2026년 2월 20일 · Unknown · financial · 출처 Yahoo Finance
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Revenue Growth: Up 4.9% in constant currency for the quarter. eCommerce Growth: Increased by 24% globally, with Walmart US eCommerce sales up 27%. Adjusted Operating Income: Grew 10.5% in constant currency, more than twice the rate of sales growth. Inventory Management: Inventory increased by 2.6%, approximately half the rate of sales growth. Walmart US Comp Sales: Increased by 4.6% for the quarter. International Operating Income Growth: More than 26% growth, driven by improved eCommerce economics. Advertising Revenue: Increased 37% globally, with Walmart Connect in the US up 41%. Membership Income: Grew more than 15% globally, with Sam's Club US membership income up more than 6%. Free Cash Flow: Grew 18% in FY26, with operating cash flow of $42 billion. Share Repurchase Program: Authorized $30 billion, the largest to date. Capital Expenditure Guidance: Expected to be approximately 3.5% of sales for FY27. FY27 Sales Guidance: Expected growth between 3.5% and 4.5% in constant currency. FY27 Operating Income Guidance: Expected growth between 6% and 8%. Q1 FY27 Sales Guidance: Expected growth between 3.5% and 4.5% in constant currency. Q1 FY27 EPS Guidance: Expected to be between $0.63 and $0.65.
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Release Date: February 19, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
Walmart Inc (NASDAQ:WMT) reported a 4.9% increase in revenue in constant currency, with eCommerce growth of 24%. Adjusted operating income grew by 10.5%, outpacing sales growth. The company is effectively managing inventory, with inventory growth at half the rate of sales growth. Walmart Inc (NASDAQ:WMT) saw strong sales across all segments, particularly in fashion, which was a bright spot both in-store and online. The company's omnichannel strategy is driving growth, with significant improvements in delivery speed and customer engagement through initiatives like Sparky.
Negative Points
Households earning below $50,000 are experiencing financial stress, impacting their spending patterns. The company faces a 100 basis points headwind from maximum fare pricing legislation on pharmacy sales. There are ongoing challenges related to inflation and tariff impacts, which have affected profitability. Walmart Inc (NASDAQ:WMT) is navigating a highly dynamic operating environment, which requires cautious financial guidance. The company anticipates a lower operating income growth in Q1 due to timing of expenses and tariff impacts.
Story Continues
Q & A Highlights
Q: How is Walmart approaching agentic commerce and its impact on customer traffic and advertising? A: John Furner, President and CEO, explained that agentic commerce is integral to Walmart's omni strategy, enhancing the ability to understand customer intent and deliver solutions quickly. Sparky, Walmart's agentic agent, has shown promising results, with customers using it having a 35% higher average order value. The company is also seeing strong advertising growth, with Walmart Connect in the US up 41%, indicating effective connections between suppliers and customers.
Q: How is Walmart addressing potential unknown costs in its outlook for the year? A: John Rainey, CFO, stated that Walmart is taking a measured approach to its outlook, maintaining flexibility to adapt to potential economic changes. The company has historically outperformed its guidance and remains constructive on the economy, despite potential headwinds like hiring recessions or subdued consumer sentiment.
Q: What is Walmart's expectation for inflation and its impact on pricing, especially with drug prices coming down? A: John Rainey noted that Walmart expects inflation to remain around current levels, with food inflation slightly lower and general merchandise inflation slightly higher. The company anticipates a 100 basis points headwind from maximum fare pricing legislation on drugs but remains committed to its everyday low prices strategy, which has been effective in gaining market share.
Q: Can you discuss Walmart's inventory management and its impact on gross margins? A: John Furner highlighted that Walmart's inventory management has benefited from automation and technology, leading to better inventory visibility and reduced markdowns. The company is leveraging automation in distribution centers and using technology in stores to improve inventory accuracy, contributing to improved gross margins.
Q: How is Walmart's eCommerce profitability progressing, and what are the future expectations? A: John Rainey stated that Walmart's eCommerce has surpassed breakeven and is now profitable, with double-digit incremental margins. The company expects continued growth in eCommerce profitability, driven by scale economics and a strong customer base attracted by convenience and a broad assortment.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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