A message from John Furner
President and CEO, Walmart Inc.
Dear Shareholders,
This year marks my 33rd with Walmart, but it’s the first time I’m writing a letter to you in this capacity. It’s an honor to serve you in this role, and I don’t take the responsibility lightly. While my title is new, my history with this company is anything but. It has been an incredible journey, and it has been exciting to have a front row seat as Walmart has evolved from a regional retailer to a people-led, tech-powered global leader.
We’re proud of how our associates are executing our strategy and building momentum. Last year we grew revenue, in constant currency, 5.1% to $715.9 billion1, and on an adjusted basis profit grew even faster at 5.4%1. This performance was driven by outsized growth in eCommerce, which grew 24%, globally, to $150.4 billion. Operating cash flow reached $41.6 billion, and we returned $15.6 billion to shareholders through dividends and share repurchases.
(constant currency)
We are seeing broad-based growth across all of our segments, with Walmart U.S., Sam’s Club U.S., and Walmart International all contributing to top-line expansion. We continue to see strength in marketplace, advertising, and membership. Advertising grew 46%, globally, to nearly $6.4 billion, and membership fee revenue was more than $4.3 billion.
We are People Led
These results were made possible by our associates. It is our people who make the difference, and our 2.1 million associates — united under a common purpose of helping people save money and live better — are a unique advantage. We have seen time and time again that when we support them, they support our customers and members.
I’m proud of the investments in wages and benefits we have made here in the U.S., in Mexico, and in Canada. We are focused on providing our associates the opportunity to grow, learn new skills, and have a great career at Walmart. Whether it is one of our new programs to certify our associates as AI proficient, obtain a commercial driver’s license to become a Walmart fleet driver, manage a store, or develop their own solutions using our vibe coding platform, we create opportunities to advance their careers. Our investment in their growth is paired with competitive benefits and wages. Our average wage in Walmart U.S. for hourly associates has grown to more than $18 per hour. Our highest-performing Walmart U.S. store managers earned more than $500,000 last year. Over half of all our managers earned bonuses of $100,000 or more. More than 1.1 million people have retirement savings in our 401k plan, and more than 475,000 participate in our Associate Stock Purchase Plan. Over 80% of them are hourly associates.
We are Tech Powered
I am very excited about what’s to come as we lead the new era of retail. We are using AI to power customer experiences. Our AI agent, Sparky, is helping customers save time, create solutions, and find the things they want and need at everyday low prices, creating a future for Walmart that is high-speed, convenient, and personalized.
We are also excited about the progress our teams are making to provide our associates the technology and information they need to better serve our customers and members. Our associates, powered by AI, are delivering faster and more accurately than ever all around the world. We serve 280 million customers and members each week at the counter, for pickup, or delivery to their home. Our stores and our supply chain work seamlessly to serve customers and members wherever and whenever they want to shop. Last year, in the U.S., our team delivered nearly 9 billion units same or next day. This performance is a result of leveraging our digital and physical stores, our marketplace expansion, and the innovation in our supply chain. We are expanding the capability of these platforms across North America, and I look forward to expanding our reach to more customers.
Strengthening our Business
Walmart is a special company. Our business model is getting stronger, our associates continue to come up with great ideas, and we have a strong culture and values. The consistency of our results reflects strong execution in our core business, digital innovation, re-imagining how we accelerate delivery speed, and business mix.
Walmart has a strong asset base. It wasn’t too long ago that there were questions about whether stores would even be needed in the future. We are proving those critics wrong. Not only do our stores and clubs serve millions of customers daily, they also serve as critical distribution hubs for quick and accurate deliveries of both groceries and general merchandise from our first-party inventory and marketplace. We have re-imagined the role of stores as part of an end-to-end commerce solution that creates flexibility for customers, and our U.S. eCommerce business is now profitable. Our global advertising business allows our customers to find the most relevant items they want to buy from our suppliers and sellers, and the scale of these solutions are improving the returns we generate for our shareholders.
Thank you for your trust and investment in Walmart. We have an exciting plan for the future. We will continue to grow, innovate, provide opportunities for our people, and build an even stronger company. Despite all the changes, I continue to be inspired by the way we are building a better Walmart.
I joined the company as a part-time associate in the garden center and as I grew into a role as a store manager, and eventually other roles across Walmart U.S., Sam’s Club U.S., and our international business, our culture has always been the foundation of our success. I learned about our culture from my dad, who was a Walmart associate for more than 25 years. He taught me about the company’s purpose and values, and that it’s our people who make the difference for our customers and members. Walmart is a special company, and as a proud Walmart associate, I look forward to serving our associates, customers, and shareholders for years to come.
John Furner
President and CEO, Walmart Inc.
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Constant currency revenue and adjusted operating income (profit) are non-GAAP measures. See our Q4 FY26 earnings release furnished with the SEC on February 19, 2026 for additional information regarding non-GAAP measures.
