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.
- 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.
- Fed Chair Powell signaled a potential rate cut in September, opening the door for looser policy as inflation concerns persist.
- Walmart reported strong growth in-store and online as consumers gravitate to value retailing amid inflationary pressures.
- Management warned that tariff-related cost pressures will likely lead to further price increases in the second half of the year.
- Fed Chair Jerome Powell will deliver his keynote at the Jackson Hole Economic Policy Symposium on August 22, with investors focused on whether he signals a September rate cut amid hotter-than-expected inflation data and weaker job growth.
- Fed funds futures now imply roughly 75% odds of a September cut—down from over 90% a week ago—as Cleveland Fed’s Beth Hammack and Kansas City Fed’s Jeffrey Schmid emphasize a continued wait-and-see approach given persistent inflation risks.
- BNP Paribas strategists, led by Calvin Tse, argue the Fed should stand pat, warning that premature easing could reignite inflation amid sticky services prices and a still-tight labor market.
- Wedbush’s Matt Bryson raised Nvidia’s price target to $210, citing robust feedback on Blackwell chip ramps, resumed China shipments despite a potential 15% export tax, and sustained AI-driven capex from cloud providers.
- Raised full-year sales and profit outlook on strong demand across all income levels
- Shares fell as much as 5.5% after reporting a second-quarter profit miss, the first in over three years
- Global e-commerce sales jumped 25%, with one-third of store deliveries completed in three hours or less
- CEO Doug McMillon warned of rising costs ahead as tariffs gradually impact shopping habits; lower-income customers are trading down, while higher-income shoppers remain steady
- Gross margins are expected to look stronger in Q2 due to the new RIM accounting method, though this benefit is temporary and will reverse in future quarters.
- Consumers are spending on essentials rather than discretionary items, driving outperformance in grocery and auto-parts segments.
- Michael Baker’s team tracks 12 defensive retailers, of which 10 have outperformed the market year to date; Walmart is included among the leaders.
- Costco is the only tracked defensive retailer lagging behind, with its stock up ~7%, below the S&P 500’s year-to-date gain.
- Mizuho expects ~4% same-store sales growth in Walmart’s US segment for Q2, signaling another strong quarter.
- Investors will watch for tariff-driven gross margin pressure, with Q2 stable but potential consumer cost pass-through risks in H2.
- Tariff noise and accounting methods may introduce variability in reported margins.
- Walmart’s AI agent investments could be highlighted as a catalyst for future e-commerce growth.
- BNPL transaction volume in the U.S. has multiplied 20× since 2019, reflecting rapid adoption as an alternative to credit cards.
- Leading providers (Afterpay, Affirm, Klarna) derive over 90% of revenue from merchant fees for zero-interest, four-installment loans.
- Affirm reports 20% of its loans at 0% interest and 80% carrying interest; Afterpay and others have also launched longer-term, interest-bearing options.
- In March 2025, Klarna secured an exclusive partnership with Walmart’s fintech arm OnePay to offer BNPL at checkout.
- FICO will begin including BNPL loans in credit reports starting June 2025, signaling a shift toward treating BNPL more like traditional credit cards.
- CFO John David Rainey confirmed that Walmart has not raised prices, setting it apart from peers reported to be hiking costs.
- Jim Cramer described Walmart and Costco as “the two great inflation fighters”, citing Walmart’s 200 million shoppers as evidence of its pricing discipline.
- The segment questioned the accuracy of the Consumer Price Index (CPI), suggesting it may not capture the stable prices available at Walmart.