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.

G500-2023-Walmart

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

Founded

Sites

Best Companies

Rank last year

Years on list

U.S. employees

U.S. job openings

Year founded

Benefits

Subsidized childcare

Compressed work weeks

Option to work remotely

Minimum requirement in-office attendance (days per week)

Mental health coverage

Free mental health sessions (per year)

Free backup childcare time off (days)

Maximum $ amount covered for fertility services

Fully paid maternal leave (days)

Fully paid paternal leave (days)

Fully paid adoptive leave (days)

Maternal leave in addition to regular time off (days)

Paid days off for volunteering

Sector

Industry

Current All-Star Rank

Previous All-Star Rank

Industry Rank

Previous Industry Rank

Overall Score

Innovation

People Management

Use of Corporate Assets

Social Responsibility

Quality of Management

Financial Soundness

Long-Term Investment Value

Quality of Products/Services

Global Competitiveness

Strongest Dimension

Previous rank

State

Key Financials (last Fiscal Year)

Revenues ($M)

Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

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.

Q2 2027

Q1 2027

Q4 2026

Q3 2026

Q2 2026

Q1 2026

Q4 2025

Q3 2025

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

legacy

Walmart

walmart

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

At this time, 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 Ferner 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 @stock.walmart.com. Doug, that concludes my intro. We're ready to begin.

Good morning, and thanks for joining us. We finished the year with another quarter of strong results. Our associates are doing a great job serving our customers and members. For the quarter, we had sales growth of 5.2%, and adjusted operating income was up 9.4% in constant currency. We continue to gain market share across countries and income levels.

As with the first three quarters of the year, transaction counts and unit volumes were up across markets. As we look at our results for the quarter and the year, we're pleased to see, first, a healthy top line. We're strengthening our ability to serve people how they want to be served in the moment. That's what's driving our growth. Our prices are low, and we're becoming more convenient.

Customers are shopping with us more often and buying more items, including in general merchandise categories, which were up low single digits in Walmart US and Sam's US for the quarter. Second, we're growing profit faster than sales, and we have runway to scale our higher margin businesses like membership, marketplace, and advertising. We're mixing ourselves up while simultaneously investing in lower prices and associate wages. Third, we're able to improve ROI even as we invest higher levels of capital to take advantage of the opportunities we see to strengthen the company. All three segments of our business had a good year.

I'm proud of our leaders and all of our associates. They earned it. They're learning, they're acting fast, and they're working hard. For the quarter and the year, we're pleased with our performance during the holiday seasons around the world. We performed well in The US, Mexico, Canada, and in China, where Sam's Club just wrapped up a strong Lunar New Year.

We also performed well in India, and I'd like to share the news that PhonePe, our fintech business, is making preparations for an IPO in India. Our PhonePe team has long aspired to be a public company, and we're excited to be taking these early steps. As a company, we drove a lot of volume during the holidays and ended with our inventory level in good shape, up 2.8%. As always, we're working hard to help bring down prices. In Walmart US last year, we had over 22,000 rollbacks.

We're wired to help people save money and live better. The work we're doing to expand our assortment is another reason for our growth as more customers are finding what they're looking for. In addition to low prices and a growing assortment to choose from, we're focused on delivery speed and accuracy. If I could change anything about how we're perceived today, it'd be that more people know about our breadth of assortment online and our increasing delivery speed. For Walmart US, we recently announced same day pharmacy delivery, and the early response has been strong.

Customers love being able to get a basket of items delivered to their door that includes fresh, frozen, general merchandise, and now pharmacy. And because we're so close to them, they can get it fast. Sam's Club recently launched new shipping offer, including free same or next day delivery from the club. Members asked for it, and the team delivered. Listening to our members and solving for what they want is a big reason why Sam's was recently ranked number one in customer satisfaction for retailers and the latest American customer satisfaction index.

Around the world, we're making great progress on delivering goods faster to customers and members. We're taking learnings from markets like China and quickly standing up fast delivery solutions in other markets. We continue to be excited about our investments in supply chain automation, and we'll share even more on that topic during our investor conference in April. These past few quarters, we've talked about how we're using AI. The progress we've made over the years with technology has put us in a position to leverage today's fast moving capabilities closer to real time.

I'm very proud of Suresh, our tech team, and all our leaders for how they're leaning in to adapt quickly. Today, I'd like to share two more examples. The first is related to a new AI agent for our merchants called Wall E. Wall E's learning to help us get to the root cause of issues related to things like out of stocks or overstocks with more accuracy and speed. Second, for developers on our tech team, we now have new coding assistance and completion tools that are helping streamline deployments and deliver code faster with fewer bugs.

Last year, these tools helped us save about 4,000,000 developer hours. This year, we plan to make these tools available to all developers in North America and India. As we become more productive and reduce the amount of time we work on routine tasks, That gives us time to develop tools that help us grow the business and move faster. I love how we're changing how we think and work without changing who we are. I can see us getting faster.

Earlier this year, we began opening some of our new home office buildings in Bentonville. We'll be transitioning to the new home office throughout the year. It's an exciting time. It's also a time to remember the special things about this company that we wanna strengthen and perpetuate. Moving to a new location doesn't change who we are.

Cultural characteristics like servant leadership, humility, and a sense of urgency remain critical. Operating with an everyday low cost culture and mindset is as important as ever. We have a meaningful purpose of saving people money and helping them to live better. And we have a set of timeless values that shape our culture regardless of the address of our home office. Characteristics and beliefs like these drive our results and make us unique.

I hope you'll come see our home office when you visit during our associate and shareholders week in June, and that you'll feel the momentum. We know who we are, and we like where we're going. We feel like we're just getting started. Here's John David.

Thanks, Doug. I'm excited to discuss our fourth quarter and full year performance, provide some context on how we're executing against our strategic priorities, and offer our outlook for the first quarter and full fiscal year 2026. Let's start with the headline. Walmart delivered another strong quarter, exceeding our sales, profit, and earnings expectations. This performance reflects the strength of our business model and the dedicated work of our associates around the globe.

Walmart (WMT) Q4 2025 Earnings Call Transcript

Company Participants