The 300 companies on this year’s list brought in over $12.5 trillion in revenue for the latest 12 months, with the median revenue figure at $24 billion.

America's Most Innovative Companies

AI is a major force shaping this year’s list—but it’s far from the only story.

World's Most Admired Companies

This ranking evaluates how Fortune 500 companies are deploying AI, and how technology leaders value those investments relative to industry peers.

Fortune AIQ 50

The corporations on our annual list of the world's 500 largest companies combined to generate $41.7 trillion in revenue over the past year.

Fortune Global 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

F500 2025-Walmart

Walmart is the world’s largest retailer, offering both physical retail and e-commerce. In 2024, it was America's largest company by revenue. Groceries currently account for about 60% of its sales, but the company also sells a wide range of general merchandise, through Walmart U.S., Walmart International, and Sam’s Club warehouse stores. Walmart also offers health care products and pharmacy services. Founded in 1962, the company changed its name from Wal-Mart Stores to Walmart in 2018.

Fortune 500

The top companies on our list have one thing in common: Staff largely trust leadership to see them as well-rounded people and reward them for a job well done.

GPTW_100BestCompaniesToWorkFor_2025-Walmart Inc._US1__20241210214006_5

Employees say: "Opportunities such as the recent Leadership Forums. This one knocked it out of the park! Also, mental health benefits—thank you for being a company that values the well-being of all associates and provides resources that aim to remove the stigma associated with mental illness and providing benefits for treatment."

Fortune 100 Best Companies to Work For

The 300 companies on this year’s list brought in over $12.6 trillion in revenue for the latest 12 months, with the median revenue figure at $22 billion.

Leaders in all industries rely more than ever on Big Tech—and appreciate the giants that deliver, at scale, without drama.

The companies on this list are mobilizing the creative tools of capitalism to help solve social problems.

Walmart in 2017 became the first retailer to agree to hit science-based targets to reduce emissions. That same year, it launched Project Gigaton in 2017 to reduce, avoid, or sequester 1 billion metric tons, or a gigaton, of greenhouse gas emissions by 2030. With more than 5,900 of its suppliers signing up to cut carbon emissions, Walmart hit its gigaton goal this year—more than six years ahead of schedule.

Change the World

See which workplaces made this year's list.

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Employees say:"The People, no matter what your role in this company from Executive to Cart Collector, Associates working together; caring, sharing and compassion for everyone that works at Walmart and those who shop with us. Walmart is a GREAT PLACE TO WORK."

Best Large Workplaces in Retail

The corporations on our annual list posted aggregate revenues of $41 trillion for the second year in a row.

Industries included in the sector are automotive retail, general merchandisers, internet retail, and specialty retail.

Fortune Sector Leaders: Retailing

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

Creating a more empathetic workplace looks like staying loyal to workers, emphasizing D&I initiatives, and paying well.

100 Best Companies 2024-Walmart

The retail giant makes its first appearance on Fortune’s list thanks to its career progression opportunities. Approximately 75% of Walmart’s salaried store, club, and supply-chain management employees in the U.S. started in hourly positions. Store, distribution center, fulfillment center, and transportation office associates can apply for Walmart’s Private Fleet Development Program, where they earn their Commercial Driver’s License (CDL) and can make up to $110,000 in their first year as a Walmart private fleet driver. Walmart’s Live Better U program offers eligible part- and full-time hourly associates access to Walmart-paid formal education opportunities, including high school completion and college degrees, helping these associates save nearly half a billion dollars to date. The company’s annual pay equity analyses confirm that, accounting for relevant factors such as position, tenure, and location, associates are paid properly regardless of race or gender.&nbsp;

The 200 companies on this list are transforming industries from the inside out.

The 26th edition of the list shows how much esteem Big Tech giants command among other business leaders.

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The 25th Fortune World’s Most Admired Companies list suggests that tech giants’ peers respect them as much as ever.

WMAC 2023-Walmart

The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

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With $611.3 billion in revenue in its most recent fiscal year, Walmart tops the Fortune Global 500 for the 10th year in a row. The big-box retailer and growing e-commerce giant saw revenues rise 6.7% year over year, an increase of $38.5 billion. 
<ul> 
 	<li>In an effort to expand its health care business, Walmart inked a 10-year deal with insurance provider UnitedHealth to offer medical services in an initial 15 stores, along with a co-branded Medicare plan in Georgia.</li> 
 	<li>In November 2022 Walmart agreed to a $3.1 billion settlement related to the role its pharmacies allegedly played in overprescribing painkillers during the opioid epidemic. The company did not admit to any liability.</li> 
 	<li>Walmart’s digital advertising business grew 30% in 2022 to $2.7 billion; as its e-commerce platform grows, it’s looking to compete with other e-commerce players for advertisers’ digital spend</li> 
</ul>

The 300 companies on this list are transforming industries from the inside out.

CTW-2023-Walmart

The big-box retailer is one of the world’s biggest employers; in the U.S. alone, the company has about 1.6 million “associates.” Walmart’s Live Better U aims to put more of its hourly-wage workers on a ladder to higher salaries—by paying 100% of their costs for tuition and books in furthering their education. Since 2018, about 120,000 Walmart employees have enrolled in LBU, earning more than 19,000 diplomas, degrees, and professional certifications, including almost 3,000 bachelor’s degrees. Collectively, they’ve saved nearly $500 million in tuition. The program boosts Walmart’s odds of retaining rising talent: The company says about 75% of its U.S. salaried management started their careers in hourly positions. Walmart has also begun expanding certification and training programs for skilled trades like commercial truck driver, electrician, and optician—training that can lead to six-figure-salary jobs within Walmart even without a college degree.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

F500 2023-Walmart

With $611.3 billion in revenue in its most recent fiscal year, Walmart tops the Fortune 500 for the 11th year in a row. The big-box retailer and growing e-commerce giant saw revenues rise 6.7% year over year, an increase of $38.5 billion. 
<ul> 
 	<li>In an effort to expand its health care business, Walmart inked a 10-year deal with insurance provider UnitedHealth to offer medical services in an initial 15 stores, along with a co-branded Medicare plan in Georgia.</li> 
 	<li>In November 2022 Walmart agreed to a $3.1 billion settlement related to the role its pharmacies allegedly played in overprescribing painkillers during the opioid epidemic. The company did not admit to any liability.</li> 
 	<li>Walmart’s digital advertising business grew 30% last year to $2.7 billion; as its e-commerce platform grows, it’s looking to compete with other e-commerce players for advertisers’ digital spend.</li> 
</ul>

Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation.

WMAC-2022-15-Walmart

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

G500 2022-01-Walmart

The retail Goliath extended its streak at No. 1 on the Global 500 for a ninth consecutive year, bringing in more than $570 billion in revenue. Walmart successfully navigated a challenging 2021—sales grew by 2.4%, and profits inched up by 1.2%—owing in part to its e-commerce offerings: To better compete with delivery rivals as varied as Amazon and DoorDash, Walmart expanded its store-to-fridge delivery service, InHome; it also tested driverless delivery vehicles with Ford. Its click-and-collect curbside pickup service generated sales of $20.4 billion in 2021, a tripling over the past two years. The company’s e-commerce strategy is now in new hands: Walmart’s chief e-commerce officer, Casey Carl, retired and was replaced by Tom Ward in February 2022.

Fortune collaborated with the Diligent Institute to rank the most innovative boards of directors among S&P 500.

Modern Board 2022-Walmart

Retail titan Walmart is the world’s largest company by revenue, and the big names on its board reflect the company’s scale. The former CEOs of KPMG, Yahoo, PepsiCo, and AT&amp;T are among its directors; and Tom Horton, former chief of American Airlines, is Walmart’s lead independent director. 
 
Walmart has recently invested in <a class="c-link" tabindex="-1" href="https://fortune.com/2021/07/27/walmart-pays-for-tuition-companies-that-cover-college-costs-war-for-talent/" target="_blank" rel="noopener noreferrer" data-stringify-link="https://fortune.com/2021/07/27/walmart-pays-for-tuition-companies-that-cover-college-costs-war-for-talent/" data-sk="tooltip_parent" data-remove-tab-index="true">employee education</a>, e-commerce partnerships <a class="c-link" tabindex="-1" href="https://fortune.com/2021/07/28/walmart-e-commerce-tech-for-sale-small-medium-retailers/" target="_blank" rel="noopener noreferrer" data-stringify-link="https://fortune.com/2021/07/28/walmart-e-commerce-tech-for-sale-small-medium-retailers/" data-sk="tooltip_parent" data-remove-tab-index="true">with smaller retailers</a>, <a class="c-link" tabindex="-1" href="https://fortune.com/2021/10/14/walgreens-pumps-another-5-2-billion-into-its-health-clinic-war-with-cvs-and-walmart/" target="_blank" rel="noopener noreferrer" data-stringify-link="https://fortune.com/2021/10/14/walgreens-pumps-another-5-2-billion-into-its-health-clinic-war-with-cvs-and-walmart/" data-sk="tooltip_parent" data-remove-tab-index="true">health clinics</a>, and <a class="c-link" tabindex="-1" href="https://fortune.com/2022/01/17/walmart-metaverse-own-nfts-crypto/" target="_blank" rel="noopener noreferrer" data-stringify-link="https://fortune.com/2022/01/17/walmart-metaverse-own-nfts-crypto/" data-sk="tooltip_parent" data-remove-tab-index="true">Web3</a>, aiming to expand its e-commerce business (<a class="c-link" tabindex="-1" href="https://corporate.walmart.com/media-library/document/q4-fy22-earnings-release/_proxyDocument?id=0000017f-0521-deb8-ab7f-372d1d5a0000" target="_blank" rel="noopener noreferrer" data-stringify-link="https://corporate.walmart.com/media-library/document/q4-fy22-earnings-release/_proxyDocument?id=0000017f-0521-deb8-ab7f-372d1d5a0000" data-sk="tooltip_parent" data-remove-tab-index="true">which grew</a> by 11% in the fiscal year that ended in January 2022, after <a class="c-link" tabindex="-1" href="https://www.cnbc.com/2021/07/28/walmart-to-sell-e-commerce-technology-to-smaller-retailers-.html" target="_blank" rel="noopener noreferrer" data-stringify-link="https://www.cnbc.com/2021/07/28/walmart-to-sell-e-commerce-technology-to-smaller-retailers-.html" data-sk="tooltip_parent" data-remove-tab-index="true">growing 79%</a> the year before) and stay competitive in broader retail categories. 
 
Among active executives, Morgan Stanley’s senior client adviser and former vice chairman of wealth management Carla Harris; Sarah Friar, CEO of Nextdoor; and Cesar Conde, chairman of NBCUniversal News Group, round out the group. Also on the board is former Walmart chairman Rob Walton, a former company executive and son of Walmart founder, Sam Walton.

Fortune Modern Board 25

Fortune's annual list dedicated to the idea that business is uniquely suited to address society’s biggest challenges.

CTW.1122.Walmart-Insulin-ReliOn

It’s an absurd and uniquely American scandal that an estimated 1.2 million of the nation’s diabetics struggle to afford the insulin they need each day to survive. A month’s supply of the medicine can cost an uninsured individual—or an insured individual who hasn’t met their deductible—more than $1,000; even with rebates, American consumers are likely to pay four times more for insulin than those in other countries, according to a 2018 RAND study. The U.S. government has repeatedly failed to rein in those prices, most recently this summer with the scuttling of a proposal that would have capped the price at $35 a month for many patients. Walmart’s answer to this was launching a private label insulin, ReliOn, in partnership with NovoNordisk. In 2021, the retailer introduced two kinds of analog insulin, i.e. the type used by most people with diabetes in the US, starting at $72/vial, a fraction of the cash price for branded products—a 58%–75% discount, according to the company. The more affordable insulin dovetails with the massive retailer’s ambitions to make health care more accessible; it says cash-paying customers have so far saved more than $15 million on their insulin with ReliOn’s new analog products.

This year’s Fortune 500 marks the 68th running of the list.

F500 2022 Walmart

The retail Goliath extended its streak at No. 1 on the Fortune 500 for a 10th consecutive year, bringing in more than $570 billion in revenue. Walmart successfully navigated a challenging 2021—sales grew by 2.4%, and profits inched up by 1.2%—owing in part to its e-commerce offerings: To better compete with delivery rivals as varied as Amazon and DoorDash, Walmart expanded its store-to-fridge delivery service, InHome; it also tested driverless delivery vehicles with Ford. Its click-and-collect curbside pickup service generated sales of $20.4 billion in 2021, a tripling over the past two years. The company’s e-commerce strategy is now in new hands: Walmart’s chief e-commerce officer, Casey Carl, retired and was replaced by Tom Ward in February 2022.

After a year in which humanity leaned more heavily than ever on tech giants, see which companies topped Fortune's ranking of corporate reputation.

WMAC 2021-11-Walmart

Total revenue for the world’s biggest companies fell 4.8% to $31.7 trillion this year—the first decline in half a decade.

G500-2021-001-Walmart

<span data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Walmart had a banner 2020, with U.S. e-commerce sales up 79% as pandemic-weary customers consolidated shopping trips to fewer retailers and took advantage of the big-box giant’s strong curbside pickup offering. Its Sam’s Club and international businesses also boomed for similar reasons. With COVID-19 easing, the retailer is looking to protect those market share gains and has embarked on a $14 billion capital expenditure program for 2021, roughly 40% larger than last year’s, even as such spending compromises profits. The program will focus on priorities like an improved supply chain; automation, including in-store robots; grocery order fulfillment; and tech to improve shopping for customers. &quot;}" data-sheets-userformat="{&quot;2&quot;:14723,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:16777215},&quot;10&quot;:2,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Arial&quot;,&quot;16&quot;:11}">Walmart had a banner 2020, with U.S. e-commerce sales up 79% as pandemic-weary customers consolidated shopping trips to fewer retailers and took advantage of the big-box giant’s strong curbside pickup offering. Its Sam’s Club and international businesses also boomed for similar reasons. With COVID-19 easing, the retailer is looking to protect those market share gains and has embarked on a $14 billion capital expenditure program for 2021, roughly 40% larger than last year’s, even as such spending compromises profits. The program will focus on priorities like an improved supply chain; automation, including in-store robots; grocery order fulfillment; and tech to improve shopping for customers.

These companies use the creative tools of capitalism—including the profit motive—to address society’s unmet needs.

CTW 2021-15-Walmart

<div> 
 
As the largest company in the world, with $524 billion in revenues and 2.3 million employees, when Walmart decides to do something, whether greening its supply chain or introducing COVID-safe protocols in stores, the impact is enormous—as is its influence on the world of business. That’s why the big box retailer so often lands on this list. And sure enough, when Walmart announced its debt-free education initiative this summer—offering free college tuition and books to 1.5 million associates (since 2018, it had offered them for $1/day )—Target, and then Amazon, with 1 million eligible employees between them, soon followed. This summer Walmart also rolled out a Race &amp; Inclusion curriculum to its hundreds of thousands of U.S. employees, one of several recent investments the company has made in a commitment to strengthen racial equity in its stores, supplier networks, and communities—which is to say just about everywhere in America. 
 
</div>

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-01-Walmart

<span data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Walmart had a banner 2020, with U.S. e-commerce sales up 79% as pandemic-weary customers consolidated shopping trips to fewer retailers and took advantage of the big-box giant’s strong curbside pickup offering. Its Sam’s Club and international businesses also boomed for similar reasons. With COVID-19 easing, the retailer is looking to protect those market share gains and has embarked on a $14 billion capital expenditure program for 2021, roughly 40% larger than last year’s, even as such spending compromises profits. The program will focus on priorities like an improved supply chain; automation, including in-store robots; grocery order fulfillment; and tech to improve shopping for customers. &quot;}" data-sheets-userformat="{&quot;2&quot;:14723,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:16777215},&quot;10&quot;:2,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Arial&quot;,&quot;16&quot;:11}">Walmart had a banner 2020, with U.S. e-commerce sales up 79% as pandemic-weary customers consolidated shopping trips to fewer retailers and took advantage of the big-box giant’s strong curbside pickup offering. Its Sam’s Club and international businesses also boomed for similar reasons. With COVID-19 easing, the retailer is looking to protect those market share gains and has embarked on a $14 billion capital expenditure program for 2021, roughly 40% larger than last year’s, even as such spending compromises profits. The program will focus on priorities like an improved supply chain; automation, including in-store robots; grocery order fulfillment; and tech to improve shopping for customers.

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

G500-2020-001-Walmart

After years of investment in its technology and stores, Walmart has indisputably emerged as a strong No. 2 to Amazon in U.S. e-commerce, with sales up 37% last year. But as the novel coronavirus pandemic showed, Walmart’s 4,600 U.S. stores have proved to be an effective weapon in its largest market by allowing curbside pickup for online orders at a time when shoppers want to limit time in stores—but who still want their orders quickly. (That sentiment is not likely to change anytime soon: In the first quarter of fiscal year 2021, the company reported "unprecedented demand" for goods that drove up U.S. comp sales by 10% and U.S. e-commerce sales by 74%.) The company's Sam’s Club division is finding renewed energy, too. Walmart is benefiting from focusing on select overseas markets, such as India and China, rather than competing everywhere.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-001-Walmart

After years of investment in its technology and stores, Walmart has indisputably emerged as a strong No. 2 to Amazon in U.S. e-commerce, with sales up 37% last year. But as the initial weeks of the novel coronavirus pandemic have shown, Walmart’s 4,600 U.S. stores have proved to be an effective weapon by allowing curbside pickup for online orders at a time shoppers want to limit time in stores—but still want their orders quickly. That sentiment is not likely to change anytime soon. Walmart Inc.’s Sam’s Club is finding renewed energy, too. Walmart is benefiting from focusing on select overseas markets, such as India and China, rather than competing everywhere.

As we face unprecedented collective challenges, cooperation has become a business superpower.

09.CTW20.WalmartB

The world’s largest company became an irreplaceable community resource as the COVID crisis engulfed the U.S. The retail giant offers drive-by pickup of online orders, an arena that Walmart pioneered, at about 3,300 of its 4,750 U.S. stores. The number of such orders more than quadrupled from mid-March through July, as consumers—particularly those over 50—scrambled for contactless shopping options. The surge sparked a need for new staff to fill curbside orders, and Walmart hired nearly 500,000 additional workers at the peak of the spring’s lockdowns—in part by partnering with the National Restaurant Association to recruit workers displaced from that battered industry. 
 
A strong pickup business can also have environmental benefits: A recent study by Bain estimates that pickup purchases generate 75% fewer CO2 emissions per item than purchases ordered online and delivered by mail. 
 
Walmart also acted fast to help customers access relief payments quickly and cheaply. People processed $434 million worth of stimulus checks via direct deposit to its MoneyCard prepaid debit cards; the company waived maintenance fees on the cards and began for the first time to pay interest on unspent balances. Walmart’s pandemic response went hand in hand with powerful financial performance: It has tallied two quarters of comparable-store sales growth near 10% and a near-doubling of e-commerce. It’s also earning rising scores on reputation surveys—and is making its sixth consecutive appearance on this list.

Here are the World's Most Admired Companies for 2019 as ranked in their industries. See who made the list.

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 65th running of the list.

These 52 companies from across the globe are doing well by doing good.

Here are the World's Most Admired Companies for 2018 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 64th running of the list.

Here’s our look at 57 companies that do well by doing good.

Here are the World's Most Admired Companies for 2017 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 63rd running of the list.

Here’s our look at 50 companies that do well by doing good.

Here are the World's Most Admired Companies for 2016 as ranked in their industries. See who made the list.

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 62nd running of the list.

Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these top 50 All-Stars.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Nike, Cisco, MasterCard, SABMiller, Vodafone, Google—and 45 other companies that are doing well by doing good.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Best Workplaces In Retail

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Walmart is the world’s largest retailer, offering both physical retail and e-commerce. In 2024, it was America's largest company by revenue. Groceries currently account for about 60% of its sales, but the company also sells a wide range of general merchandise, through Walmart U.S., Walmart International, and Sam's Club warehouse stores. Walmart also offers health care products and pharmacy services. Founded in 1945, the company changed its name from Wal-Mart Stores to Walmart in 2018.

Q1 2027

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Q4 2025

Q3 2025

Walmart (WMT): Company Profile, Stock Price, News, Rankings

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Walmart

walmart

Greetings. Welcome to Walmart's first quarter fiscal 2027 earnings call. At this time, all participants are in listen-only mode. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. I'll now turn the conference over to Steph Wissink, Senior Vice President of Investor Relations. Thank you, Steph. You may begin.

Welcome, everyone. Joining me today from our home office in Bentonville are CEO John Furner and CFO John David Rainey. We'll begin with highlights of the previous quarter and our outlook for the year. We'll open the line for your questions. During the question and answer portion, we've invited Seth Dallaire, our Chief Growth Officer, as well as segment leadership to join. David Guggina from Walmart U.S., Chris Nicholas from Walmart International, and Latriece Watkins from Sam's Club U.S.

We can address as many of your questions as possible, please limit yourself to one question. For additional detail on our results, including highlights by segment, please see our earnings release and supplemental presentation on our website. Today's call is being recorded. Management may make forward-looking statements. These statements are subject to risks and uncertainties.

These risks and uncertainties include, but are not limited to, the factors identified in our filings with the SEC. Please review our press release and slide presentation for a cautionary statement regarding forward-looking statements, as well as our entire safe harbor statement and non-GAAP reconciliations on our website at stock.walmart.com. That concludes my introduction. John, over to you.

Good morning, thanks for joining us today. The team delivered strong sales growth for the quarter, and I want to thank our associates for the work they're doing. Getting into stores, clubs, and our supply chain is one of the best parts of my job, whether that's here in the U.S. or places like China and India, where I got to spend time recently. Running an omnichannel business through great stores and clubs requires the best technology and people that embrace innovation while executing the basics every day.

No matter where I am in the world, I'm reminded that customers are more alike than not. They want value for their money, a broad assortment, and great experiences, and I love how Walmart delivers across each of these. When I look at the consumer, especially here in the U.S., they're telling us they're feeling some pressure, and they're looking to Walmart for value. We're continuing to invest in prices, extending the rollbacks we started in the second half of last year, and we now have about 7,200 rollbacks in place.

We're also finding ways to help families stretch their dollars as outdoor summer activities get underway. We recently launched a basket of grilling essentials that feeds eight people at under $5 per person. Now, when I look at the business overall, it's performing how we expect it to. We saw strong growth in e-commerce, including advertising and Marketplace. We're gaining market share, and growth in transactions and units is driving the top line. Transaction growth in the U.S. was the strongest we've seen in six quarters, so I feel great about the way we're executing our strategy.

John David will talk more in detail about our results for the quarter, including the impact of higher fuel costs on our operations. We're pleased to reiterate our outlook for this year. I'll spend the rest of my time this morning providing some context for how we think about our business. The pace of change is accelerating, and we're moving more quickly to realize the benefits of the business model we've built. We're investing in areas that strengthen our competitive position, including pricing and wages and benefits for our associates.

We're doing this while driving long-term value for our shareholders. One way we're doing this is by taking an enterprise approach to platforms, scaling tech-powered businesses like advertising, Marketplace, and Fulfillment Services, and membership alongside our core retail operations to drive growth at a lower marginal cost. We've seen the power of these businesses in the U.S., and that's reflected in our financial performance over the last few years. We're now taking these learnings and applying them in Canada and Mexico. We're also becoming AI native.

Using AI, we can now serve customer needs that previous technologies could not meet, from making shopping easier and more personalized, to expanding the range of shopping occasions and interactions we have with our customers and members. Sparky, our AI shopping agent, is making this possible. Weekly active users are up over 100% just in the last quarter, and our investments in AI have increased Sparky intelligence and response quality by 40% this year. Sparky's becoming more useful by the day. You can now use Sparky in stores and automatically reorder items you have on repeat. Sparky even speaks Spanish these days.

As we've mentioned before, customers using Sparky have an average order value that's about 35% higher than non-Sparky customers. As a merchant, I'm really excited about the growth we see in our assortment. We're expanding choice for our customers and members by improving our first-party assortment, especially in areas of trend and fashion, and we're growing our Marketplace. We recently launched Marketplace cross-border into Canada and Mexico, and we like the early results.

This is a good example of the benefits we're seeing from building platforms and extending them across markets. We can broaden our assortment, bring on new sellers, and drive incremental profit without the proportional capital investment. Sales on our Marketplace in the U.S. grew almost 50% for the quarter. I like how we're partnering with sellers to help them grow their business with us, and this isn't just about Marketplace.

Through services like advertising and fulfillment, they're leveraging the tools we built to make their businesses even stronger. Now that we're expanding our reach to more countries, we're offering an even better proposition for them. We're also getting faster and more reliable in how we fulfill orders. For the quarter, we delivered more than 3.5 billion units, same or next day globally. Investments in our supply chain and the application of AI are improving how we position inventory, make fulfillment decisions, and serve customers and members in real time.

Enterprise eCommerce sales grew 26%, and within Walmart U.S., delivery grew 45%. More than 36% of all U.S. store-fulfilled deliveries in the quarter were delivered in less than three hours. At Sam's Club U.S., delivery from Club grew more than 90%, and sales mix from eCommerce is now at an all-time high. I am so impressed by what the teams are doing to speed up delivery solutions in markets that are already high speed. In India, Flipkart now operates more than 800 micro-fulfillment centers used for fast delivery, something we call Flipkart Minutes. They are delivering items in less than 13 minutes on average.

The team in China delivered over a half billion units in Q1, with about 75% of those arriving in under one hour. Our store and club network, more than 10,900 locations, continues to be a key advantage. It serves as the physical infrastructure that enables speed at a cost structure that is both attractive and improving. As the economics continue to improve, speed becomes an engine of operating leverage, not just a better experience for customers and members. At the same time, we are making our operations more productive and efficient.

Automation across our supply chain in the U.S. continues to scale. Approximately half of our e-commerce fulfillment center volume in Walmart U.S. is automated. More than 60% of our stores are receiving some level of freight from automated distribution centers. More than half of our regional distribution centers are in various stages of being retrofitted. As we deploy these capabilities, we're also upskilling associates and creating new opportunities as technology changes how work gets done.

We're also strengthening our business mix by scaling higher-margin businesses, or what we call commerce solutions. These are areas like advertising, membership, and marketplace, which are becoming more meaningful contributors to our overall profitability. These businesses complement our omnichannel model and support more durable long-term value creation. For the quarter, our advertising business grew more than 30% for each segment, including 36% for Walmart U.S.

Membership fee revenue grew 17% for the enterprise led by Walmart U.S. Together, these profit streams represented approximately 1/3 of operating income. Another way we're mixing up profits better is by improving the performance of general merchandise. This is a priority for us globally. Comps for GM were positive in the U.S. for the quarter.

Fashion was a standout again. In international, growth in general merchandise outpaced that of food and consumables overall, with help from successful Lunar New Year events. With that, I'll close by saying our business is strong. We have momentum and a clear strategy. We'll continue to reinforce a unique value proposition by focusing on serving customers and members better while improving the economics of our business and positioning us for sustained long-term growth. I'll hand the call over to John David.

Thanks, John. I'd like to start by thanking our associates for their continued focus on serving our customers and members. Our value proposition continues to resonate with customers, particularly as higher fuel prices are putting pressure on household budgets. In the first quarter, we delivered constant currency sales growth of nearly 6%, exceeding the top end of our guidance range by 120 basis points, and we continued to gain share across our business.

Strong eCommerce momentum continued with 26% growth, highlighting the advantages of our omni-channel model as customers and members increasingly utilize our fast delivery capabilities from stores and clubs. Customers and members are also shopping deeper into our catalog, as 3P marketplace sales growth in the U.S. reached the highest level in two and a half years. In addition, our advertising business had one of its best quarters, growing 37% globally.

First quarter adjusted operating income growth in constant currency of approximately 5% was in line with our guidance, despite higher-than-anticipated fuel costs. We absorbed approximately $175 million, or about 250 basis points of operating income growth, from higher-than-planned fuel costs in our global distribution and fulfillment operations. We continue to play offense, despite the short-term pressure on profits.

We're confident this was the right approach to reinforce customer trust and support share gains over the long term. We're always focused on providing low prices for customers. EDLP is core to who we are. That said, these are real impacts to cost of goods sold for us and our suppliers. If the current elevated cost environment persists, we'd expect somewhat higher retail price inflation in Q2 and the second half of the year. Importantly, we're reiterating our original full-year guidance that we provided in February before the significant increases in fuel cost.

We said at that time that we believed the first quarter operating income growth would be the lowest of any quarter, and profitability would improve thereafter. We still believe that to be the case. Our long-term growth strategy is clear, and we continue to execute, while also maintaining flexibility to take advantage of the short-term share gain opportunities as they emerge. I'll now share some more detail on the quarter. Consolidated revenue in constant currency increased nearly $10 billion, led by Walmart U.S. comp sales, which were up 4.1%, despite a 100 basis point headwind from Maximum Fair Price legislation in pharmacy.

Fashion performed very well, driven by assortment improvements and expanded third-party offerings, leading to the category's strongest share growth in five years. E-commerce sales were strong across each of our segments, with delivery speed a key catalyst for growth around the world. We're accelerating by using our unique assets, stores and clubs, DCs and FCs, and last-mile delivery networks to get orders to customers faster and more efficiently.

Walmart (WMT) Q1 2027 Earnings Call Transcript

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