Walmart reports strong revenue growth of 5.7% with operating income growing faster at 30.4%; adjusted operating income up 13.2%

eCommerce up 23% globally, surpassing $100 billion for the year

GAAP EPS of $2.03; Adjusted EPS of $1.80

Company provides outlook for Q1 and FY25

Company raises annual dividend 9%

Walmart Inc. (NYSE: WMT):

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Fourth-quarter highlights:

• Consolidated revenue of $173.4 billion, up 5.7%, or 4.9% (cc)
• Consolidated gross margin rate up 39bps due to improvement at Walmart U.S.
• Consolidated operating income up $1.7 billion, or 30.4%; adjusted operating income up 13.2%, positively affected by currency and LIFO of 2.3% and 1.0%, respectively
• Global eCommerce sales grew 23%
• Global advertising business grew approximately 33%, including 22% for Walmart Connect in the U.S.
• Adjusted EPS of $1.80 excludes the effect, net of tax, from a net gain of $0.23 on equity and other investments
• Walmart agrees to buy VIZIO HOLDING CORP. to further accelerate Walmart Connect in the U.S.

Full year highlights:

• Consolidated revenue of $648.1 billion, up 6.0%, or 5.5% (cc)
• Global advertising business grew approximately 28% to reach $3.4 billion
• Consolidated operating income up $6.6 billion, or 32.2%; adjusted operating income up 10.2%, growing faster than sales
• ROA at 6.6%; ROI at 15.0%, up 230 bps
• GAAP EPS of $5.74; Adjusted EPS of $6.65

The company will hold a live conference call with the Investment Community at 7 a.m. CST Tuesday, Feb. 20, 2024, to discuss the company’s fourth quarter earnings results for fiscal year 2024. The event will be webcast live and is accessible by visiting https://corporate.walmart.com/news/events and selecting the Fourth Quarter Earnings Release event. The webcast will be archived and available on the company website.

About Walmart

Walmart Inc. (NYSE: WMT) is a people-led, tech-powered omnichannel retailer helping people save money and live better - anytime and anywhere - in stores, online, and through their mobile devices. Each week, approximately 255 million customers and members visit approximately 10,500 stores and numerous eCommerce websites in 19 countries. With fiscal year 2024 revenue of $648 billion, Walmart employs approximately 2.1 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy, and employment opportunity. Additional information about Walmart can be found by visiting corporate.walmart.com, on Facebook at facebook.com/walmart, on X (formerly known as Twitter) at twitter.com/walmart, and on LinkedIn at linkedin.com

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