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

Fortune AIQ 75

These companies use the creative forces of capitalism to solve big problems—and do well by doing good.

The massive retailer is building career pathways that help workers gain in-demand skills without taking on college debt or leaving the workforce. Walmart’s Associate to Driver program, launched in 2022, pays eligible employees while they earn a commercial driver’s license and complete 16 weeks of classroom, behind-the-wheel, and mentored freight-hauling training. More than 1,000 associates have since moved into driving roles in Walmart’s private fleet, where drivers earn about $109,000 on average and can make up to $135,000. The retailer has also extended the model to skilled trades and health-care-adjacent work. Its Associate to Technician program combines third-party trade-school instruction with apprenticeships led by experienced Walmart technicians; the company aims to place 4,000 technicians by 2030 and has trained and placed roughly 600 so far. A pilot cohort placed all 105 trainees into jobs, with potential pay rising from roughly $16 to $20 an hour to $35 to $40. Walmart’s new Associate to Optician pilot similarly pairs online coursework with paid, on-the-job learning, offering a route to licensed work while potentially saving participants about $20,000 in tuition.

Change the World

The companies on the Global 500 employ 70.2 million people, and their revenue represents more than one-third of the world’s GDP.

Fortune Global 500

With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Walmart fell to No. 2 after 13 years at No. 1. Doug McMillon, the CEO who presided over most of that streak, retired in January. But the giant retailer's earnings hit an all-time high last year, and its share price has soared as well.

Fortune 500

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

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.

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.

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.

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.

WMA 2024-Walmart

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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Change The World

Impact Segment

Walmart is the world’s second-largest retailer, offering both physical retail and e-commerce. Until February 2025, it was America's largest company by revenue. Groceries currently account for 50% 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.

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Q3 2025

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

legacy

Walmart

walmart

Greetings. Welcome to Walmart's third quarter Fiscal Year 2026 earnings call. At this time, all participants are in listen-only mode. The question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I'll now turn the conference over to Steph Wissink, Senior Vice President, Investor Relations. Thank you, Steph. You may begin.

Welcome, everyone. Thank you for your interest in Walmart. Joining me today from our Home Office in Bentonville are Walmart's CEO, Doug McMillon, and CFO, John David Rainey. Doug will begin with remarks about our upcoming Leadership transition. We will then hear from John Furner, recently named as CEO of Walmart beginning February 1st, 2026. Doug and John David will then share their views on the third quarter and our business trends. Thereafter, we'll open the line for your questions. During the question-and-answer portion, we'll invite segment leaders to join in responding to your questions: John for Walmart U.S., Kath McLay from Walmart International, and Chris Nicholas for Sam's Club U.S. We will make every effort to answer as many questions as we can in the hour we have scheduled for this call. As a courtesy to others, 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, and management may make Forward-Looking Statements. These Statements are subject to Risks and Uncertainties that could cause actual results to differ materially from these statements. 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. Doug, it's my privilege to turn the earnings call over to you one last time.

Good morning, and thanks for joining us. The team delivered another strong quarter. Our associates have us well positioned to finish the year with momentum. It's been an honor to serve them as CEO, and I'm as excited about the future of this company as I've ever been. John's ready. He knows our business so well, and he has the characteristics to lead us into the future. I couldn't be happier for him and for our company. Congratulations, John.

Thank you, Doug. I'm excited about our future. I'm appreciative and humbled by this opportunity and look forward to accepting the responsibility to serve Walmart more broadly as President and CEO. I love this company, and I love our associates. I believe in our values and in our purpose to help people save money and live better. I believe we're well positioned to fulfill our purpose.

You'll be great. Back to the quarter, the team delivered strong Sales and Profit Growth across each of our segments. Sales grew 5.9% overall in Constant Currency, and Adjusted Operating Income grew even faster at 8%. We drove positive transaction counts and unit volumes, and we're gaining market share in Grocery and General Merchandise, including here in the U.S., where we saw strength across income cohorts and especially with higher-income households. It's great to see the positive General Merchandise sales across the company, and I'm excited about what we're seeing with our Fashion Categories in Walmart U.S. in particular. E-commerce was a highlight again in Q3, up 27% in total. Each segment delivered growth in E-commerce above 20%. The way we're driving growth on the top line is helping us strengthen and differentiate our bottom line. Globally, Advertising grew 53%, including VIZIO, and membership income was up 17%.

Let's talk about each segment. I'll start with International, which continues to lift the Growth Rate for the company. International drove the strongest performance with a sales increase of 11.4% in Constant Currency, and Adjusted Operating Income grew 16.9%. We continue to benefit from business mix changes and lower losses in E-commerce. Transaction counts and unit volumes are up across markets, and we're gaining market share. E-commerce sales for International were up 26%. That included our Flipkart Team in India executing a record Big Billion Days event. Almost a third of our business outside the U.S. is digital, with E-commerce in China at 50% penetration. The team in China is delivering orders fast. Nearly 80% of digital orders arrive in under an hour. In October, I got to visit three Chinese Cities.

In Hefei, a city of about 10 million people, we visited a relatively new Sam's Club that was outstanding. We now have 60 Sam's Clubs in the country and a healthy pipeline of new clubs coming. China is more advanced in terms of Digital Retail than anywhere we operate, and there is always a lot to learn that helps inform what we do around the world. I also got a chance to visit our team in Canada last month. I'm excited about the Leadership Team and the opportunity we have to grow Market Share, reinforced by EDLP and tapping into our omnichannel advantages. For Walmart U.S., we drove comp sales of 4.5%, and we grew E-commerce by 28% with marketplace sales growth of 17%. We continue to deliver the value people are looking for with healthy growth in both transactions and units sold.

Comps were good across each month of the quarter, and share gains were consistent with what we've seen this year. Delivery speed matters, and we're delivering faster than ever. For Q3, 35% of digital orders were delivered in under three hours. At a category level, sales and General Merchandise were positive, with fashion, home, and automotive leading the way. Grocery performed well with good unit growth, and health and wellness was up low double digits. For Sam's Club here in the U.S., the team delivered comp sales of 3.8% with strength across categories. The comp was driven by transaction counts, and we're gaining market share in Grocery and General Merchandise. Sam's continues to do a great job of engaging our members digitally. We have a profitable E-commerce business that outpaced our expectations again this quarter, up 22% in sales.

For Sam's membership, we see good growth in Member Counts, Renewal Rates, and Plus Member penetration. As we look at our customers and members here in the U.S., they're still spending, with upper and middle-income households driving our growth. We continue to benefit from higher-income families choosing to shop with us more often. Middle-income households have been steady, and while lower-income families have been under additional pressure of late, we're encouraged by how our teams are meeting them with greater value across necessities and doing what we can to help them stretch their dollars further. For the quarter, like-for-like inflation in Walmart U.S. was 1.3%, with Food and General Merchandise up low single digits. We continue working to resist the upward pressure on our Cost of Goods and to manage our mix.

We have about 7,400 active rollbacks in Walmart U.S. right now, with more than half of those in the Grocery Category. Often, our 90-day rollbacks lead to a permanent price reduction, a new EDLP. Since the beginning of the year, more than 2,000 rollbacks have become the new Everyday Price. We'll keep strengthening our ability to save people time and money, and we'll keep finding ways to keep our prices as low as possible and being strategic in our pricing actions. Everyone wants value. Inventory Management is always important, and it's especially important in this environment as we reduce markdown risks to help fund stronger price gaps. Our team continues to do a great job. The ability of our Walmart U.S. Team, in particular, to make good quantity decisions and manage pricing and mix well has been impressive.

Both Walmart and Sam's U.S. delivered strong seasonal sell-throughs for back to school and Halloween. The results we're delivering today are powered by our people and by technology. We continue to get better at putting our data to work, building more capable tech products and platforms, and by deploying Physical Automation. The investments to automate our supply chain continue to go well. The team is delivering according to plan, and it's helping our associates and our stores receive and manage inventory better than before. As it relates to AI, we continue building towards an E-commerce experience that is, one, more personalized and relevant; two, multimodal, meaning a Voice, Text, Image, and Video Experience that is more conversational. Interacting with our app will include improved Imagery, Short-form Video, Live Streaming, and interaction with Influencers.

Ads will still be present, but in a more contextual and helpful way, surfacing as recommendations or sponsored bundles that add value. There will be attention capture and decision influence through data. Three, the new experience will be contextual, understanding customer intent and anticipating needs to save them time. As we think about new Tech Products and Capabilities, sometimes we build our own tech, and sometimes we partner. Our recent announcement with OpenAI is an example. This new partnership will allow customers and members to purchase items from Walmart and Sam's Club directly through ChatGPT. This starts relatively simplistically with the checkout process, but it will become more immersive, integrated, and seamlessly connected experiences that bring Walmart closer to customers in new ways. We are adopting Artificial Intelligence and its various forms across the company. Let's take Software Development, for example.

When AI is used for Software Development, more than 40% of the new code is either AI-Generated or AI-Assisted. We're helping our associates build the skills they'll need to thrive in an AI-Powered workplace through things like embracing OpenAI Certifications and rolling out ChatGPT Enterprise Licenses. I'll wrap up by saying thank you and conveying my excitement about our future. Our strategy is clear, and we're focused on innovating and consistently executing to deliver greater sales, margins, and returns. Our associates continue to impress. They care. They learn. They step up and change. They're moving forward. They bring our purpose and our values to life. This company and our team's ability to change should not be underestimated. That ability enables us to adapt and thrive. Our timeless purpose and values, combined with the ability to innovate, ensure our strong future. John David, over to you.

Thanks, Doug. We're pleased with how the team executed this quarter and with the strength of our business across markets, continued share gains, and disciplined cost control. Our results were better than expected on the top and bottom line and reflect the advantages of our omnichannel model and the diversified nature of our profit streams. As we indicated earlier this year, we're playing offense, accelerating our growth, reinforcing our customer and member value proposition, evolving our model, and diversifying our profits. Importantly, we're delivering on our Financial Framework of growing profit faster than sales. Our strategy of offering everyday low prices while leveraging our physical and digital assets to provide greater convenience is clearly resonating. Now I'll get into some of the details of our third quarter performance. Consolidated Revenue and Constant Currency increased 6%, or more than $10 billion, led by continued E-commerce momentum with 27% growth.

In all of our markets, we're getting faster with delivery speeds, reaching more households across a broader assortment, and improving execution. For example, in Walmart U.S., approximately 35% of store-fulfilled orders were expedited or delivered in under three hours, and sales through these expedited channels increased nearly 70% this quarter. The notable thing about our E-commerce growth is the consistency of it across our markets. In Walmart U.S., comp sales grew 4.5%, with traffic growth both in stores and online. E-commerce sales grew 28%, led by strength in pickup and delivery and advertising. This was the seventh consecutive quarter of E-commerce growth above 20%. We're encouraged by the share gains across Grocery, Health and Wellness, and General Merchandise categories. Fashion, in particular, has been a bright spot with improving comp trends throughout this year.

The U.S.Team continues to do an excellent job balancing price and mix to reinforce our value proposition. We're leaning into price rollbacks and making both everyday essentials and seasonal celebrations more affordable for customers and members. Walmart's Thanksgiving Meal Basket is a great example. It will feed a group of 10 people for less than $40. The international segment delivered over 11% sales growth in Constant Currency, led by strength in Flipkart, China, and Walmex. Flipkart had strong results aided by the earlier timing of the Big Billion Days, or BBD, Sales Event. The BBD Event saw strong customer engagement with sales growth led by Mobile Devices, Electronics, and Fashion. At our peak, we delivered 87 orders per second, with the fastest delivery in about three minutes. Sales in China increased 22% in Q3, reflecting ongoing strength at Sam's Club and more than 30% growth in E-commerce.

Sam's Club U.S. comp sales ex fuel increased 3.8%. Recall that we are lapping a multi-day period of strong comps in Q3 last year related to a port strike that equated to an approximate 120 basis point benefit to comp sales in last year's period. Members continue to engage more digitally, both inside the club using Scan&Go, as well as through the convenience of Curbside Pickup and Delivery options. Member adoption of Scan&Go reached 36% in Q3, an increase of 450 basis points versus last year, and club-fulfilled delivery grew triple digits again this quarter. The Sam's team continues to enhance member benefits related to E-commerce. Curbside Pickup is now free for all members with no minimum purchase requirements, and we have accelerated the speed of delivery by leveraging Walmart's Spark Driver platform to pick and fulfill delivery orders. These actions have contributed to stronger E-commerce Sales and improved average delivery times.

Consolidated Gross Profit was relatively flat year-over-year. Walmart U.S. increased 19 basis points as a result of Disciplined Inventory Management and favorable business mix. This was offset by pressure in the international segment from channel and format mix due in part to Flipkart's Big Billion Days Event, as well as ongoing price investments in Mexico. Merchandise category mix in Walmart U.S. remains a headwind as sales growth in Grocery and Health and Wellness outpaced General Merchandise. Across the enterprise, our business model continues to evolve, with operating income increasingly influenced by improved E-commerce economics, particularly in Walmart U.S. and Flipkart, with growing contributions from business mix, most notably in higher margin areas like advertising and membership fees. This quarter, the combination of advertising and membership fee income represented approximately one-third of our consolidated Adjusted Operating Income. With continued strong momentum in E-commerce, our advertising business globally increased 53%, including VIZIO.

Walmart (WMT) Q3 2026 Earnings Call Transcript

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