2026년 2월 20일 · Unknown · financial · 출처 Yahoo Finance
Walmart (WMT) delivered its fourth quarter earnings results on Thursday morning, its first quarterly report under new CEO John Furner. The retailer narrowly beat analyst estimates and issued a cautious full-year outlook.
TD Cowen senior research analyst Oliver Chen chats with Market Catalysts host Julie Hyman to discuss Walmart's growth drivers this year and beyond, emphasizing what Furner should be leaning into.
To watch more expert insights and analysis on the latest market action, check out more Market Catalysts.
Video Transcript
00:00 Speaker A
But I am curious how you see the growth from here. It hit that trillion-dollar milestone. The shares are up a little bit today. I don't know if they're back up to the record where they were, um, just about a week or so ago. But what is that price look like? You know, what does the share appreciation look like this year, do you think?
00:23 Speaker B
What we're excited about is more consistency in a volatile world. Uh plus Julie, you're getting technology plus value and convenience. And on the technology side, they're growing digital advertising 40% plus.
00:41 Speaker B
That's only a 6 to 7 billion dollar business at Walmart. It's 20 to hundreds of billions at Facebook, Google and Amazon. So digital advertising major engine. You're also paying for free cash flow and dividend yields. That's part of the magic, the basics of retail companies making money. Uh that being said, the business of grocery, it's not going to be explosive growth by any means and you're looking at overall comps in the 4 to 6% range.
01:13 Speaker B
but for retail, this is a real learning laboratory of what's happening in innovation and the big getting bigger.
01:21 Speaker A
Um, John Furner, the new CEO just took over on February 1st in an insider there at Walmart. Um, is this just like a continuation of what Walmart's been doing or do you think he also, um, needs to lean into some of these initiatives or do you think there's anything that the company needs to be doing differently?
01:46 Speaker B
It's certainly um needing to and rising to this challenge of leading into the AI. Um, John has a rich history with Walmart US. and the revolution that happened at Walmart US is curb side pickup, you know, the the the the crisis that we saw and all the changes in supply chain and integrating digital meets physical. Um, Doug Mcmillan made really uh life-changing decisions to Walmart in terms of the jet.com acquisition. He's placed this company in a very strong place for passing this baton to John Furner.
02:26 Speaker B
Um, so we see consistency plus innovation, plus really the need to test read and react many different kinds of technology. Fortunately, uh CapX running at 3 to 4% of sales is a very nice place to be in terms of the capabilities they have now and also not needing massive step changes in what they're accomplishing. But the world keeps on evolving and the gantic transformation combined with delivery options that are very fast and intense competition from everywhere, as well as the need for just great merchandise, you know, fashion and apparel. I know you love fashion as well.
03:10 Speaker B
It's working at Walmart as well. So there's many things that are happening as well as a a Sam's Club business in international. Um but what we will see is more innovation and John Furner has more room and as well as capacity to make some interesting choices, but some of them will be failures and some of them will be winners, but you really have to test what's happening in the world of AI is testing with multiple different partners as well. and that is something uh that will evolve and we'll see more of that as well.
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