On this page of StockholderLetter.com we present the latest annual shareholder letter from Walmart Inc. — ticker symbol WMT. Reading current and past WMT letters to shareholders can bring important insights into the investment thesis.
Annual Report 2025
A message from our CEO The journey we ve been on to improve how we serve our customers and members while changing the shape of our business continues. The success we re seeing is made possible by the hard work and dedication of our associates from around the world. Walmart is an and company. We re people and technology. We re stores and eCommerce. We re innovation and execution. We believe the combination of a purpose-driven, people-centric culture and world-class technology is the winning formula. Doug McMillon President and Chief Executive Officer Walmart Inc. +5.1% +8.6% +130bps $121B +27% +21% Revenues eCommerce sales 8.3B units delivered same or next day 1 Full report & Doug s letter Operating income Advertising 1 Returns Membership income $36B Operating cash flow ~$2B Global giving2 Our global advertising business is recorded in either net sales or as a reduction to cost of sales, depending on the nature of the advertising arrangement. Total global giving includes cash donations made by Walmart Inc. & subsidiaries and related charitable entities, and estimated value of in-kind donations. 2
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WMT Shareholder/Stockholder Letter Transcript:

Annual Report
 2025

A message from our CEO
   The journey we   ve been on to improve how we serve our customers and members while changing
the shape of our business continues. The success we   re seeing is made possible by the hard work
and dedication of our associates from around the world. Walmart is an and company.
We   re people and technology. We   re stores and eCommerce. We   re innovation and execution.
We believe the combination of a purpose-driven, people-centric culture and world-class
technology is the winning formula.   
Doug McMillon
President and Chief Executive Officer
Walmart Inc.
+5.1%
+8.6%
+130bps
$121B
+27%
+21%
Revenues
eCommerce sales
8.3B units delivered
same or next day
1
Full report &
Doug   s letter
Operating
income
Advertising
1
Returns
Membership
income
$36B
Operating
cash flow
~$2B
Global giving2
Our global advertising business is recorded in either net sales or as a reduction to cost of sales, depending on the nature of the advertising arrangement.
Total global giving includes cash donations made by Walmart Inc. & subsidiaries and related charitable entities, and estimated value of in-kind donations.
2



shareholder letter icon 4/24/2025 Letter Continued (Full PDF)
 

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