenue, is heavily investing in AI and is determined to attract top talent to support its efforts.
On Thursday, Walmart reported earnings for the quarter ending July 31. E-commerce continues to gain momentum, marking another quarter of double-digit growth: global online sales rose 25%, while U.S. online sales increased 26% year over year, driven by increased digital purchases and advertising revenues.
CFO John David Rainey highlighted continued investment in AI as a cornerstone of Walmart’s long-term growth strategy. “We’re playing for the long term, balancing the pursuit of share gains while investing in our associates, our supply chain automation in stores and clubs, and in AI and technology,” Rainey said during the earnings call.
Regarding Walmart’s focus on technology and hiring for high-tech positions, Rainey told me via email, “As we become more tech-driven, these teams help us build better shopping experiences, smarter supply chains, and innovative solutions that keep us ahead.”
He also explained why Walmart is an attractive destination for tech professionals: “Walmart stands out for tech talent because you get to work on projects that impact millions of people, use the latest technology, and grow your career. Plus, your work here really matters—you’re helping shape the future of retail on a massive scale.”
A recent Fortune analysis of Walmart job postings revealed that salaries for experienced software engineers, data scientists, and IT product managers are highly competitive, with some starting in the six figures. For example, staff software engineers can expect a salary range of $132,000 to $264,000, while staff data scientists are offered between $143,000 and $286,000. Specific compensation packages, including bonuses and stock awards, will vary by role and candidate experience.
In July, Walmart revealed its vision to revamp shopping, operations, and vendor management through AI agents, Fortune reported. The company plans to transform customer experiences on its digital platforms, streamline work for corporate and store employees, and help vendors and sellers better track merchandise performance by consolidating dozens of AI tools into four comprehensive “super agents.”
Navigating uncertainty
Digital capability is increasingly recognized as a key differentiator for Walmart. “Despite consumers’ financial constraints, Walmart posted solid top-line marks, illustrating the benefits of its scale, attractive price positions, and convenient digital shopping options, which stand to yield further market share gains,” wrote Erin Lash, sector director at Morningstar, in an analyst note on Thursday.
For the quarter ending July 31, Walmart reported revenue of $177.4 billion, up 4.8% year over year. U.S. store sales rose 4.6% (beating expectations), driven by a 1.5% increase in transactions and a 3.1% rise in average ticket. Gross margin edged up by 4 basis points to 24.5%. However, profit slightly missed expectations, due to factors such as the company choosing to absorb tariff costs on some items and incurring restructuring expenses.
Although tariffs raised costs for some products, Walmart reported notable strength in discretionary categories—such as apparel, media, gaming, and automotive—with general merchandise sales increasing by low single digits.
Reflecting its positive outlook, Walmart management raised its fiscal 2026 guidance, now projecting sales growth of 3.75% to 4.75%, up from its previous forecast of 3% to 4%.
As Walmart doubles down on digital innovation, its ability to attract and empower top tech talent will be key to shaping the company’s future.
Have a good weekend.
Sheryl Estrada
sheryl.estrada@fortune.com
Leaderboard
Fortune 500 Power Moves
Donny Lau has been appointed EVP and CFO of Dollar General Corporation (No. 112), effective October 20, following the departure of current CFO Kelly Dilts on August 28. Until Lau’s appointment, CEO Todd Vasos will act as principal financial officer.
Lau returns to Dollar General with over six years of previous experience at the company. Most recently, he was CFO of Zaxby’s Franchising LLC, starting in July 2023. Before leaving Dollar General in July 2023, Lau held several positions in the finance department, including SVP of finance and chief strategy officer. Earlier in his career, he held progressively senior roles in financial planning, investor relations, and corporate strategy at Yum! Brands, Inc.
Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts—see the most recent edition.
More notable moves this week:
Neil Thomson was appointed CFO of Soho House & Co (NYSE: SHCO), effective Aug. 18. Thomson will succeed Thomas Allen, who will remain with the company through Aug. 29. Thomson has 30 years of experience. He most recently served as CFO of Tasty Restaurant Group. Before that, he was CFO of Del Frisco’s. Thomson also held several senior management positions during 15 years at Yum! Brands, including CFO of India, chief development officer of Pizza Hut International, and chief growth officer of Pizza Hut Asia. The Soho House is set to be taken private by hotel operator MCR Hotels in a deal worth $2.7 billion.
Joseph Marino was promoted to CFO of PBF Energy Inc. (NYSE: PBF), effective Oct. 1. Marino will succeed current CFO Karen B. Davis, who will retire. Marino, 46, joined PBF in 2011 and has served as treasurer since 2020. He has held several finance and accounting roles during his tenure, including serving as the company's assistant controller. Before PBF, he was employed at Ernst & Young LLP.
Jeffrey D. Creech is stepping down as CFO of 3D Systems (NYSE: DDD), effective Aug. 29, to accept a new career opportunity. Phyllis Nordstrom, 3D Systems’ EVP, chief people officer, chief administrative officer, has been appointed interim CFO, effective Aug. 29. Nordstrom joined the company in 2021.
Donna M. Wilson was appointed CFO of QinetiQ US, a defense and national security company. Wilson joins QinetiQ US with more than 30 years of experience. She most recently served as CFO at Top Aces Corp. Her previous roles include CFO at ST Engineering iDirect. Earlier in her career, she spent 15 years at Unisys Federal Systems in finance leadership positions, including Division CFO, P&L leader, and controller.
Big Deal
The second of three reports from “Grant Thornton’s Digital Transformation Survey" finds that while 93% of business leaders are investing in more technology, one-third (34%) said their data is inadequate to support transformation.
The results described how transformation success depends not only on new technology, but also on how human factors, data and smart design shape those investments. Sixty-seven percent of leaders ranked resource optimization among their top five technology objectives for this year.
"The competitive edge is no longer in large, monolithic systems, but in phased, right-sized transformations that fit the business need and can scale effectively," according to the report.
Going deeper
Here are four Fortune weekend reads:
"China’s DeepSeek quietly releases an open-source rival to GPT-5—optimized for Chinese chips and priced to undercut OpenAI" by Sharon Goldman
"The white-collar job market is frozen—now bartenders and baristas are seeing bigger wage growth than desk workers" by Jessica Coacci
"OpenAI may soon be the most valuable private company—but Sam Altman’s net worth won’t jolt, as the CEO holds no equity and makes just $76,001 a year" by Emma Burleigh
"Bitcoin dips ahead of Fed chair’s remarks at Jackson Hole" by Ben Weiss
Overheard
"Monetary policy’s Holy Grail is money, not interest rates."
—Steve Hanke, author and professor of applied economics at the Johns Hopkins University, and John Greenwood, a fellow at the Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise, write in a new Fortune opinion piece.
