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.

GPTW Retail Large 2024-Walmart Inc._US1__20240712204823_3

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

legacy

Walmart

walmart

Greetings. Welcome to Walmart's First Quarter Fiscal Year twenty twenty six Earnings Call. At this time, all participants are in listen only mode. A question and answer session will follow the formal presentation. Please note this conference is being recorded.

I'll now turn the conference over to Steph Wissink, Senior Vice President, Investor Relations. Steph, you may begin.

Thank you. Welcome, everyone. We appreciate you joining us and your interest in Walmart. Joining me today from our home office in Bentonville are Walmart CEO Doug McMillan and CFO John David Rainey. Doug and John David will first share their views on the quarter, and then we'll open up the line for your questions.

During the question and answer portion, we will be joined by our segment CEOs, John Furner from Walmart US, Kath Maclay from Walmart International, and Chris Nicholas from Sam's Club. For additional detail on our results, including highlights by segment, please see our earnings release and accompanying presentation on our website. We will make every effort to answer as many of your questions as we can in the hour we have scheduled for this call. As a courtesy to others, please limit yourself to one question. 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 accompanying slide presentation for a cautionary statement regarding forward looking statements, as well as our entire safe harbor and non GAAP reconciliations on our website at stock.walmart.com. Doug, that concludes my intro. We're ready to begin.

Good morning, and thanks for joining us. I'll start today by thanking our associates. They continue to drive results for today while changing to strengthen our business for tomorrow. We have more than 475,000 associates participating in our Walmart share purchase plan, and 81% of them are hourly. For all those associates that are listening, nice job everybody.

For our first quarter, we grew sales 4% and profit by 3% in constant currency. We grew international sales by 7.8%. We drove a Sam's US comp of 6.7%, excluding fuel, and a Walmart US comp of 4.5%. Those strong Q one results were not driven by inflation. Transactions and units drove our top line.

Globally, we grew e commerce 22%, with each segment delivering growth of at least 20%. Inventory's in good shape. So the first quarter was what we expected on the top line, and better than what we expected on the bottom line. It was a good first quarter. There's a lot to like about how we're changing and where we are.

We feel great about our team, our strategy, and our stores and clubs. We feel great about how we're driving e commerce growth in a way that not only serves customers and members better, but reshapes our business model, resulting in a more profitable business with higher returns over time. Delivery speed continues to help drive our business. We'll soon reach 95 of the population in The US, with delivery options of three hours or less. For Walmart US, the number of deliveries in less than three hours grew by 91% for Q one versus a year ago.

And in China and India, we're frequently talking about delivery times that happen in minutes. We're confident in our ability to strengthen this business even as we navigate cost of goods changes. Our short and longer term opportunities are clear. The immediate challenge is obviously navigating the impact of tariffs here in The US. Our mindset and approach haven't changed since our investor conference last month in Dallas.

I want to thank President Trump and Secretary Bessent for the progress made recently. We're hopeful that it leads to a longer term agreement between The US and China that would result in even lower tariffs. We will do our best to keep our prices as low as possible. But given the magnitude of the tariffs, even at the reduced levels announced this week, we aren't able to absorb all the pressure given the reality of narrow retail margins. In retail, managing inventory is always important.

In this situation, it's even more important and even more challenging. It's helpful that we're entering the second quarter with well managed inventory. It's helpful that we're crossing the threshold of profitability with e commerce globally, and that we have these newer, higher margin businesses growing like membership and advertising. It's helpful that we sell a broad assortment that includes food, consumables, and general merchandise. It's helpful that so much of our assortment is replenishable, which means we can flow it.

We don't have to make a one time call on a quantity. Instead, we can adjust a forecast and partner with our suppliers to adjust quantities over time as we navigate tariff impacts on costs. It's helpful that we have so many talented and experienced merchants and replenishment Treating our suppliers well is a priority. We've worked with most of these companies for many years, and we'll be doing business together for many years to come. So we'll have that longer term mindset as we work together through this year.

It's helpful that more than two thirds of what we sell in The US is made, assembled, or grown here. In recent years, our US percentage has grown. Last year, we purchased 296,000,000,000 in The United States, And we made a commitment back in 2021 to add another 350,000,000,000 in incremental US volume over the following ten years. We recently announced additional support for US businesses in the form of Grow With Us, which will provide small businesses in The US with the education, training, and resources they need to help them get started with us. You might be surprised to know that nearly 60% of our suppliers in The US are small businesses.

We'll also continue to hold our Open Call event in October, where we invite US companies that aren't doing business with us to introduce their company and their products. That is one of the most fun days of the year for us as merchants. The merchandise that we import comes from all over the world, from dozens of countries. Other than The US, the other large markets are China, Mexico, Vietnam, India, and Canada. China, in particular, represents a lot of volume in certain categories, like electronics and toys.

All of the tariffs create cost pressure for us, but the larger tariffs on China have the biggest impact. The cost pressure from all the tariff impacted markets started in late April, and it accelerated in May. Let me describe how we think about that and what we're doing about it. First, we want to keep our food and consumables prices as low as we can. Food prices in The US have gone up in recent years, and our customers have been feeling that all along.

We won't let tariff related cost pressure on some general merchandise items put pressure on food prices. But as it relates to food, tariffs on countries like Costa Rica, Peru, and Colombia are pressuring imported items like bananas, avocados, coffee, and roses. We'll do our best to control what we can control in order to keep food prices as low as possible. An example would be controlling the amount of fresh food waste. In some cases, we're holding our retails where they are despite the tariff cost pressure.

Flowers for Mother's Day at Sam's Club US is a good example. When it comes to the general merchandise categories that are impacted, we'll move production where that's possible. That isn't easy or fast, but we've been working on that for years, so it's not like we've just started to make adjustments. In some cases, we'll absorb costs within a category or department, and not simply pass on a tariff cost attributable to each item individually. We'll be managing mix across items, categories, and businesses.

We also have suppliers shifting materials from tariff impacted components like aluminum to fiberglass, where there is no tariff. Our merchants, sourcing team, and suppliers are being creative. It's been impressive to watch our team identify opportunities and adjust. As we continue to diversify our profit streams through our e commerce offering, our marketplace, and membership, and advertising, we have some room to absorb costs. We're committed to growing profit faster than sales.

Walmart (WMT) Q1 2026 Earnings Call Transcript

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