Walmart Inc. is a global omni-channel retailer that offers a wide range of products and services through its three main segments: Walmart U.S., Walmart International, and Sam's Club. The company is involved in mass merchandising, eCommerce, and operates membership-only warehouse clubs, providing products across categories such as grocery, general merchandise, and health and wellness . Walmart emphasizes its omni-channel capabilities, integrating physical stores with eCommerce to enhance customer experience .
- Walmart U.S. - Operates as the largest segment, providing mass merchandising and eCommerce services in the U.S., offering products in grocery, general merchandise, and health and wellness categories.
- Grocery - Includes dry grocery, snacks, dairy, and beverages.
- General Merchandise - Covers entertainment, hardlines, fashion, and home products.
- Health and Wellness - Encompasses pharmacy and medical products.
- Walmart International - Expands the company's global presence with operations in 18 countries, including eCommerce and omni-channel initiatives.
- Sam's Club - Functions as a membership-only warehouse club in the U.S., contributing to revenue through both physical locations and eCommerce.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
C. Douglas McMillon ExecutiveBoard | President and CEO | Business Roundtable (Board Member), Consumer Goods Forum (Board Member), U.S.-China Business Council (Board Member), Tsinghua University School of Economics and Management (Advisory Board Member), Crystal Bridges Museum of American Art (Board Member) | Joined Walmart in 1991; became CEO in 2014. Previously led Walmart International and Sam's Club. Key driver of Walmart's omni-channel strategy. | View Report → |
Christopher Nicholas Executive | President and CEO, Sam's Club | None | Joined Walmart in 2018. Previously COO of Walmart U.S. Became CEO of Sam's Club in 2023. | |
David M. Chojnowski Executive | Senior Vice President and Controller | None | Joined Walmart in 2014. Previously VP and Controller for Walmart U.S. | |
Donna Morris Executive | EVP, Global People and Chief People Officer | None | Joined Walmart in 2020. Previously Chief HR Officer at Adobe. | |
John David Rainey Executive | Executive Vice President and CFO | None | Joined Walmart as CFO in 2022. Previously CFO at PayPal. | |
John Furner Executive | President and CEO, Walmart U.S. | None | Joined Walmart in 1993 as an hourly associate. Became CEO of Walmart U.S. in 2019. Previously CEO of Sam's Club. | |
Kathryn McLay Executive | President and CEO, Walmart International | None | Joined Walmart in 2015. Previously CEO of Sam's Club, where she achieved double-digit sales growth. Became CEO of Walmart International in 2023. | |
Suresh Kumar Executive | EVP, Global CTO and Chief Development Officer | None | Joined Walmart in 2019. Previously held leadership roles at Google, Amazon, and Microsoft. Key driver of Walmart's AI and technology modernization efforts. | |
Bob Moritz Board | Director | Board Member at State University of New York at Oswego Foundation, Generation Unlimited, and World Economic Forum International Business Council | Joined Walmart's board in 2024. Former Global Chair of PwC. | |
Carla A. Harris Board | Director | Senior Client Advisor at Morgan Stanley, Board Member at Cummins Inc. and MetLife, Inc., Board Member at Sesame Workshop and Mother Cabrini Health Foundation | Joined Walmart's board in 2017. Former Vice Chairman at Morgan Stanley. | |
Gregory B. Penner Board | Chairman of the Board | Owner and CEO of Denver Broncos, General Partner at Madrone Capital Partners, Board of Trustees at Brown University | Joined Walmart's board in 2002; became Chairman in 2015. Former CFO of Walmart Japan and key contributor to Walmart's eCommerce strategy. | |
Marissa A. Mayer Board | Director | CEO of Sunshine, Board Member at AT&T Inc., Board Member at Go Forward, Inc., Board Member at Maisonette, LLC, Board Member at San Francisco Ballet | Joined Walmart's board in 2012. Former CEO of Yahoo and early Google executive. | |
Randall L. Stephenson Board | Director | Board Member at Boy Scouts of America and PGA Tour | Joined Walmart's board in 2021. Former Chairman and CEO of AT&T. | |
Sarah Friar Board | Director | CEO of Nextdoor (resigning May 2024), Co-Founder of Ladies Who Launch, Fellow at Aspen Global Leadership Network | Joined Walmart's board in 2018. Former CFO of Square. | |
Steuart L. Walton Board | Director | Founder and Chairman of RZC Investments, Co-Founder of Runway Group, Board Member at Crystal Bridges Museum of American Art, Smithsonian National Air and Space Museum (Emeritus) | Joined Walmart's board in 2016. Former Senior Director of International M&A at Walmart. | |
Tom Horton Board | Lead Independent Director | Partner at Global Infrastructure Partners, Board Member at General Electric Company, Executive Board Member at Cox School of Business | Joined Walmart's board in 2014. Former Chairman and CEO of American Airlines. |
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As you continue to invest in areas like price reductions and wage increases to lay the foundation for future growth, how do you balance these investments with the need to accelerate enterprise-wide profit growth, and are you seeing diminishing returns in these areas that might impact profitability next year and beyond?
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With the competitive landscape intensifying, particularly from both traditional and non-traditional retail players, how is Walmart planning to sustain its market share gains in the U.S., and what strategic adjustments are you making in response to competitors' actions?
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Given the changes in your fourth-quarter operating income guidance and the significant wage investments at Sam's Club, how are you managing gross margin expectations, especially in light of continued pressure from higher health and wellness sales and potential e-commerce profitability challenges in the U.S.?
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With the growth in Walmart Plus memberships, can you elaborate on how this is translating into increased customer spend and loyalty, and how you are leveraging the data from these members to drive growth in your new businesses?
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Despite a positive inflection in general merchandise sales, the mix shift towards consumables continues to pressure gross margins; when do you anticipate a more balanced growth between general merchandise and consumables, and what impact will this have on overall gross margin expansion?
Research analysts who have asked questions during Walmart earnings calls.
Michael Lasser
UBS
4 questions for WMT
Robert Ohmes
Bank of America
4 questions for WMT
Simeon Gutman
Morgan Stanley
4 questions for WMT
Christopher Horvers
JPMorgan Chase & Co.
3 questions for WMT
Katharine McShane
Goldman Sachs Group, Inc.
3 questions for WMT
Rupesh Parikh
Oppenheimer & Co. Inc.
3 questions for WMT
Seth Sigman
Cantor Fitzgerald
3 questions for WMT
Corey Tarlowe
Jefferies
2 questions for WMT
Edward Kelly
Wells Fargo
2 questions for WMT
Gregory Melich
Evercore ISI
2 questions for WMT
Kelly Bania
BMO Capital Markets
2 questions for WMT
Krisztina Katai
Deutsche Bank AG
2 questions for WMT
Paul Lejuez
Citigroup
2 questions for WMT
Peter Benedict
Robert W. Baird & Co.
2 questions for WMT
Peter Keith
Piper Sandler & Co.
2 questions for WMT
Scot Ciccarelli
Truist Securities
2 questions for WMT
Bradley Thomas
KeyBanc Capital Markets Inc.
1 question for WMT
Charles Grom
Gordon Haskett Research Advisors
1 question for WMT
Chuck Grom
Gordon Haskett Research Advisors
1 question for WMT
David Bellinger
Mizuho Securities USA LLC
1 question for WMT
Joseph Feldman
Telsey Advisory Group
1 question for WMT
Karen Short
Melius Research
1 question for WMT
Kate McShane
Goldman Sachs
1 question for WMT
Michael Baker
D.A. Davidson & Co.
1 question for WMT
Oliver Chen
TD Cowen
1 question for WMT
Zhihan Ma
Bernstein
1 question for WMT
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Competes with Sam's Club in the membership-only warehouse club segment, offering value at members-only prices, a quality merchandise assortment, and bulk sizing to serve members. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
VIZIO Holding Corp. | 2025 | Walmart completed the acquisition of VIZIO to leverage its operating system for targeted ads and content, enhancing its retail media capabilities. The deal, which initially resulted in 70 basis point headwinds but is forecasted to become earnings accretive by the following year and contribute a 20 basis point tailwind to net sales growth, reflects strategic integration despite near-term negative impacts on operating income due to transition costs. |
Alert Innovation | 2023 | Walmart acquired Alert Innovation for $0.4 billion in fiscal 2023, transitioning the company from a variable interest entity to a wholly owned subsidiary. This acquisition supports Walmart’s innovation and technological growth strategies by consolidating full control of Alert Innovation. |
Massmart | 2023 | In fiscal 2023, Walmart executed a $0.4 billion buyout of Massmart's noncontrolling interest shareholders, increasing its stake from roughly 53% to 100%. This transaction, completed in the fourth quarter of fiscal 2023, involved the reallocation of cumulative currency translation effects back to Walmart, solidifying its full ownership. |
Recent press releases and 8-K filings for WMT.
- Free same-day delivery for refrigerated prescriptions—including GLP-1s—is now available to Sam’s Club Plus Members (orders by 2 p.m.), with a $12 fee for non-Plus Members
- GLP-1 medications like Wegovy® and Ozempic® available at $499/month through the Novo Nordisk Copay Savings Program for eligible members
- Service leverages 3,500 pharmacists across ~570 pharmacy locations and underscores Sam’s Club’s #1 ranking in mass merchandiser pharmacy customer satisfaction for 10 consecutive years by J.D. Power
- OnePay, majority-owned by Walmart, will introduce Bitcoin and Ethereum trading and custody in its mobile app later this year through a partnership with Zerohash.
- The enhancement positions OnePay as a comprehensive digital finance super app, letting users buy, hold, spend and convert crypto into cash at Walmart’s 10,000+ locations worldwide.
- OnePay relies on Coastal Community Bank and Lead Bank for insured banking services and Synchrony Bank for credit cards, leveraging Walmart’s financial strength (trailing-12-month revenue $693 billion, market cap $815.7 billion).
- Walmart’s pharmacy delivery service now covers 49 states, adding refrigerated and reconstituted medications (e.g., insulin, GLP-1s, Ozempic, pediatric amoxicillin) in insulated packages delivered within 30 minutes.
- Refrigerated medications represent 30% of Walmart’s prescription transactions; the company aims to fulfill 90% of prescriptions via an expanded Central Fill network by next year.
- Delivery is free for Walmart+ members and $9.95 for non-members, reinforcing its competitiveness against Amazon Pharmacy.
- Since launch, Walmart has completed over 4 million pharmacy delivery orders, with the fastest delivery at nine minutes, underscoring strong customer adoption.
- Walmart Connect’s advertising business hit a $4.4 billion quarterly run rate, up 31% year-over-year excluding VIZIO; with VIZIO, growth accelerated to 47% globally and 60% in the U.S..
- The December 2024 acquisition of VIZIO integrates its TV operating system and first-party viewership data to expand Walmart’s retail media into connected TV.
- Walmart’s retail media network delivers full-funnel advertising—from awareness to purchase—leveraging 150 million weekly customers (scale), real-time first-party data (signals), and multi-channel solutions (online, in-store, offsite).
- The retail media market is projected at $100 billion TAM over the next few years, driven by full-funnel solutions, growth of marketplace sellers, and self-serve ad platforms that allow small advertisers to spend as little as a few hundred dollars.
- Walmart Connect generated $4.4 billion in revenue last quarter, up 31% YoY, leveraging 150 million weekly customers, first-party signals and omnichannel ad solutions.
- The VIZIO acquisition, closed in December 2024, strengthens Walmart’s retail-media offering with Connected TV data and inventory; integration has been seamless thanks to a 15-year partnership.
- By merging VIZIO’s TV operating system with Walmart’s shopper data, the combined platform enables full-funnel advertising—from CTV awareness (66% streaming time) to onsite, in-store and offsite conversions—serving both large brand advertisers and small sellers.
- Walmart Connect reported $4.4 billion in quarterly advertising revenue, up 31% year-over-year, with global growth at 47% and U.S. growth at 60% including VIZIO.
- Acquired VIZIO in December 2024 to combine its 150 million customer signals with VIZIO’s connected TV OS for enhanced scale, solutions, and first-party data-driven media.
- The integration is seamless, leveraging shared culture and deep customer overlap—80% of VIZIO users are Walmart shoppers—and VIZIO OS will roll out on Walmart’s On TVs by year-end.
- Industry trends include full-funnel retail media expansion beyond on-site conversion, rising participation from marketplace sellers, and a projected $100 billion TAM for retail media amid growing CTV adoption.
- Connected TV viewership is now 66% streaming versus <30% linear, with CTV ad spend expected to surpass linear TV by 2027, underpinning Walmart’s push into upper-funnel media.
- Walmart Connect advertising revenue reached $4.4 billion in the last quarter, up 31% y/y, with global growth of 47% and 60% growth in the U.S. including VIZIO.
- Walmart closed its acquisition of VIZIO in December 2024 to integrate VIZIO’s CTV operating system and first-party viewing data, addressing declining hardware margins by expanding platform-based advertising offerings.
- Integration plans combine Walmart’s 150 million weekly customer signals with VIZIO’s insight that 66% of TV viewing is via streaming to enable full-funnel, on-site, off-site, in-store, and CTV advertising, improving targeting and conversion measurement.
- Retail media is projected to become a $100 billion market over the next few years, fueled by the adoption of full-funnel performance advertising and increasing participation from both endemic and non-endemic advertisers.
- AI-powered, automated self-serve ad platforms lower entry barriers for smaller sellers, allowing campaigns with minimum spends of a few hundred dollars and increasing auction participation.
- Walmart sees low single-digit inflation in the US, with strong demand among middle/upper-income shoppers while lower-income consumers trade down on higher-cost items.
- The company is operating under two P&Ls—a traditional store P&L and a now-profitable e-commerce P&L—positioned to drive faster operating profit growth via marketplace, advertising and memberships.
- Investment in automation is roughly one-third complete, rolling out automated storage & retrieval systems across US facilities to enhance supply chain efficiency.
- Walmart is accelerating AI for customer growth (e.g., personalized shopping and auto-replenishment) and productivity, appointing a dedicated AI acceleration lead.
- Alternative revenue streams are expanding: marketplace growth via omni-channel fulfillment, Walmart Connect advertising with online-to-in-store conversion tracking, Walmart+ rapid delivery, Sam’s Club e-commerce/membership momentum, and Walmex’s financial services and Bodega network.
- Introduced a suite of AI-powered seller tools—including a listing tool, Smart Assistant, Seller Advisors Program, shipping automation and Brand Portal—to streamline operations and enhance marketplace integrity.
- Launched seller incentives for peak season: 0% referral fee on qualifying toys, 50% fee reduction on pet supplies and up to 100% reductions on top-selling items.
- Expanded Next-Day Delivery in major U.S. metros with Walmart Fulfillment Services at ~15% lower cost and driving a 50% GMV lift on Walmart-fulfilled, 2-day shipping items.
- Extended marketplace reach to U.S., Canada, Mexico and Chile, plus multichannel fulfillment options with 30% off fees for new users.
- Rolled out in-store digital discovery at its Cypress, Texas, store—QR codes provide access to extended online assortments and installation services.
- Walmart is integrating numerous Ranpak AutoFill systems into five Next Generation Fulfillment Centers to boost operational efficiency, reduce packaging waste, and ease employee workloads.
- The company entered a warrant agreement to acquire up to 22.5 million shares of Ranpak common stock, vesting based on Walmart’s spending with Ranpak; the warrant expires in 2035 and carries no voting rights until exercised.
- Walmart’s strong financial position—debt-to-equity ratio of 0.72, Altman Z-Score of 5.98, and Piotroski F-Score of 8—supports its strategic investments in automation and sustainability.
- Ranpak faces declining revenue and profitability, though technical analysis indicates some positive momentum and potential improvements later in the year.